The Need For Depository Systems In India

The Need For Depository Systems In India With the existence of 23 recognized stock exchanges, Indian capital market has been witnessing rapid growth in recent past. However, this growth has not matched with supporting infrastructure to handle the growing volume of paper that has flooded the market choking and existing system. This has caused problems like delay in transfer, long settlement periods, bad deliveries etc. With the view to globalize Indian capital market in a real sense, the government of India has initiated a number of financial reforms that were initiated in 1991 as part of the structured reforms comprising industrial de-regulation, privatization and globalization. A thigh committee on financial system with Sh. Narsihma Rao as the chairman has set up in 1991, which made for reaching recommendations for banking sector and non-banking financial sector to improve the flexibility and operational efficiency of the markets. Securities Exchange Board of India, Reserve Bank of India, Department of Company Affairs and Ministry of Finance are the important regulatory bodies of the capital market measuring the effective and efficient functioning of the market. SEBI also constituted a number of committees such as G.S. Patel Committee to review the system of carry forward transactions in the stock exchanges, Malegram Committee to review the disclosure practices of companies in primary market, Bhave committee to examine problems pertaining to transport shares. The earlier system, a paper based mode, entails cumbersome legal formalities for the purpose of transfer of securities and settlement of transaction theorem. The earlier system suffered from the following shortcomings, thereby arising the need for depository system, these are Lack of supporting infrastructure, Problems in transactions, Delayed settlements, Soaring costs of transaction, Transactions end up as bad deliveries due to faulty compliance of paper work, mismatch of signatures on transfer deeds with specimen record of the issuer, Theft, mutilation of certificates and other irregularities. The modern system i.e. depository system is the system whereby the transfer and settlement of scrips take place not through transfer deeds and physical delivery of scrips which are traditional but through the modern system of effecting transfer of ownership of securities by means of book entry on the ledgers of the depository without physical movement of scrips. History of stock exchanges The Indian stock markets are nearly 128 years old, with the Bombay stock exchange, the oldest of them functioning since 1875. At present there are 23 recognized stock exchanges. Stock exchanges are the most perfect type of market for securities whether of government and semi-government bodies or other public bodies as also for shares purchases and sales of shares are made in the conditions of the competitions. The bargains that are struck in the trading ring by the members of the stock exchanges are at the fairest prices determined by the basic laws of supply and demand. Development in the capital market The reforms for Indian capital market is mainly focused on market regulation, primary market functioning, secondary markets trading, development of a proper debt securities trading market, development of a derivatives market (futures and options), development of an integrated national market system, technological investment in exchanges, investor protection and more foreign portfolio investment in exchanges. SEBI, the regulatory body of the capital market, has been taking various steps and has introduced various guidelines for the efficient functioning of the market and has also constituted various committees to review the existing system and suggestions for further reforms. Deficiencies in the existing system of Scrips Transfer The existing system, a paper based mode, entails cumbersome legal formalities as per section 108 of Indian Companies Act, 1956, for the purpose for transfer of securities and settlement of transaction there on. The present system suffers from the following shortcomings, thereby arising the need for depository system, these are: Lack of supporting Infrastructure Problem in transactions Global Imperatives Problems in dealing with Securities Greater mobility of Securities Cumbersome legal system Need for depository system Indian capital market has been witnessing rapid growth in recent past. However, this growth has not watched with supporting infrastructure to handle the growing volume of paper that has flooded the market, choking our existing system. This has caused problems like delay in transfers, long settlement period, high levels of failed trade and bad deliveries, high-risk exposure etc. These characteristics were normally the attributes of an under developed market. As the market grows, there is need for better system to ensure that such impediment to growth is removed. The foreign investors seeking to invest in India are also apprehensive about the reliability of the post trade settlement mechanism used in India. The biggest deterrent or bottleneck in Indian capital market was largely manual and paper based settlement system that was obsolete for a rapidly growing market. Since 1992, old trading system in Indian stock exchanges has been under constant review. The main deficiencies have been identified in 2 broad areas: The clearing and settlement system in stock exchanges whereby delivery of shares by the seller and payment by the purchaser is made and Procedure for transfer of shares in the name of the purchaser by the company. The new system has eliminated paper work, facilitated electronic book entry of the transfer of securities, permitted automatic and transparent screen based trading in securities, shorter settlement periods and improved liquidity in investment in securities. All this has given impetus to the growth of the capital market in India. The transactions in a stock exchange, earlier involved physical movement of paper (the share certificate) which first changed hand from the seller to buyer on payment of price and subsequently was sent to the company (issuer of the share) for the change of the ownership of the shares to be incorporated in the books of the company. The process of verification of the ownership of the seller and hence validity of the sale took a long time, disabling the purchaser from the selling the shares further while the shares were being transferred in his or her name. Though section 113 of the Companies Act, 1956, stipulates that the company effects the transfer within 2 m onths. In reality transferring shares in ones name took longer. This delay reduced the liquidity of the investor, as during these times, he/she cannot sell the shares. This has proved particularly inconvenient for large investors for whom fast transfers were essential to maintain the liquidity. Apart from this, physical movement of shares also meant the possibility of theft and loss of shares in transit. The magnitude of the problem has increased manifold as the daily turnover in stock exchange has increased considerably. The average daily turnover of BSE itself amounts to Rs. 500 crores with shares of more than 7500 companies, being traded by more than 650 brokers for more than 30 million investors in the country. This has necessitated the use of better and faster transfer system like computerized records as compared to the physical paper (security) Emergence of Depositories There are two depositories that have emerged in India: National Securities Depositories Limited The Honourable Union Finance Minister, Shri. P. Chidambram inaugurated NSDL as the