19th Century English Architecture Essay

Introduction * The 19th century heralded the arrival of the Industrial Revolution, which wrought unprecedented socioeconomic and technological changes in England, transforming it into a modern industrial society. This essay examines the impact that these changes have had on the design and construction of two new building types, namely the railway station and prison. * This essay argues that the design and construction of railway stations in England had to be adapted to the changes wrought by the Industrial Revolution, such as widespread rural-urban migration, rapid urban growth and rising affluence in English society. On the pragmatic side, station builders also had to look for alternative materials resistant to corrosion from steam and smoke emitted by locomotives. This essay also examines the social changes and penal reforms in 19th century England which caused a shift in societal perspectives towards crime and punishment, and how these impacted the design of three major prisons at that time. See more: Examples of satire in adventures of huckfinn essay Railway Stations Due to the rapid economic growth and development resulting from the Industrial Revolution, many urban areas expanded at a dizzying rate as people in the countryside flocked to towns and cities looking for employment. Historian Eric Evans notes that Glasgow grew by 46 percent in the 1810s and Manchester by 44 percent in the 1820s. Social problems such as overcrowding, congestion and crime soon followed. These changes resulted in new functional needs and requirements for buildings. * Prior to the 19th century, trains were primarily built for transporting cargo. At the turn of the century, railway stations had to be adapted to cater to the increase in passengers travelling through England for work and leisure. They served as terminals and interchanges for many trains from the different rail companies, as well as waiting areas and temporary accommodation for passengers. From an architectural standpoint, they were important buildings because their * construction incorporated all the major architectural movements of the 19th century, in terms of materials, style and structure. * The first English railway station at Crown Street, Liverpool (fig. 1), like all railway stations, was built mainly to provide shelter for its occupants – passengers and trains. In addition, the preceding modes of transportation – the canal and the century-old turnpike system – had specially catered architecture for its passengers; inns were used instead as departure points, relay stations and terminals. As there was no precedent for this building type, most early railway stations, including Crown Street, had their shelters constructed based on the design of sheds built for cattle and wagon. However, the style of railway station evolved in the mid-19th century, due to unprecedented urban growth in cities in England, the increasing social significance of stations and opposition to railway construction. As railway companies began to expand their networks, more people started moving to the cities. Growth in traffic and migration led to overcrowding and congestion in the cities and soon there was a need for a re-evaluation of the station designs. * Railway stations bore social significance in 19th century England as they were iconic landmarks. Driven by the idea that â€Å"the station was to the modern city what the city gate was to the ancient city†, the station’s design was the first impression that travellers got of the city/town. Rising affluence among the English due to the industrial boom meant that the public would also use the station’s design to get a feel of the city and gauge how attractive it was to live in or travel to. One such example is Euston station, universally lauded by the English public for its majestic Doric Arch entrance. As rail travel quickly became affordable for the masses in the 19th century, the design of railway stations also had to take into account class differences in English society. Therefore, the Crown Street station, and many other stations after it, also had different booking areas/waiting rooms designated for first-class and second-class passengers. * The wide-scale construction of railways throughout England faced much opposition from many locals, who criticised the pollution, noise and encroachment it made to rural landscapes. Therefore, builders used design and local building materials to absorb railways into the rural scene. Country stations were designed to look like cottages, gate lodges and farmhouses, using materials such as red brick in the Midlands, golden limestone in the Cotswolds and pale grey in Derbyshire. In the mid-19th century, station builders sought to achieve architectural feats due to increasing competition between companies. One such example was Paddington (fig.2) – which boasted of having the widest single-span train shed at that time to cater to the technical demands of the changes in occupant load and social identity. This became an example for other railway stations which were built after it. At the turn of the mid-19th century, due to a significant increase in new building material production, iron became increasingly available and was more frequently used in architecture. At the same time, railway stations were expanding in size due to increasing demand. Wider-span train sheds were needed to accommodate the growing occupant loads on trains. With the previous completion of works demonstrating the potential of iron in achieving wider-span roofs, railway builders started using it. Wide-span roofs allowed greater flexibility in accommodating the growing crowd and the alteration of track and platform beneath it. In addition, iron was regarded as the most suitable choice for railway sheds. As timber (the common material used before iron) deteriorated rapidly under the exposure to sulphurous steam produced by trains, iron, which was more resistant, was used as a substitute. This is a clear example of station builders adapting their materials to peculiar conditions in rail stations. Prisons Prisons in England before the 19th century were places of temporary custody, where inmates regardless of age, gender or offence were locked together in a method known as congregate confinement. Such confinements were overcrowded and had poor ventilation, lighting and sanitation. Among the inmates, there were ill people, drunkards and lunatics. Due to lack of public funding, prisons were also poorly staffed and inmates’ welfare was usually neglected. Official statistics show that crime rates rose in the first half of the 19th century, before eventually falling in the second. The rise coincided with the rapid urban growth in the early years, which led to a demand for more prisons to be built, especially in the cities. In fact, 90 prisons were built or added to between 1842 and 1877. Notable prisons during that time include Millbank, Newgate and Pentonville. The design of these three prisons were affected by ongoing social changes and prison reform movements. The 19th century also saw major reforms to the prison system in England, namely the mass building of large prisons and changes to the treatment of prisoners, due to