Application Of Islamic Microfinance In Poverty Alleviation Economics Essay

Application Of Islamic Microfinance In Poverty Alleviation Economics Essay Poverty is one of the fundamental problems in developing countries. It is estimated that around 80 percent of the worlds population is living in countries where income distribution gap is widening. Poverty rate is quite high in all Muslim countries except a few countries in Southeast Asia and the Middle East. Poverty levels have also been associated with high inequality alongside low productivity. Half of the Indonesia population (about 129 million) is living below the poverty line of $2 a day. While in South Asia two largest Muslim states Bangladesh and Pakistan alone account for 122 million each living below the poverty line where as 100 million Muslims of India is also living below the poverty line. (Source: Islamic Microfinance Development: Challenges and Initiatives, IRTI website, 2007) Microfinance is a part of financial services which includes not only credit facility but also savings, insurance, and fund transfers to facilitate low-income people. The World Bank estimates that there are over 7,000 microfinance institutions; serving some 16 million poor people in developing countries. The total cash turnover of MFIs world-wide is estimated at $2.5 billion and the potential for new growth is outstanding. (Source: Micro facts: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) The Microcredit Summit estimates that $21.6 billion is needed to provide microfinance to 100 million of the worlds poorest families. The Summit planners said it should be possible to raise US$2 billion from borrowers savings alone and the final figure may be even higher. (Source: Micro facts: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) Fewer than 10 million out of the 500 million people who run micro and small enterprises have access to financial support for their business and fewer than 2% of the poor people have access to financial services (credit and savings) from sources other than lenders. (Source: MICROFACTS: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) The supporters of microfinance believed that it will help in reducing poverty and the concept became more popular in 1974 when famine struck Bangladesh. At the time, Dr. Muhammad Yunus was a professor of economics at the University of Chittagong. He subsequently started Grameen Bank which has been a wonderful success with more than 90 percent recovery rate. (Source: Short history of Grameen Bank, Grameen Bank website, 2010) Studies have also shown that during an eight year period, among the poorest Bangladesh with no credit service of any type, only 4 % pulled themselves above. But with only individuals and families with credit from Grameen Bank, more than 48% rose above the poverty line. (Source: MICROFACTS: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) In Pakistan there are 25 Microfinance institutions with the total deposit of $52.3 million which covers 1.83 million of population out of total population of 174 million (Fehmeen, 2010). Pakistan is ranked 6th in terms of population with the labor force of 53.78 million as estimated for 2009. (Source: CIA world Fact book, Central Intelligence Agency website, no date) Figure 1: Unmet Demand for Microfinance in Pakistan from 2008-2009 Source: Microfinance Hub Website From the statistical figures of 2008-2009; it can be said that the population below the poverty line is 29,928,000 million which represents 17.2 % of the total population and the unemployed population is 26,448,000 which means 15.2% of the total population; that sums up to 32.4% out of the total population of Pakistan. These people need microfinance support to improve their living standard because the people living below the poverty line are not even able to get basic necessities of life (Fehmeen, 2010). In this regard, the Financial Inclusion Program (FIP) has been implemented by SBP with support of the UK Department for International Development (DFID), which aims to transform the financial market with a clear objective to provide equitable and efficient market-based financial services to the otherwise excluded poor and marginalized population including women and young people. FIP has developed an evidence based policy and a realistic target of reaching out to three million microfinance users by the end of 2010. (Source: Financial Inclusion Program, SBP, no date) Some facts about the outreach of Islamic Microfinance in different countries are mentioned in the Table 1. Region No. of Included Institutions % of Female clients (Avg.) Total no. of Clients Total Outstanding Loan Portfolio (US$) Avg. Loan Balance (US$) Afghanistan 4 22 53,011 10,347,029 162 Bahrain 1 N/A 323 96,565 299 Bangladesh 2 90 111,837 34,490,490 280 Indonesia 105 60 74,698 122,480,000 1,640 Jordon 1 80 1,481 1,619,909 1,094 Lebanon 1 50 26,000 22,500,000 865 Pakistan 1 40 6,069 746,904 123 West Bank and Gaza 1 100 132 145,485 1102 Saudi Arabia 1 86 7,000 586,667 84 Sudan 3 65 9,561 1,891,819 171 