Analysis Of Charlotte Perkins Gilman s Life - 1174 Words

The early nineteen hundreds were a very bad time to be alive if you were a woman. The disrespect and expectations of women were unbelievable by today’s standards. However, if these expectations were to drive a woman mad, that woman would be in for an even bigger ride than before. Writer Charlotte Perkins Gilman’s life was unfortunate enough to receive the short end of the stick. Driven to depression, Gilman was appointed to the rest cure. A cure that she later found out was the exact opposite of what anyone in her situation needed. A cure in which after Gilman was able to survive, was poised to banish it and rid the world of this cure, while at the same time, putting the state of women in society under a microscope. This is how Gilman, using her own experiences, successfully contributed the protest of the rest cure, marriage and the place of women in society of her time period. The rest cure was a sentence to complete isolation from daily life for women who were suffering depression. Thinking that the mind was like a muscle, doctors thought that depression was just a damaged muscle that needed to not be used until it felt better. Gilman’s experience with the rest cure contributed greatly to the writing of â€Å"The Yellow Wallpaper.† A short story about a wife who was submitted to the rest cure by her husband, who was also a doctor. The starts off with the wife slightly depressed, and ends with her having gone completely mad. Having gone through the actual treatment gave herShow MoreRelatedA Critical Analysis Of The Yellow Wallpaper By Charlotte Perkins Gilman1051 Words   |  5 PagesEnglish 102 Esposito, Carmine. A Critical Analysis of The Yellow Wallpaper by Charlotte Perkins Gilman Charlotte Perkins Gilman was a famous social worker and a leading author of women’s issues. Charlotte Perkins Gilman s relating to views of women s rights and her demands for economic and social reform of gender inequities are very famous for the foundations of American society in the late nineteenth and early twentieth centuries. In critics Gilman ignored by people of color in the United StatesRead MoreThe Yellow Wallpaper, By Harriet Beecher Stowe1603 Words   |  7 Pagesdomination through their literary work. The Yellow Wallpaper is a direct reflection of Charlotte Perkins Gilman and her political view on women’s health, both mental and physical. In order to have a better understanding of The Yellow Wallpaper, it is imperative to understand the life of Charlotte Perkins Gilman. In 1860, Gilman borned as Charlotte Anna Perkins in Hartford, Connecticut. Her father, Frederick Beecher Perkins abandoned the family when she was only an infant. She surrounded herself by influentialRead MoreAnalysis Of The Yellow Wallpaper1727 Words   |  7 Pages Analysis of the Short Story The Yellow Wallpaper by Charlotte Perkins Gilman. Originally published in January 1892 issue of New England Magazine. Charlotte Perkins Gilman s short story The Yellow Wallpaper was personal to her own struggles with anxiety and depression after the birth of her daughter with her first husband and S. Weir Mitchell s resting cure treatment she received. The Yellow Wallpaper describes, from the patients point of view, the fall into madness of a woman who is creativelyRead MoreAnalysis Of The Yellow Wall Paper1699 Words   |  7 Pagesin the face, knocks you down, and tramples upon you. It is like a bad dream.†(Knight 175) Charlotte Perkins Gilman was born in Hartford, Connecticut. Early in her life her parents divorced, so her father could remarry.(Wladaver) Despite family problems, she loved an intellectual environment. She studied art at the Rhode Island School of Design, where she met her first husband.† ( Wladaver) During her life she suffered from and was diagnosed with varieties of depression disorders. She lived in anRead MoreYellow Wallpaper1673 Words   |  7 PagesSvetlana Kryzhanovskaya Prof. Grajeda ENC 3014-MidTerm Paper March 12, 2012 Structuralism amp; Feminist Theory ‘The Yellow Wallpaper’ written by Charlotte Gilman can be affectively analyzed from two schools of thought structuralism and feminist theory. Though structuralists’ deny the work of literature any connection to its author (it must be what it is, no underlying meaning) feminist theory must first and foremost be understood in its historical framework. By the turn of the century,Read MoreVoices Of The Woman Beyond The Pattern1484 Words   |  6 PagesYellow Wallpaper, written by Charlotte Perkins Gilman in 1892, is at first glance the story of a woman driven to madness in a desperate attempt to escape the strict confines placed on her by the treatment regime of the day. More than that though, Gilman has created an alter ego to give voice to her own experiences and frustrations with the societal constraints imposed on women at the time of its publishing. This tale of disempowerment and the subjugation of one woman s wants and needs, is in factRead MoreAnalysis Of The Yellow Wallpaper By Charlotte Perkins Gilman1269 Words   |  6 PagesDestiny Banks Mrs. H. Myers ENGL 1002-63639 15 February 2017 Analysis of â€Å"The Yellow Wallpaper† Life during the 1800s for a woman was rather distressing. Society had essentially designated them the role of being a housekeeper and bearing children. They had little to no voice on how they lived their daily lives. Men decided everything for them. To clash with society s conventional views is a challenging thing to do; however, Charlotte Perkins Gilman does an excellent job fighting that battle by writingRead More Critical Analysis of The Yellow Wallpaper by Charlotte Perkins1179 Words   |  5 PagesCritical Analysis of The Yellow Wallpaper by Charlotte Perkins Charlotte Perkins Gilman’s â€Å"The Yellow Wallpaper† is a detailed account of the author’s battle with depression and mental illness. Gilman’s state of mental illness and delusion is portrayed in this narrative essay. Through her account of this debilitating illness, the reader is able to relate her behavior and thoughts to that of an insane patient in an asylum. She exhibits the same typeRead MoreThe Yellow Wallpaper By Charlotte Perkins Gilman1667 Words   |  7 Pagesâ€Å"The Yellow Wallpaper† is a semi- autobiography by author Charlotte Perkins Gilman who wrote it after going through a severe postpartum depression. Gilman became involved in feminist activities and her writing made her a major figure in the women s movement. Books such as â€Å"Women and Economics,† written in 1898, are proof of her importance as a feminist. Here she states that women who learn to be economically independent can then create equality between men and women. She wrote other books such asRead More Oppression of Women in Chopins Story of an Hour and Gilmans Yellow Wallpaper 1246 Words   |  5 PagesYellow Wallpaper by Charlotte Perkins Gilman share the same view of the subordinate position of women in the late 1800s. Both stories demonstrate the devastating effects on the mind and body that result from an intelligent person living with and accepting the imposed will of another. This essay will attempt to make their themes apparent by examining a brief summery of their stories and relating them to their personal histories. It will reveal this theme further through analysis of setting, visual

Links Between Cognition And Language - 1402 Words

There are a number of links between cognition and language that form important links. These links are illustrated well, specifically in terms of spatial organization, fire, hunting and cooperative provisioning, within the context of the Gesher Benot Ya’aqov. Gesher Benot Ya’aqov (GBY) is an archaeological site Dated to approximately 780 kya. It provides evidence to support the notion that early hominids were making fires, and spatially organising their lives in a social manner, deliberately around and based upon hearths. Firstly, spatial organisation entails placing and structuring living and working spaces deliberately and consciously, in a manner that amplifies the functionality of the beings within a specific environment. Archaeologists have mapped this specific site through the use of kernel density. The kernel density of burnt and unburnt microliths illustrate that specific parts or sections of the site were used exclusively for performing specific tasks. For example, we can map and see that according to burnt and unburnt fish bones, that fish were processed at the norther part of the site while they were cooked at the southern part of the site. Through this, we can see deliberate spatial allocations of land to be used for sp ecific tasks. This is very important as it also illustrates important links to language and cognition in the following ways. A certain level of cognitive complexity is required for such manipulation of the environment. It would have been far moreShow MoreRelatedTMA01 Plan MattBrayshaw1530 Words   |  7 Pageseveryday creativity: (a) Ronald Carter, ‘Common Language: corpus, creativity and cognition’, pp. 29–37. (b) Rukmini Bhaya Nair, ‘Implicature and impliculture in the short, short story and the tall, tall tale’, pp. 97–102. Summarise the main points of your chosen reading, and evaluate, with reference to other material in the module you have engaged with to date, the extent to which it helps you understand how to identify creativity in everyday language. Introduction Often poetic creativity (playingRead MoreEvolution of Cognitive Psychology1105 Words   |  5 PagesRunning head: EVOLUTION OF COGNITIVE PSYCHOLOGY PAPER Evolution of Cognitive Psychology PSYCH 560 Latrice T. Colbert Julie Bruno, Psy.D September 6, 2010 Cognition is a term referring to the mental processes involved in gaining knowledge and comprehension, including thinking, knowing, remembering, judging and problem-solving. Not only is cognitive psychology central to everything a person does in his or her everyday life, it is also central to psychology’s quest to understand how peopleRead MoreMusic And Spatial Task Performance1604 Words   |  7 Pagesincreases your intelligence, and countless studies have been done in which the link between music and cognition or intelligence is closely examined. While great strides have been made and the findings are of significant value, the problem seems to be finding absolute causality between musical training and increased intelligence. Substantial evidence from many different studies has shown higher scores on tests involving certain language skills and mathematic skills, as well as memory and spatial reasoningRead MoreThe Importance Of Play And Its Effect On Cognition, Linguistics, And Pragmatics1501 Words   |  7 PagesAssessment of Play Jimmy Kue Northeastern State University Abstract This paper explores the importance of play and its effect on cognition, linguistics, and pragmatics in infants and toddlers and how play can affect their social competence as preschoolers. Assessment of Play In a third world country, some Hmong parents’ believe in the teaching for survival needs are important and necessary in order to survive. Chores were evenly distributed throughout the family who were capable to contributeRead More`` Is Google Making Us Stupid?1505 Words   |  7 Pagesdevelopment and cognition. One trend is evident: there is a universal acknowledgment that technology is indeed changing the way we think. Among the members contributing to this conversation, two strikingly different outlooks on how these changes will affect the future exist. Either we should be terrified, or worrying is premature. Articles written by experts specializing in psychology and the brain, such as Pinker’s â€Å"Mind Over Mass Media,† as well as How Has the Internet Reshaped Human Cognition? by KeeRead MoreBilingualism : A Culturally And Culturally Diverse Country Essay1413 Words   |  6 Pagesof our country will be introduced to two or more languages from birth and wi ll develop proficiency in these languages following their significant exposure to both. This is referred to as simultaneous bilingualism (American Speech-Language-Hearing Association, 2004). There are many misconceptions about simultaneous bilingualism that are believed to be persistent in society, even within professional groups including teachers, doctors and speech-language therapists (Hamers Blanc, 2000; King FogleRead MoreCounterfactual Thinking : A Look At Past Events1526 Words   |  7 Pagesalternatives over past events is called counterfactual thinking. According to Epstude and Roese (2008), this tendency appears early in life, by around age two, and it is common across cultures. Children start using these â€Å"if only† thoughts as they acquire language and other cognitive processes develop. Moreover, as counterfactual thinking is related to aspects of personality and age, when we get older, we usually experience a decrease in the amounts of thoughts of regret af ter an event (Eptsude Roese, 2008)Read MoreLanguage and Memory Paper1329 Words   |  6 PagesLanguage and Memory Paper Donnell M. Thomas University of Phoenix PSYCH 560/ Cognitive Psychology Dr. Kristi Collins-Johns 15th August 2010 Language and Memory Paper Introduction Language is important to the way we communicate. Semantic memory is acquired over the years and is vital to language. Language becomes second nature when we already know what, when and how to say something. We form sentences, phrases, paragraphs by planning what we say and how we will say it. Most peopleRead MoreDon t Worry, It s Of A Mexican Restaurant With Her Monolingual Daughter1346 Words   |  6 PagesEnglish—but in xenophobia as well. Many Americans see no point in bilingual elementary education because they view math, reading, and appeasing the system to be of higher value. However, learning a foreign language in elementary school takes advantage of the human critical period for language acquisition, meets other countries in their education systems—catching the United States up with the rest of the developed world, and provides abundant cognitive benefits that improve learning in various aspectsRead MorePeer Review, 3 : Juliann Zheng883 Words   |  4 Pa gesPeer Review 3: Juliann Zheng Cognition: This argument is definitely justificatory and you adhere to the genre. You address your audience well, and the comparison and contrast you provide is very effective. However, I am still not entirely sure what your proposition is. It feels as though each paragraph is a small argument that can stand on its own, but the common thread linking them all is just the structure. It isn’t until the conclusion that I can get an idea of what your point is. I think a clear