a shift in societal perspectives. Firstly, severe punishment, often through public execution, became less favoured compared to calibrated punishment proportional to the crime. Secondly, thinkers like Foucault saw prison as a tool for disciplining the offender, for correction and reform. Social reformers like John Howard lobbied for prisoners to be separated according to their gender, crime and health, by solitary confinement and imposition of silence to encourage reflection and penitence among the prisoners. Another social reformer, Jeremy Bentham, conceptualised the â€Å"Panopticon† scheme for a model prison, which consisted of prisoners occupying cells in the circumference of a circular building, allowing fewer guards to survey them from a central observation point. While the design was never implemented in its whole, the key idea of surveillance did take hold in certain prisons. Millbank prison incorporated this idea by building small storey surveillance towers for its staff from which they could receive and give information. To deter potential offenders, the architecture style of prisons was adapted to ensure maximum secrecy and communicate the severity of crime. For example, in Pentonville, the imposing Gothic style was used to great effect, with a portcullis entrance and castellation around the walls, which featured in subsequent prison building. Such barriers kept the public fenced out and sent an implicit message about what went on inside. Another example would be the felons’ door in Newgate which was also ominous and foreboding with â€Å"overpoweringly grim character†. Such designs gave prisons their own peculiar appearance, which eventually became recognized by the public. Prison architects also sought to enforce the separation/confinement school of thought in their design of internal arrangements. Large rooms for congregated confinement were replaced with smaller individual solitary confinement cells. Partitions were erected in spaces whereby prisoners were gathered, such as chapels and workshops (fig.X). These designs were imposed to prevent interaction among prisoners and to emphasise penitence. At Newgate, the chapel was designed such that male felons, debtors and women would enter it through isolated corridors. The chapel feature was novel for its time, adhering to reformers’ belief that moral penitence could rehabilitate offenders. In Millbank, prisoners were separated in silent cells and could only graduate to work together in groups through good behaviour. Conclusion The 19th century is widely seen as the era in which England developed into a modern state, owing to the Industrial Revolution which saw the inception of important inventions such as the steam engine and the development of the railroad and iron industries. Such technological changes also gave rise to socioeconomic changes in England, which affected the style, structure and materials of buildings. Railway stations had to be designed to cope with population growth in urban areas driven by economic development, but also be aesthetically pleasing – some became iconic landmarks embedded in the public consciousness. The use of materials also had to take into account the practicalities of rail operations. On the other hand, prisons were more affected by social changes and penal reforms arising from public debate over crime and punishment. Prisons were expected to incorporate elements of rehabilitation in addition to punishment. Humanitarian reformers like Bentham and Howard also lobbied for the separation of prisoners rather than congregation confinement. These movements changed the way prisons were designed and built in the 19th century. Both building types changed and evolved greatly in the 19th century not merely because of technological breakthroughs, but due to changing beliefs, values and attitudes in English society, which was going through an era of Enlightenment. Given the far reach of the British Empire then, these changes not only impacted England at that time but also its colonies throughout the world and remain visible today. ——————————————– [ 1 ]. Eric Evans, 2001, The Forging of the Modern State: Early Industrial Britain, 1783-1870 by (3rd edition) London: Longman Pearson [ 2 ]. Carroll L. V. Meeks, 1956, The Railway Station An Architectural History, Yale University Press, USA, Pp. 27 [ 3 ]. Christian Barman, 1950, An Introduction to Railway Architecture, Art and Technics, London, Pp. 16 [ 4 ]. * Carroll L. V. Meeks, 1956, The Railway Station An Architectural History, Yale University Press, USA, Pp. 39 [ 5 ]. The Inception of the English Railway Station [ 6 ]. Jack Simmons, 2003, The Impact of the Railway on Society in Britain, Ashgate Publishing, Ltd, Pp. 122 [ 7 ]. E2BN, 2006, â€Å"Victorian Crime and Punishment from E2BN†. East of England Broadband Network. Web. 5 Oct 2012 [ 8 ]. Robin Evans, 1982. The Fabrication of Virtue: English Prison Architecture, 1750-1840. Cambridge University Press, pp 247 [ 9 ]. John Pratt, 1993. ‘This Is Not a Prison’: Foucault, the Panopticon and Pentonville. Social & Legal Studies December 1993, pp 373-395 [ 10 ]. Harold D. Kalman, 1969. Newgate Prison. Architectural History, Vol 12 1969. pp.7 [ 11 ]. Harold D. Kalman, 1969. Newgate Prison. Architectural History, Vol 12 1969. pp.5 [ 12 ]. David Wilson, 2002. Millbank, Panopticon and their Victorian Audiences. The Howard Journal, Vol 41 No. 4 September 2002. Pp 369

Mundell-Fleming Model and RMB

Generally, Mundell-Fleming model states the impossibility an economy to sustain a fixed exchange rate system, liberalized trade and self-sufficient monetary regime altogether (cited in Cardona, unknown).   Also known as impossible trinity, this implication of the model assumes that domestic and international interest rates are equal.   Aside from the model, it should be noted that there are political and economic influences such as maintaining a strong currency ideology that motivates an economy to adapt a certain exchange rate system. Bolivia is a small and open economy that is recovering from a debt crisis in 1980s (cited in Cardona, unknown).   Under the crawling peg exchange rate system that the country adopts at that time, the model explains the inability of money supply to be moved because it has to follow dollars.   The role of Central Bank is limited to auctioning of dollars in a daily basis to devaluate the boliviano.   To prevent unemployment and slowdown in economic growth, the boliviano must follow the semi-fixed exchange rate system. On the revise side, Mexico experienced crisis under fixed exchange rate system (cited in Cardona, unknown).   The model predicts the inability of the currency to survive in the long-run under such system.   The Mexican currency aimed at appreciation but ended in overvaluation.   In this reason, Mexico should adopt flexible exchange rate system as increase in money supply (e.g. the cause of revaluation) can lead to lower domestic interest rate than global interest rate.   As a result, devaluation and normalization of the currency can happen. The implication of the model which is the impossible trinity of fixed exchange rate system, liberalized trade and self-sufficient monetary is relevant between US and China currencies (Stockman, 2000).   