first depository in the country on Nov 8, 1996. It has been promoted by three premier institutions in India the largest mutual fund UTI, the largest stock exchange NSE of India Ltd. Subsequently, the State Bank of India, the largest commercial bank in India has also taken up a stake in NSDL. NSDL provides for electronic ownership, holding and transfer of securities trading in electronic securities on the NSE commenced in Dec, 96 and the first settlement of transactions in electronic securities was successfully completed at NSDL on Jan 7, 1997. The stock exchange Mumbai BSE also extended the facility of trading in electronic securities from December 27, 1997. NSDL is responsible to every individual to every individual investor who holds electronic balances with the depository. The depository participant acts as an agent of NSDL for providing its services to the investors. NSDL has designed the software for the operating systems in such a way that the software systems at the depository participant office are connected. Thus, a highly integrated set up for maintenance of investor accounts through the DPs has been developed and implemented. NSDL has access to all the accounts of individual maintained by the DPs to ensure adequate control. The operating system of NSDL also maintains continuous electronic connectivity with the registrar and transfer departments/agents of the companies whose securities can be dematerialized in NSDL. To all the investors both retail and institutional, NSDL offers the following services: Maintain beneficial holdings through depository participants. Provide for dematerialization and Rematerialisation of securities Dematerialization Rematerialisation Effect account transfers for settlement of trades Allow for receipt of allotment in the electric form Providing pledging, hypothecation facilities for stocks held with it. Receive and disburse corporate actions (only securities) Central Depositories Services Limited This is the second depository after NSDL. This inter connectivity will be established prior to the commencement of business by CDSL. This will facilitate settlement and movement of assets and custody from one depository to another. CDSL has been promoted by the Stock Exchange, Mumbai (BSE), in association with Bank of India, Bank of Baroda, HDFC Bank and Stare Bank of India. It has been able to tie up with as many as 35 brokers till now. CDSL and NSDL both have signed a MoU for inter-depository connectivity on 23rd April 1999. The MoU covers the understanding between the depositories for inter-depository transfers arising out of transactions not settled through the CH/CC (off market). The procedure for inter-depository transfers between CDSL and NSDL arising out of transactions settled through a CH/CH (on market) are expected to be finalized separately. The Depositories Act, 1996 The Depositories Act makes a provision for the setting up of multiple depositories in India. The investor has been granted the option of holding securities in a physical or dematerialized from. Thus it is a matter of choice for the investor as to whether he wants to avail of depository services. The depository has been entrusted with the responsibility of indemnifying beneficial owners for any loss caused due to negligence of the depository or its participants. For holding securities in the depository, the two routes that are adopted by depositories world over as: Immobilization In this the depository holds the securities in the physical form in its own vaults, but transfer of securities takes place through book entries. Dematerialization In this the securities in physical form are shredded and corresponding credit is made in the form of electronic balances that are maintained in the depository account. The concept of a depository has made a late entry into our country so we are fortunate to have the advantage o hindsight gained from the experience of other depositories the world over as well as adopting the latest technology. Thus, the law in our country has preferred the demat route. The demat securities will be identical and interchangeable as they will not have any unique characteristics such as distinctive number of folio. The depository will facilitate dematerialization of securities. The investor has the option of holding securities in the physical form or in the depository form. He can choose not to opt for depository system by requesting issue of physical certificates. The depository will, thus provide for Rematerialisation. All rights with respect to the securities held in the depository will be with the beneficial owner (investor) and not with the depository, the depository acting as the registered owner only. When transacting through a depository, the investor will not be required to pay stamp duty on transfer of shares within the depository. The depository will interface with the investors through market intermediaries called DPs. The depository will hold beneficial owner the level in formation through its network of DPs. The depository is obliged to provide this information to the issuer company or its registrar and transfer agent at regular intervals. This will facilitate proper distribution of benefits arising out of the investors holdings such as dividend, interest, bonus and rights as on a given record date by the issuer company or its registrar and transfer agent. The SEBI Regulations, 1996 Based on the depositories ordinance, SEBI has notified regulations on 16th May 1996, which specify the norms for functioning and operations of depositories. The depository system is very similar to banking environment. Thus, while a bank performs the function of holding, transferring and allowing withdrawal of funds, a depository performs the function of holding, transferring and allowing withdrawal of securities. A bank reaches out to the masses by setting up its branches. Similarly, a depository reaches out to the general investor through its agents that are the DPs. The regulations have selected various categories of market participants, who are eligible to become DPs and have a well-established customer interface network and are therefore the ideal choice to become the agents of a depository. The categories are: Public Financial Institutions Scheduled Banks RBI approved Foreign Banks operating in India. State Financial Corporations Certified custodians of securities Clearing corporations of stock exchanges Registered stock brokers Non-Banking Financial Companies. Entities desiring to become DPs must apply to the depository and are required to be recommended to SEBI by the depository. If approved and registered by the SEBI, the DP can be admitted on to the depository. The depository has to formulate its own set of criteria for selection of participants. The regulations require the depository to list out through its byelaws the securities, which are eligible to be admitted to depository for dematerialization. Equity shares, debentures, warrant, bonds, units of mutual funds etc. are part of list of eligible securities. The depository is empowered to set its own criteria for selection of securities and make securities eligible to be maintained in the form of electronic holdings on the holdings of the depository. Agreements should be entered into by the following entities: Depository and every participant Participant and every client Depository, issuer company and the registrar The drafts of these agreements are to be included in the byelaws and to be approved by SEBI. It is important that participants are connected to the depository through a continuous electronic communication system. The same is true for registrars or corporates communicating with