Human Resource Management Productivity Workforce

Question: Describe about the Human Resource Management for Productivity Workforce. Answer: Introduction Human resource management is a type of management in which the management of human resource of an organization is takes place. This function helps the organization to maximize the work from the employees of a company. HR management also guides to attain the goals and objectives of the company. The performance of the company is partially depends on the human assets that is working in the organization. So, it becomes more important to manage that assets in the most effective and efficient manner. In this way, the company can achieve the goals of the organization as well as the goals of the employees. The productivity and quality of the workforce is managed by the human resource department of the company. In this study we will learn that how the Tata motors Australia manages theory human resource to attain the objectives of the same. We will learn the in depth of the culture and the management of culture done by the HR of Tata motors. About the company Tata Motors Ltd. is a $ 42 billion company that is a leading global manufacturer of automobile that has a portfolio covering huge and wide ranges of cars, buses, trucks, sport vehicles, defense vehicles and many others. It is dealing with more than 175 countries that are using and dealing with Tata Motors Ltd. It was initiated by Jamsetji Tata in the year of 1868. The main spirit of him was to give back to the society and to bring a sustainable development in the world. It is the core philosophy of the owner of Tata Motors Ltd. it is one of the largest company of India. They provide their customers a special kin do of legacy of an effective leader. They try to maintain a standard in their products like luxury, comfort, updated technology, connectivity, performance, etc. This company is a future ready company due to which they are the most prominent players in vehicle industry (Bowonder, 2004). Culture and management behavior of Tata Motors Ltd The Tata Motors Ltd. believes on four type of cultural management characteristics for the company. They are written as below: Adaptability- It refers to the capacity of the company to adapt and make the demands and supplies of the market. There are few reasons due to which the capacity of adaptibility of Tata Motors Ltd. is affecting. They are the ability and capacity to realize and react against the external environment of the company. Secondly, the internal factors on which the organization reacts and the third one is the arrangement and reorganization of the company and structure so that Tata Motors Ltd. can adapt the coming and challenging situations (Virani, 2011). Constancy The strong culture of an organization is made through a strong values and systems of the company. It helps Tata Motors Ltd. to consolidate and harmonize the organization and its performance. It can be developed through the coordination n cooperation of the employees and the board members. It has a great impact on the orgnaistaion as it helps to integrate, coordinate and to learn the core values of the company (Armstrong, 2011). Involvement It refers to a situation when the employees and the other members feel responsible and relevant for the organization. It can be achieved through employment, development for the employees, orientation of the teams, etc. (Noe, 2007). Missions The long term path o the organization is termed as missions. It helps to accomplish the goals of the organization and to attain them as efficiently as possible (Program boosts the prestige of training at Bentley Motors, 2006). Global corporate social responsibility Tata Motors Ltd. is very committed to the corporate social responsibility that links to the global boundaries. The initiatives taken by the company are in the span areas of healthcare, education, conservation of resources, environment and employability. The sustainability of Tata Motors Ltd. tries to bring sustainability in the development of the company. They always focus on the value creation for the long period of time, controlling the economic, political, social, intangible and environmental working of the company. They also focus o the demands of the customers and tries to fulfill them so that they can remain satisfied (Torrington, Hall and Taylor, 2008). They provide their global corporate social responsibility in the key areas that are mentioned below- Education is one of the major field in which there is need to donation and help is required. This company provides scholarships, facilities of improvement and infrastructure to the institutions and students so that there will be a great assessment on education can take place. They also implement some extra-curricular activities so that there will be overall development can takes place. Tata Motors Ltd. also promotes many employment activities to generate employment as they take initiatives of learning, training and personal development programs for the candidates who are looking for the job. Conservation of environment is also a key factor where Tata Motors Ltd. provides their volunteering (Daniel, 2011). Multi-national competitive Tata Motors Ltd. has a strong presence in the vehicle industry and it is one of the key manufactures and industrialist of vehicles and motors. It has markets hares of 64 % or even more than that if we calculate the revenue, ha it has the highest revenue in India and the revenue is 123133.30 crores in the year of 2011. Tata Motors Ltd. is a leading manufacturing company of commercial vehicles that has products o compact size, midsize and also the utility segmentation of vehicles. This company is a customer-driven and customer oriented company that always tries to take care of its customers and their taste and preferences (Adhegaonkar, 2014). Conclusion Every company has a separate department for human resource management as it is the most vital part of organization. It assists the organization the ways by which company they can optimize the use of not only the natural resources but also the human resources. HR management also guides to attain the goals and objectives of the company. The performance of the company is partially depends on the human assets that is working in the organization. This study has explained about the importance of HR in an organization. The sustainability of Tata Motors Ltd. tries to bring sustainability in the development of the company. They try to maintain a standard in their products like luxury, comfort, updated technology, connectivity, performance, etc. This company is a future ready company due to which they are the most prominent players in vehicle industry. References Adhegaonkar, V. (2014). Determinants of Capital Structure in Indian Automobile Companies: A Case of Tata Motors. ANVESHAK-International Journal of Management, 3(1), p.182. Armstrong, M. and Armstrong, M. (2011). Armstrong's handbook of strategic human resource management. London: Kogan Page. Bowonder, B. (2004). Concurrent engineering in an Indian automobile firm: the experience of Tata Motors. International Journal of Manufacturing Technology and Management, 6(3/4), p.291. Daniel, A. (2011). A Study on Financial Status of Tata Motors Ltd. IJAR, 3(4), pp.320-322. Noe, R. (2007). Fundamentals of human resource management. Boston: McGraw-Hill/Irwin. Program boosts the prestige of training at Bentley Motors. (2006). Human Resource Management International Digest, 14(2), pp.8-10. Torrington, D., Hall, L. and Taylor, S. (2008). Human resource management. Harlow: Financial Times Prentice Hall. Virani, D. (2011). Sustainable Growth Rate: Refining a Measure a Case Study of Tata Motors and Maruti Suzuki. IJAR, 3(4), pp.317-319.