Syria 1 45 2,298 1,838,047 800 Yemen 3 58 7,031 840,240 146 Total 63 299,441 197,583,155 564Table 1: Outreach of Islamic Micro Finance by Country Source: CGAP Survey, 2007 Islamic finance is still in its introductory phase, but it has achieved double digit growth both in Pakistan and around the world. Some of the well known Islamic finance instruments are Murabaha (Sale Contract), Musharakah (Equity Participation), Mudarabah (Partnership), Ijarah (Lease Financing), Bay Muajjal (sale on Credit or deferred payment sale), Bay Salam (Deferred Delivery Sale) etc. 1.2 Problem Statement Interest based micro lending carries high interest rates and is impermissible in Islam; hence, this study strives to analyze how the mix of debt and equity based Islamic finance contracts be used in providing Islamic micro financial services in Pakistan which has more than one quarter people living below the poverty line and huge rural population. 1.3 Objectives of the study It will identify and analyze various instruments of Islamic microfinance that can eliminate poverty effectively than conventional micro financing. It will recognize and analyze the mix of debt and equity based Islamic finance contract; used in providing Islamic micro financial services in Pakistan. It will explore the scope of opportunities for Islamic microfinance in Pakistan. It will discover the challenges that Islamic microfinance could face in Pakistan. 1.4 Importance of the study This  study  highlights the importance of Islamic microfinance to help reduce poverty in Pakistan. As the poor are becoming poorer in Pakistan due to rising inflation and very limited sources of employment, this research will discuss how the Islamic microfinance could help in poverty alleviation, equitable redistribution and employment creation. 1.5 Research Methodology This research study will inquire that how far Islamic microfinance would be helpful in reducing poverty in Pakistan. To substantiate the case for microfinance; the study will analyze five major countries where microfinance is prevalent. Panel data on four variables which include per capita income, education which will be measured through literacy rate, poverty measured through percentage of population living below the poverty line and inequality measured through gini co-efficient will be taken from the selected five countries. The period of study will be different for each country starting from when microfinance started in particular countries to the current period. Secondly, the research will identify and analyze the mix of debt and equity based Islamic finance contract which could be used in providing Islamic micro financial services in Pakistan. For this purpose, specific entrepreneurial activities with investment requirements will be identified and then the ideal Islamic mode to be used in specific entrepreneurial activities with particular investment would be recommended. 1.6 Plan of the study This study consists of five phases. Work in each phase would be reported as a separate chapter. The first chapter of study will cover the introduction which includes the background of the study, Problem statement, Objectives of the study, importance of the study and scope of research. The second chapter will cover the literature review of will the academic and practical progress in Microfinance. The third chapter will discuss the research methodology i.e. the various tools and techniques that will be used to conduct research. The fourth chapter will include the data collection and findings obtained from the analysis of the data collected. The fifth chapter will comprise the research conclusion based on the findings. 1.7 Limits of the study This study on application of Islamic microfinance in poverty alleviation would be useful and provide experiential support to future studies on Islamic microfinance in Pakistan. There exist no full fledge Islamic microfinance bank in Pakistan. Hence, the models and instruments discussed have not been put into practice and empirical analysis of performance will be hard to make. CHAPTER 2 LITERATURE REVIEW 2.1 What is Microfinance? According to Abedelhamid 1991 (p. 57-64). Microfinance is a set of financial services which provides loans to clients who are excluded from the traditional financial system on account of no or little collateral. In the third world countries, microfinance has become very popular because inflation tends to be high and volatile; government is often incompetent; and the necessary legal framework for financial services is often missing Microfinance is the provision of a broad range of financial services such as deposits, loans, payment services, money transfers, and insurance to poor and low-income households and, their microenterprises. Microfinance services are provided by three types of sources: Formal institutions, such as rural banks and cooperatives; Semiformal institutions, such as nongovernment organizations; and Informal sources such as money lenders and shopkeepers. Institutional microfinance is defined to include microfinance services