Both economies are large which enables them to capture the characteristics of IS-LM model (e.g. autarky) and Mundell-Fleming model (e.g. small open economy).   This makes them independent and very flexible on what exchange rate system would be employed.   For example, with pressures of revaluation of RMB from US authorities, the Chinese Government refused to do so in the grounds that it can cause lack of confidence and impression of conceding to the US from Chinese citizens. The RMB, especially in the pre-floating system, has captured a fixed rate system, exponential global trade intervention and autocratic monetary authorities at the same time.   This shows how the impossibility of trinity is relevant to the discussion of RMB especially when China assumes a conservative position regarding external trade to its economy.   On the other hand, the US Dollars would not dare to assume a fixed rate stance simply because virtually all currencies are pegged to it. Government ideology can serve as ultimate answer of Chinese authorities in their action to introduce fixed exchange rate system from 1995-2005 (Stockman, 2000). However, economic ends also motivated Chinese authorities to use fixed system.   It is meant to allow increasing trade (e.g. export and import) that the country houses from 1998-2003 and the aim to stabilize the current account balance throughout those years.   China is aware that beyond 1995 expels promising economic improvements particularly in trade liberalization efforts. In a study about the period1995-2005, it is proved that the fixed exchange rate system aided in the increase of Chinese income and price export elasticity (Garcia-Herrero & Koivu, 2007).   This means that any change in income of Chinese workers as well as prices of export commodities can lead to substitution effect from importing countries. The significance of these findings is that through the fixed exchange rate system Chinese economy resisted the influx of foreign direct investments that are made to modify the country’s balance of payments in risky terms.   To avoid dissolution of Chinese power in the minds of the population, the Government opt to fixed its exchange rate to prevent bowing to other currencies in the event of excessive trade and volatile net economic results. U.S. Mortgage Crisis Virtually all economic actors in the US mortgage industry contributed to its collapse in 2006 (Dupuis, 2007).   The increasing value of homes lured non-owners to borrow excessively beyond their capabilities while existing owners borrowed by using their properties as collaterals.   On the other end, lenders saw this scenario as opportunity to profit making them insensitive to creditworthiness of debtors.   Wall Street is also blamed for its contribution in carrying trade with outsiders (e.g. Japan) through ripping-off loans in foreign markets to finance the needs of mortgage companies, banks and lender. Lastly, and obviously the obvious conduit of mortgage crisis, is the lack of government intervention in housing sector.   As a result of these actions, sub-prime mortgage financial crisis inflamed that led to home foreclosures as interest rate rise and impacting reduction of supposedly rising house values.   The buyers of home did not have sufficient liquidity to solve their credit to lenders.   In effect, the lenders run to investment funds which in turn run to foreign markets and back to the US financial sector to address the credit problem. There are ways to mitigate the crisis.   First, the Central Bank can conduct open market operations to increase the chance of banks to access liquidity particularly short-term borrowing.   Second, homeowners and lenders can settle win-win terms in which the original contract can be modified based on the preference of one another.   Third, as prevention scheme, credit rating agencies can aid in creating an environment of transparency in the mortgage industry to prevent the same crisis in the future.   Lastly, authorities can contribute favorable legislations in lending methods, bankruptcy security and tax rate plans. The White House can intervene by improving the legal environment of which the mortgage industry can reduce substantial risk.   It can legitimize and support the media role in making the industry reports and practices more transparent.   This will not only create a less risky mortgage environment but also make it more competitive in the global business. The argument of President Bush is somewhat disciplinary as the profit-orientation of lenders is a clear manifestation of lack of public responsibility.   In effect, the Government may have the option to disregard the plea of the lenders as they are faced with bankruptcy and non-performing loans.   However, such argument does not mean to disregard the role of the Government in the mortgage industry and the White House should do its best to help lenders. The Fed, as mentioned earlier can execute open market operations to increase liquidity in the banking sector which in turn will provide liquidity to lenders to ease the credit difficulty in the mortgage industry (Andrews, 2007).   They can also affect money supply to affect interest rates and redeem the confidence of existing and potential homeowners about their abilities to pay their debts.   However, this should be done gradually in order to make economic entities responsible for the crises remember the tragic cause of their risky actions. The statement of the Fed Chairman is also coinciding with that of President Bush.   He too is a disciplinary authority that lenders and investors in the mortgage industry may not appreciate in these difficult times.   However, the penetrating open market operations may not seem a direct intervention to ease the needs but the effects will trickle down to small entities in the long-run. The mortgage crisis must be applied with active policy in the short-run particularly in addressing the liquidity needs of bigger banks that ensures the solvency of smaller banks that serve as lenders to homeowners.   The crisis is made by lack of experience of the sector in doing excessive speculation and craves for high priced assets. This excuse should be considered by authorities if it wish to minimize economic problems that the mortgage sector can further apply.   This act should be conducted through discretion and not by rule because the rule sometimes misinterprets the real world.   Discretion from monetary authorities (e.g. by involving in open market operations) and fiscal authorities (e.g. by legislating pro-crisis preventive laws) should be initiate to save not only the sector but the whole economy as well. References Andrews, E. (2007). US Congress split on solution to sub-prime crisis. New York Times. Cited in Cardona, R. (unknown). Aggregate demand in the short-run: The Mundell-Fleming Model. Dupuis, F. (2007). Impacts of the US Mortgage Crisis. Available in www.desjardins.com/economics Garcia-Herrero, Alicia and Tuuli Koivu, 2007, â€Å"Can the Chinese Trade Surplus Be Reduced through Exchange Rate Policy?† BOFIT Discussion Papers No. 2007-6 (Helsinki: Bank of Finland, March). Stockman, A. (2000). Exchange rate systems in perspective. Cato Journal, vol. 20, no. 1.            