the depository. In addition, for enabling settlements of securities, the depository is also to be connected electronically to clearing entities. This imposes the need for automatic data processing systems with necessary security features and forms one of the criteria for selecting securities for dematerialization. The depository required to ensure that sufficient safeguards are there to protect the data available with it and with the participants. To reduce risk in operations, the regulations stipulate that the depository and DPs must provide for, adequate insurance cover as well. Since the depository acts as the source of information for the registrar in terms of providing beneficial ownership details, the depository has to reconcile data internally with the participants to ensure validity of data. The regulations require this reconciliation to be carried out on a daily basis. Further the depositories and the registrar will also reconcile balances on a daily basis and periodic basis. SHOWING THE DEPOSITORY INTERFACE WITH THE INVESTOR AND THEIR BUSINESS PARTNERS NSDL ISSUER RT AGENT CLEARING HOUSE CLEARING MEMBER DEPOSITORY PARTICIPANT STOCK EXCHANGE TRADING MEMBER INVESTOR NSDL is electronically linked to its DPs, the RT department of the issuer co. and the clearing corporation/ clearing house of the stock exchange. This is done in order to facilitate the settlement of trades and to perform a dealing reconciliation of all the accounts balances with NSDL. The entire system is called the NEST (National Electronic Settlement Transfer) system. Thus a higher integrated set up for maintenance of investor accounts has been developed and implemented. Constituents of Depository System Depository Depository Participant Beneficial Owner Issuer Benefits/Advantages of Depository System Benefits of depository system are: To the Nation Growing and more liquid capital markets to provide financing and development stemming from more efficient post trade systems with reduced transactions costs. Increase in competitiveness in the International market place and attracting investors and fund managers by complying with stipulated international standard for and efficient and risk free trading environment. Improved prospects for privatization of public sector units by creating a conducting environment. Restoration of faith in the capital market on the participants with system to minimize settlement risk and frauds. Considerable reduction in the delay in registration which can currently impact trading. To the Investing Public Reduction of risks associated with loss, mutilations, theft and forgery or physical scrips. Elimination of financial loss owing to loss of physical scrips. Greater liquidity from speedier settlements and reduction in delays in registration. Faster receipt benefit and rights resulting from corporate action. Improved production of shareholder rights resulting from more timely communication from the issuers. Reduced transactions costs through greater efficiency. To issuer Upto date knowledge of shareholders names and addresses. Savings in costs of new issuers from reduction in printing and distribution costs. Increase in efficiency of registrars and transfer agent functions Better facilities for communication with shareholders conveying benefits of corporate actions and information notices. Improved ability to attract international investors without having to incur the expenditure of issuance in overseas market. Objectives of the study To know the perception and viewpoint of the investors regarding depository system. To know the satisfaction level of investors regarding depository services. Related Researches Alton (1994) found the principles of converting shares into dematerialized form. He also commented that with a grand start the concept of demat of shares in Indian Market is all pervasive and set to conquer the stock market. George (1996) studied the growth and the dematerialization of products and found that the concept of dematerialization is coming at a very fast pace. Kumar (1998) studied the advantages of dematerialization and opening of Demat account. He also compared the effect on trading of shares of the companies have dematerialized their shares and who have not dematerialized their shares. Mittal (1998) presented an extensive information on dematerialization of shares, their advantages, investor grievances and insurance aspect related to dematerialized shares and found that a very large potential of dematerialization of shares exists in the Indian Market. Cholamandalam (1998) conducted research on requirements to be fulfilled by a company to get its shares listed at a depository so that they can be easily dealt in dematerialized form. Hughes India Limited (1999) conducted a research to study the benefits and drawbacks, which are to be borne in mind by company that is planning to dematerialize its shares and get them registered with NSDL. Law (1999) in his article Depository Revolution has discussed that depository is not just removing fake shares and bad deliveries from the capital market but to prove a great catalyst for reform. The depository is a reality today. The concept of depository is set to revolutionize trading practices, reduce transaction costs and increase investor safety. Kumar (1998) in his Article Demat trading simpler the better has shed light on the different fees structure charged by NSDL from depository participants and by depository participants from the investors. NSDL charges nominal fees under three heads i.e. transaction fees in case of purchases, custody fees and rematerialisation fees. Gajra (1999) in his article Claim your rights has provided us the useful information that the investors get the compensation or the loss due to the depository participants mistake. The investors for protecting their return should give debit instruction to their DPs for sale at least a day or two before settlement day. Then the investor has to look for an instruction carried out properly. If he failed to get it, then he should approach NSDL, for arbitration. DPs are personally liable for their losses. This article was given in regard when SCHIL, one of the largest DPs failed to transmit instructions of its investor-clients to NSDL on time before settlement pay in. Saikia (1999) in his article Compulsory demat within a year has shed light on the views expressed by Ministry of Finance that one year has been set in adopting the full demat route for primary and secondary market shares. Research Methodology The study is based on descriptive research design. The primary data was collected and used for the research purpose. Primary data was collected by survey with the help of a questionnaire. The questionnaire was administered by the personal interview i.e. questions were asked from the respondents in a face-to-face meeting and the study was conducted with the help of pre-structured non-disguised questionnaire. Respondents were interviewed with the help of structured questionnaire. An investor residing and availing Depository Services in Ludhiana was taken as a sample. In the present study, non-probability sampling technique i.e. convenience sampling is used to collect the sample. Here in the study, population consists of all the investors of Ludhiana and a sample of investors have been taken from it. It is a convenience sampling because the respondent investors are chosen from those who happened to visit the office of a particular broker and the brokers themselves. The respondents were interviewed with a structural questionnaire by the researcher. A smaller sample but well selected sample may be superior to a larger but badly selected sample. A total