provided by both formal and semiformal institutions. Microfinance institutions are defined as institutions whose major business is the provision of microfinance services. (Source: Finance for Poor: Microfinance development Strategy, ADB website, 2000) 2.2 History of Microfinance Microfinance history dates back to the mid of the 18th century when the philosopher Lysander Spooner was doing research on the advantages from small loans to entrepreneurs and farmers as a way to get people out of poverty. The economist Timothy Guinnane at Yale had been doing some research on Friedrich Wilhelm Raiffeisen ´s village bank movement which started in 1864 in Germany and by the start of the year 1901 the bank reached 2 million rural farmers. As per Timothy Guinnane explanation it was proved that microcredit could pass the two tests concerning peoples payback moral and the possibility to provide the financial service to poor people. Today, the expression Microfinance has its roots in the 1970s when the Grameen Bank of Bangladesh was established. At that time a new span of microfinance initiatives introduced many new procedures into the sector. Pioneering enterprises started doing experiments with providing credits to the poor people. Increasingly, it was thought that people could be relied on for repayment of their borrowings and it is feasible to provide financial services to underserved people through market based enterprises without subsidy. In 1974, Shore bank was the first microfinance and community development bank founded in Chicago for the first time in USA. (Source: History of micro finance, Global envision website, 2006) Today the World Bank estimates that more than 16 million people are served by some 7000 microfinance institutions all over the world. CGAP experts suggested that about 500 million families benefits from these small loans making new business possible. (Source: Micro facts: Data Snapshots of Microcredit, Global Development Research Centre website, 2008-2009) 2.3 Present Situation and Growth of Microfinance The year 2008 is considered as the beginning of a challenging period for microfinance in a number of countries. The economic and financial crises that reached MFIs and their clients turned calm waters into rough shores for many institutions in the industry. The year 2009 MIX Global 100 Composite Ranking captures the effects of this changing environment, where global growth rates slowed for the first time in years, and many MFIs faced stagnant or rising costs, and in some in ­stances a slow rise in credit risk. Figure: 3 Growth Pattern of Microfinance in all continents Source: MIX Global website, 2009 The 2009 edition of the MIX Global 100, surveyed 955 institutions from nearly 100 countries as illustrated in Table 2. As a group, surveyed institutions represented nearly 85 percent of the known pool of microfinance borrow ­ers, serving 72 million borrowers with 37 billion USD in loans and holding 22 billion USD in deposits from 67 million microfinance clients (Source: MIX Global website, 2009). Table 2:2009 MIX Global 100 Composite Ranking Countries with Most MFIs in Top 100 Country MFIs in Top 100 All Ranked MFIs India 20 51 Ecuador 9 44 Egypt 6 12 Philippines 6 34 Bangladesh 5 9 Cambodia 5 13 Bolivia 4 22 Bosnia and Herzegovina 4 13 Armenia 3 7 Mexico 3 27 Morocco 3 5 Dominican Republic 2 2 Jordan 2 6 Mongolia 2 4 Nepal 2 16 Peru 2 54 Serbia 2 4 Vietnam 2 5 Source: MIX Global website, 2009 Microfinance is assured as one of the tools that can decrease as well as eradicate poverty. According to Saefullah (2010) numbers of research have been conducted in order to measure the success of microfinance. The stories of Grameen Bank in Bangladesh, Bank Rakyat Indonesia (Indonesian People Bank) in Indonesia, Self-Help Group in India show the extent to which microfinance can eliminate poverty. Obaidullah (2008) has also done research that attempts to identify the glory of microfinance. Table: 3 Poverty Level and Financial Access in Bangladesh, Indonesia and Turkey Source: Islamic Microfinance Development: Challenges and Initiatives, 2008, IRTI, IDB Name of Member Counrty Human Poverty index Rank Income poverty Index Population Below Population in millions No. of poor in millions Financial access percentage (2007) $ 1 a day (%) $ 2 a day (%) Poverty Line Peoples republic of Bangladesh 85 36 82.8 45 147.37 122 32 Republic of Indonesia 41 7.5 52.4 17.8 245.45 128.6 40 Republic of Turkey 21 3.4 18.7 20 70.41 13.2 49 Impact of microfinance in household and community level components According to study of Chowdhury Bhuiya (2004) the wider impacts of BRAC (Bangladesh Rural and Advancement Committee) poverty alleviation program found that there was a positive impact on living standard as the survival rate and schooling of children improved. The Impact of microcredit on borrowers of Grameen Bank by Khandker (2003) illustrate that there was a positive impact on the households poverty reduction that availed the microfinance facility. Latif (2001) in his study on the effects of microcredit on the