Juvenile justice free essay sample

In the United States we have two parallel systems that deal with individuals that commit crimes and or offenses against society. First we have the criminal justice system, a court which deals with adults who commit various crimes. Secondly, we have the juvenile justice system, a court designed especially for minors and is generally thought to help rehabilitate the offender. The salient difference between these two systems, as Mitcheal Ritter puts it, â€Å"is the use of distinct terminology to refer to their similar procedures. State and federal legislatures intended this terminological variation to avoid stigmatizing children as criminals and to dissociate the juvenile system from the criminal justice system† (Ritter 2010, 222). The major issue I intend to look at it is whether or not we should abolish the juvenile justice system. First, we will look at the position of keeping the current system, why it needs to stay in place, and why in the long run it is the most beneficial to the juvenile. We will write a custom essay sample on Juvenile justice or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Second, we will examine the research of Barry Feld, one of the most influential advocates on why it needs to be abolished because of the lack of constitutional rights that a juvenile does not receive while being tried under the Juvenile justice system. Thirdly, I will be looking at each party’s positions and critiquing it to see it what the strong and weak points are. Finally, I will present my own opinion on whether to keep it, abolish it, or create a whole new system altogether. To try a juvenile in adult court is by no means the right decision. In this section we will look at evidence and arguments on why the juvenile justice system should not be abolished. Juveniles are different from adults and therefore should not be allowed to stand trial in the criminal justice system. Children are not well enough developed mentally, as compared to an adult, to be tried in the adult correctional system. This is why many people take the stance, â€Å"no way should we get rid of the juvenile justice system. The â€Å"director of the states (Washington) Bureau of Juvenile Detention Services is seeking to keep 16- and 17-year-old offenders out of the states criminal justice system† (McNeil 2008). To lock up a child in an adult correction facility is by no means the right idea even if they are â€Å"separate† from the adults. If a juvenile commits an â€Å"adult crime† like robbery, theft or in most cases drug crimes, a quick fix is to incarcerate that individual in an adult prison to punish him and protect society. While this may work for adults, it is inappropriate for a youth. Advocates argue that we must keep the juvenile justice system because â€Å"many studies also have found that significantly harsher punishments are meted out to juveniles in adult court when compared with juveniles in juvenile court, particularly for serious or violent offenses† (Kurlycheck and Johnson 2010, 727). Sending a juvenile to adult court at such a young age can be problematic for the child, because the court wants to be strict with the child by showing them that their behavior will not be tolerated and because in adult court the child will miss out on educational and rehabilitative programs more readily available in juvenile detention facilities. Kurlycheck and Johnson argue that â€Å"Juvenile courts are characterized by disposition options that fundamentally differ from adult courts in their symbolic meaning, punitive and treatment alternatives, and punishment goals† (2010). In a study in Pennsylvania, Kurlycheck and Johnson compared a sample of juveniles tried in juvenile court with juveniles who were transferred to adult court and showed that the adult courts were harsher on the juvenile: â€Å"On average, their sentences were 80 percent more severe than for their young adult counterparts† (Kurlycheck and Johnson 2010, 729). Juveniles should not be allowed to be tried in adult court because studies have shown that many â€Å"juveniles function at levels similar to disabled adults who lack competence; not because of diagnosable mental health problems, but because of developmental immaturity† (Katner 2006, 507). The theory that sentencing a youth to an adult prison will reduce recidivism and hope that the experience will â€Å"scare him straight,† is invalid. Research shows that â€Å"experiences with adult jails and prisons show that those facilities may instill fear but are otherwise emotionally—and often physically—dangerous for youth† (Butler 2011, 114). Finally, Frank Zimring argued that â€Å"young law violators are less culpable, and thus deserve less punishment—no matter what kind of court might try and sentence them† (Kurlycheck and Johnson 2010, 729). Kurlycheck and Johnson also confirm what Katner is saying by explaining that â€Å"adolescents are at psychosocial disadvantages in terms of responsibility, peer influence, temperance, and perspective; they are less able to foresee future consequences of their actions† (Kurlycheck and Johnson 2010, 729). Youths in the detention system have an average IQ of 85, as compared to the national average of 100, and about 60% â€Å"in detention meet the criteria for at least one mental disorder† (Butler 2011, 111). Research by Howard N. Snyder, Ph. D. , director of Systems Research at the National Center of Juvenile Justice, shows that â€Å" 68% of committed males were diagnosed with a mental health disorder, and research indicates that the percentage is greater for females in commitment facilities, 50% of committed males had a substance abuse diagnosis† (Katner 2006, 509). If a youth has a mental illness â€Å"then it is our responsibility to address those needs. A state has no right to refuse adjudicated juveniles. It is the juvenile justice system’s legal and ethical responsibility to admit them, and make provisions for their safe and secure care and treatment† (Smith 2012). The American Public Health Association found in their Cox proportional hazard study â€Å"that better mental health services reduced the risk of initial and subsequent juvenile justice involvement by 31%† (Foster, Qaseem, and Connor, 2004) and had stronger results with more serious offenders. Their findings said that â€Å"improved mental health services reduced the risk of juvenile justice involvement† (Foster, Qaseem, and Connor, 2004). â€Å"We must remember that the juvenile justice system is meant to reduce recidivism, help the individual with their struggles, and integrate them back into the community. â€Å"When a juvenile offender is reintegrated into the community after a year being counseled, treated, and taught, the community is safer than it would be if that same delinquent youth were incarcerated for five years and released with no preparation to respect himself and society and to avoid repeating the same behavior. In Missouri, for example, only 8 percent of juvenile delinquents return to the justice system within three years; the national average is over 50 percent† (House 2010). â€Å"Decreasing recidivism has both immediate and long-term benefits. It has been estimated that juveniles who become adult offenders cost society between $1. 5 and $1. 8 million each† (Macomber, Skiba, Blackmon, Esposito, Hart, Mambrino, Richie, Grigorenko 2010, 224). Therefore, successful education is one of the most important tools that a juvenile can have while locked up. According to the Journal of Correctional Education, quality education and successful employment â€Å"is viewed, unequivocally, as the most powerful tool in recidivism reduction, rehabilitation of juvenile delinquent [†¦]into a socially productive, healthy, and happy adult† (Macomber, Skiba, Blackmon, Esposito, Hart, Mambrino, Richie, Grigorenko 2010, 225). However, the article does note that the level of education that is delivered to juveniles while incarcerated is nationally recognized as being far from as effective as it should be. Society wants our youths to succeed, be successful, and be normal members of society. That is why many advocates believe in keeping them out of the criminal justice system because they want to help bring these individuals back into society. Advocates for this system believe that juvenile justice systems are the best because once a juvenile is locked up in an adult correctional system, that individual â€Å"will have a criminal record that follows them for life, which would not be the case if they had been tried in family court† (McNeil 2008). Once a child is labeled as a criminal in society (labeling theory,) not only will it be hard for him to apply for a job with his adult criminal record, he will also carry the label of â€Å"criminal† over his head while back in society. In this section we will be looking at why it is a good idea to abolish the juvenile justice system. Barry Feld is one of the major advocates for abolishing the juvenile justice system. He believes the system should be thrown out because juveniles are frequently not afforded their constitutional rights in juvenile court. Barry Feld, a law professor from the U of M and an expert on the juvenile justice system, says the juvenile justice system needs to be abolished. He claims that â€Å"within the past three decades, judicial decisions, legislative amendments, and administrative changes have transformed the juvenile court from a nominally rehabilitative social welfare agency into a scaled-down, second-class criminal court for young people. These reforms have converted the historical ideal of the juvenile court as a social welfare institution into a penal system that provides young offenders with neither therapy nor justice† (Feld 1997, 68). In light of these failures, Feld is proposing that the juvenile court be integrated into the traditional criminal court system. Feld talks about how the juvenile justice system lacks constitutional rights for youth offenders. Several important Supreme Court decisions help change and shape the â€Å"criminalization† of the juvenile court. In the case of In Re Winship,â€Å"the court required states to prove juvenile delinquency by criminal law’s standard of proof beyond a reasonable doubt† (Feld 1997, 73). In the U. S. Supreme court case of In Re Gault, the court said that juveniles accused of crimes must be afforded many of the same rights that adults get. These rights would be the 5th amendment of right against self-incrimination, the 6th amendment right to confront witnesses, the right to timely notification of the charges and the right to be represented by an attorney. Even though the Supreme Court ruled this way, Feld says that â€Å"lawyers seldom appeared in juvenile courts† and when the juvenile was on trial the â€Å"judges did not advise juveniles of their rights† and did not appoint counsel (Feld and Schaefer 2010, 330). Feld cites two associations, the American Bar Association and American Children at risk, that reported that many youths in the juvenile justice system were not represented by counsel and of the lawyers who represented juvenile â€Å"lacked adequate training and failed to provide competent representation† (Feld and Schaefer 2010, 330). If this would happen in the criminal justice system, the case would risk dismissal or being overturned on appeal. Even if a juvenile does have a defense lawyer, many attorneys seldom if ever appeal the decision of the juvenile court judge. Judges are continuing to allow juvenile rights continue to be trampled upon by allowing juveniles to waive their right to an attorney without allowing them to consult with one of their parents or an attorney. Feld and Schaefer say that â€Å"in most states, judges gauge juveniles’ waivers of rights by assessing whether they were â€Å"knowing, intelligent, and voluntary† under the â€Å"totality of the circumstances† test. They rejected special procedures for youths and endorsed the adult standard to evaluate juveniles’ waivers of Miranda rights. † When a juvenile is arrested or brought into custody, he should not be allowed to talk to anyone unless his parent or lawyer is present. Feld wants both the criminal and juvenile system to be combined into one in hopes to reduce many constitutional violations, such as a juvenile waving his right to Miranda warnings. He says that many juveniles do not understand a Miranda warning or counsel advisory well enough to make a valid waiver† (Feld and Schaefer 2010, 331). This is a major risk for first time offenders because they may not know what they are agreeing to. Juveniles who have gone through the system before may start to get a grasp on the concept of Miranda about as well as adults but â€Å"substantial minorities of both groups failed to grasp at least some elements of the warning† (Feld and Schaefer 2010, 331). To help reduce these constitutional violations, Feld believes that state courts should â€Å"adopt sentencing guidelines for juveniles, which now exist only in adult courts† (Furst 1991). Feld believes that many sentences are based on â€Å"where the juvenile lived than the crime† (Furst, 1991). In Feld’s study, â€Å"urban criminals face stiffer penalty,† he found that â€Å"urban juveniles receive harsher sentences for the same crimes than their rural and suburban counterparts† (Furst 1991). Felt said that urban courts detained youths that were charged with felonies around ? the time; â€Å"rural counties detained them one-tenth of the time and suburban counties one-thirteenth† (Furst 1991). Feld says that â€Å"no reasons exist to believe that rural youths are more competent than urban juveniles to waive legal rights, but rural judges appoint attorneys far less often than do their more formal, urban counterparts† (Feld and Schaefer 2010, 332). Feld says that juveniles are very immature and lack a lot of experience. They require the assistance of counsel to understand legal proceedings, to prepare and present a defense, to negotiate guilty pleas, and to ensure fair adjudications (Feld and Schaefer 2010, 350). How is it fair that adults can have lawyers present at their trial and not juveniles? He says that increased efforts to have lawyers present at juveniles trials have remained the same. Feld says that with his data from 1994 and 1999 have predicted the outcome for youths to receive attorneys present at trial. The data is quite surprising that â€Å"youths convicted of felony and status offenses show a decrease in odds of representation, whereas youths convicted of misdemeanor offenses show an increase in the odds of having an attorney† (Feld and Schaefer 2010, 349). One of the most important rights we have in our judicial system is the right to a jury trial. However, Feld argues is that while the right to a jury trial â€Å"is a crucial procedural safeguard when states punish offenders, the vast majority of jurisdictions uncritically follow McKeivers lead and deny juveniles access to juries â€Å" (Feld 1997, 87). When judges and juries apply Winship, the reasonable doubt standard, differently, it allows them to convict youths more easily in juvenile court than in adult criminal court with the same evidence. Feld say that the constitution as well as state juvenile statutes allow delinquents to have formal trials with attorneys present. But in reality the actual quality of representation that the juvenile receives is far from optimum. One of his reasons for abolishing the juvenile justice system is because â€Å"the criminalization of juvenile courts, most states provide neither special procedures to protect youths from their own immaturity nor the full panoply of adult procedural safeguards. Instead, states treat juveniles just like adult criminal defendants when treating them equally places youth at a practical disadvantage† (Feld 1997, 87). Feld argues that some scholars believe that rehabilitative juvenile court or a juvenile version of a criminal court â€Å"simply will not work as their supporters intend† (Crawford 2001). Because of this, Felt proposes that an integrated criminal court would be a better solution. He believes this model is the best because â€Å"society recognizes youths as being less mature and more susceptible to peer influence† (Crawford 2001) so the court could offer what he calls â€Å"youth discounts† for sentencing. This would take into consideration the youth’s age and apply it towards his crime. In his model he is not talking about crime reduction, â€Å"remove what he considers to be the drama of waivers to adult courts† (Crawford 2001). Feld claims it will remove double talk and hypocrisy because justice officials claim rehabilitation as