Cuban Missile Crisis Assignment Example | Topics and Well Written Essays - 1250 words

Cuban Missile Crisis - Assignment Example This article will explore this significant part of the Cold War as far as the causes, impacts, and goals to comprehend it better. In 1956, the Cuban Revolution started as a hostile defiance to the US’s impact and control of the island country. Under President Batista, whom most of Cuban nationals thought about an American manikin; Cuba’s per capita pay was more prominent than other relative nations. Be that as it may, the United States controlled the majority of the nation’s essential foundation. American organizations controlled over 90% of the island’s force and media communications framework. Also, they claimed half of Cuba’s railroad resources and offices, just as control of over 40% of Cuba’s sugar creation and fare industry. Furthermore, the country’s horticultural approach directed the development of sugar by the masses required. When Batista was removed from power, Cuba had the most elevated American interests in the Latin American area. Tragically, the conveyance of these assets and any connected riches was not equivalent. The neediness hole was at an un equaled high, which was amusing for a nation with such high per capita scores. These were the beginnings of a difference from the American impact over Cuba. In the years that followed 1956, Fidel Castro, Ernesto Che Guevara, and Castro more youthful sibling Raul, coordinated a progression of guerilla assaults on the government’s powers in Mount Sierra Maestra. Following vanquishing the government’s powers with the help of neighborhood ranchers, Fidel Castro set up a shadow government that comprised of the previous government’s clerical figures. Nonetheless, this shadow government didn't keep going long as he excused them because of contradictions over his change approaches. Soon after, he pronounced himself Prime Minister and accepted full control of Cuba. Subsequent to assuming control over the Cuban administration, Fidel Castro ventured out to the United States to

The Economics of Federal Defense Policy :: Political Science

Three out of four Americans surveyed in the 1992 political decision year accepted that the United States was going off course. With such an overpowering agreement, the nation recruited another president to endeavor to fix the indispensable issues close by. Albeit the two Republicans and Democrats accepted that the United States was as yet the sole superpower, the individuals of the United States saw that their personal satisfaction was weakening. Indeed, the indications of monetary, social, and political rot were irrefutable. For instance, the wages of creation laborers in America have declined 20% over the most recent twenty years because of huge companies moving their activities abroad. More than thirty-7,000,000 Americans are without medical coverage because of its detonating costs. There are around sixty million individuals beneath the destitution line; fourteen million of which are youngsters. Our crime percentage is at a record-breaking high just as the populace in our jail framework. The United States has nineteen going before countries that have lower newborn child death rates. Among the twenty most created nations on the planet, the United States has the most noteworthy separation rate and the most elevated adolescent pregnancy rate. The most wary reality of everything is that the Pentagon keeps on engrossing twenty percent of the government financial plan over 33% of which is spent securing Europe against an adversary that does not exist anymore. Truth be told, that is the most likely wellspring of America's issues: the financial plan. Forty-seven percent of the national government spending plan is spent for a military cost. The National Defense, the subject of this paper, is what is taking cash from the poor in our own nation and reducing our status as the sole superpower of the world. The National Defense was a program started from the very first moment of the United States' presence. It was a program intended to secure the individuals of the world, yet basically the individuals of this country. It was intended to secure human rights and the goals of vote based system and free enterprise. Be that as it may, in lieu of late occasions, the utilization for such a program is currently begging to be proven wrong. The world has changed essentially and drastically inside the most recent five years. The danger of a detestable domain, for example, the Soviet Association is no more; the Cold War is finished. Eventually, disarmament is required for some reasons. The two Democrats also, Republicans the same bolstered the advancement of a tremendous mechanical complex. Both are content with just minor spending decreases.

Waking Up Sam Harris Discusses the Benefits of Mindfulness

Waking Up Sam Harris Discusses the Benefits of Mindfulness Sam Harris is  the author of several  bestselling books and winner of  the 2005 PEN Award for Nonfiction. He  is a cofounder and the CEO of  Project Reason, a nonprofit foundation devoted to spreading scientific knowledge and secular values in society. He received a degree in philosophy from Stanford University and a PhD in neuroscience from UCLA. But dont let all those credentials scare you; hes also an awesome guy. Waking Up: A Guide to Spirituality Without Religion, Sams newest book, is part seeker’s memoir, part exploration of the scientific underpinnings of spirituality. No other book marries contemplative wisdom and modern science in this way, and no author other than Sam Harrisâ€"a scientist, philosopher, and famous skepticâ€"could write it. Sam  was kind enough to discuss Waking Up  and mindfulness with me for our readers. After you read  the interview, please take a moment to thank Sam  on Twitter for taking the time to share his insight at The Minimalists. Conversation with Sam Harris JFM: At its onset,  Waking Up  introduces a common  dilemma: How can someones happiness  increase  when all material sources of pleasure and distraction have been removed? The thesis of  my books  is similar: namely, we are focused on the wrong things, or perhaps were not  focused  at all. Your solution: change the quality of your mind. Is this what you mean by waking up? Sam: That’s part of it. It’s certainly true that our minds largely determine the quality of our lives. I’m not saying that outward circumstances don’t matterâ€"you and I can both be very grateful that we aren’t living in Syria at this momentâ€"but once a person has his basic needs met, how he uses his attention in every moment will spell the difference between happiness and misery. In particular, the habit of spending nearly every waking moment lost in thought leaves us at the mercy of whatever our thoughts happen to be. Meditation is a way of breaking this spell. Focus is one aspect of this: One discovers that being concentratedâ€"on anythingâ€"is intrinsically pleasurable. But there is more to meditation that just being focused. Up until recently, I found much value in single-task meditative experiences (walking, yoga, rock-climbing), but never turned to actual meditation until two books changed my view:  Waking Up  and another book you recommended, Dan Harriss (no relation)  10% Happier.  