household saving of Bangladeshi borrowers concluded that saving-income ratio was significantly higher for the customers of microfinance as compared to poor who were not participants of microfinance institutes. Another research conducted by Zaman (2001) on the Impact of microcredit on poverty and vulnerability found that there is positive impact on income and decision making capability of poor using microfinance. Bangladesh Institute of Development Studies (2001) researched on the Impact of microcredit on savings and informal borrowings discussed that microcredit increased savings and this was more prominent in women than men. Hakim (2000) in the study Impact of microfinance program highlighted the higher social relations and mobility among women clients and the positive impact of microfinance on asset-ownership. Mosley and Hulme (1998) studied the possible conflict between growth and poverty alleviation. Their main finding is that the income and assets of the borrowers had increased due microcredit. Halder (1998) in the research identification of the poorest and the impact of credit on them asserted that the members of BRAC (Bangladesh Rural and Advancement Committee) consumed high calories as compared to non-members. Pitt and Khandaker (1996) explained in their study the Impact of microcredit on borrowers of BRAC, BRDB (Bangladesh Rural Development Board) and Grameen Bank that there was positive impact in women employment, total per capita weekly expenditure and womens non-land assets. Villagers attitude and other behaviors can be changed through credit programs. (The Challenge of Poverty and Mapping out Solutions: Requisite Paradigm Shift from a Problem-Solving and Islamic Perspective Dr. Mohammad Omar Farooq) M.A.Hamid (no date) found in his research that from 200 customers of Grameen Bank 46 were willing to join the Islamic bank of Bangladesh limited and one of the three main reasons was that this Islamic bank will provide services of microfinance within the limits of Islamic Shariah and Grameen Bank will not. Microfinance has a very essential role to play in development according to proponents of microfinance. As per UNCDF (2004) studies microfinance plays three vital roles in improvement. First of all it helps needy people to fulfill their basic needs and protect against hazards and is also related with up gradation of household economic welfare and lastly it motivates women by their participation in economy and also encourage equality. Results of a research on monitoring and evaluation of PKSF (Palli Karma-Sahayak Foundation) (2005) sponsored microfinance programs shows that absolute poverty decreased by 9% and moderate poverty reduced by 5% through 1997 to 2000. Amin et al. (2003) in his study the Impact of microcredit on clients of Grameen Bank, BRAC and ASA concluded that Microcredit program was successful in reaching poor Objective of microfinance according to Otero (1999) is not just about providing capital to the poor or fight against poverty on an individual level but it also has a responsibility on an institutional level. It seeks to create organizations that can provide their financial services to the poor, who are continuously ignored by the formal sector. According to Littlefield and Rosenberg (2004) study people that are below poverty line are not part of financial services sector of the economy so thats why microfinance institutions have established to provide solution to these issues. MFIs become a major part of financial sector of country by providing these services to poor people and hence it can also access capital markets for the funding of their lending portfolios. (Otero, 1999) The overall collision of microfinance can be analyzed on three things including level, type and its variable. Level defines its depth that on which level it has affected the target market whereas type of impact examines how it has benefited the people along with the impact variables as mentioned in fig. 2. Impact of microfinance on household can be accessed on two levels household and community through its types by considering its different variables. It can be scrutinize through income, education, empowerment and other social things as well. Level s of Impact Types of Impact Impact Variable Economic Variables: Income Household Assets Housing Access to food Human Capital: Education Health Confidence Skills Empowerment Social Capital: Social Networks Social Mobility Household Community Social Economic Figure: 2 Impact of Microfinance in House hold and community level Source: Eoin Wrenn, 2005 2.4 Challenges for Microfinance The achievement in microfinance in the world has been impressive relative to the status in the 1970s. However, a number of major problems remain. 2.4.1Policy development environment for financial sectors programs The policy environment for microfinance in many countries still remains unfavorable for sustainable growth in microfinance operations. For example, in countries such as Peoples Republic of China, Thailand, and Viet Nam, the ceilings on interest rates limit the ability of MFIs to provide increased and continuing access to an increasing segment of the excluded households. 