their goal when the reality of their actions is coercion and punishment† (Crawford 2001). As long as the youth discount is integrated into the criminal court system, it can provide youth offenders with better legal protection, ensure they are granted the same constitutional rights that adults get, and most importantly, that juveniles would receive humane consequences from judges. Feld agrees that youths do deserve shorter sentences compared to adults when being tried for â€Å"comparable crimes. † However, there does not need to be separate courts for this. Feld says that the juvenile court system will not survive because it represents a â€Å"temporary way-station on the road to substantive and procedural convergence with the criminal court† (Feld 1997, 132). For both of these court systems to work, Feld says there must be an â€Å"integrated criminal justice that formally recognizes adolescent as a development continuum may effectively address many of the problems created by our binary conceptions of youth and social control† (Feld 1997, 132). Advocates for the juvenile justice system believe that juveniles should have their own court system. In order for the juveniles to be properly protected, educated and rehabilitated, there cannot be two systems. Many juveniles are not sufficiently mentally developed to stand trial in the adult court system. Recall that The American Public Health Association said that â€Å"better mental health services reduced the risk of initial and subsequent juvenile justice involvement by 31%† (Foster, Qaseem, and Connor, 2004). Once the juvenile entered the detention center  and was given appropriate care and treatment, the risk of juvenile justice involvement in the future was reduced. Many advocates argue that we must keep the juvenile justice system because â€Å"many studies †¦ have found that significantly harsher punishments are meted out to juveniles in adult court when compared with juveniles in juvenile court, particularly for serious or violent offenses† (Kurlycheck and Johnson 2010, 727). The study said that of the juveniles tried in adult court, about 80% received harsher punishments compared to their youth counterparts. In order for us to have fair trial systems we cannot try youth with the same standards of adult. Advocates also believe that a juvenile should not be locked up in any adult facility because it would set the child up for more harm from stronger and more powerful adults. Research has shown that â€Å"experiences with adult jails and prisons show that those facilities may instill fear but are otherwise emotionally—and often physically—dangerous for youth† (Butler 2011, 114). I do not see any advantage to put a juvenile in the same cell or facility of another adult. The juvenile justice system is meant to rehabilitate the offender, not make him worse. We want the child to come out better than when he went in. In the adult court the minor would leave with a criminal record which could negatively affect his chances at getting a job once released. In juvenile court their record is usually protected. I do agree with what Feld says about having a juvenile be granted his constitutional right to an attorney, jury trial and correct understanding to Miranda warnings. He makes a big case about how juveniles are rarely granted these rights. I strongly agree with Feld’s statement regarding this. Many of these youth are waving their right to an attorney without the knowledge of what the consequences might be. Because some judges are allowing this to happen in the juvenile court, Feld make a convincing argument for these youth to be tried in an adult court. This may prevent any further constitutional violations. If an adult was treated this way, the case would have a high probability of being thrown out. If a juvenile is not granted these rights, there is no way he can expect a fair trial. Feld is correct that courts need to follow In Re Winship and In Re Gault. These are the rights granted to the juvenile, for a judge not to follow them would be unprofessional and most of all unconstitutional. Feld says that the juvenile court system will not survive because it represents a â€Å"temporary way-station on the road to substantive and procedural convergence with the criminal court† (Feld 1997, 132). I do not agree with this at all. In the juvenile justice system is designed help rehabilitate the offender, if the system is to work correctly; it will not be a temporary way-station. I do recognize that there are some fall backs to the system, but it needs to be run correctly. The idea of â€Å"youth discounts,† if implemented correctly could work. However judges might over abuse their power towards the juvenile. These youth discounts would be totally up to the discretion of the judge. This could pose a problematic issue for the youth if the judge does not follow the guidelines of â€Å"youth discounts. † If judges cannot follow constitutional guidelines of Winship and Gaulti do not believe they would be able to follow a rule of youth discounts. Feld has a good idea behind his youth discounts, however I do not believe judges would follow these rules. His last argument is that youths do deserve shorter sentences compared to adults when being tried for â€Å"comparable crimes. † If the juvenile system is abolished this concept would have to be enforce. I still see it being problematic for the child to serve time in an adult facility. We want to rehabilitate the child, not solely focus on punishing him or her. There is no telling how this system would be implemented. A judge could use this power to unfairly sentence certain youth to longer sentences the he deems necessary. As I have stated earlier, juveniles have different maturity and educational levels compared to adults. That is why many of these youths still need to be tried in a system where a judge is specialized in juvenile crimes. Author Position Now that we have had a chance to examine the arguments for and against abolishing the juvenile system, our issue is which side should we take and why? It is difficult to pick one side, and therefore I propose a hybrid version. Using strengths from both sides, I believe we can come to a conclusion that will be most beneficial for the juvenile, and our court system, and one that will meet constitutional standards. In order to accomplish all of this we will be looking at concepts, resources, and management. Applying all three of these criteria we will be able to see why the combination of them will result in the best outcome. We will be ending the juvenile system as it currently exists, but instead of getting rid of it all together, there will be some changes to the â€Å"adult system† to help incorporate these new guidelines. As I have stated multiple times above, our concept of the juvenile justice system is to rehabilitate the offender and get the child ready to be brought back into society again. If the juvenile justice is to work correctly it would give the juvenile the necessary skills to be brought back into society. Society accepts this concept because the juvenile is still young, and society is willing to give that individual another chance. Society believes this because the juvenile is put under the ‘obligation’ to grow himself/herself to be fitted to the perceived values of the society. If this is done successfully, the concept of rehabilitation has worked successfully Currently the juvenile justice system needs to be combined with parts of the adult system to work effectively. Mainly, the concept of having a fair trial is something all adults get in â€Å"adult court. † The juvenile justice system offers the minor educational and mental help through trained and effective services; something that the adult court rarely offers. It has also been stated that the juvenile dentation centers are better at offering rehabilitate skills through classes such as anger management which is essential to any delinquent wanting to enter society again. If the juvenile was just thrown into an adult correction facility, there is a slim chance that he would have access to the proper education that he would need. It is unlikely that the adult system has classes targeted for their needs. As I have stated earlier from the research, juveniles are far less mental and educationally developed compared to adults, that is why a system to house juveniles is still the best system. The adult system houses individuals from 18 on up. If the delinquent is rehabilitated in a facility with individuals his own age, this might provide a better learning environment. The adult system is more focused on punishing the individual for their crimes and second, to possibly rehabilitated the adult offender. In a juvenile dentation center, their main goal is to rehabilitate the offender, not solely punish them for their crimes. Therefore, the juvenile justice system must take into account the opportunity to grow as a good person without any kind of stigma attached. Part of their rehabilitative process might involve apologizing to the victim. This would result in no father threat to the victim, and help the offender to know the impact of his crime. The last concept is if the juvenile is to be properly rehabilitated he needs to be in a safe environment, one that is targeted for his age group and level of education. While in the detention center, he or she is given the chance to learn and be properly educated, a skill that he or she might not have received while in the â€Å"outside world. † Barry Feld makes a convincing argument for abolishing the juvenile justice system with his argument that it does not afford the juvenile his constitutional rights. He believes that in order to fix this issue, the juvenile justice system need to be abolished and merged with the adult system. We are using Feld’s idea to merge the system but not abolish the resources and many benefits that come with the juvenile justice system. We will be using not one system but a hybrid of both. We must think of it as a system that only exists on paper not in different court systems. To award trial by jury, Miranda warnings, and the right to counsel only to adults does not represent a fair and balanced justice system. Juveniles must have the same rights that adults are entitled to. If an adult was arrested, questioned by police, brought to court without legal representation and informed the judge of all these violations, the case and evidence would be thrown out. That is why when creating this hybrid system we are using Feld’s resource of the adult court to create a new justice system for juveniles to ensure they are awarded all the rights adults are. First and foremost, juveniles must be accorded their constitutional rights. Juveniles are by definition young, inexperienced, and not as mentally and emotionally developed as adults. Special protections must be given to them to insure that they are granted their rights. Judges are continuing to allow juveniles to waive their right to Miranda when many are not aware of what they are without a parent or legal advisor. Juveniles who have gone through the system before may start to get a grasp on the concept of Miranda about as well as adults but â€Å"substantial minorities of both groups failed to grasp at least some elements of the warning† (Feld and Schaefer 2010, 331). Even if a lawyer was appointed, they (the lawyer) â€Å"seldom appeared in juvenile courts† and when the juvenile was on trial the â€Å"judges did not advise juveniles of their rights† and did not appoint counsel (Feld and Schaefer 2010, 330). Feld makes a major point of In Re Winship and In Re Gault (discussed above) to prove that even though these are laws exists, many courts overlook or ignore them, ultimately denying juveniles their rights to a fair trial. Constitutional rights cannot be overlooked, which is why I believe Feld’s argument of abolishing the juvenile justice system as it stands has merit, and the advantages of the adult system must be incorporated, without the negative consequences to juveniles. I propose that no juvenile be allowed to waive his Miranda rights without first consulting with a court appointed attorney. I further propose that no juvenile be allowed to waive his right to attorney, as can be done in adult court. Every juvenile should be represented by an attorney throughout the case. I propose that the juvenile have the right to a trial by jury in all felony offenses. If the offense is a misdemeanor or gross misdemeanor, the juvenile would still be tried before the juvenile court judge. In both misdemeanor/gross misdemeanor and felony level offenses, however, the dispositional alternatives would be within the traditional juvenile court system. There would be no adult sentencing in any misdemeanor/gross misdemeanor offense, and no adult sentencing for felony level offenses without the juvenile being certified to stand trial as an adult. Without good dispositional alternatives, we will not be able to make our hybrid juvenile system work. I am using this hybrid system to represent all non-serious crimes. One of the most important systems that needs to be retained is the educational system. As discussed earlier, â€Å"successful education is one of the most important tools that a juvenile can have while locked up. † If this is eliminated any hope of rehabilitating the juvenile goes out the window. One of the main goals of the juvenile justice system if to reduce the recidivism rate and to rehabilitate the individual with the skills necessary to return them to society. This will require enhanced special education opportunities. Many of the juveniles who are incarcerated have an average IQ of 85, as compared to national average of 100. So, even if they did attend public school, one study put their â€Å"literacy skills [†¦] at least one standard deviation or two years behind† (Macomber, Skiba, Blackmon, Esposito, Hart, Mambrino, Richie, Grigorenko 2010, 225) their school mates in the same grade. To make sure this educational program will work, part of what I am proposing is that the court must require these individuals to participate. Math and reading are generally key important educational programs, but the detention facility also needs to offer other programs such as anger management, developing social skill, and educational classes on a variety of areas that the juvenile might lack. If the juvenile does not agree to these terms and conditions, they will be tried in adult court and sentenced to the adult correctional facility. It is not just education that many of these juveniles lack. Some 68% of committed males were diagnosed with some kind of mental health disorder, along with 50% of committed males having a substance abuse diagnosis. If these juveniles were put into the adult program, these issues might not ever be recognized or if they were, risk a high chance of never being treated. We need to provide adequate psychological support services to those who need them. If a youth has a mental illness â€Å"then it is our responsibility to address those needs. A state has no right to refuse adjudicated juveniles. It is the juvenile justice system’s legal and ethical responsibility to admit them, and make provisions for their safe and secure care and treatment† (Smith 2012). If these mental issues are treated right now versus in the future, it very well might drastically reduce the recidivism rate. It has been estimated that juveniles who become adult offenders cost society between $1. 5 and $1. 