I interviewed Dan recently  about why he turned to meditation to calm the voice in his head, and his experience resonated because he was able to remove the Eckhart Tolleâ€"esque woo-woo that had always kept me from considering meditation as an answer to mental clutter. Your book, however,  reverberated  for a different reason: while Dans book was a  practical guide,  Waking Up  takes a deeper dive, an investigative, scientific approach to meditation, in which all assertions can be tested in the laboratory of the mind. Can you expand on the differences between  meditation  and  meditative experience? And, from a neuroscientists point of view, why is meditation important for everyone? I loved Dan’s book, and I also interviewed him on my blog. Of course, there are different levels at which one can engage a practice like “mindfulness” (which Dan and I both discuss in our books). For many people, it will be like an executive stress ballâ€"a tool for feeling a little better and improving one’s performance. However, if one becomes deeply involved in the practice, it becomes more like the Large Hadron Colliderâ€"a means of discovering something fundamental, in this case about the nature of our minds. Perhaps the most important thing one can discover through the practice of meditation is that the “self”â€"the conventional sense of being a subject, a thinker, an experiencer living inside one’s headâ€"is an illusion. And this is where meditative insight actually makes contact with science: because we know that the self is not what it seems to be. There is no place in the brain for a soul or an ego to be hiding. And it is possible to examine this illusory self closely enough to have the feeling that we call “I” disappear. As it happens, this comes as quite a relief. Your writingâ€"your books and your blogâ€"beautifully combines humor, pathos, and intellectual prowess and has the rare ability to shift my perspective on a variety of topics such as  drugs,  gun control,  violence, and  morality. Compared to the rest of your body of work, how is  Waking Up  different? It is definitely a more personal book. In terms of its scientific and philosophical message, it is also unconventional. I’ve come to these questions by a strange route. I dropped out of college and spent my twenties deeply immersed in the study of meditation and its associated literature. I then returned to school and got a degree in philosophy and a PhD in neuroscience. After September 11th, 2001, I spent a decade doing my best to call attention to the conflict between science and faith-based religion. This background allows me to approach the topic of spirituality from an unusual angle. Most scientists and philosophers reject introspection as an intellectual tool, and most long-term meditators have little understanding of science. When you do find the rare scientist who has a serious meditation practice, he or she is unlikely to be especially aware of the problem of religionâ€"hence many become boosters for Western Buddhism, or for the supposed underlying unity of all faiths. In Waking Up, I do my best to cut a new path through this wilderness. The self really is an illusionâ€"and realizing this is the basis of spiritual life. But there is nothing that need be accepted on faith to accomplish this. We can have our cake (reason, skepticism, intellectual honesty) and eat it too. Approaching spirituality without religion can be confusing to believers and non-believers alike. In our culture, spirituality seems to be synonymous with faith, so much so that its hard to untangle the term and use it in any other context. And yet you do so masterfully, taking a rational approach to spiritual life, though it requires a considerable amount of unpacking to navigate the landscape around pseudo-spirituality and pseudo-science. So: why not use a nomenclature with fewer limitations? In the books endnotes, you mention Christopher Hitchens use of the term numinous, which sounds equally as appropriateâ€"and beautifulâ€"but without the contextual baggage. This was one of those rare instances in which the right words simply don’t exist in English. Many of my fellow scientists  object to the term “spirituality”â€"because it has been so often associated with a belief in immaterial souls or spirits, magic, and so forth. They insist that I should confine myself to terms like  â€œawe,” “love,” and “happiness.” The problem, however, is that these words don’t cover the same terrain. Almost everyone knows what it is like to feel awe at the beauty of the night sky, to love their kids, or to feel genuinely happy (if only for a short time). But these states of mind are not the same as self-transcendence. Nor do they indicate how subtle and transformative the investigation of one’s own mind can be. Unfortunately, “numinous” doesn’t do the job either (nor was Hitch talking about the kinds of insights and experiences I describe in my book).  I’m certainly not happy with “spiritual”â€"and I do my best to strip it of its embarrassing associations early in the book. I also use the term “contemplative,” which more clearly indicates that all of this has to be put into practice. But if one wants to quickly name the project of becoming like the Buddha, or Jesus, or some other celebrated yogi or sageâ€"that is, recapitulating their first-person insights in a 21st century context without believing any bullshitâ€"“spirituality” seems unavoidable, provided you make it clear that you’re not talking about the power of crystals. Much of Waking Up is laced with your personal life lessons, from experimenting with psychedelic drugs to spending years traveling Asia learning meditation with Buddhist and Hindu teachers. You discuss how we spend our lives in a neurotic trance, one in which we shop, gossip, argue, and ruminate our way to the grave,” as well as how often we fail to appreciate what we have until weve lost it: We crave experiences, objects, relationships, only