The Counterculture Of The 1960s - 2464 Words

The 1960s brought about enormous change, popular trends, and in some cases great success. This decade has been remarked as the â€Å"transition† era. (The 1960s: Fashion: Overview.) Pop culture is the popular opinion on things by â€Å"ordinary people†. Popular culture can easily affect a society as seen in the 1960s. The 1960s brought about change in fashion and some societal â€Å"norms.† These fashion changes include, straighter dresses, bolder styles, and bell bottom jeans. (1960s: Fashion.†) The popular culture of the 1960s influenced the brains of the young and helped make the sixties such a remarkable era. One of these crucial trends would include the infamous hippie movement that in effect, sparked a music and societal breakthrough. Another societal trend that would come out of the sixties was the use of birth control and the new popularity and use of drugs. (The 1960s: Lifestyles and Social Trends: Overview.) The British Invasion, which officially started on February 7, 1964, excited mass hysteria over the arrival of several British rock musicians. Other musical breakthroughs included the implication of festivals, new innovative music genres, and ground-breaking artists. The 1960s created a new and free United States after the going through the 1950s. Many factors such as the baby boomer generation and the politics of the time helped put the 1960s pop culture on a new and totally different direction from what was previously seen. The music and some of the societalSho w MoreRelatedCountercultures Of The 1960s982 Words   |  4 Pagesactivists that were important but lesser known. The sixties also represented the movement of countercultures, identity politics and liberation movements. These challenges and movements all summarized what is known as the era of the 60s. There were many groups that opposed authority in a peaceful way such as marches and gatherings, however, these groups certainly did not get along with authorities. The 1960’s was heavily influenced by the popularized emergence of drug experimentation, the nonjudgmentRead MoreThe Counterculture Of The Early 1960 S1731 Words   |  7 Pages The counterculture of the early 1960’s and 70’s in Western society comprised a major occurrence of people’s traditional beliefs differing. Points of view considering the rights of women, race relations (notably, the African American Civil Rights Movement), the war in Vietnam and â€Å"hippie culture† (experimenting in psychoactive drugs especially) in particular altered dramtically. The Stonewall Riots took place during the early hours of the 28th of June 1969 at the Stonewall Inn, a pub that wasRead MoreContributions Of The 1960s Counterculture Movement2552 Words   |  11 PagesMichael Betti Dr. Love English 103 19 November 2014 The Contributions of the 1960s Counterculture Movement to Developments in Modern Medicine In today’s society, the 1960s are most commonly remembered for the counterculture, a period of social revolution and self-liberation. However, in addition to the commonly discussed social effects of the counterculture, there were also several notable effects of the movement on the medical field. While some of these new medical developments, such as the growthRead MoreA Brief Analysis Of the Counterculture Movement of the 1960s2857 Words   |  12 Pagessense, the counterculture refers to the culture, especially of young people, with values or lifestyles in opposition to those of the established culture in the dictionary. Until its appearance in 1969 in Theodore Roszaks influential book, The Making of a Counter Culture, counterculture, written as one word or two, has become the standard term to describe the cultural revolt of the young. Although distinct countercultural undercurrents exist in all societies, here the term counterculture refers toRead MoreEasy Rider and the Ph enomenon of the 1960s Counterculture Teenpic3130 Words   |  13 Pagesphenomenon in cinema known as the counterculture youth-pic. This trend in production started in the late 1960s as a result of the economic and cultural influences on the film industry of that time. The following essay looks at how those influences helped to shape a new genre in the film industry, sighting Easy Rider as a main example, and suggests some possible reasons for the relatively short popularity of the genre. The standard story of the counterculture begins with an account of the socialRead MoreThe Counterculture Of The 1960s From The Anti Authoritarian Engagements Of Preceding Decades1132 Words   |  5 PagesSeveral factors contributed to the counterculture of the 1960s from the anti-authoritarian engagements of preceding decades. The post-World War II ‘baby boom’ produced an extraordinary number of disaffected young people as potential partakers in a rethinking of the direction of American values. Post-war success permitted many of the counterculture generation to divert their attention from the benefaction of the material necessities of life that had preoccupied their Depression-era parents. PeopleRead MoreThe Psychedelic Art Culture From The Counterculture Revolution Of The 1960 S3588 Words   |  15 PagesThe Psychedelic art culture sprouted from the Counterculture revolution of the 1960 s referring to the anti-establishment phenomenon which developed in the United s tates but spreading across the United Kingdom and much of the Western world. At the beginning the counterculture believed by removing themselves from reality into a new reality with removing all the bad and leaving only the good such as peace, love, and no war was the key to the future of happiness.This place of only good and no bad wasRead MoreThe Issues Of Urban Poverty1197 Words   |  5 Pagestransformed in the 1960s from the start of the decade. The 1960s consisted of new rights and new understandings of freedom. The sixties consisted of rights for racial minorities to be involved in the mainstream of the American lifestyle. However, unsolved issues of urban poverty still existed. Women in the 1960s established a conversion in women’s status, for instance, women entered the paid workforce. America experienced a growth of conservative movements, consequently, the 1960s would confront judgmentRead MoreRevolution of music in the 1960s Essay1646 Words   |  7 PagesRevol ution of Music Music has continued to change throughout each decade, but the 1960s was the most influential decade in the history of music. Starting in the early 1950s, rock music was first introduced. Major record labels were releasing new â€Å"cover songs† which were originally made by black artist, but now by white artist (Rock and Roll). These cover songs changed a few lyrics from the original songs to avoid copyright issues and to also make the song more appropriate for the white listenersRead MoreHenry David Thoreau and the Counterculture1357 Words   |  6 Pagesand the Counterculture, asserting the existence of an ideal spiritual reality that transcends the empirical and scientific and is knowable through intuition. Imagination and individuality are associated with the term. Henry David Thoreau who was a leading philosopher and poet was a leading transcendentalist. He compiled a novel titled Walden, a non-fiction depicting his stay at Walden Pond where he truly explored nature an d his transcendental quality. Similar to Thoreau, the Counterculture was a non-conformist

The United States History - 1568 Words