8 million each† (Macomber, Skiba, Blackmon, Esposito, Hart, Mambrino, Richie, Grigorenko 2010, 224). This will ultimately be a substantial saving to the taxpayers, free up the jail for serious offenders, and get juveniles the help that many of them desperately need. One of the last resources I am taking from the juvenile justice system to create our new â€Å"hybrid† system is the idea that the juvenile keeps his record sealed. We don’t want the juvenile to reenter society with a labeling affect over his head having him believe he is still a criminal. If his juvenile record is sealed, and the juvenile can apply for a job without putting his conviction down on his employment application, this will increase the odds of gaining employment and becoming rehabilitated. The job training and educational classes he can receive while incarcerated will enhance his opportunities for Juvenile Justice free essay sample Abstract This paper contains many articles containing information gathered from a psychological aspect and a criminal justice aspect. There are multiple ways that society has impacted our juveniles. The economy has also had an affect on the way our juveniles are raised, behave, and their personal outcomes that have had an impact on today’s society. The importance of communities banning together to help keep an eye on one another’s children can have a positive outcome on our youth. Psychological help kids in poverty need to improve their quality of life would prove to be beneficial. The use of psychological studies of reforms on juveniles and how they are affected by the treatment they have received. ? Juvenile Justice in Today’s Day and Age When people consider the word juvenile they jump straight to the conclusion of unfortunate immature children. They also think it is a child who is always in trouble. We will write a custom essay sample on Juvenile Justice or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This not always true in some cases it could just a youth or child who hasn’t had the chance to be themselves or has had bad home life or has been stuck in a bad situation. Such as poverty, bad economy, or poor social graces. Or even a youngster who has predisposition for psychological disorders. Has anyone ever thought if we all stuck together, helped one another, or even taken the time to sit and listen to our children we might actually know why our child have been acting the way they do. Our children are our future and we cannot always assume that it is entirely child’s fault they act out or behave the way they do. A meta-analysis of k=53 studies containing 60 with no overlapping samples and 10,073 participants was conducted to investigate whether psychopathy was associated with delinquency and recidivism in juveniles. â€Å"It was concluded that screening for the (early) detection of psychopathy is important as delinquent behavior and violent juvenile recidivism can be predicted from psychopathy as early as the transition from middle childhood to adolescence. † (Asscher, 2011) Some children have the predisposition of having psychological disorders. They have been abused as a child, either sexually, physically or even mentally. They could be being bullied and just act out because of it. They can have depression, social anxiety, or multi personality disorder. All of which can cause children to act very poorly in many situations or very well but, they will have limitations on how much they can tolerate before the behavior gets out of control. Studies have shown children with these disorders can be considered juvenile delinquents. This, in lame man terms means young law breakers, wrong doers, and trouble seeking youth. In reality it is true yet if the right treatment, care, or even help is given to the child a juvenile can grow to have a very successful life. The psychological process is hard to come up with if you don’t know what to do. If you contact a crisis hotline or counselor you might be able to get your child the help they need. It may just be a case of your child needs someone to talk to about life. Or it may be a case of child is being abused at home you never know until the child can have someone who they feel is not out to get them. Someone they can trust and tell their feelings to. If it is a case of neglect try and find an outreach program. Find afterschool activities they can participate in. Maybe even find a big brother or big sister program which would help the child feel like they are not being avoided or neglected at home. In 1986 I personally was hospitalized because of supposed mental illness. It was found I was suffering from boredom because lack of interest in anything everyone else was doing. I grew up in Chicago we were not in the best of neighborhoods. It was basically gang family than central. You were always afraid to leave the house because of the shooting that occurred every night. Speaking of the gangs the reason a lot of youths join gangs is because they are very accessible. They feel that a lot of the members are more like they are their own flesh and blood. The youngsters get more attention than at home even though it may be the wrong type of attention. They also feel like they have power and independence and can shy away from the authority figures in their lives. It is an escape from reality however grim it may be. Some have joined gangs because of poverty level in the house, abuse, neglect or even to avoid reality. Gang members generally don’t care who or what they have to do to be accepted in this world. They do as they please and whatever they please. What the younger population doesn’t realize this is where the get in the most trouble and get sometimes get the title of being juvenile delinquents. With the gangs crime rates go up, drug distribution and use is higher. You will have this wherever you go no matter how far away you seem to think you move away from it. It is a very difficult thing to watch your child or a friend’s child get caught up in. It will happen whether you want it to or not. It is happening more and more every day. This is where interventions need to come into play. Poverty has struck a lot of people today’s economy. There has been a decrease in jobs the job market and a decrease in income all together from companies downsizing, laying off employees. The lack of unemployment insurance has not help the federal government has made it harder on the companies to keep up with operations due to increase in taxes and layoffs. Even the working man or woman can hardly afford to work because so much of it is being taken in taxes or it is going towards fuel in their vehicles which is ridiculously high. This is making it hard for the families to care for their children properly. They can hardly afford the food on the table and put a roof over their heads. Let alone by clothes that are in style so the kids don’t get bullied at school. It also makes it hard for families to have time together due to a family having to work multiple jobs just to make ends meet. Also it is one of the leading causes of divorce and increase in juvenile crime rate. Bullying has gone on for years and poverty has as well. So the bullying will continue for the less fortunate unfortunately. Why is it the less fortunate get bullied, you may ask. It is because the higher income bracket families feel material items are ways to show it off and if someone isn’t like them they are not in the clique. Bullying is another reason boys are more susceptible. Some may just feel it is a way of life. If everyone else is doing it why can’t I. Unless their parent have instilled better morals and family values into their children. We can expect children to become more and more deviant to try and test the waters of the juvenile justice system. Some may want to learn right from wrong but others will just follow the path of others for the chance of fitting in. The children may be able to overcome these obstacles if they are in a higher economic standard. Yet, it is very difficult when you do not have the means or the background to do so. School, home, and up bringing has a lot to do with juvenile behavioral norms. It is like this all over the country no matter where you are you will find out the grass is not always greener on the other side. Society has painted an awful picture of what things should be important and what is not. The lower classes try to put emphasis on family first but are afraid to show that they are in need of help. Gender, class; race, ethnicity, and delinquency are all linked together in many ways. It affects crime rates because supposedly the middle class and higher up people dont do wrong in which crime rates are down in those specific areas. Yet, it is not because no matter what social class you are in the temptation of doing wrong is still there. There is always a person of any social, ethnical, racial background has the chance of becoming delinquent. Depending on whom they hang out with or the feeling of having to prove yourself, it does not matter who you are. Yes the lower class has more of a susceptible chance of becoming delinquent because of financial hardship, family hardship, or even emotional hardship, but there is always that chance of it hitting the middle class and upper-class too. Everyone has their own personal opinions that the lower class is all the problems of deviance. There is too much that can disprove this theory. If a middle or upper-class juvenile has been exposed to the gangs, and trouble in school or even if there is divorce in the family. The juvenile has the temptation to rebel and act out their behavior inappropriately. So where is the difference really except for the financial aspect? Ethnicity, they say more non-white juveniles are a lot more deviant than whites. This deviance is due to a cultural up bringing rather than color or race. If you were brought up to be a gangster or hang out with those who were social deviants it is your choice whether you want to follow that path or not. It is more of an emotional burden than anything else. When it comes to being socially normal all people should be seen as the same color and treated the same as everyone else. It is also said that males are more susceptible to be caught in deviant behavior. This could be true. Females tend to try to stay out of trouble and just date the mischievous ones. Females do not have the overwhelming sensation to prove themselves in troublesome way. Females usually are more concerned about popularity in school and their clothing they wear. The reason some females act out in a deviant way is because of social upbringing and their need to fit in and it is only as a last ditch effort to prove they are the best. Females usually act out in a sexual manner. The feeling of conformity to society is usually what brings in the deviant behavior. If society is overrun by gang type activity, violence, and other crime related activity you are more likely to have deviant childish behavior. It is if a monkey sees a monkey must do society we all live in. If you have a good cultural upbringing and social norms to have the common sense or even the will power to say no it is better for the juvenile not to be deviant. There are differences in the areas where juveniles grow up. In the larger city you are more likely to have the gang violence and the shootings than you would if a juvenile grew up in a small country type town. Yet, the juveniles have the choice to be deviant even living in a small country town because; they have the overwhelming need to fit in or prove themselves to anyone and everyone. Even the juveniles who go to religious schools have the need to fit in because of clicks and social and fiscal clicks. In which all the troubles lie. Not knowing where or even how to get the help or are they going to be able to afford the help. In 1999 President Bill Clinton tried to raise the budget so lower income families could afford to get the health care needed, food on tables, and child care for those in need. He also increased the HHS Budget for the Head Start preschool program. He also tried to get budget increased for juvenile justice programs –including anti-gang, violence prevention, and school violence initiatives. (Portner, 2000)Yet today they are trying to take it all those who cannot afford to work or physically just cannot work period. We are unable to defend ourselves because our voices are being overrun by the bigger cities such as Chicago. The book states that there are more blacks than white juveniles in our jails today because of personal and social upbringing and there need to fit have happened since slavery had begun. They have had it terribly difficult trying to fit in since the early years due to the cultural and social integration of our nation. If it wasn’t for that I feel everyone would have a fair chance at life and be a better person and no one would be judged on race color or social class. They would all be judged on their integrity and ability to know what is right and wrong. Everyone is treated different but it is up to all of us to know how to handle each situation we encounter no matter how difficult it may be. Kids will be kids but what happens when little pranks turn out to be major problems in the future? That is where the juvenile justice system should step in. If we all could help one another, and watch over each youth we all could pay it forward. Lend a helping hand where needed and help the youth of our society bring forward good values, fortune and the respect for the authority and the laws which our nation has built upon. I have personally have helped raise six children that were not mine by birth but, have called me mom because I was there for them they lived under my roof and treated me with the respect I deserved. Only two of them have become deviant and part of the juvenile justice system. They made the choice to move out and drink like their birth parents. They were arrested for public intoxication and underage drinking because they thought it was what the in thing to do was. Since then they have moved back in and graduated High School, joined the military, gotten married and are living normal lives with their own children. The other four have also moved out and have been leading respectable lives and have stayed away from trouble. I feel so proud to have been a part of their lives. I have three other children by birth that I am hoping that I can instill the values of the other six I helped raise. I still hear from all my kids on a regular basis and I have seven wonderful grandchildren whom I hope their parents can keep out of trouble. It pays to help others when in need. My kids are the most important to me even if they are not my own they will always have a piece of my heart and the knowledge of a better life than what they originally had. It is a magnificent feeling to see them not in a life of crime. References Asscher, J. J. , van Vugt, E. S. , Stams, G. M. , Dekovic? , M. , Eichelsheim, V. I. , Yousfi, S. (2011). The relationship between juvenile psychopathic traits, delinquency and (violent) recidivism: A meta-analysis. Journal of Child Psychology Psychiatry, 52(11), 1134-1143. doi:10. 1111/j. 1469-7610. 2011. 02412. x Bartolla C. , Schmallegner F. (2011) Juvenile Delinquency 8th Edition, Saddle River, Pearson Education Inc. Ho, K. M. , Litton, E. , Geelhoed, E. , Gope, M. , Burrell, M. , Coribel, J. , Rao, S. (2012). Effect of an Injury Awareness Education Program on Risk-Taking Behaviors and Injuries in Juvenile Justice Offenders: A Retrospective Cohort Study. Plos ONE, 7(2), 1-6. doi:10. 1371/journal. pone. 0031776 Mennis, J. , Harris, P. W. , Obradovic, Z. , Izenman, A. J. , Grunwald, H. E. , Lockwood, B. (2011). The Effect of Neighborhood Characteristics and Spatial Spillover on Urban Juvenile Delinquency and Recidivism. Professional Geographer, 63(2), 174-192. doi:10. 1080/00330124. 2010. 547149 Portner, J. (2000). Budget highlights child care, Juvenile justice. Education Week, 17(22), BIBLIOGRAPHY OF THE AUTHOR Though I was on my own from age fourteen it was very hard for me psychologically, physically, and mentally to figure out what was right and wrong. I believed that growing up on the streets was the only way of life even though it wasn’t. I was supposed to be a ward of the state but they could never find me my parents gave up on me and treated my sisters as if they were queens. I was not going to give up I joined in the life of crime gangs and drugs. I had pulled myself away from the trouble even though it was hard to get removed from gang life. I had been shot twice and survived each bullet wound. I had been brutally raped and became pregnant from it. I dropped out of school. I had never killed anyone or anything like that but, they were my family so I played follow the leader until, I watched my best friend die. I moved as far as four hundred dollars would take me. I ended up down this direction, where I had met my new friends and family. They helped me learn that I had to be happy with myself and move forward and not dwell on the past. So I got my GED in 1995. I have also gotten married and as I stated earlier have raised multiple children whom were not mine by birth but, by the grace of god fell into my custody. I think it was divine intervention that helped me see I needed to improve myself and help others in order to be happy and show them that if I can change so can they. So I am hoping to further my education as long as I can and continue to help those who need help the most. It is very wonderful to see what you can accomplish if you just put your mind to it. Life is too short to live looking over your shoulder. Live life to the fullest, and enjoy every blessing that comes your way.