to grow bored with them. And yet the cravings persist. Why is this our default setting, and how does it keep us from being truly happy? There are many levels on which to answer that question. In evolutionary terms, we’re probably lucky that we’re not more miserable than we are. After all, our genes haven’t been sculpted with our subjective well-being in mind. And the natural world surely wasn’t created for our enjoyment. We’ve evolved to survive and spawnâ€"to just barely equip our progeny to do the same. All the other good things in life appear to be lucky accidents. In large part, our problems are due to the immense power of language. We live in a world that is almost entirely defined by wordsâ€"our relationships, fears, interests, cultural institutions, the very objects around us are all the product of concepts that depend upon language. And this is no less true of our inner lives. Thinking is so useful that we are probably wired to do it continuously. Unfortunately, much of what we think about makes us miserable. To take a very simple example: Most people are very concerned about their social status, a preoccupation we share with our primate cousins. Unlike baboons, however, we can truly brood about our failures, projecting them into a recollected past and an imagined future. What’s more, we can do this in an ever-widening context of social knowledge. If you’re a baboon, at least you can seize the alpha male by the throat and try your luck. But when you’re on the Internet, contemplating the splendor of othersâ€"”Oh, Gwenyth Paltrow is spending Christmas on St. Barts, how nice….”â€"the odds are against your feeling fully satisfied with your place in the world. Millions of years of hominid evolution have not prepared us for Instagram. Once I understood the importance of mindfulness in my own life, your guided meditations helped me better understand how to meditate effectively. Your wife, Annaka, has successfully taught mindfulness practice to children as young as six. Is it harder for a 33-year-old guy like myself to wake up, compared to, say, an elementary-school child? Should parents encourage their children to meditate? Mindfulness is an extremely useful tool for kidsâ€"just teaching them to be aware of their emotions is an important step toward basic sanity. But it probably requires an adult mind to discover the true power of the practice. So I think we’ve got an edge over the kids. The benefits of awareness are extraordinary. I believe your book, and mindfulness in general, will help people, as you say, escape the usual tides of psychological sufferingâ€"namely, the crippling fear and anger and shame that ruin our present momentâ€"by illuminating everyones ability to be free in the midst of whatever is happening. While this appears to be the primary benefit of spirituality, what other benefits have you experienced from mindfulness? There have been at least four or five occasions on which I’ve managed not to send a tweet Ill see you at your Waking Up with Sam Harris Lecture Series in September 2014. After embarking on a 100-city book tour this year myself, I now understand the benefits of face-to-face interaction with readers. What do you hope to accomplish with these live events that cant be achieved by just reading your book? A proper conversation. This is one of the true frustrations of being a writer: Your words get absorbed in your absenceâ€"often to unintended effect. At these events, I’ll make my case for a rational spirituality for an hour and then spend another hour cleaning up the mess in a QA. Then we’ll all start drinking. So wish me luck. Good luck. And thank you for your time. Any final words of wisdom? Your mind is all you truly have. So it makes sense to train it. Sam Harriss new books is Waking Up.

A Feminist Analysis of Shakespeares Hamlet

According to feminist scholars, the canonical texts of Western literature represent the voices of those who have been given the power to speak in Western culture. The authors of the Western canon are predominately white men, which means that their perspective is given the most representation, and many critics consider their voices to be domineering, exclusionary, and biased in favor of a male point of view. This complaint has led to much debate between critics and defenders of the canon. To explore some of these issues, we will examine Shakespeares Hamlet, one of the most famous and widely read works of the Western canon. The Western Canon and Its Critics One of the most prominent and vocal defenders of the canon is Harold Bloom, author of the bestseller The Western Canon: The Books and School of the Ages. In this book, Bloom lists the texts that he believes constitute the canon (from Homer to present-day works) and argues for their safeguarding. He also spells out who, in his view, the canons critics and enemies are. Bloom groups these opponents, including feminist scholars who wish to revise the canon, into one School of Resentment. His contention is that these critics are striving, for their own peculiar reasons, to invade the world of academia and replace the traditional, largely canonical programs of the past with a new curriculum—in Blooms words, a politicized curriculum. Blooms defense of the Western canon rests on its aesthetic value. The focus of his complaint of excessive criticism is that—among literary teachers, critics, analysts, reviewers, and authors alike—there has been an increasingly noticeable  flight from the aesthetic brought on by an unfortunate attempt to assuage displaced guilt. In other words, Bloom believes that the academic feminists, Marxists, Afrocentrists, and other critics of the canon are motivated by a political desire to correct the sins of the past by replacing the literary works from those eras. On the other side of the coin, these critics of the canon argue that Bloom and his sympathizers are racists and sexists, that they are excluding the under-represented, and that they oppose...adventure and new interpretations. Feminism in Hamlet For Bloom, the greatest of the canonical authors is Shakespeare, and one of the works Bloom most celebrates in the Western canon is Hamlet. This play, of course, has been celebrated by all kinds of critics through the ages. However, the major feminist complaint of the canon is supported by this work: that it is generally not from the point of view of a woman and that womens voices are virtually ignored, to quote Brenda Cantar. Hamlet, which supposedly fathoms the human psyche, does not reveal much at all about the two major female characters. They act either as a theatrical balance to the male characters or as a sounding board for their fine speeches and actions. Sexual Objectification of Female 'Hamlet' Characters Bloom gives fuel to the feminist claim of sexism when he observes that Queen Gertrude,  recently the recipient of several Feminist defenses, requires no apologies. She is evidently a woman of exuberant sexuality, who inspired  luxurious  passion first in  King Hamlet  and later in King Claudius.  