MALIK, 703, HUMANITIES CYCLE 4 Over the course of the united states history there have been many different ethnic groups who have been discriminated. There s sna very long list of people who were forced out of certain opportunities because of their skin color, but for this project I old like to focus on the African American people. So African Americans (AA) have a long history of discrimination in this country starting out with the idea of races. Europeans originally used irish and indian people as their slaves(at least the british did) and african americans were better than the sea of poor whites so than demand began(this was the latter part of the 17th century)The transatlantic slave trade took many aa away during 1525 and 1866†¦show more content†¦While tensions are mounting to between America and England Two notable things happen one aa Lucy Terry writes a poem in 1746 and is the very first aa to get it published. Also Phillis weasley publishes a book. Later on in time after the colonies war with Great Britain,and the American revolution began slaves on both sides were offered their freedom in exchange for their service in the military. So there were both freed American slaves on the British and American sides. They joined the british for liberty and freedom much like they should have gotten when the sided with the americans when they joined the British. After the was over and the Americans were successful in establishing this here country, just like had been done to them before they were lied to ruthlessly and heartlessly cheated out of their freedom and things stayed the same. In the time inbetween the revolution and the civil war a lot happened like for example nat turner s rebellion, where nat turner and other slaves led a violent and short lived rebellion against their ex-oppressors(1831).(1839) 53 African slaves on board the slave ship the Amistad revolted against their captors, killing all but the ship s navigator, who sailed them to Long Island, N.Y., instead of their intended destination, Africa. Joseph Cinquà © was the group s leader. The slaves aboard the ship

Pax Roman A Time Of Peace And Learning - 1459 Words

Research paper: Pax Romana Rome’s Golden Age, often called the â€Å"Pax Romana†, was a time of peace and learning after the ongoing wars with neighboring barbarians, and civil wars. During this time of peace, the Romans greatly expanded their commerce and also refine their art. With peace, the romans spent less time focusing on war and more time focusing on the arts. History remembers the legendary Roman legions as the one of the most deadly and successful fighting forces in the ancient world. Even today, stories of their great success and invincibility in the face of their enemies are still known. At the height of their empire, the Romans were able to conquer a vast empire that stretched over three continents and maintain t power for centuries over the Mediterranean Sea. The key to Rome’s military success during the Pax Romana was the advanced military innovations that the Romans incorporated into its great army that included military bureaucracy, advanced batt le tactics and military technology. The Pax Romana was a time of relative peace during the Roman Empire. Although there were small conflicts during The Pax Romana it was generally known as a time of prosperity and expansion for Rome, mainly under the leadership of Emperor Augustus and Tiberius who successfully expanded borders and made peace with neighboring barbarians. Pax Romana is Latin for peaceful Rome. It lasted from 27 BC to 180 AD, from the end of the Republican Civil wars to the death of Marcus Aurelious.Show MoreRelatedAugustus Of The Roman Empire1365 Words   |  6 PagesDictator of the Roman Empire adopted his grandnephew, also known as Octavian in his will. 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Oral tradition also provided people something to

Explanation of Investment and Portfolio Management

Question: Discuss about the Explanation of Investment and Portfolio Management. Answer: Introduction The following assignment presents the explanation and concept of share valuation by analyzing the securities of a listed company in Australia. The study aims to determine and present the correct valuation, over valuation or under valuation of securities by considering different methods of share valuation. For the purpose of share valuation and analysis, Woolworths Limited has been selected that is listed on Australian Stock Exchange and included in the top 200 stocks as per market capitalization value (Asx.com.au 2017). Further, share valuation and analysis has been done by considering two types of valuation i.e. absolute valuation and relative valuation. Absolute valuation is considered to measure the intrinsic value of securities based on the fundamentals like cash flow, dividends or growth rate of the organization. On the contrary,relative valuation is considered to present comparable valuation of the securities along with the share valuation of other similarorganizations (Damodar an2016). Accordingly, in order to present the share valuation analysis of Woolworths Limited different models of absolute valuation has been considered. Discussion Background of the company: Woolworths Limited is a public company and second largest organization in Australia in view of the amount of revenue. The company was founded in the year 1924 having its headquarters at New South Wales, Australia while it serves the business in New Zealand and India. According to the current reports on business valuation, the organization has been valued at $30.2 billion whereas the operating income reported at $1.6 billion(Woolworths 2016). It has been observed that the number of locations of the organization reported to more than 3,800 in Australian region. Further, primary business operation of the company includes Australian food and Petrol representing two- third of its total revenue ($39.4 million), revenue from drinks group amounted to $7.58 million and other departmental stores and hotels including the stores of liquor that derives the income of around $6.53 million (Woolworths 2016). Analysis of current valuation: Current valuation of Woolworths Limited involves enterprise valuation that is measured in accordance with the current market valuation by considering the value of liquid assets, outstanding debt and value of equity instrument. Accordingly, the enterprise value of the company is determined by using the value of market capitalization, value of debt deducted by the amount of cash. Currently, the enterprise value of the organization has been reported amounted to $33.56 Billion, which is lower than other sectors in service industry, approximately by 89.26% while 61.55% lower than of the sector involved in grocery industry(Asx.com.au 2017). Currently, the shares of the company have been valued at $24.38 while dividend yield on annual basis reported at 3.16%. It has been noted that the return on assets of the company was 6.56% whereas profit margin reflected negative balance (2.12) percentage and operating margin at 4.40%(Asx.com.au 2017). In order to determine the correct valuation of the securities of Woolworths, absolute valuation would be considered based on the dividend discount model, price earnings ratio, earnings per share model and growth rate model. As per dividend discount model, true valuation of the securities would be measured based on the dividend payment to the shareholders (Andriosopoulos and Lasfer2015). Valuation of securities under this methodology would be considered on the basis of present value of cash value based on the actual payment of dividend amount. It is essential that the payment of dividend should be stable and involves predictable amount considering the growth rate for dividend per share or earnings per share. Valuation of shares as per dividend discount model is estimated by considering dividend growth rate and related rate of discount used to measure the present value (Cornell 2013). Considering the recent data of Woolworths Limited, following equation will be used to measure the present value of securities of Woolworths i.e. Dividend per share/ (Discount rate- Growth rate). As per the current years annual report, dividend per share of the company for the financial year 2011, 2012, 2013, 2014 and 2015 has been 122 cents, 126 cents, 133 cents, 137 cents and 139 cents respectively(Woolworths 2016).The discount rate for Woolworths Limited to be 8% while the growth rate 5% based on the recent years financial information has been assumed. Hence, it can be said that Woolworths dividend payment reflects constant growth over the years in accordance with the earnings. Accordingly, share value of