Working Moms VS Non Working Moms free essay sample

Every mother has different circumstances to decide eather to stay home with their children or to resume work as soon as they can. Some families need the extra money to support their children while others make enough to live comfortably while only the father works. The world will never be happy with the way families choose to raise their children. Mothers that works and stay-at- home moms may raise their children differently, but neither is better than the other. Weather they are stay-at-home moms or working moms society will find a way to discriminate them. Employed mothers seem to always get the bad end of the deal. Just because a other works does not mean that she is a bad mother. Her children may act out and people Just assume that it is probably because she is a working mom and does not spend much time with her children. People do not look into the situation. We will write a custom essay sample on Working Moms VS Non Working Moms or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page That mom may be a mom that works all day long and comes home and goes straight to bed, but she may also be a loving mother that comes home and cooks dinner for her family sun-e 2 and spends quality time with them outside of work. Her children may Just be having a rough time at school or with friends. Research shows that daughters of employed others have higher academic achievement and greater career success. They have also been found to be more independent and show less acting-out behavior. Studies have shown that sons of employed mothers have lower I. Q scores. It has also been documented that the sons did well academically but their was a strain on their father-son relationship because men felt as if the women were running the family. According to The Effects of the Mothers Employment on the Family and the Child the majority of sons and daughters of employed mothers agreed that men could do female activities and women could do male activities. They said that both men and women were equal and that if a women was working all day it was only fair if her spouse helped do chores around their home. Children of working mothers have been shown to be more responsible at a younger age. If their mom is working the children would be asked to help do chores around the house. They also have to learn to do things on their own sometimes because with their mom working they may not always be there at the exact time that they need them. A mother being employed does have some negative effects on a family, but for the most part a working mothers children howed higher test scores, good behavior, and daughters seemed to have more self- esteem. From television, people Just assume that stay-at-home have the perfect families. On TV, the kids of stay-at-home moms do great in school and behave really well, while of for their family. In all actuality most stay-at-home moms have young children that they are constantly chasing around and taking care of so their homes may never really be that super clean house. They spend their days cleaning up after their children, cooking meals for their families, and spending quality time with their children teaching them Suire 3 things. Studies have actually shown that children with stay-at-home mothers score lower on many school standardized tests and IQ tests. It has also been shown that children in these families do not believe that the mother can do things that their father can do, and that their father should not have to help clean and cook in the home. In most of the studies done in The Effects of the Mothers Employment on the Family and the Child, the children of stay-at-home moms scored lower on nearly almost every test. The children seemed to be slower in school and less sociable. It was harder for them to interact with other children because most of them had Just een around their mother until it was time for them to begin their schooling years. A lot of the children also had behavior issues. They got too much attention as a child so they were used to being the center of attention. They would act in in school so classmates and teachers would notice and give them the attention they were so used to always receiving. These children were also less independent. They were used to having everything handed to them by their mothers and expected everyone to Just do everything for them. Children with stay-at-home moms struggle more in school and have a harder time picking up on things. Although studies have shown many negative things about children with stay-at-home moms, there are also many benefits. Some experts in early childhood development believe theres no substitute for the consistency and nurturing of parental care, especially if the alternative is poorly funded childcare. (http://www. babycenter. com/o_staying-at-home-pros-and- cons_6025. bc) Studies have shown that children that spend all day in daycares have more stress and agression than the ones cared for at home. Stay-at-home mothers have the advantage of knowing that their children are being taken care of by a erson that will always be around. They also get to be there for all of their childrens firsts and it is not a stranger getting to see them walk or talk first. Staying home with children saves families a Suire 4 lot of money, because daycares can be very expensive. Stay-at-home moms are not how they are portrayed on television, but they are not bad mothers it is great that they can spend so much time with their children while they are young.