If this is the best that Bloom can offer in suggesting the substance of Gertrudes character, it would serve us well to examine further some of the feminist complaints regarding the female voice (or lack thereof) in Shakespeare: Cantar points out that  both the male and female psyches are a construction of cultural forces, such as class differences, racial and national differences, historical differences. And what more influential cultural force could there have been in Shakespeares time than that of patriarchy? The  patriarchal society  of the Western world had powerfully negative implications for the freedom of women to express themselves, and in turn, the psyche of the woman was almost entirely subsumed (artistically, socially, linguistically, and legally) by the cultural psyche of the man. To connect this to Blooms point, the male regard for the female was inextricably connected to the female body. Since men were assumed to be dominant over women, the female body was considered the mans property, and its sexual objectification was an open topic of conversation. Many of Shakespeares plays make this very clear, including Hamlet. For instance: The sexual innuendo in Hamlets dialogue with Ophelia would have been transparent (and apparently acceptable) to a Renaissance audience. Referring to a double meaning of nothing, Hamlet says to her: Thats a fair thought to lie between maids legs (Act 3, Scene 2). It is a tawdry joke for a noble prince to share with a young woman of the court; however, Hamlet is not shy to share it, and Ophelia seems not at all offended to hear it. But then, the author is a man writing in a male-dominated culture, and the dialogue represents his point of view, not necessarily that of a cultured woman who might feel differently about such humor. Lack of Voice for Gertrude and Ophelia To Polonius, the chief counselor to the king, the greatest threat to the social order is cuckoldry—the unfaithfulness of a woman to her husband. For this reason, critic Jacqueline Rose writes that Gertrude is the symbolic scapegoat of the play. Susanne Wofford interprets Rose to mean that Gertrudes betrayal of her husband is the cause of Hamlets anxiety. Meanwhile, Marjorie Garber points to an abundance of phallocentric imagery and language in the play, revealing Hamlets subconscious focus on his mothers apparent infidelity. All of these feminist interpretations, of course, are drawn from the male dialogue, for the text gives us no direct information about Gertrudes actual thoughts or feelings on these matters. In a sense, the queen is denied a voice in her own defense or representation. Likewise, the object Ophelia (the object of Hamlets desire) is also denied a voice. In the view of author Elaine Showalter, she is  portrayed in the play as an insignificant minor character created mainly as an instrument to better represent Hamlet.  Deprived of thought, sexuality, and language, Ophelias story becomes...the cipher of female sexuality to be deciphered by feminist interpretation. This depiction is reminiscent of many of the women in Shakespearean drama and comedy. Perhaps it begs for the efforts of interpretation that, by Showalters account, so many have tried to make of Ophelias character. An eloquent and scholarly interpretation of many of Shakespeares women would surely be welcome. A Possible Resolution Though it may be viewed as a complaint, Showalters insight about the representation of men and women in Hamlet is actually something of a resolution between the critics and defenders of the canon. What she has  done, through a close reading of a character that is now famous, is focus the attention of both groups on a piece of common ground. In Cantars words, Showalters analysis is part of a concerted effort to  alter cultural perceptions of gender, those represented in the canon of great literary works. Surely a scholar like Bloom recognizes that there is a need...to  study the institutional practices and social arrangements that have both invented and sustained the literary canon. He could concede this without giving an inch in his defense of aestheticism. The most prominent feminist critics (including Showalter and Garber) already recognize the canons aesthetic greatness, regardless of the male dominance of the past. Meanwhile, one may suggest for the future that the New Feminist movement continues searching for worthy female writers and promoting their works on aesthetic grounds, adding them to the Western canon as they deserve. There is surely an extreme imbalance between the male and female voices represented in the Western canon, and the sorry gender discrepancies in Hamlet are an unfortunate example of this. This imbalance must be remedied by the inclusion of women writers themselves, for they can most accurately represent their own views. But, to adapt two quotes by ​Margaret Atwood, the proper path in accomplishing this is for women to become better [writers] in order to add social validity to their views; and female critics have to be willing to give writing by men the same kind of serious attention they themselves want from men for womens writing. In the end, this is the finest way to restore the balance and allow all of us to appreciate the literary voices of humankind, not just mankind. Sources Atwood, Margaret.  Second Words: Selected Critical Prose. House of Anansi Press. Toronto. 1982.Bloom, Harold. An Elegy for the Canon.  Book of Readings, 264-273. English 251B. Distance Education.  University of Waterloo. 2002.Bloom, Harold.  The Western Canon: The Books and School of the Ages. Riverhead Books. The Berkley Publishing Group. New York. 1994.Cantar, Brenda. Lecture 21. English 251B. University of Waterloo, 2002.Kolodny, Annette. Dancing Through the Minefield.  Book of Readings, 347-370. English 251B. Distance Education. University of Waterloo, 2002.Shakespeare, William.  Hamlet. Bedford/St. Martins Edition. Susanne L. Wofford. Editor. Boston/New York: Bedford Books. 1994.Showalter, Elaine.  Representing Ophelia: Women, Madness, and the Responsibilities of Feminist Criticism. Macmillan, 1994.Wofford, Susanne.  William Shakespeare, Hamlet. Bedford Books of St. Martins Press, 1994.