Woolworths for the year 2015 would be measured as $1.39/ (0.08- 0.05) = $46.33 whereas share value for the year 2014 would be $1.37/ (0.08- 0.05) = $45.67(Woolworths 2016). On the contrary, present market value of the securities of Woolworths has been $24.27 hence, the share value of Woolworths as per dividend discount model is said to be undervalued. Since the present valuation of securities of Woolworths has been undervalued, the investors can be recommended to go long on trading the securities. In addition, share valuation can be measured by using another model in absolute valuation i.e. Discounted Cash Flow Model that is used to determine the correct share valuation using future cash flows. This method is mainly preferable to measure the share valuation for the organizations that does not pay dividend. In order to measure the value of business or securities forecasted free cash flow based on the previous years performance as well as based on growth rate (Cumming and Hou2014). As per the financial information of Woolworths Limited, free cash flow during the recent year has been $2,167million; cash flow from operating activities amounted to $4,711.1 million whereas cash flow used in investment activities $1,055.7 million(Woolworths 2016). It was noted that the cash flow from operating activities and used in investing activities declined in the current year in comparison to the previous year. Accordingly, share value as per discounted cash flow model would be determinedby con sidering discounted cash flow of the year along with the use of growth rate i.e. $2,167/ (1+8%) = $ 2,006 i.e. $30.45. As the current price of security of Woolworths has been $24.27 therefore, share valuation of the company as per discounted cash flow model is undervalued and investors either can purchase the shares or can hold the same. For the purpose of appropriate valuation of shares, Earnings per share methodology can be considered, which refers to the amount of net income attributable to the shareholders of the organizations divided by the outstanding shares during the financial year (Raza and Jawaid2014). In certain cases, earnings per share of the company is adjusted by excluding certain non- cash items i.e. amount of goodwill amortization or expenses on stock valuation. For the purpose of appropriate valuation of shares, it is essential to consider volatility of companys EPS for several years (Goodman and McLelland2016). In view of the financial report of Woolworths Limited for the recent financial year, basic earnings per share of the company during the year 2015 was 170.8 cents whereas 196.5 cents during the year 2014. It has observed that the earnings of the company declined in the recent years in compared to the earnings of 2014(Woolworths 2016). On the other hand, price earnings ratio of the companys se curities is important to consider that provides information on stock price in relation to the earnings for a particular financial year. If the computed price earnings ratio of the company is less than the benchmark of the industry, the shares would be considered undervalued whereas if the price- earnings ratio of the company is higher than the industry benchmark, share of the company would be considered as overvalued (Gregory and Whittaker 2013). As per the current financial economy, standard price earnings ratio 15 is considered while P/E ratio of the company Woolworths has been reported at 12.81 that is lower than the industrial benchmark. Therefore, it can be said that as per the earnings per share and price- earnings ratio, share price of Woolworths limited is undervalued and the investors can go long (Asx.com.au 2017). Growth rate on sales and income is also considered for measuring the valuation of shares of the company based on the historical judgments and future prediction. Valuation on shares based on the growth rate would be sales revenue and other income during the financial year and in comparison to the benchmark of the industry. Growth rate is used to determine the appropriate share price along with the factors of discounting rate and dividend per share. If the value of dividend of the company expects to grow over the period, the stock will be considered as constant growth security (Wang 2013). In case of Woolworths Limited, it has been noticed that the companys dividend for the past years along with that in current year has been increasing whereas revenue income of the company declined in the year 2015. Hence, if the method of constant growth model is considered, valuation of share will be measured by using current dividend amount, expected growth rate and required return (Kung and Schmid2 015). Considering the current financial information of Woolworths, current dividend amounted to $139 cents is provided while expected growth rate is 5% assuming the required rate of return on the security investment would be 12% as per the industrial benchmark(Woolworths 2016). Therefore, price of the share of Woolworths Limited would be determined as $20.85 i.e. [$1.39 (1+.05)/12-0.06] whereas current market price of the share is $24.27. In view of the growth rate model, considering the valuation of securities, it can be said that the companys present share valuation is overvalued and the investors are recommended to go short. Overvaluation and undervaluation of shares is determined by considered the percentage of return on organizational capital, assets, sales as well as market capitalization. Return on invested capital is used to measure the amount of investment in terms of capital that provides information on growth level and derivation of capital return against the amount of cost of capital(Pan, Wang and Weisbach2015). If the return on investment capital is higher then it can be said that the company is efficient and ratio on companys income with that of the invested capital would determine the correct valuation of shares (Wachter2013). In case of Woolworths Limited, invested capital during the current year 2015 amounted to $11,132 million whereas the net income amounted to $2,137 million, therefore return on invested capital would be 19.19%(Woolworths 2016). It can be said that the percentage of return on invested capital is higher than the standard required rate of return i.e. 12% and the valuation o f shares can be said to be undervalued and the investors can go long on the shares. Similarly, return on assets provides the measurement of the efficiency of the organization to generate business income from the use of assets. In order to determine the return on assets, total income after tax as well as total value of assets is to be considered during the financial year. Considering the return on assets, if the return is higher than the expected return, the valuation of the shares is said to be overvalued whereas if the return on assets is lower than the expected value then shares would be considered as undervalued (Dechow, Sloan and Zha2013). Considering the current years financial information, total value of assets of the company is $25,336 whereas net income amounted to $2,137 million. Therefore, return on organizational asset to be determined as 8.43% while the expected return considered is 12%, which is higher than the computed value(Woolworths 2016). Since, the expected return on investment of securities is higher than the actual current rate of return from as sets, shares of Woolworths can be considered overvalued and investors are advised to go short. Other factors that are used to measure the correct valuation of securities involves price to sales ratio, market capitalization, enterprise value and sales ratio as well as enterprise value and earnings before interest and tax ratio. Price to sales ratio is used to compare the current market price of the companys shares along with the amount of sales earned during the financial year (Greenwood and Shleifer2014). Sales value of Woolworths during the current financial year amounted to $60,868.40 million or $48.07 per share while the current market price of stock valued to $24.27 therefore, price to sales ratio equals to 