Alvarez Surname Meaning and Origin

Alvarez Surname Meaning and Origin Alvarez is a patronymic (derived from the name of the father) surname meaning son of Alvaro and is thought to have originated with the Visigoths. The Visigoths were 5th-century German warriors who participated in the eventual fragmentation and collapse of the Western Roman Empire, and one of two main branches of the East Germanic tribe known as Goths. According to the Instituto Genealà ³gico e Histà ³rico Latino-Americano, the surname Alvarez originated in Spain, primarily from the regions of Andalucà ­a, Aragà ³n, Asturias, Galicia, Leà ³n, and Navarra. Alvarez Surname: Fast Facts Alvarez is the 26th most common Hispanic surname.Surname Origin:  SpanishAlternate Surname Spellings:  Albarez, Alvaroz, Alviriz, Alvares, Albaroiz Famous People with the Surname Alvarez Carlos Alvarez- Spanish opera singerLuis Walter Alvarez- American experimental physicist, Nobel Prize winner in PhysicsLuis Fernndez lvarez- Spanish American doctor and researcher; grandfather of Luis Walter AlvarezPedro Alvarez- Dominican American MLB baseball playerJosà © lvarez Cubero- Spanish sculptorJorge Montt lvarez- Chilean Admiral and former President of ChileGregorio lvarez- Argentine historian, physician, and writer;  the Alvarezsaurus dinosaur was named for him. Where Do People With the Alvarez Surname Live? The surname distribution data at  Forebears  ranks Alvarez as the 212th most common surname in the world, identifying it as most prevalent in Mexico and with the highest density in Cuba. The Alvarez surname is the 10th most common surname in Cuba, 11th in Argentina, and 16th in Spain. Within Spain, Alvarez is found most commonly in the northwestern regions of Asturias, followed by Galicia and Castille Y Leà ³n,  according to  WorldNames PublicProfiler. Is There an Alvarez Coat of Arms? Contrary to what you may hear, there is no such thing as an Alvarez family crest or coat of arms.  Coats of arms are granted to individuals, not families, and may rightfully be used only by the uninterrupted male-line descendants of the person to whom the coat of arms was originally granted.   Resources for Exploring the Alvarez Surname ALVAREZ Family Genealogy Forum- Search this popular genealogy forum for the Alvarez surname to find others who might be researching your ancestors, or post your own Alvarez query.FamilySearch: ALVAREZ Genealogy- Access over 2.7 million free historical records and lineage-linked family trees posted for the Alvarez surname and its variations on this free genealogy website hosted by the Church of Jesus Christ of Latter-day Saints.ALVAREZ Surname Family Mailing Lists- This free mailing list for researchers of the Alvarez surname and its variations includes subscription details and a searchable archives of past messages.DistantCousin.com- ALVAREZ Genealogy Family History- Explore free databases and genealogy links for the last name Alvarez.The Alvarez Genealogy and Family Tree Page- Browse family trees and links to genealogical and historical records for individuals with the last name Alvarez from the website of Genealogy Today. Genealogy and Resources for Spanish Surnames Have you ever wondered about your Spanish last name  and how it came to be? The 100 Most Common Spanish Surnames have unique naming patterns and origins. When researching  your Hispanic heritage, its best to start with the basics such as family tree research and country-specific organizations, genealogical records, and resources for Spain, Latin America, Mexico, Brazil, the Caribbean and other Spanish speaking countries. Sources Cottle, Basil.  Penguin Dictionary of Surnames. Baltimore, MD: Penguin Books, 1967.Dorward, David.  Scottish Surnames. Collins Celtic (Pocket edition), 1998. ï » ¿Fucilla, Joseph.  Our Italian Surnames. Genealogical Publishing Company, 2003. Hanks, Patrick and Flavia Hodges.  A Dictionary of Surnames. Oxford University Press, 1989. Hanks, Patrick.  Dictionary of American Family Names. Oxford University Press, 2003. Reaney, P.H.  A Dictionary of English Surnames. Oxford University Press, 1997. Smith, Elsdon C.  American Surnames. Genealogical Publishing Company, 1997.

Were Are You Going, Where Have You Been Article Example | Topics and Well Written Essays - 250 words

Were Are You Going, Where Have You Been - Article Example We all have the same ability to make our choices work in our favor. Fate does exist, but we are not entirely controlled by it. We may be tempted by fate, and there may be times when we do not think there is a way around it, but it can always be cheated. There is always a different route. As free-willed human beings, all it takes is for us to say yes or no to something, and it is done. If we do not like a specific situation, we have everything that we need to get out of the situation or to change it to our liking. When Connie gave up and went outside to Arnold Friend, she was letting herself be controlled by fate. Instead of giving in to Arnold, she could have gone back in the house and found other methods to seek help. Fate is not permanent. As human beings, we are stronger than we think we are. We have the ability to make choices in our lives and to change something that we do not like or agree with. If we allow life to happen without us intervening, fate begins to take its toll. The situation with Connie could have turned out much differently if she had only realized the personal strength and control that she possessed over her own

Banking Assignment Example | Topics and Well Written Essays - 1000 words

Banking - Assignment Example The mortgages are secured by claims against the various estates the mortgagors purchase. Afterwards, the individual mortgages are huddled together as a mortgage pool. The pool is held as the collateral for an MBS. The MBS can also be issued by a third-party financial institution for instance a large investment banking company or similar bank where the mortgages originated from. Aggregators can also issue mortgage backed securities. There are MBS whose main purpose and interests are guaranteed by a United States government entity or sponsored enterprise. The securities are known as agency MBS which do not expose an investor to credit risk. For a non-agency MBS, issuers normally employ various vehicles to enhance the credit of the security in order to obtain a targeted investment-grade rating. Investors within MBS are exposed to uncertainties about the future cash flow since the borrower has every right to repay the loan wholly or partial as long as it is before the maturity date. This is called prepayment risk which is a major factor in understanding MBS. When the MBS is being created, an issuer would choose to break the mortgage pool severally to different parts known as tranches. These tranches are structured in various forms depending on the choice of issuer. The tranches differ in relation to the priorities of payments received. These early payments must then be allocated to the tranches according to a schedule or priority. This allows the issuer to tailor a single MBS in case of risks and damages. The funds accumulated for example Pensions and hedges are used to invest in high credit mortgage securities and seek higher returns through investing in low credit ratings. A vital innovation in the financial markets has been the securitization of assets. Apparently, this would include mutual funds as securitized investments. Interestingly, securitized investments normally distinguish themselves by the fact that they change priorities of payments to the holders of the securities. The first type of securitized asset was the residential mortgage in 1969 and the first non-mortgage asset securitization were the lease received in 1985. Since then, credit cards, loans and bonds and several other types of debt instruments have been securitized. Considering the prepayment risk that an investor faces in the basic mortgage-backed instrument as well as the pass through security, there is a very high chance of enquiring huge losses. For instance when interests rate fall, homeowners usually begin prepaying their mortgages while leaving mortgage holders normally receive their principle payments earlier than scheduled. Consequently, the cash flow has to be invested in lower interest rate environments according to Chance (2008). As a result, the returns on mortgage pass-through are quite volatile shocking the many investors who were unaware that such a risk would occur. Nonetheless, the result is similar that a new security is created and backed up by the c laims against the mortgagors’ property. However, this security can be sold to participants who are in the secondary mortgage market. The secondary mortgage market is very large hence providing a significant amount of liquidity to the mortgage groups. Competitive Strategy With the business environment continuously becoming more challenging and taking a global twist,

Piaget and the Concrete-Operational Period Assignment

Piaget and the Concrete-Operational Period - Assignment Example The concrete operational stage, which is the element of focus, begins from seven and ends at around eleven years. It involves integration from preoperational stage and children in this stage are able to apply logical reasoning based on principles of conservation (Flavell, 1994). Beyond the concrete operational stage, a child is able o apply deductive techniques in reasoning and solving seemingly complex problems (Garcia & Nanez, 2011). The following is a play to elaborate the concept of a concrete operational period and involves four children (Adam, Isaac, Norah and Cynthia). Adam is six years eight months, Norah is seven years, Isaac is ten and Cynthia are 11 years. The mission of the play to investigate how the children were at different ages will determine or explain changes in the quantity of sugar poured in three different containers using one standard measuring container. An adult named James is going to guide the children through the play and ask questions as well as record observations. (James uses a cylindrical container of one kilogram, 10-centimetre diameter and 30 centimetres height to scoops a kilogram of sugar and pour into the three containers. The first container is cylindrical, 30 centimetres high and 40 centimetres diameter. The second container is cube and measures 20 centimetres length, 20 centimetres wide and 20 centimetres height. The container is also cylindrical in shape and measures 60 centimetres height and 5 centimetres diameter. Transfer of the sugar is such that all the contents of the scooping container fit into each of the three containers. James ensures that each child is attentive and observes the distribution process. James then asks each child to comment by showing container with most and least quantities, and explain their observations). Adam: The third container is taller than the rest and capable of holding more sugar.  In addition, the sugar has filled it near to the brim.     