Culture Essay - 1357 Words

Culture Essay Mallory McBlaine Sociology 121 I decided to interview Ola Krupinksa, a polish sixteen year old currently living in the United States. Ola was born in Poland but moved here at the age of five. Interview: 1.Your definition of culture? Answer: Beliefs, customs and arts of a particular society. 2.How do you define family? Answer: Family is people who you care about and would do anything for. 3. Who holds the most â€Å"status† in your family? Why? Answer: My dad; he is the main person that receives income. 4. How do you define success? Answer: Success is a moment where you have completed your goal. 5. Do you consider your parents to be successful? Answer: I believe they are extremely successful because they†¦show more content†¦One’s culture shapes their beliefs, values, and goals. Although I am very prideful in my culture, I don’t believe I celebrate it quite like Ola. Two times a year I celebrate being Serbian.â€Å"Slava† is a Serbian Orthodox Church tradition involving the ritual glorification of ones familys passed down saint. This holiday involves pouring red wine in the cracks of Serbian bread and slowly turning it around while your family kisses it, as well as a home cooked meal. The next fascinating celebration I participate in is Serb Fest. This is a three-day festival that people come from all around Chicago land to eat Serbian food and dance to our cultures music. Although I feel like a â€Å"normal† American the rest of year, I am very prideful of where my ancestors have come from. In Ola’s case, she celebrates her culture every day of her life. At home, her family speaks in Polish as well as they carry on Polish beliefs including family being the main value in life. Ola loves to be constantly cooking with her mother their most favorite dishes. Ola does not celebrate any specific Polish holiday but for all celebrations she always adds flair by making her favorite Polish creations to share with her loved ones. Ola couldn’t have shown any more pleasure in sharing to me her Polish background and beliefs. I truly believe this is a huge part of her life that will continue to be woven into future generations. A key part of one’s culture would be there food. Serbian cuisine is known forShow MoreRelatedEssay on The Numbing of the American Mind: Culture as Anesthetic1405 Words   |  6 PagesENLIGHTENED SURRENDER How many essays have been written about American culture? How many books dedicated to the intense scrutiny of every aspect of our modern society? Countless thoughts, countless theories—many of them lost in the very chaos that the authors spent 300 pages explaining. 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Chris McCandlesss Journey into the Wild - 703 Words

On the road again, I cant wait to get on the road again. The words of Donkey, from Shrek, seem to sum up Chris mccandless very well. He was a wondering soul, whose drive for adventure eventually lead to his death. He spent a majority of his short adult life tramping around the country and even parts of Mexico and canada. IT is well known that the straw that broke Chris’s back was finding out about his fathers actions during the early part of his marriage to Chris’s mother.The real question is not what his breaking point was,but it is why he went on his journey in the first place.What did he hope to find when he stuck out his thumb and hit the road? In the end only him and god will know why he left. There are a few theories as to why he left. Chris mccandless could have left to find spiritual peace, get a grip on his mental state, or to live a free life. Chris McCandless found solace in nature. Eden was the untapped wilds of Alaska to Chris. As krakauer said at the end of into the wild he was a monk with god. A monk is defined as a member of a religious community of men typically living under vows of poverty, chastity, and obedience . This was chris. he gave up all of his possessions to people he barely knew. His only temptation seemed to be the call of the alaskan wild, and he kept to his own strict moral code. He didnt need a church or a priest to be with god. He just need a bus in Alaska with a bear skull to find his happiness, His inner peace, his oneness..Show MoreRelatedInto the Wild: Chris McCandless is a True Hero970 Words   |  4 PagesThe famous story of Chris McCandless’s journey, Into The Wild, provokes the reader to ask a certain question at the end of it all: Is Chris McCandless someone people should look up to? Or is he just another person who bit off a little more than he could chew? With various accounts from people who met this young man in the novel, it’s hard for someone not to show bias on this topic. 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Finance Management free essay sample

In a world without FIs the users of corporate funds in the economy would have to approach directly the household savers of funds in order to satisfy their borrowing needs. This process would be extremely costly because of the up-front information costs faced by potential lenders. Cost inefficiencies would arise with the identification of potential borrowers, the pooling of small savings into loans of sufficient size to finance corporate activities, and the assessment of risk and investment opportunities. Moreover, lenders would have to monitor the activities of borrowers over each loans life span. The net result would be an imperfect allocation of resources in an economy. 3. Identify and explain three economic disincentives that probably would dampen the flow of funds between household savers of funds and corporate users of funds in an economic world without financial intermediaries. Investors generally are averse to purchasing securities directly because of (a) monitoring costs, (b) liquidity costs, and (c) price risk. Monitoring the activities of borrowers requires extensive time, expense, and expertise. As a result, households would prefer to leave this activity to others, and by definition, the resulting lack of monitoring would increase the riskiness of investing in corporate debt and equity markets. The long-term nature of corporate equity and debt would likely eliminate at least a portion of those households willing to lend money, as the preference of many for near-cash liquidity would dominate the extra returns which may be available. Third, the price risk of transactions on the secondary markets would increase without the information flows and services generated by high volume. 4. Identify and explain the two functions in which FIs may specialize that enable the smooth flow of funds from household savers to corporate users. FIs serve as conduits between users and savers of funds by providing a brokerage function and by engaging in the asset transformation function. The brokerage function can benefit both savers and users of funds and can vary according to the firm. FIs may provide only transaction services, such as discount brokerages, or they also may offer advisory services which help reduce information costs, such as full-line firms like Merrill Lynch. The asset transformation function is accomplished by issuing their own securities, such as deposits and insurance policies that are more attractive to household savers, and using the proceeds to purchase the primary securities of corporations. Thus, FIs take on the costs associated with the purchase of securities. 