of 100 respondents were selected from the city for the study. Investors ranked various advantages of depository. Rank was determined by computing the weighted average i.e. 4 points were attached to rank first, 3 points to rank second, 2 points to rank third and 1 point to rank fourth. Then for calculating ranks for various advantages, points allotted by investors were added and divided by 100 i.e. sample size. The advantage with the highest weighted average was ranked first and the advantage with the lowest weighted average was ranked fourth i.e. last. Similarly, the investors ranked problems faced by investors in depository system. Weighted average method was used. For rating the satisfaction level regarding depository services and the investors view point regarding depository system, weighted average method as well as factor analysis were used. The points were given as such. For highly satisfied +2, for satisfied +1, for indifferent 0, for dissatisfied -1 and for highly dissatisfied -2. Results of the Study Respondents Profile As per the study, majority respondents were professional i.e. 33% such as C.As, MBAs and C.S., where as 22% were post-graduates and the remaining 45% were graduates. The study found that majority of the investors i.e. 46% belonged to age group 30 or less than 40. 18% of the investors were belonging to age group 20 or less than 30, 26% of the investors were belonging to the age group 40 or less than 50 and 10% of the investors belong to the age group 50 or more. As per the study majority of the respondents i.e. 44% of the investors were found operating in the capital markets for 6 years or more. Whereas 29% of the investors have been operating for 4 years of less than 6 years, 18% have been operating for 2 years or less than 4 years and the remaining 9% have been operating for less than 2 years. As per the study, majority of the respondents had opened their demat accounts in year 2000 and 1999. The Different Sources Of Information From Where The Investors Came To Know About The Depository System. Sources of Information No. Of Investors Percentage Brokers 42 42 Friends 6 6 Newspapers Magazines 36 36 T.V. Programmes 2 2 Others 14 14 Total 100 100 As per the study, majority respondents had brokers, newspapers and magazines as the best source of information regarding depository system. The Depository Participants With Whom The Investors Had Opened Up Their Demat Account Depository Participants No. Of Investors Percentage SHCIL 30 30 Master Capital 22 22 LSE Securities 16 16 Karvy Consultants 18 18 Others 14 14 Total 100 100 The study revealed that Majority participants had opened their accounts with Stock Holding Corporation of India Limited followed by Master Capital, Karvy Consultants, LSE Securities and other depositary participants. The Reasons For Opening Demat Account With Particular DP By The Investor The respondents were asked to tick the various factors being considered for opening demat account with a particular DP. Reasons Percentage Nearness to location 15 Fast transaction 30 Infrastructure Facility 25 Good client dealing 15 Goodwill of the Organization 10 Others 05 Total 100 As per the study, the major factor contributing in selecting the depository was Fast Transaction followed by other factors such as Availability of Proper Infrastructure, Client Dealing, Goodwill of the organization, approachability etc. The Ranking Given By The Investors To Various Advantages Of Depository System Advantages Mean Scores Ranking No scope for any risk of loss, theft or fraud regarding share certificates 1.32 1 Investment is highly liquid 1.96 2 No stamp duty 3.9 4 Bad deliveries are almost eliminated 2.82 3 The study found that majority of the investors were of the view that the depository system would overcome the chances of loss, theft or fraud as a first advantage followed by other such as liquid investments, elimination of bad deliveries and absence of stamp duties. The Ranks Being Given By Investors To Different Problems Of Depository Services. Problems Mean Scores Ranking Not fully aware of the mechanism 3.64 4 Fear of enquiries from Income Tax Department 2.45 3 Increase in transactions costs 2.27 2 Difficulty in maintaining accounts 2.25 1 Increased paper work 4.39 5 As per the study the investors thought maintenance of accounts as a major problem of Depository System and ranked it at first place. The study highlighted the other problems such as increase in the cost of transaction, fear of enquiries from Income Tax Department, not full awareness about the system and increased paper work. Satisfaction Level Of The Investors Regarding Depository Services Attributes Mean Scores Satisfaction Level Dealing of DPs 1.6 Highly Satisfied Fees structure of DPs 0.94 Satisfied Service time of DPs 0.32 Indifferent Infrastructure Facilities of DPs 0.97 Satisfied Dematerialization/Rematerialisation procedure 1.14 Satisfied The study found that the investors were highly satisfied with dealing of Depository participants and satisfied from other services such as fee structure, infrastructure facilties and demateralisation/rematerialisation procedures. However, many of the respondents were found indifferent from service timings of DPs. The Investors View Regarding The Different Factors Of Depository Services Sr. No. Factors Mean Scores View Point 1 More transparency in depository system 2 Strongly Agree 2 Fear of losing physical possession of share certificates -1.36 Disagree 3 More cost involved in opening, maintaining and closing of demat account 1.05 Agree 4 Manipulation done by DPs and Brokers -0.02 Indifferent 5 Burden on small investor has been increased 0.21 Indifferent 6 Cost of Depository System matches with the revenues from it 1.22 Agree 7 Demat process is a lengthy one 1.14 Agree 8 Business for brokers has been increased 1.58 Strongly Agree 9 Need of single Depository 0.02 Indifferent 10 Demat has a bright future

Reviewing Somerset Maugham The Short Story English Literature Essay

Reviewing Somerset Maugham The Short Story English Literature Essay W. Somerset Maughams The Complete Short Stories of W. Somerset Maugham are two self-compiled volumes filled with literary sketches from his travels around the world. Through careful observation, Maughams keen insight into human nature proves a most interesting topic choice. Written in a meticulous structure, he writes the same old story in a raw and riveting way. While working as a doctor in the slums of London, he came into contact with less than reputable characters, some of which intrigued him. These initial experiences with colorful individuals seemed to be the origination for his interest in human nature. Maugham was interested in controversial topics like adultery and prostitution, but I believe any culture that was different than his own simply evoked strong feelings of curiosity. When possible, he leapt to explore those circumstances, hence his famed short stories compiled from his travels around the world. Maugham writes of his travels more than any other topic throughout his oeuvre. Because his writing gave him freedom to travel, Maugham was able to witness notoriously historical settings in his lifetime. Most transcribed in his short stories are these accounts of colonized areas in the Far East. India and Asia, colonized by Britain during the time of his travels, were lands filled with interesting people waiting for their story to be told. Through others stories, he wrote first-person narratives unique to this time. And while each sole story was distinctive, two common threads united them all together: its capturer, Maugham, and foreign lands. Maugham was able to illustrate the setting of