1.98. Considering the price to sales ratio of other similar organizations in the same industry, trading value is 2.0, which is higher than that of the value of Woolworths(Asx.com.au 2017). Hence, the shares of Woolworths Limited can be considered as undervalued and are suitable if investors go long on such securities. However, if market capitalization factor is consider ed to determine the share valuation, it represents the value of entire securities of the company. It is measured by considering current price of each stock of the company as well as total number of outstanding shares. Moreover, enterprise value refers to the total value of the organization that is measured by considering market capitalization value and total value of debt involving short- term and long- term debts (Alti and Tetlock2014). As per the current financial report, market cap of the company has been 71.72B whereas enterprise value has been 76.31B hence it can be said that the stock price of Woolworths Limited is undervalued as the market capitalization is lower and the investors are recommended to go long. Conclusion Share valuation analysis is considered to be one of the essential factors for the investors to determine the organizational efficiency for the purpose of making investments. As the study demonstrates different models and methodology for valuation shares, it presents analysis on the overvaluation, undervaluation or correct valuation of shares for the selected company Woolworths Limited. For this purpose, absolute valuation method has been considered that incorporates dividend discount model, discounted cash flow method, growth rate method, earnings per share method. Following the dividend discount model, security valuation has been done based on the dividend paid by Woolworths over the several financial years along with comparison in the current year. As per the methodology, value of shares determined has been undervalued since the current market price of the security reflected lower value. Similarly share valuation as per discounted cash flow method, share valuation has been determined as undervalued because the value of share as per cash flow method has been higher than the market price. Further, share valuation as per other methodology has been determined as undervalued as the current market value of Woolworths security was lower. On the contrary, valuation based on the percentage of return on assets and growth rate considered to be overvalued since the standard return value has been higher. Market capitalization, return on investment, price to sales ratio and enterprise value has also been considered to value the securities based on the current financial report. As the determined value of market capitalization of company is lower, the current valuation of security of Woolworths considered to be undervalued. However, as Woolwor ths Limited provides dividend payment, the most reliable and absolute valuation method would be dividend discount model that determines the stock of the company are undervalued hence investors can go long. Reference: Alti, A. and Tetlock, P.C., 2014. Biased beliefs, asset prices, and investment: A structural approach.The Journal of Finance,69(1), pp.325-361. Andriosopoulos, D. and Lasfer, M., 2015. The market valuation of share repurchases in Europe.Journal of Banking Finance,55, pp.327-339. Asx.com.au. 2017.Home - Australian Securities Exchange - ASX. [online] Available at: https://www.asx.com.au/ [Accessed 7 Jan. 2017]. Cakici, N. and Topyan, K., 2014. Market Capitalization. InRisk and Return in Asian Emerging Markets(pp. 13-27). Palgrave Macmillan US. Cornell, B., 2013. Discounted Cash Flow and Residual Earnings Valuation: A Comparison in the Context of Valuation Disputes.Business Valuation Review,31(4), pp.157-164. Cumming, D. and Hou, W., 2014.Valuation of restricted shares by conflicting shareholders in the Split Share Structure Reform.The European Journal of Finance,20(7-9), pp.778-802. Damodaran, A., 2016.Damodaran on valuation: security analysis for investment and corporate finance(Vol. 324). John Wiley Sons. Dechow, P.M., Sloan, R.G. and Zha, J., 2013. Stock prices and earnings: A history of research.Annual Review of Financial Economics,6, pp.343-363. Dias, A., 2013. Market capitalization and Value-at-Risk.Journal of Banking Finance,37(12), pp.5248-5260. Farrell, M. and Gallagher, R., 2015. The valuation implications of enterprise risk management maturity.Journal of Risk and Insurance,82(3), pp.625-657. Goodman, D.H. and McLelland, M., 2016. The implied private company pricing line (IPCPL): On the nature, scope, and assumptions of IPCPL theory.Business Valuation Review,35(1), pp.18-29. Greenwood, R. and Shleifer, A., 2014. Expectations of returns and expected returns.Review of Financial Studies,27(3), pp.714-746. Gregory, A. and Whittaker, J., 2013. Exploring the valuation of corporate social responsibilityA comparison of research methods.Journal of business ethics,116(1), pp.1-20. Kung, H. and Schmid, L., 2015. Innovation, growth, and asset prices.The Journal of Finance,70(3), pp.1001-1037. Novy-Marx, R., 2013. The other side of value: The gross profitability premium.Journal of Financial Economics,108(1), pp.1-28. Pan, Y., Wang, T.Y. and Weisbach, M.S., 2015. Learning about CEO ability and stock return volatility.Review of Financial Studies, p.hhv014. Raza, S.A. and Jawaid, S.T., 2014. Foreign capital inflows, economic growth and stock market capitalization in Asian countries: an ARDL bound testing approach.Quality Quantity,48(1), pp.375-385. Wachter, J.A., 2013. Can Time?Varying Risk of Rare Disasters Explain Aggregate Stock Market Volatility?.The Journal of Finance,68(3), pp.987-1035. Wang, M.C., 2013. Value relevance on intellectual capital valuation methods: the role of corporate governance.Quality Quantity,47(2), pp.1213-1223. Woolworths 2016.Woolworths Supermarket - Buy Groceries Online. Available at:https://www.woolworths.com.au/[Accessed 30 Nov. 2016].

The Prioress And Women Of Chaucers Time English Literature Essay Essay Example

The Prioress And Women Of Chaucers Time English Literature Essay Essay Geoffrey Chaucer s The Canterbury Tales is a antic piece of literature which tells the narrative of a group of travellers who are on a pilgrims journey. The General Prologue to The Canterbury Tales is a long transition in which Chaucer describes the characters. The characters societal stature and general businesss vary greatly and it is clear to the reader that there are some who Chaucer greatly admires and others who he intends to a jeer of. In making so, he besides assigns gender stereotypes, which can be seen in his favourable portraiture of the Knight character and really unfavourable portraiture of the Prioress character. By comparing the Prioress and Knight s descriptions in the General Prologue, the reader can state this to be true. We will write a custom essay sample on The Prioress And Women Of Chaucers Time English Literature Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Prioress And Women Of Chaucers Time English Literature Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Prioress And Women Of Chaucers Time English Literature Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Upon first reading Chaucer s Prioress description it would look that she is a favourable figure in his eyes: Ther was besides a Nonne, a Prioress / That of hir smile was ful simple and coy./Hir gretteste ooth was but by sainte joy! ( lines 118-120 ) . This shortly turns to a sarcastic tone and we see how Chaucer uses the Prioress to depict his positions on adult females in general: shoal, unfaithful and wanting riches/higher societal position. The Prioress is described as a nun but Chaucer emphasizes her blue mode and public image. The Prioress is seeking to move as if she were in a higher societal stature than she truly is. Her efforts to feign she is something that she is non is Chaucer s manner to demo her superficiality ( and his degrading position towards adult females in general ) . Equally difficult as she may seek to conceal them, Chaucer