5. In what sense are the financial claims of FIs considered secondary securities, while the financial claims of commercial corporations are considered primary securities? How does the transformation process, or intermediation, reduce the risk, or economic disincentives, to the savers? The funds raised by the financial claims issued by commercial corporations are used to invest in real assets. These financial claims, which are considered primary securities, are purchased by FIs whose financial claims therefore are considered secondary securities. Savers who invest in the financial claims of FIs are indirectly investing in the primary securities of commercial corporations. However, the information gathering and evaluation expenses, monitoring expenses, liquidity costs, and price risk of placing the investments directly with the commercial corporation are reduced because of the efficiencies of the FI. 6. Explain how financial institutions act as delegated monitors. What secondary benefits often accrue to the entire financial system because of this monitoring process? By putting excess funds into financial institutions, individual investors give to the FIs the responsibility of deciding who should receive the money and of ensuring that the money is utilized properly by the borrower. In this sense the depositors have delegated the FI to act as a monitor on their behalf. The FI can collect information more efficiently than individual investors. Further, the FI can utilize this information to create new products, such as commercial loans, that continually update the information pool. This more frequent monitoring process sends important informational signals to other participants in the market, a process that reduces information imperfection and asymmetry between the ultimate sources and users of funds in the economy. 7. What are five general areas of FI specialness that are caused by providing various services to sectors of the economy? First, FIs collect and process information more efficiently than individual savers. Second, FIs provide secondary claims to household savers which often have better liquidity characteristics than primary securities such as quities and bonds. Third, by diversifying the asset base FIs provide secondary securities with lower price-risk conditions than primary securities. Fourth, FIs provide economies of scale in transaction costs because assets are purchased in larger amounts. Finally, FIs provide maturity intermediation to the economy which allows the introduction of additional types of investment contracts, such as mortgage loans, that are financed with short-term deposits. 8. How do FIs solve the information and related agency costs when household savers invest directly in securities issued by corporations? What are agency costs? Agency costs occur when owners or managers take actions that are not in the best interests of the equity investor or lender. These costs typically result from the failure to adequately monitor the activities of the borrower. If no other lender performs these tasks, the lender is subject to agency costs as the firm may not satisfy the covenants in the lending agreement. Because the FI invests the funds of many small savers, the FI has a greater incentive to collect information and monitor the activities of the borrower. 9. What often is the benefit to the lenders, borrowers, and financial markets in general of the solution to the information problem provided by the large financial institutions? One benefit to the solution process is the development of new secondary securities that allow even further improvements in the monitoring process. An example is the bank loan that is renewed more quickly than long-term debt. The renewal process updates the financial and operating information of the firm more frequently, thereby reducing the need for restrictive bond covenants that may be difficult and costly to implement. 10. How do FIs alleviate the problem of liquidity risk faced by investors who wish to invest in the securities of corporations? Liquidity risk occurs when savers are not able to sell their securities on demand. Commercial banks, for example, offer deposits that can be withdrawn at any time. Yet the banks make long-term loans or invest in illiquid assets because they are able to diversify their portfolios and better monitor the performance of firms that have borrowed or issued securities. Thus individual investors are able to realize the benefits of investing in primary assets without accepting the liquidity risk of direct investment. 1. How do financial institutions help individual savers diversify their portfolio risks? Which type of financial institution is best able to achieve this goal? Money placed in any financial institution will result in a claim on a more diversified portfolio. Banks lend money to many different types of corporate, consumer, and government customers, and insuran ce companies have investments in many different types of assets. Investment in a mutual fund may generate the greatest diversification benefit because of the fund’s investment in a wide array of stocks and fixed income securities. 2. How can financial institutions invest in high-risk assets with funding provided by low-risk liabilities from savers? Diversification of risk occurs with investments in assets that are not perfectly positively correlated. One result of extensive diversification is that the average risk of the asset base of an FI will be less than the average risk of the individual assets in which it has invested. Thus individual investors realize some of the returns of high-risk assets without accepting the corresponding risk characteristics. 13. How can individual savers use financial institutions to reduce the transaction costs of investing in financial assets? By pooling the assets of many small investors, FIs can gain economies of scale in transaction costs. This benefit occurs whether the FI is lending to a corporate or retail customer, or purchasing assets in the money and capital markets. In either case, operating activities that are designed to deal in large volumes typically are more efficient than those activities designed for small volumes. 14. What is maturity intermediation? What are some of the ways in which the risks of maturity intermediation are managed by financial intermediaries? If net borrowers and net lenders have different optimal time horizons, FIs can service both sectors by matching their asset and liability maturities through on- and off-balance sheet hedging activities and flexible access to the financial markets. For example, the FI can offer the relatively short-term liabilities desired by households and also satisfy the demand for long-term loans such as home mortgages. By investing in a portfolio of long-and short-term assets that have variable- and fixed-rate components, the FI can reduce maturity risk exposure by utilizing liabilities that have similar variable- and fixed-rate characteristics, or by using futures, options, swaps, and other derivative products. 