the early twentieth century in a way unlike any other author. Not until after delving into the collection did I read the preface which explains exactly how and why the collection was constructed. Maugham states that his short stories are actually notes taken while traveling on particular instances and accounts of people that interested him. His intention was to revise his notes upon returning home, and to transform them into classical short stories with better narrative than originally found in his notes. When observing the notes, Maugham found they had a vividness which I might easily lose if I tried to elaborate them. His notes stayed as they were and he took on the famed reputation for having a plain prose. Maughams notable style was formed when he wrote for Cosmopolitan Magazine. He was required to integrate his stories into allotted space; therefore he had to write an interesting story with succinct language. This can prove to be difficult and is similar to poetry in the sense that certain adverbs and adjectives are stripped away to achieve the most profound story possible. Because of Maughams circumstances, he employed discretion when choosing his verbiage. Combing his work forced him to consciously mold his writing style, and to make his stories concise without making the monthly story tedious. This makes any writer more familiar with and ultimately superior in their craft. What the public got was a refined and pithy account of Maughams scrupulous narratives. His plain prose style, being bare in language, dated in setting, and having the common theme of human nature became a sure-tale sign of his work. Maughams decision to keep his notes raw makes them a refreshing alternative to the embellished stories of his peers. While some authors write more colorfully and in detail than Maugham, they elaborate and strip the stories of je ne sais quoi that can be found in raw, frank art. While some may view this is bland reporting, it captures an element which refined stories lack. His notes, or stories, resemble photographs in that they are snapshots of the setting. The works of his peers are like paintings, which are manipulated by the artists to appear in a perfect manner born from the authors view. Underneath the initial image of his work, like photographs, there is an ethereal quality. The connotation of foreign land accompanied by the time of the colonized Far East makes this possible. His style creates an unadulterated rapport with his readers. True entertainment lies within a story, and the means of telling it is merely taste. I admire Maugham for being undaunted by his competitors styles. His lack of elaboration to engage a reader is bold. The purpose for some artists, as Maugham does, is to find the extraordinary in the everyday. Maugham goes on to explain that stories generally are seen as dull, to a writer, can be seen as intriguing. This is what makes a talented artist perfect for their work. They are able to observe minute details and make them apparent for those who cannot do this. His stories are entertaining and well written, despite what critics or Maugham himself may say. In a self-deprecating quote, Maugham states that his limited vocabulary and lack of creative metaphors within his stories is the cause for harsh literary criticism. Maugham describes his opinion of a true story to include a beginning, middle and end. He states that popular writings of his day are to begin a story at any point and to end inconclusively. He believed this willy-nilly approach is not truly a story and that there must be structure. He believed a reader is only satisfied when there is a conclusion and sense of closure. Maugham also believed that his peers were inclined to write of perilous stories to intrigue their readers, but he could make everyday just as intriguing. He was behind his times and was enthralled by the past ways of writing. His work was said to have a plain prose style which was contradictory to his peers experimental literary styles. Interestingly I made the observation when reading his short stories of how matter-of-factly they had been written. This is what happened here, is often his message. This style of Maughams is what I like, but can also tire of. It is interesting and crisp, and all the adjectives and metaphors are stripped away. I am prone to concise information, and Maughams work is the base for plain prose indeed. Of course, one will tire of such bare language and crave something more colorful and exciting, which is why his style can eventually make the reader restless. Like bread, it is enough for sustenance, but with the lure of near-by fruit, who could stay on bread forever? Maugham is a unique unabashed writer whose style and diction I enjoy because it is not often heard today. It is rare and delicate and is novelty for modern readers. It is not necessary for a story to contain the dramatic plot of all fictions, as Maugham has proven over the years. Because he was true to his form, he should be respected by all. Work Cited Maugham, W. Somerset. The Complete Short Stories of W. Somerset Maugham. Doubleday: New York, 1952. Hastings, Selina. The Secret Lives of Somerset Maugham. John Murray. London, 2009. Rowland Egger, Roland. The Administrative Novel. The American Political Science Review, Vol. 53, No. 2 (Jun., 1959), pp. 448-455

Essay Concerning Brave New World :: essays research papers

The novel Brave New World by Aldous Huxley, presents the portrait of a superficial utopian society. Huxley presents his utopia as a perfectly functioning society, but makes the reader question many aspects of the new civilization. While engaged in the book, a reader is often appalled by the lifestyles of the residents of "brave new world." When a reader does this he or she is comparing the society to his or her own. The only way a person can justifiably criticize the society in Brave New World is from their own subjective vantage point. It was the anthropologist Geertz who said that a culture cannot be examined completely objectively. So when a person critiques a society it is based on the values and mores of their own culture, and this is what I will do when considering what is objectionable and what is acceptable in the "brave new world" society. Huxley wrote the book primarily as a satire that would lead to change. In 1932, changes in science were becoming prevalent and Huxley noticed these changes. With the invention of the assembly line, the Ford Model Twas produced allowing people to afford cars. Huxley could see where these advances in science were leading, and this lead him to develop his startling story. When a person thinks of a utopia he or she thinks of a place where everyone is happy, disease is nonexistent, and strife, anger and sadness are unheard of. Huxley created a society where all of these are true, and still one questions whether or not it is truly a utopia. As people in our society look upon "brave new world" they see it as a place of immoral behavior and obscenity. Could this possibly be because they are conditioned themselves, and cannot realize it? They could just as easily be conditioned into thinking that only their thoughts are correct. Everyone's goal in every culture is to reach a state of ultimate happiness. The society of "brave new world" is the same, but they go about it in a much different way. People argue that the society of "brave new world" is immoral, and evil, but once again they are enforcing mores of their own society while examining other culture. Because the only way to critique the society of "brave new world" is subjectively from our own point of view, almost every aspect of the society is objectionable.