points out her defects. The Abbess flaunts her instruction and cognition of French as if she had traveled at that place for an drawn-out period of clip and was a worldly traveller. When the storyteller says, And Frenssh she spak ful faire and fetishly, / After the scole of Stratford at the Bowe- / For Frenssh of Paris was to engage unknowe ( lines 124-126 ) , it is Chaucer s manner of stating the reader that she does non cognize her Gallic from her travels, instead from books and schooling. Her efforts to sham herself as sophisticated merely make her character seem even shallower. This form continues when the storyteller remarks on her table manners At mete wel ytaught was she withalle: / She leet no morsel from hir lippes falle, / Ne wette hir fingers in hir sauce deepe ; / wel coude she carye a morsel, and wel keepe / That no drope ne fille upon hir Brest ( lines 127-131 ) and once more two lines subsequently adding Hir over-lippe wiped she so clene / That in hir coppe ther was no firthing seene ( lines 133-134 ) . This was clearly meant to be taken as irony instead than a good quality because no 1 wants to b e remembered or described for their table manners. For this ground the reader can deduce that Chaucer is utilizing the storyteller to defame the Prioress character and adult females in general. At the clip Chaucer wrote this, a adult female of the Prioress stature, a nun, is supposed to act and move a certain manner. That is to state, she should move in a mode that the Church would O.K. of. The storyteller describes her in a few ways as the antonym, which would be clearly known to any reader of the twenty-four hours. The first being when the storyteller is depicting her broach of golde ful sheene ( lines 160 ) which is inscribed with the followers, Cupid vincit omni. The broach is a piece of jewellery, and the lettering fundamentally translates to love conquers all. Since the Prioress is a nun, she should non hold a broach made of gold. She is non supposed to hold anything munificent ; instead, she should populate a life of simple agencies. She has purportedly made this committedness to the church. Love conquers all is normally used as an look between a love shared by a adult male and a adult female. As a nun, the Prioress should hold no cognition of this sort of love and to the people and Church of the twenty-four hours this would be considered profane. Last ( in respect to the Prioress deficiency of following her Church committednesss ) , the storyteller describers her headgear known as a wimple But sikerly she hadde a faire forheed: / It was about a spanne brood ( lines 154-155 ) . Translated this means that her brow is demoing through her headgear when merely her face should be. The reader can presume that she does this in order to do herself more beautiful. Combined, these actions show the Prioresses neglect for the Church, for if she genuinely cared, none of these would be present. Towards the terminal of the Prioress description, the storyteller leaves the reader with and pained hire to countrefete cheere / Of tribunal, and to been statlich of manere ( lines 139-140 ) . This fundamentally sums up the Priores, s and Chaucer s position of adult females: forgery. The Prioress systematically fails to move in conformity with the Chur ches regulations although she is a nun, and pretends to be a true socialite and worldly figure when she is nil more than a pupil and an image of person she wishes to genuinely be. When compared to the Prioress, the male Knight is depicted instead favourably as an honest character. Chaucer s Knight is the true prototype of a soldier. Harmonizing to the storytellers description, he has killed many work forces and has traveled the universe, including Russia, Spain, Prussia, Lithuania, Africa and many other topographic points. Chaucer s description of the Knight has non one negative facet. For this ground, it is apparent that Chaucer is demoing the reader all of the good qualities work forces have as opposed to the qualities females deficiency. The Knight s qualities include award, courage, devotedness to his lands, and honestness. This is shown throughout the storyteller s description of the Knight, including when he states he loved chivalrye. / Troughe and honor, freedom and curteisye ( lines 45-46 ) , He nevere yet no vilainye ne saide ( line 70 ) and a verray, parfit, gentil knight ( line 72 ) . Harmonizing to the storyteller, he has been on more mission s than anyone else, and no 1 can compare in footings of repute. The following extract from the General Prologue shows this clearly: At Alisander he was whan it was wonne ; Flu ofte clip he hadde the broord bigonne Aboven alle nacious in Pruce ; In Lettou had he resised, and in Ruce, No Christian adult male so ofte of his grade ; In Grenade at the sege eek hadde he b Of Algezir, and ridden in Bekamarye ; At Lyeis was he, and at Satalye, Whan they were wonne ( lines 51-59 ) Compared to Chaucer s blemished Prioress, the Knight has traveled all over the universe, and if he had known how to talk Gallic it would be because he had visited the land and learned from experience. The fact that the Knight went on so many missions ( campaigns ) and is held in such high respect by his state shows his dedication to his state, or what he is supposed to make ( it is his duty to make this as a solider ) . Since the Prioress is supposed to follow the guidelines of the Church but systematically does non, she is opposite from the Knight in this manner. This aspect is decidedly integrated by Chaucer deliberately to raise the image of work forces even higher from adult females. He does his responsibility despite the dangers he may faces, since merely work forces could function their state ; Chaucer is utilizing this facet of the Knights character in a double manner to divide work forces and adult females. The concluding comparing between the Prioress and Knight can be shown in footings of secular ownerships and visual aspects. Both a knight and nun should hold small in footings of garments and ownerships. As stated antecedently the Prioress has a desire for munificent points and attempts to do herself more physically appealing. In footings of ownerships and appearances the Knight is described by the storyteller in the undermentioned footings: His hors were goode, but he was non cheery. / Of fustian he wered a gipoun / All bismotered with his haubergoun ( line 74-76 ) , intending the Knight is non really dressed to maintain up with current tendencies, even his armour is worn. This is how it should be for a adult male of his stature. The lone ownership the Knight does hold is his Equus caballus: he would be nil without it. This is a humbling characteristic that is besides lacked by the Prioresses character. An analysis of Chaucer s work reveals blunt differences between his word picture of male ( the Knight ) and female ( the Prioress ) characters. Chaucer ascribes different qualities transporting different intensions to both genders. While Chaucer exposes the Prioress as deceitful and selfish, the Knight is described in much more honest footings, genuinely incarnating aristocracy and attachment to responsibility. Throughout Chaucer s The Canterbury Tales, the reader finds that the storytellers descriptions of the characters are similar, in that the males seem to hold a higher degree of character when compared to the female characters. All of the female characters are described as fallacious, shallow, missing religion, and merely caring for themselves. For this ground, the reader can see that Chaucer s true feelings towards each gender are represented throughout The Canterbury Tales. In fact, many have said that when the storyteller speaks to the reader and says he is depicting the cha racters as he sees them, Chaucer is giving a hint that he has really depicted some world in his work of fiction. Chaucer s description of the Prioress and Knight, peculiarly, can be viewed as his commentary on work forces and adult females, and their general characteristics/commitment to their several functions.