Comparative Analysis of Forwards and Futures Contracts

Comparative Analysis of Forwards and Futures Contracts A Mauritian Perspective Abstract This research compares the OTC derivatives market with the exchange-traded derivatives market. Forwards contracts have been used as a representative for OTC markets and Futures for organised exchanges and the costs and benefits of each one have been analysed. This research has been done being with regard to the GBOT setting up in Mauritius. Forwards are frequently used contracts relative to others, in Mauritius. Hence, it is assumed that if the users have to shift to the GBOT, they will use futures contracts as a substitute for forwards since both have similar characteristics except that futures are more sophisticated than forwards. A survey has been done on the top one hundred and twenty companies in Mauritius out of which, only 70 have responded. The questionnaire aimed at determining the current derivatives position in Mauritius and a glance at the perception of the financial officers with respect to GBOT. Even though they believe that GBOT will benefit the country, they are unwilling to enter the market; while most of the respondents are unaware of GBOT and uncertain about the futures market and trade mechanism. Unexpectedly, it was found that some firms use futures for risk management. The results have been used to conclude whether it is viable for Mauritius to introduce an exchange and what measures can be taken to ensure that GBOT is successful. With respect to this research, it seems that the Mauritian market is not ready yet, to conceive this new development in its financial system but there are some measures that can be adopted to combat the inhibitors and there are much lessons to be learned from the record of derivatives mismanagement. List of Abbreviations AML Air Mauritius Company Limited CDS Central Depository and Settlement Company Limited CBOT Chicago Board of Trade CME Chicago Mercantile Exchange CFTC Commodity Futures Trading Commission EFP Exchange of Futures for Physical FSC Financial Services Commission FX Foreign Exchange GBOT Global Board Of Trade HSBC Hongkong and Shanghai Banking Corporation Limited MTM Mark-To-Market OTC Over-The-Counter SEM Stock Exchange of Mauritius STC State Trading Corporation S0 Spot price today ST Spot price at maturity USA United States of America 1.1 Introduction The presence of derivatives market has undoubtedly improved national productivity growth and standards of living. Alan Greenspan (Chairman of the US Federal Reserve System, 2005) Derivatives have gained prominence in the past few decades and are today a vital element in finance. Although they are the latest addition to the financial world, they have been witnessing a high rate of success. They have undergone constant innovation and active trade, notwithstanding the fact that they have led to a more complex form of hedging. Electronic trading and settlement facility has revolutionised the global financial and commodity markets by attracting international investors and increasing liquidity. 1.2 Background Theory 1.2.1 Hedging Hedging is a form of insurance that uses derivatives to absorb financial risk by locking in a price for a particular good. Its essence pertains to the uncertainties associated in prices of goods. Since prices of goods cannot be predicted with certainty, people speculate. Gol (1980) states that when everyone expects a price rise, all opinions seem to converge over a price rise, such that, if speculators enter the futures market, they would also be buyers rather than sellers and their buying activity may further aggravate the price rise. Speculation helps in effective risk management but sometimes backfires; for instance, many airlines speculated a rise in fuel prices and hedged their exposure with derivatives. Unfortunately, the financial crisis 2007-2008 caused fuel prices to decrease considerably in the spot market, but the airlines had the obligation to honour their derivative contracts at relatively higher prices. 1.2.2 Derivatives market Derivatives are financial instruments that derive their value from one or more underlying assets such as stocks, bonds, currencies, interest rates, commodities and market indices; for example, an oil futures contract derives its value from the price of oil- oil being the underlying asset. Derivatives are used extensively in financial and non-financial institutions. Forward contracts are the basic derivatives that stemmed from the goods market, and have thereupon paved the way for other derivatives. Some goods traded through derivatives are base metals, precious metals, agricultural products, energy products, foreign currencies, interest rate, and stock indices among others. Other includes contracts based on carbon, commodity indices, credit, fertilizer, housing, inflation, and weather. Source: Futures Industry Magazine 2009 For this research, commodities, assets, and goods are used interchangeably, irrespective of whether they are used in the financial, commodities or foreign exchange markets. 1.2.3 Types of derivatives There are two distinct groups of derivative instruments: forward-based products and option-based products. Forward-based products are termed linear derivatives as they offer a linear payoff and include futures, forwards, and swaps. Conversely, option-based products are non-linear derivatives since they offer a non-linear payoff and include puts, calls, caps, floors, and collars. Other derivatives, such as options on futures, swaptions, and forward caps, combine the features of both forward and option contracts. Derivatives trade in over-the-counter (OTC) markets or in organised exchanges. OTC trading occurs among a few dealers via phone or electronic messages. OTC contracts are mutual agreements made through private negotiations and transacted outside a trading platform. However, some OTC derivatives are cleared via exchanges (e.g. in the Chicago Mercantile Exchange). Swaps, forwards, and customised options are OTC contracts. Exchange-traded derivatives are standardised in terms of quantity and quality (the amount and quality of the good is fixed) and negotiation is not possible. Organised exchanges employ both open outcry system and electronic order matching systems and share similar purposes to securities exchanges. They design the contract terms and operate a clearinghouse, which acts as a guarantor, settles all contracts, and regulates trading. Large securities firms and commercial banks act as derivatives dealers. Futures and standardised options are traded on exchanges. 1.2.4 Players The three broad categories of traders in the derivatives market are hedgers, speculators, and arbitrageurs. Hedgers use derivatives to reduce the risks that they face from adverse movements in prices of goods while speculators take a position to realise gains with a relatively small initial outlay. Arbitrageurs enter the market to realise gains without risking their own capital. Conclusively, hedgers transfer their risk to speculators and arbitrageurs and thus, boost liquidity on the market. 1.3 Objective of Study A well-regulated organised derivatives market encourages a sustainable financial development and increases savings and investment in the long-run, thereby promoting economic growth. However, the concern is how and when to discern the time for its implementation in small economies. This dissertation aims at analysing the benefits and drawbacks of using forwards and futures contracts. Forwards contracts can be used by minority users, without major procedures and regulation. Contrarily, futures require significant concern and assistance of the government to support and ensure a good operating system. The research is carried out with regard to the commodities market being set up in Mauritius. Forwards laid the groundwork for futures, hence, both are treated simultaneously throughout this study. Futures (exchange-traded) are enhanced forms of forwards (OTC) but differing somewhat in the way they are traded. The costs and benefits of the two instruments are analysed and compared. This will indicate whether it is viable for Mauritius to introduce a derivatives exchange and suggests the measures that can be adopted to ensure that its objectives are attained. Swaps and options are excluded from the study because they operate differently and due to word constraint. Forwards and futures are relatively simpler and typically alike, thus, rendering comparison easier. 1.4 Overview of Remaining Chapters Chapter 2 deals with the literature review while Chapter 3 is an overview of the derivatives market in Mauritius. Chapter 4 covers the research methodology section. Chapter 5 presents the analysis and findings of the research, followed by Chapter 6, which concludes this study and includes some recommendations. chapter two: literature review 2.1 Importance of Derivatives Market Several factors such as size, leverage, asset-liability duration, and taxes amongst others, affect the hedging decision of a firm. The Miller and Modigliani theory posits that hedging is fruitless in perfect financial markets. In reality though, markets are imperfect and hedging alters a firms value by influencing its investment decisions. Bessembinder (1991) distinguishes that hedging corporate risk with forward contracts increases firms value by reducing incentives to under-invest. He also advocates that large institutions are more likely to use derivatives due to informational economies of scale. Likewise, Haushalter (2000) finds a positive correlation between hedging decision and total assets and characterises it as the economies of scale in information and transaction costs of hedging. Hedging also enables a firm to negotiate with its customers, creditors, and managers, which improves contract terms. A research on African countries suggests that volatile international capital flows have the tendency to destabilise shallow markets and precipitate a crisis if there is a change in investors appetite and urges adoption of stronger domestic policies and local derivatives markets for financial risk management purposes (Adelegan, 2009). Hedging is a zero-sum game; one does not gain from trade unless another faces a loss. The gain to the buyer will be exactly equal to the loss to the seller of the forward contract, whilst the gain to the seller will be exactly equal to the loss to the buyer. Hieronymus (1971) defines hedging as taking a position in a futures market that is equal in size and opposite to a predetermined position in the cash market. Hence, a loss in one market is offset by a gain in the other market. This principle works since cash prices and futures prices of a commodity are expected to converge as the contract reaches expiry. Anderson and Danthine ( 1981) define a pure hedge term equal to the risk-minimising futures position corresponding to a predetermined cash position. A hedger, thus, uses the possibilities offered by futures markets to minimise his risk. 2.2 Forwards Market A forward contract is a bilateral binding agreement to buy or sell a specific quantity and quality of an asset, at a pre-determined price and pre-determined future time. Normally, contracts specifying settlement in excess of 30 days after the trade date are forward contracts. Forwards are the first and simplest derivatives that sprouted in the sixteenth century in the agricultural markets, wherein they were used primarily to resist adverse price movements. Dong and Liu (2005) advocate that the equilibrium forward reduces commodity price risk; the buyer and seller will transact at the price specified in the contract, whatever the price of the underlying asset in the spot market at maturity. A forward agreement is somewhat like a legal contract, customised with respect to the needs of the particular buyers and sellers, obligating delivery of the underlying asset under the conditions specified in the contract. The buyers and sellers negotiate over the contract terms. Anderson and Danthine (1981) claim that, in the forwards market, speculators are assumed to be risk-neutral, bidding competitively to exercise arbitrage opportunities. 2.2.1 Benefits of Forward Contracts 2.2.1.1 Risk Management Typically, a forward contract alleviates financial risks, thereby protecting traders. There is no initial investment in the forwards market since cash changes hand only on settlement of the contract at maturity. This causes less volatility in cash transactions, rendering cash flows easy to manage. 2.2.1.2 Settlement Facility Cases wherein the seller defaults for some reason, contracts may be mutually settled in cash. Duffie (1989) finds that in practice, only a small fraction of forward positions are actually delivered while most are closed out before delivery by a cash settlement. Sometimes, initial traders are able to transfer their contracts to someone willing to take their obligation. Per se, it offers a certain degree of flexibility. 2.2.1.3 Trade Linkages and other benefits Forwards allows negotiation on the contracting terms, which benefits traders, builds up trust, and strengthens trade links between parties. Wolak (2007) analyses an electricity company and concludes that forward contracts reduce the cost of production as well as its volatility, and increase pro?t. Likewise, Dong and Liu (2005) show that forward contracts in non-storable goods benefit both producers and suppliers. 2.2.2 Costs of Forward Contracts 2.2.2.1 Counterparty Default Risk Forward contracts mitigate financial risks but give rise to counterparty risk (risk of default), which is one of the prominent risks in OTC derivatives. Counterparty risk can cause huge losses. 2.2.2.2 Transaction Costs In order to ensure guaranteed deals, parties with good credit ratings should be identified, which is a very costly task. Nevertheless, these firms do have a possibility to default for reasons such as insolvency or bankruptcy. An ideal illustration is the collapse of the Lehman Brothers investment bank that has created the biggest turmoil in the worlds history; following which, more concern has shifted to the OTC market. 2.2.2.3 Legal procedures Once the terms and conditions of the contract are accepted, they must be adhered to otherwise legal procedures may entail. Forwards market is an unorganised form of trade with no ability to deal with conflicts other than seeking legal recourse that may be too costly. Influential and wealthy parties only may recourse to such practices. Besides, it causes damage to the dealers reputation. 2.2.2.4 Liquidity and Transparency issues There is no possibility of closing out or reversing a forward contract. Thus, forwards lack flexibility and liquidity and forward delivery is not guaranteed in the absence of a regulator. Additionally, since the contract involves only two entities, there is reduced transparency and possibility of mispricing the goods since not all the forces are at work. 2.2.2.5 Market Power and Bargaining Power Market power and bargaining power affect the capacity for negotiation along with the forward equilibrium price. As such, small investors with lesser power may suffer. Dong and Liu (2005) show that the forward equilibrium moves in favour of the participant with high market power, such that he gains from the contract. However, when negotiation costs are very high, both producers and buyers face a loss regardless of market power and use forward contracts for risk management rather than for gains. 2.2.2.6 Informational Inefficiency A study by Mahenc and Meunier ( 1983) stipulates that there is no proper information dissemination in the forward market but under conditions of imperfect information, forward trading indirectly creates efficiency in the spot market. The necessity to deal with the shortcomings of forward contracts led to the emergence of the futures market. 2.3 Futures Market A futures contract is an agreement between two parties to buy or sell a fixed amount of an asset at a pre-decided price and date. In this respect, futures share the same characteristics as forwards; for instance, they help buyers and sellers with long term planning by locking in a price. However, futures are more sophisticated than forwards. Financial futures were traded on shares of the Dutch East India Company in the seventeenth century, but modern futures markets originated in Japanese rice futures, which were traded in Osaka in the eighteenth century. Futures emerged with the grading system, which purported to ensure that at maturity, the quality of goods delivered was as specified in the contract, which eventually led to standardisation of futures contracts. Futures are standardised contracts in respect of quantity, quality, delivery date, and location. They trade on organised exchanges, which are responsible for setting the quantity, quality of the underlying asset in the contract. Moreover, the exchange sets the terms and conditions of the contract, which are non-negotiable by the traders. All investors are treated equally; small investors are also able to hedge without difficulty. 2.3.1 Structure of the Futures Market Futures exchanges share the same purpose as securities exchanges. They usually have an integrated clearinghouse for clearing and settlement facility. Brokers, who are also members of the exchange, are responsible to match the buy and sell orders without buyers meeting sellers and vice-versa. Only members are allowed to trade on the platform, thus, a non-member wishing to deal in futures, should trade through a broker. The exchange connects buyers and sellers worldwide, communicates and keeps parties joint and ensures compliance with the terms and conditions of the contracts. Exchanges use open outcry in pits or electronic order matching systems or some use both, such as The Chicago Mercantile Exchange. Some authors argue that the open outcry system is more liquid and transparent than the automated system. Traders need to deposit a margin with the exchange prior to trade. The demand for margin (a percentage of the value of the contract) is referred as collateral or as a good faith deposit (Gay, Hunter, and Kolb 1986). All traders are required to have a minimum stated sum of money in their accounts. Contracts are settled on a daily basis: the mark-to-market system (MTM) which affects the contract price. If price of contract increases on a particular day, the holder makes a profit, which he can withdraw from his account, whereas if price decreases, he makes a loss and the amount is deducted from his account. As such, he is required to deposit a margin, referred as a call margin, to replenish his account to the threshold level, known as the variation margining system. Futures contract protect the value of inventories and partly finances the cost of storage since the future price of a commodity is dependent upon its cost of carry (Future price = cash price +cost of carry). This helps to improve marketing policies, financial planning, and long-term forecasting of prices. If ST is expected to be higher than current S0, then the current futures price will be set at a high level relative to the current S0. Likewise, if ST is expected to be lower at maturity, current futures price is set low. 2.3.2 Benefits of Futures Contracts Fundamentally, futures market confers two main purposes: price discovery and price risk management. The market provides protection against default, manipulation, and abuse. 2.3.2.1 Risk Management and Settlement Guarantee Moser (1998) reckons that futures contracts counteract default risk and protect traders through a set of rules. Firstly, standardisation protects traders as it ensures that the quality of the goods delivered is as specified in the contract. Moreover, the exchange can order its members to produce their financial accounts for inspection if their solvency is doubted. In 1873, the CBOT decided to expel any member who refused to abide by this rule (Andreas 1894). The margining and MTM system also contribute to curtail counterparty default risk as traders are called to supplement their account for the losses incurred on their contracts within 24hours; failure to do so causes their positions to be liquidated. There is a settlement guarantee in case of default while a tight regulation ensures that manipulation and abuse is virtually absent. 2.3.2.2 Price Discovery Futures market is transparent; pricing of commodities are fair and manipulations very difficult. Electronic trading on the exchange platform pools together all forces affecting the price of a commodity, leading to price discovery mechanism, which improves efficiency and lowers costs. Technology renders the exchange highly competitive since the market reacts very fast; prices and transactions are monitored constantly while information is captured continuously and incorporated in the intrinsic value of a good. Telser and Higinbotham (1977) concur that, futures market pools trade from diverse area into a central market, thereby increasing the heterogeneity of potential transactions. They proclaim that futures are liquid as transaction occurs readily at mutually acceptable prices and that homogenisation and clarity of the terms and conditions boost liquidity. 2.3.2.3 Liquidity One need not possess the underlying asset to sell futures while one may not be in need of a commodity to buy futures. Speculators and arbitrageurs enter the futures market without possessing or the intention of buying the commodity. Thus, the transfer of risks to different players in the market increases liquidity and maintains the equilibrium in demand and supply. Telser and Higinbotham (1977) statistically demonstrate that as the number of traders in the market increases, the market clearing prices become normal. Futures can be squared-off (reverse a position) without negotiation, thus making delivery non-mandatory. Positions can also be rolled-over. If period for hedge is later than the expiry date of the current futures contract, the hedger can rollover the hedge position by closing the existing position in a futures contract and simultaneously taking a new position in another futures contract with a latter expiry date. 2.3.2.4 Transactional and Informational Efficiency Futures market increases the informational efficiency of cash market and promotes import and export competitiveness. Cox (1976) empirically demonstrates that futures trading increases traders information about forces affecting supply and demand. His analysis rejects the claim that futures trading impose costs on producers, consumers, and others who handle the physical commodity. Additionally, evidences from more fully informed traders suggest that futures trade increases efficiency in spot markets. 2.3.2.5 Increase Export Competitiveness When entering forward contracts, exporters do not, usually, possess the entire stocks for export. Futures market enables them to hedge their projected purchase, until they have to buy in the physical market for exporting. Taking a position in the futures market will help to offset the gain/loss in the physical market; that is, at maturity the net loss/gain in futures market offsets the gain/loss in the physical market. Thus, exporters can accept contracts with longer duration and increase their competitiveness. 2.3.2.6 Offsetting gains and losses in the physical market Futures market also allows a hedger to take a position in the futures market opposite to the position he takes in an over-the-counter market. Such a transaction is termed: exchange of futures for physical (EFP). The OTC and futures positions should be for the same underlying assets or at least similar in terms of value and quantity. This results in the flexibility of customising the physical market with respect to the needs of traders, parallel to the OTC market and at the same time enjoying settlement guarantee in an exchange. Usually, margin requirements for EFP transactions are lower. EFP may seem appealing but is inefficient in fair pricing. Exchange Officials apprehend that EFPs would harm the futures market by reducing volume and liquidity and inhibit fair price discovery. 2.3.2.7 Diversification of portfolios Futures on commodities serve to diversify portfolios, since they are less volatile than financial securities. Bodie and Rosansky (1980) report an average excess return of 9.5% per annum for an equally weighted portfolio of commodity futures between 1950 and 1976. Their analysis reveals that equities are riskier than commodity futures. Furthermore, total return of the equally weighted commodity futures was negatively correlated with the return on long-term bonds, suggesting that commodity futures are effective in diversifying equity and bond portfolios. The benefits of diversification from commodity futures tend to be larger for longer holding. A similar analysis carried out by Gorton and Rouwenhorst (2005) confirms that commodity futures returns have been effective in providing diversification of both stock and bond portfolios. Weiser (2003), on the other hand, contends that commodity futures returns vary with the stage of the business cycle. He finds that commodity futures usually perform well in the early stages of a recession while stock returns are generally disappointing and in later stages of recessions, commodity returns fall while equities perform well. 2.3.3 Costs of Futures Contracts 2.3.3.1 Complexity Despite appealing benefits, futures contracts inherit some costs and the prime one is the complexity of handling them. Futures were generated to deal with the limitations of forwards but, in so doing, they brought a more complex form of hedging. Proper knowledge of the market is crucial; otherwise, hedgers may face unwanted losses. 2.3.3.2 Basis Risk Basis risk (the difference between spot and futures price) is inbuilt in futures market. Hedge positions are usually not perfect due to this difference. Working (1962) emphasises that the existence of basis risk prevents the elimination of all risks. Brorsen (1995) finds that changes in basis can cause forwards to be cheapest in some periods and futures to be cheapest in others. Therefore, the benefits of hedging can be enjoyed when the market is well understood. Advanced futures concepts about hedge positions, hedge ratios, and types of hedges should also be mastered as they benefit hedgers differently in different markets. 2.3.3.3 Mark-to-Market System (MTM)-cash drain out The transaction costs involved, such as, initial margin and variation margin in the MTM system freezes up working capital that could have yielded interest. Furthermore, the margin call should be paid before next opening of the market- a very short delay. These daily settlements make transactions volatile and cash flows cumbersome to maintain. Margin costs and brokerage commission discourage some investors, especially small traders, to enter the market. Williams (1986, 1987) shows that risk-neutral firms will hedge if transaction costs are lower in the futures market than in the cash market. Moreover, instances of dual trading exist, whereby brokers trade on behalf of their clients to earn a commission, without improving the customers position. 2.3.3.4 Large Number of Participants needed Futures contracts fail for lack of interest by market participants, that is, a low trading volume. Telser and Higinbotham (1977) statistically demonstrate that the benefit of an organised market is an increasing function of the number of potential participants and hence, an increasing function of the turnover of the potential participants in that market. They conclude that an organised futures market survive only if it is perfectly competitive, which is achieved when there are many participants. If the open interest (number of contracts outstanding) in the futures market declines, the volume of trade falls relative to the open interest. The commission and the margin are raised consequently. They even assert that there is a cost to the emergence and survival of an organised exchange. 2.3.3.5 Standardisation issues Standardised nature of contracts may cause over-hedging or under-hedging. For example, a contract specifies  £1000 to be sold while a hedger may need only  £800. Therefore, he over-hedges by  £200. Conversely, say a hedger needs  £1100, he under-hedges by  £100. 2.3.3.6 Uninformed Investors Increase Volatility Uninformed investors may increase price volatility in the futures market. If the market is inefficient in information, futures prices become biased predictors of future spot prices and causes cash prices and future prices to diverge rather than converge. Usually, futures contracts with longer maturity are closer to spot prices since time is required to assimilate unanticipated shocks. However, Kaminsky and Manmohan (1990) suggest that it is impractical to make any generalisations about the short-term and long-term horizons in commodity futures market. They find that for longer periods several markets are not fully efficient. In addition, Chernenko et al. (2004) study a wide range of futures and forward rates from financial markets and conclude that forward and futures prices are not generally pure measures of market expectations; per se, they may not be an efficient forecast of the future prices of assets. 2.3.3.7 Losses Faced By Investors Other studies indicate that large scale, professional speculators can profitably forecast commodity prices, but small traders cannot. Stewart (1949) considers futures-trading accounts for small-scale speculators and discovers that they face huge losses. Moreover, Houthakker (1957) and Rockwell (1967) find that large speculators earned profits and small speculators incurred losses for a particular set of data. Similarly, Working (1931) estimated that speculators in wheat futures, incurred losses. Empirical research shows that, for cattle and wheat producers, futures markets have lower transaction costs than forward contracts, while for small firms like farmers, the contracting costs might be higher because of opportunity cost of time in learning about futures, setting up a brokerage account, and managing margin calls. It would be unnecessary for small groups of traders, well acquainted with each other to transact among themselves than use futures. 2.3 Derivatives Mishaps The history of derivatives has witnessed some spectacular losses in the derivatives markets, which includes losses made by both financial (e.g. Amaranth hedge fund, Barings Bank) and non-financial institutions (e.g. Orange country, Shell, Metallgesellschaft). The Metallgesellschaft (MG) is a German oil company, which used futures to hedge its exposure in its early 1990s. MG hedged its position with long positions in short-dated futures contracts that were rolled forward. However, the price of oil fell and then came the margin requirements, which caused short-term cash flow pressures. Members of MG claimed that these were short-term cash outflows and in the long-run, there would be a cash inflow. However, this led to a serious issue as huge cash was drained out of the system. Consequently, MG executives closed out all their hedged positions. Therefore, one lesson to be learned is to be alert at all ti