The Details of Human Sexuality and Society Essay -- Sexuality, gender,

This is a definition of from someone who has studied human sexuality †human sexuality is the way in which we experience and express ourselves as sexual beings (Rathus et al., 1993). There are many factors that help develop our sexuality, arguably one of the most important, is our actual gender. Whether, I am a male or female will likely have a major influence on the development of my individual sexuality. Furthermore, sexuality is an integral part of our personalities whether we are aware of it or not.† Ludwin Molina. Here is my definition to me it is just the attraction to someone. The way you feel towards them mainly sexual feelings. Every culture has a different belief or value when it comes to making sexual decisions. I would say it mainly depends on how you are raised. For me and my family we have been taught to wait until marriage, although sometimes things may not work out that way it is still how we have been raised Also I think it depends on the generation. The generation now is a lot more accepting to sex before marriage. Kids think of it as â€Å"it’s going to happen anyway†. There for sexual attraction is shown a lot more often at a younger age. Now if you’re talking about older generations it is not as accepted. You were looked down upon if you had a child before marriage in some generations. This caused people to not be as affection and show there attraction for each other in the public eye because they didn’t want people to assume things and be looked down upon. Human Sexuality is a tough topic to talk about because it is so general. It is basically what attracts one to another and how they show there feelings. What brings them together and keeps them together. It also related to sexual attraction because it is ho... ...th anthropology because anthropology relates to genetics. Human sexuality works very closely with genetics and how you are made and what you consist of as well as personality and culture traits. It also relates to parents because your parents are what make you and raise you how to act. This relates to genetics because it makes you part of your parents. Which we are learning about in class. In conclusion human sexuality just depends on how comfortable you are with your self, how you were raised and what you believe. It is not really just pushed on you. You develop it your self with your own opinions and views. As long as help with the ones around you. For example the way kids I know and I am friends with show there human sexuality is very different then the way our parents did because it is our culture, as well as how we rate situations and how we look at things.

Contributions of Thomas Jefferson :: essays research papers

In the year 1800, Thomas Jefferson succeeded John Adams and became the next President of the United States. When coming into office he had numerous ideas of how he wanted to have the country run. Also, in being the front man to the Republican Party he had several people supporting those ideas. However, Jefferson soon realized that not all of his ideas would be able to be incorporated into the government as simply as he assumed and furthermore that some of his ideas were not as great as the assumed. Nevertheless, although Jefferson may not have lived up to all of his campaign promises and the expectations of his party, he did use his time as president efficiently and developed the new reputation of the United States. Jefferson was called â€Å"The Man of the People† with his philosophy of government being to put more power into the hands of the people and limiting the power of government. He was concerned that high taxes, standing armies, and civic corruption could demolish American liberty by giving too much authority to the government. Moreover, Jefferson thought common liberty required a common good and to put this ahead of one’s personal wellbeing and make sure to keep the government from growing out of control. He thought the most honorable citizens were the knowledgeable farmers and that cities were a breeding ground for those who would pose a threat to liberty. This was because men who relied on merchants or factory proprietors for employment could manipulate their employees’ votes, as opposed to farmers who were their own bosses. To a degree Thomas Jefferson was pragmatic when it came to foreign affairs. As an alternative to doing what his political party anticipated him to do he would make decisions based on the â€Å"common good† of the country. For instance, in 1803 when Jefferson was in the midst of his plan to rid America of its national debt, he bought the Louisiana Territory from Napoleon Bonaparte for $15 million, which was nearly the price of the national debt he was trying to dispose of. Being realistic Jefferson bought it because it was a bargain to pay for nearly doubling the size of the United States, made it so the U.S wasn’t sandwiched between Britain and France during the Napoleonic Wars, and acquired New Orleans. However, most Federalists opposed the purchase and Americans didn’t get a chance to vote on whether or not to buy it.

Analysis of Bandura’s cognitive theory Essay

Introduction The study of human behavior or behaviorism focuses on attributes of humanity that are discernible, measurable and which can be manipulated. The emphasis of behaviorism is on experimental methods and avoids attributes that are subjective, internal or unavailable. The experimental method involves the manipulation of one variable and measurement of its effect on another variable. It is from the study of variable and effects that a Canadian psychologist, Albert Bandura found the cognitive theory (or social cognitive theory) (Bandura, 2006). Bandura for instance observed aggressive behavior in adolescents and opined that the aggressiveness is caused by the environment in which the adolescents grow. On the other hand, he also realized that behavior causes an environment as well. Thus, since behavior and environment are causes and effects of each other, Bandura referred to the concept as reciprocal determinism (Bandura1986). In short, Bandura’s theory was based on the fact that the world and a person’s character (behavior) affect each other (Bandura, 1986). While it would appear that the environment was the cause of behavior and personality, Bandura also realized that personality is an interaction of a person’s psychological responses in relation to the environment (Bandura, 2006). The psychological processes consist of the human being’s ability to entertain different images and languages. Thus, the cognitive theory is built on two essential principles. The first one is a framework for explaining how different personalities function, whereas the other one addresses the type of variables (that is the elements of analysis) on which the personality theory should be centred (Bandura, 2006). In analysis of the influence of reciprocal determinism, Bandura categorically uses the word â€Å"determinism† to imply the aspect in which effects are produced by events (Bandura, 2006). However, this opinion does not mean that a human being’s actions arise from straightforward and predictable chains of cause and consequence. Rather, it