15. What are five areas of institution-specific FI specialness, and which types of institutions are most likely to be the service providers? First, commercial banks and other depository institutions are key players for the transmission of monetary policy from the central bank to the rest of the economy. Second, specific FIs often are identified as the major source of finance for certain sectors of the economy. For example, SLs and savings banks traditionally serve the credit needs of the residential real estate market. Third, life insurance and pension funds commonly are encouraged to provide mechanisms to transfer wealth across generations. Fourth, depository institutions efficiently provide payment services to benefit the economy. Finally, mutual funds provide denomination intermediation by allowing small investors to purchase pieces of assets with large minimum sizes such as negotiable CDs and commercial paper issues. 6. How do depository institutions such as commercial banks assist in the implementation and transmission of monetary policy? The Federal Reserve Board can involve directly the commercial banks in the implementation of monetary policy through changes in the reserve requirements and the discount rate. The open market sale and purchase of Treasury securities by the Fed involves the banks in the implementation of monetary policy in a less direct manner. 17. What is meant by credit allocation regulation? What social benefit is this type of regulation intended to provide? Credit allocation regulation refers to the requirement faced by FIs to lend to certain sectors of the economy, which are considered to be socially important. These may include housing and farming. Presumably the provision of credit to make houses more affordable or farms more viable leads to a more stable and productive society. 18. Which intermediaries best fulfill the intergenerational wealth transfer function? What is this wealth transfer process? Life insurance and pension funds often receive special taxation relief and other subsidies to assist in the transfer of wealth from one generation to another. In effect, the wealth transfer process allows the accumulation of wealth by one generation to be transferred directly to one or more younger generations by establishing life insurance policies and trust provisions in pension plans. Often this wealth transfer process avoids the full marginal tax treatment that a direct payment would incur. 19. What are two of the most important payment services provided by financial institutions? To what extent do these services efficiently provide benefits to the economy? The two most important payment services are check clearing and wire transfer services. Any breakdown in these systems would produce gridlock in the payment system with resulting harmful effects to the economy at both the domestic and potentially the international level. 20. What is denomination intermediation? How do FIs assist in this process? Denomination intermediation is the process whereby small investors are able to purchase pieces of assets that normally are sold only in large denominations. Individual savers often invest small amounts in mutual funds. The mutual funds pool these small amounts and purchase negotiable CDs which can only be sold in minimum increments of $100,000, but which often are sold in million dollar packages. Similarly, commercial paper often is sold only in minimum amounts of $250,000. Therefore small investors can benefit in the returns and low risk which these assets typically offer. 21. What is negative externality? In what ways do the existence of negative externalities justify the extra regulatory attention received by financial institutions? A negative externality refers to the action by one party that has an adverse affect on some third party who is not part of the original transaction. For example, in an industrial setting, smoke from a factory that lowers surrounding property values may be viewed as a negative externality. For financial institutions, one concern is the contagion effect that can arise when the failure of one FI can cast doubt on the solvency of other institutions in that industry. 22. If financial markets operated perfectly and costlessly, would there be a need for financial intermediaries? To a certain extent, financial intermediation exists because of financial market imperfections. If information is available costlessly to all participants, savers would not need intermediaries to act as either their brokers or their delegated monitors. However, if there are social benefits to intermediation, such as the transmission of monetary policy or credit allocation, then FIs would exist even in the absence of financial market imperfections. 23. What is mortgage redlining? Mortgage redlining occurs when a lender specifically defines a geographic area in which it refuses to make any loans. The term arose because of the area often was outlined on a map with a red pencil. 24. Why are FIs among the most regulated sectors in the world? When is net regulatory burden positive? FIs are required to enhance the efficient operation of the economy. Successful financial intermediaries provide sources of financing that fund economic growth opportunity that ultimately raises the overall level of economic activity. Moreover, successful financial intermediaries provide transaction services to the economy that facilitate trade and wealth accumulation. Conversely, distressed FIs create negative externalities for the entire economy. That is, the adverse impact of an FI failure is greater than just the loss to shareholders and other private claimants on the FIs assets. For example, the local market suffers if an FI fails and other FIs also may be thrown into financial distress by a contagion effect. Therefore, since some of the costs of the failure of an FI are generally borne by society at large, the government intervenes in the management of these institutions to protect societys interests. This intervention takes the form of regulation. However, the need for regulation to minimize social costs may impose private costs to the firms that would not exist without regulation. This additional private cost is defined as a net regulatory burden. Examples include the cost of holding excess capital and/or excess reserves and the extra costs of providing information. Although they may be socially beneficial, these costs add to private operating costs. To the extent that these additional costs help to avoid negative externalities and to ensure the smooth and efficient operation of the economy, the net regulatory burden is positive. 