implies that events produce effects by chance. As a result, the probability or chance of an event producing an effect is emphasized in Bandura’s cognitive theory (Bandura, 2006). Perhaps the most significant aspect of Bandura’s theory is the way in which the theory treats behavior. Unlike many other theoretical frameworks, this theory has equal action on both the input of the personality and the output of personality (Bandura, 1986). In essence, Bandura’s opinion is that a person’s actions and the resultant effects shape the person’s aptitude, feelings and belief in one self (Bandura, 2006). For example, many behaviorist theories depict scant curiosity in self-process because the theorists assume that human functioning is caused by external stimulus rather than the internal stimulus which is only considered as transmitting rather than causing behavior (Bandura, 1986). This paper critically evaluates the notable features of Bandura’s cognitive theory and discusses in detail the viewpoint of the Bandura at the time of formulation of the theory and the theory’s subsequent modification. The paper will also appraise the strengths and weaknesses of the theory based on the discussion. Analysis of the salient features of Bandura’s cognitive theory The most notable feature of Bandura’s social cognitive theory is the concept of reciprocal determinism (Bandura, 1986). Reciprocal determinism is a phenomenon that implies the causes and effects of different actions on behavior and environment and how they affect each other. Thus, Bandura’s theory was based on the point that personal factors in the form of cognition, biological events and affect, behavior and environmental factors create interfaces that result in a triadic reciprocality as illustrated in Figure 1. Figure 1: The foundation of Bandura’s (1986) concept of the social cognitive theory. Source: Created from the description by Bandura (2006) Bandura modified the label of his theory from the common perspective of social learning to social cognitive in order to distance it from the common social learning theories of his time (Bandura, 1986). He also wanted to lay emphasis on the idea that cognition plays a significant role in people’s capability to construct reality, regulate their personality, encode information and display other kinds of behavior. According to Bandura (1971), the reciprocal form of the determinants of individual human functioning in social cognitive theory enables services such as therapeutic and counseling efforts to be rendered with focus on personal environment or behavioral factors as illustrated in the diagram above. Based on this, strategies to improve a person’s well-being can be aimed at ameliorating the emotional, cognitive and motivational process of the human being (Bandura, 1986). The focus can also be on improving behavioral capabilities or changing the communal conditions under which people live and work. As an example, teachers in schools have a role to not only improve their students’ academic learning and confidence, but also boost their (students’) self-beliefs and habits of thinking. Hence, teachers and students have to embrace all the components of Bandura’s triadic expression of cognitive theory. As earlier mentioned, Bandura’s social cognitive theory sets itself aside from other theories that overemphasize the role played by environmental factors in the development of human behavior (Bandura, 1986; Bandura, 2006). These theories are often dismissed since they have the redundant factor of cause and effect that is unworthy in the context of evaluating the psychological aspect of human beings. Thus according to Bandura, psychology per se without a clear self-examination cannot purport to explain the complexities of human intricacies of human functioning. Bandura (1986) further noted it is by evaluating their own conscious minds that people discern their own psychological processes. Therefore, in order to predict how the human behavior is affected by environmental outcomes, it is imperative that the individual’s cognitive process and how he or she interprets the outcomes be understood.

Macbet Act II Scene II Essay

This scene was one of the most significant, as it the scene where Macbeth murders Duncan, but feels remorse and guilt afterwards. The murder is not shown so that it is left to the audience’s imagination. Also, to signify that the murder has taken place, an owl shrieks. This was thought to be a sign of a bad omen, and it suggests that it is upsetting the natural balance of things (at that time people believed that everything had a natural order and to change this would change other things), as even the natural world knows that Duncan has been murdered. Shakespeare creates tension by setting the scene at night so that when Macbeth returned, Lady Macbeth did not know who it was at first and for a moment she thinks that Macbeth had not succeeded in killing Duncan and the attendants had woken up, and she says; â€Å"†¦th’attempt and not the deed confounds us†¦Ã¢â‚¬  meaning that if Macbeth only tried to murder Duncan and did not succeed then they would be ruined. Macbeth’s character so far is shown as noble and loyal, as in act 1 scene 2 Macbeth is talked about as being; â€Å"A good and hardy soldier† (line 4). In reward for his greatness, Duncan awards Macbeth the title of Thane of Cawdor (as the witches predicted). Macbeth does have some ambition, because when the witches tell him he is going to be king, he wants to speak more to Banquo about it. However, in his letter to Lady Macbeth, he says; â€Å"Art not without ambition, but without the illness should attend it† meaning that he would like to be king but not attain it by bad deeds. Lady Macbeth’s thoughts are that she wants Duncan to be killed. She calls on evil spirits to give her the strength to do it; â€Å"Come, you spirits that tend on mortal thoughts, unsex me here and fill me from the crown to toe topfull of direst cruelty; make thick my blood, stop th’access and passage to remorse† (Act 1 scene 5, lines 39-43) which means ‘evil spirits- make me as strong willed as a man and fill me with cruelty, and make me have no remorse’. The setting of act 2 scene 2 is Macbeth’s castle. This is shown as quit an eerie setting, as you can hear noises from the outside, and it very dark. Macbeth and Lady Macbeth are on stage. In lines 1-8, Lady Macbeth is feeling bold, from line 1; â€Å"That which hath made them drunk, hath made me bold†. She comments on how she had drugged the attendants, and she says in lines 7-8; â€Å"That death and nature do contend about them, whether they live, or die†. This shows that she is not really concerned whether they live or die. However, in line 9 she begins to worry that they have been caught, and also says; â€Å"Had he [Duncan] not resembled my father as he slept, I had done’t†, showing that she is not completely evil, as she could not murder Duncan as he resembled her father. At the end of the scene she becomes strong, as she takes the daggers from Macbeth (as he brought them back) and goes and puts them back. Macbeth’s mood is that of distress and remorse. This is shown by the fact that he accidentally brings back the daggers when he was supposed to place the by the attendants. This creates dramatic tension, as this would incriminate Macbeth and Lady Macbeth. At he end of the scene, Macbeth feels he can’t live with himself, and says in line 76; â€Å"To know my deed, ’twere best not know my self† meaning that if he is to acknowledge what he has done, he must assume a new identity, as a murderer, and forget who he really is. Dialogue on and off the stage is that of death. Lady Macbeth tries to reassure Macbeth that he has he has done the right thing, as he is very disturbed about what he has done. The dialogue also shows how the outside and natural world is reacting to what has been done; the owl hooting, the crickets crying, the knocking and also when someone laughed in their sleep and one cried â€Å"Murder!† (Line 25) The effect of these noises reflects the beliefs of that time that to change the natural order of things (how things naturally turn out) is to affect everything. It creates tension by suggesting that the outside world will find out and Macbeth will be punished. The audience’s response is that they feel that something supernatural is happening, due to the noises, and to the images Macbeth sees and sounds he hears, like the voice he hears (lines 44-46) saying he will sleep no more. When Macbeth first appears on the scene, his first words are (line 14); â€Å"I have done the deed. Didst thou not hear a noise?† The words ‘I have done the deed’ suggest that he cannot bring himself to admit what he has done. The words ‘didst thou not hear a noise?’ suggest that he expected to be caught, and that someone would have heard and come after him. His conversation with Lady Macbeth is that he is in some way shocked about what has happened. He says what he heard, and in lines 38-39, and 33-34, Lady Macbeth talks to him but he doesn’t hear her as he is too deep in his own thoughts. Macbeth uses short, sharp sentences; like â€Å"†¦ when?†¦As I descended?†¦Hark, who lies i’th’second chamber?†¦This is a sorry sight†¦Ã¢â‚¬  (lines 17, 19, 21 and 23), because he is repeating what happened, and he is very distraught about what he has done. This effects the audience by creating tension, as Macbeth see ms to have gone mad. In lines 29-36 Macbeth says how he could not pronounce ‘Amen’ after someone cried ‘God bless us’. This shows that Macbeth does not feel he deserves God’s blessings, as he is too evil. In lines 38-46, Macbeth says that he heard a voice saying that he had murdered sleep. This shows his guilt that he will never be able to sleep again, and his remorse, as he shall never have peace from what he has done. Lady Macbeth’s reaction is to tell him not to keep thinking about these thoughts, and to reassure him. She is aware that they must put the daggers back, so at this point she has no guilt or remorse. When Macbeth comes back after murdering Duncan, he is carrying the daggers he used. This suggests to the audience that he is not in a proper frame of mind, and is still shocked by what he has done. It also suggests that he is not in control. Lady Macbeth had told him to leave them by the attendants to incriminate them. When he comes back, Lady Macbeth tells him to go and put them, back, but when he won’t, she does it. This shows that she does not mind blaming innocent people. The audience’s reaction is that she is very much in control, and knows what both of them must do. Macbeth will not go back because he says; â€Å"I’ll go no more. I am afraid to think what I have done; look on’t again, I dare not.† This reveals his guilt because he can hardly comprehend that he has done something so awful. This also shows his conscience, as he says ‘I dare not’, showing he does not know what his reaction would be, so knows he is not in control of h imself. When Macbeth returns, his hands are red with Duncan’s blood. Once Lady Macbeth puts the daggers back, her hands are also red. Macbeth says in lines 63-65; â€Å"Will all great Neptune’s ocean wash this blood clean from my hand? No: this my hand will rather the multitudinous sea incarnadine†. This means that he feels that all the seas in the world could not ash the blood off his hands, and that instead his hands would turn all the oceans red, and also that it will never wash off the blood stain on his conscience, so he feels that he will never be as innocent as he was before the murder. Lady Macbeth says in lines 67-68; â€Å"My hands are of your colour, but I shame to wear a heart so white.† The words ‘my hands are of your colour’ mean that her hands are red, but also that she is now as guilty of the murder as Macbeth is. The words ‘but I shame to wear a heart so white’ means that she is criticising her husband, by saying that she would not want to be so cold and heartless. The washing of the hands is significant later because Lady Macbeth sleepwalks and washes her hands in her sleep. Macbeth’s feeling’s are of extreme guilt and in line 62 he says; â€Å"What hands are here? Ha: they pluck out mine eyes.† This means that he wishes he did not have any eyes so he did not have to see the blood of the man he murdered. At the end of the scene, Macbeth and Lady Macbeth hear knocking. Lady Macbeth does not show any guilt or conscience, as she is only concerned with them getting back to their rooms to not seem suspicious and to get rid of the blood on their hands. Macbeth says how he cannot carry on if he does not forget who he is as he has a bas conscience, and in line 77 he says; â€Å"Wake Duncan with thy knocking: I would thou couldst.† This shows that he wishes Duncan was still alive, so feels guilty about him being dead. The audience’s reaction is that they feel slightly sorry for Macbeth, as he was pressured into the murder by Lady Macbeth and know has to live with his guilt. This scene is the turning point of the play, because it is the point of no return; after Duncan is murdered there is no way Macbeth can go back. It is also the start of Macbeth’s journey from good to evil. At this point his guilt is at its highest, and later he is a bloody tyrant. This is because Lady Macbeth reassures him that once this is done everything will be fine, so he kills because he feels he has to, but later he kills because he is angry (act 4 scene 2). Lady Macbeth also changes. In the beginning, she is in control and has no conscience, but in the end, she is so out of control and so guilty that she kills herself. Her change is also shown by her speech, as in act 2, scene 2, line 70, she says; â€Å"a little water clears us of this deed†, whereas in act 5, scene 1, lines 44-45, she says:† all the perfumes in Arabia will not sweeten this little hand†. Also, she begins to sleepwalk and acts out washing her hands. Finally, in act 5, scene 9, lines 37-38, Malcolm says about Lady Macbeth; â€Å"by self and violent hands took off her life†. This has a double meaning for the audience, as it means Lady Macbeth killed herself, but it could also be interpreted and by her violence and her guilt (of her ‘blood-stained’ hands) she killed her soul. The ending of act 2 scene 2 creates dramatic tension by ending with Macbeth and Lady Macbeth both in different frames of mind; Lady Macbeth making sure they don’t get caught and Macbeth lost in thought and guilty over what he has done.