5. What forms of protection and regulation do regulators of FIs impose to ensure their safety and soundness? Regulators have issued several guidelines to insure the safety and soundness of FIs: a. FIs are required to diversify their assets. For example, banks cannot lend more than 10 percent of their equity to a single borrower. b. FIs are required to maintain minimum amounts of capital to cushion an y unexpected losses. In the case of banks, the Basle standards require a minimum core and supplementary capital of 8 percent of their risk-adjusted assets. c. Regulators have set up guaranty funds such as BIF for commercial banks, SIPC for securities firms, and state guaranty funds for insurance firms to protect individual investors. d. Regulators also engage in periodic monitoring and surveillance, such as on-site examinations, and request periodic information from the FIs. 26. In the transmission of monetary policy, what is the difference between inside money and outside money? How does the Federal Reserve Board try to control the amount of inside money? How can this regulatory position create a cost for the depository financial institutions? Outside money is that part of the money supply directly produced and controlled by the Fed, for example, coins and currency. Inside money refers to bank deposits not directly controlled by the Fed. The Fed can influence this amount of money by reserve requirement and discount rate policies. In cases where the level of required reserves exceeds the level considered optimal by the FI, the inability to use the excess reserves to generate revenue may be considered a tax or cost of providing intermediation. 27. What are some examples of credit allocation regulation? How can this attempt to create social benefits create costs to the private institution? The qualified thrift lender test (QTL) requires thrifts to hold 65 percent of their assets in residential mortgage-related assets to retain the thrift charter. Some states have enacted usury laws that place maximum restrictions on the interest rates that can be charged on mortgages and/or consumer loans. These types of restrictions often create additional operating costs to the FI and almost certainly reduce the amount of profit that could be realized without such regulation. 8. What is the purpose of the Home Mortgage Disclosure Act? What are the social benefits desired from the legislation? How does the implementation of this legislation create a net regulatory burden on financial institutions? The HMDA was passed by Congress to prevent discrimination in mortgage lending. The social benefit is to ensure that everyone who qualifies financially is provided the opportunity to purchase a house shoul d they so desire. The regulatory burden has been to require a written statement indicating the reasons why credit was or was not granted. Since 1990, the federal regulators have examined millions of mortgage transactions from more than 7,700 institutions each calendar quarter. 29. What legislation has been passed specifically to protect investors who use investment banks directly or indirectly to purchase securities? Give some examples of the types of abuses for which protection is provided. The Securities Acts of 1933 and 1934 and the Investment Company Act of 1940 were passed by Congress to protect investors against possible abuses such as insider trading, lack of disclosure, outright malfeasance, and breach of fiduciary responsibilities. 30. How do regulations regarding barriers to entry and the scope of permitted activities affect the charter value of financial institutions? The profitability of existing firms will be increased as the direct and indirect costs of establishing competition increase. Direct costs include the actual physical and financial costs of establishing a business. In the case of FIs, the financial costs include raising the necessary minimum capital to receive a charter. Indirect costs include permission from regulatory authorities to receive a charter. Again in the case of FIs this cost involves acceptable leadership to the regulators. As these barriers to entry are stronger, the charter value for existing firms will be higher. 31. What reasons have been given for the growth of investment companies at the expense of â€Å"traditional† banks and insurance companies? The recent growth of investment companies can be attributed to two major factors: a. Investors have demanded increased access to direct securities markets. Investment companies and pension funds allow investors to take positions in direct securities markets while still obtaining the risk diversification, monitoring, and transactional efficiency benefits of financial intermediation. Some experts would argue that this growth is the result of increased sophistication on the part of investors; others would argue that the ability to use these markets has caused the increased investor awareness. The growth in these assets is inarguable. b. Recent episodes of financial distress in both the banking and insurance industries have led to an increase in regulation and governmental oversight, thereby increasing the net regulatory burden of â€Å"traditional† companies. As such, the costs of intermediation have increased, which increases the cost of providing services to customers. 2. What are some of the methods which banking organizations have employed to reduce the net regulatory burden? What has been the effect on profitability? Through regulatory changes, FIs have begun changing the mix of business products offered to individual users and providers of funds. For example, banks have acquired mutual funds, have expanded their asset and pension fund management busin esses, and have increased the security underwriting activities. In addition, legislation that allows banks to establish branches anywhere in the United States has caused a wave of mergers. As the size of banks has grown, an expansion of possible product offerings has created the potential for lower service costs. Finally, the emphasis in recent years has been on products that generate increases in fee income, and the entire banking industry has benefited from increased profitability in recent years. 33. What characteristics of financial products are necessary for financial markets to become efficient alternatives to financial intermediaries? Can you give some examples of the commoditization of products which were previously the sole property of financial institutions? Financial markets can replace FIs in the delivery of products that (1) have standardized terms, (2) serve a large number of customers, and (3) are sufficiently understood for investors to be comfortable in assessing their prices. When these three characteristics are met, the products often can be treated as commodities. One example of this process is the migration of over-the-counter options to the publicly traded option markets as trading volume grows and trading terms become standardized. 34. In what way has Regulation 144A of the Securities and Exchange Commission provided an incentive to the process of financial disintermediation?