2.4.2Inadequate financial infrastructure It is another major problem in the world. Financial infrastructure includes legal, information, and regulatory and supervisory systems for financial institutions and markets. Most governments have not focused to build financial infrastructure that supports, strengthens, and ensures the sustainability of such institutions or programs and promotes participation of private sector institutions in microfinance. The other major financial infrastructure-related problems include lack of: A legal framework conducive for emergence and sustainable growth of small-scale financial institutions, Regulatory and supervisory systems for microfinance in countries where the microfinance subsector is approaching a level of maturity, and Emphasis on development of accounting and auditing practices and professions 2.4.3Limitation of retail level institutional capacity Most retail level institutions do not have adequate capacity to expand the scope and outreach of services on a sustainable basis to most of the potential clients. Lack capacity to leverage funds, Are unable to provide a range of products and services compatible with the potential clients characteristics. Do not have an adequate network. (Source: Finance for Poor: Microfinance development Strategy, ADB website, 2000) 2.5 Islamic Microfinance According to Mufti Muhammad Taqi Usmani( no date) , from years Muslims are trying to frame their style of living according to Islam thats why they restrict themselves within the limits of Shariah which on the basis of Islam prohibits the practice of Riba or interest in any of the financial or trade activities. According to Dr. Abbas Mirakhor, Executive Director of the IMF as referred by Chaudhri (2006) An important function of Islamic finance that is seldom noted à ¢Ã¢â€š ¬Ã‚ ¦ is the ability of Islamic finance to provide the vehicle for financial and economic empowerment à ¢Ã¢â€š ¬Ã‚ ¦ to convert dead capital into income generating assets to financially and economically empower the poor Islamic Microfinance is the way of financing to the underserved population without using the concept of interest. Microfinance is already more structurally aligned to applying Islamic equity financing structures. As microfinance programs are based on group sharing of risk and personal guarantee while maintenance of trust and honesty is tied to the availability of future funds. 2.5.1 Importance of Islamic Microfinance In his famous book Wealth of Nations, Adam Smith argued that participation in religious sects could potentially convey two economic advantages to adherents. The first could be seen as a reputational signal while the poor might look alike to potential employers, lenders, and customers, membership in a specific group could convey a reduction in risk associated with the particular individual and ultimately improve the efficient allocation of resources. Second, religious groups could also provide for extra-legal means of establishing trust and sanctioning miscreants in intra group transactions, again reducing uncertainty and improving efficiency, especially where civil remedies for failure to uphold contracts were weak. (Case study: Islamic microfinance and socially responsible investment Anderson and Noland, 1988). Islamic finance techniques could give thousands of entrepreneurial poor the access to microfinance an option they might not consider if traditional, interest-based commercial loans were offered. More experimentation and practice in the field should contribute to more knowledge and a better understanding of effective loan delivery mechanisms using Islamic banking principles (Muhammad Ramzan, 1996). 2.5.2 Islamic approach to poverty alleviation All principles or laws in Islam owe their origin to its holy book the Quran and the sayings and deeds of its Prophet (peace be upon him) encapsulated in books of Hadith. A saying of the Prophet (peace be upon him) forcefully drives home the central message of Islam regarding poverty: Poverty is almost like disbelief in God.. On another occasion, the Prophet (peace be upon him) is reported to have said Allah! I seek refuge with you from the affliction of poverty (Soruce: Sahih Bukhari: read, study, search online Volume 8, Book 75, Number 379). Islam views poverty to be a curse to be eradicated through productive efforts. Poverty is in conflict with enrichment of self (nafs), which is one of the primary objectives (maqasid) of Shariah. Islamic jurists have unanimously held the view that it is the collective obligation (fardkifayah) of a Muslim society to take care of the basic needs of the poor. (Obaidullah, Muhammed (2008) 2.5.2.1Charity Charity occupies a central position in the Islamic scheme of poverty alleviation. The broad term for charity in Islam is Sadaqa. When compulsorily mandated on an eligible Muslim, Sadaqa is called Zakah. When Sadaqa results in flow of benefits that are expected to be stable and permanent (such as, through endowment of a physical property), it is called Sadaq-e-jariya or Waqf. Establish Prayer and dispense the Purifying Alms (Zakat) and bow in worship with those who bow (Al-Quran, (2:43)) The research paper by Professor Habib Ahmed (no date) asserts that Zakah play an important role in eliminating poverty and a significant impact of Zakah can be seen if the macroeconomic policies are in the alignment with poverty reduction objective. Zakah is the third among five pillars of Islam and payment of zakah is an obligation on the wealth and production of every Muslim. The primary issue with a zakah or sadaqa-based solution to the challenge of poverty is the issue of sustainability. Funds mobilized through these tools tend to fluctuate from time to time and may not lend themselves to careful planning and implementation. Further, these funds are meant mostly for the extremely poor and function as a safety net for meeting their immediate and basic needs. Benefits from waqf, assets are of course, meant to flow to the community at large and also on a sustainable basis (M U Chapra, 2008).It has been In FY 2009, approximately Rupees 150 billion were paid by people in Pakistan in charity, of which 90 percent was for the purpose of paying Zakat. (Dawn, September, 7, 2009) According to Dr Mohammad Omar Farooq people when pay Zakah should be concerned with its impact on the society in the long or short term to get the solutions for poverty alleviation. In another research conducted by Nafis Alam (no date) states in his study Islamic venture philanthropy: a tool for community development that Islamic charities are significant influential tool for sustainable community development. 2.5.3 Islamic Microfinance Products Islamic approach to poverty alleviation is a composite of a mission based and market-based interventions. Islamic Microfinance need not be restricted to not-for-profit modes alone. Islam permits for-profit trade and creation of wealth. It depends on the customer that what he/she wants to do with the money either needs just security of the money against which he/she may not claim the profit or wants to invest the money and share both profit and loss. The poor need a range of microfinance services, such as, micro-savings, micro-credit, micro-equity, micro-Takaful and micro-remittance. In the context of mainstream Islamic finance, people come across a host of for-profit modes through which such services may be provided to the poor. These could be used for microfinance with minor modifications wherever needed (Obaidullah, 2008). Micro-Savings Micro-savings is a critical financial service for poor and excluded households. Poor people want secure, convenient deposit services that allow for small balances and transactions and offer easy access to their funds. However, microfinance institutions across the globe tend to neglect this product while giving undue importance to micro-credit. The contract underlying a savings product must be free from elements of Riba and Gharar. This constitutes one of the most well known Islamic products, consisting in a cost-plus profit financing transaction in which a tangible asset is purchased by an Islamic institution at the request of its customer from a supplier. The Islamic institution then sells the asset to its customer on a deferred sale basis with a markup reflecting the institutions profit Various contractual options for designing savings products are: wadia, qard hasan and Mudarabah (Obaidullah, 2008). Micro-Credit The Islamic alternative to interest-based conventional loan is trade based or lease-based credit that permits the ownership and/or use of commodities or physical assets needed for productive ente

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Fear In the Damp and Dark Gap Essays -- In the Damp and Dark Gap

Fear In the Damp and Dark Gap The usual signification of the French feminist's "gap" transformed by Jack Bushnell from silent entrapment to a meaning that signifies the "gap" as that which frees the other and allows for the generation of a voice of the other's own Circus of the Wolves. The famous masculine--self and feminine--other opposition will be freely utilized with the man and the circus representing the former and Kael and nature the latter. Gaps appear literally and figuratively throughout the text and with each appearance its meaning slowly, slowly, alters in the previously stated manner. Jack Bushnell says in a "Note from the Author" that the of the wolf (other) is "a natural world as distinct and separate from the human (self) world as possible." The place of the Other, in other words, is separated, banished, and excluded from the sphere of self. The circus and the man be self insofar as they confine, harness, and attempt to stand the beauty and wonder of the ot her by conforming the other into the mold and way of self. Before going further, it should be noted that any appearance of anthropomorphizing the wolf is only that –appearance. It is the place of the Other that receives the essences of human and not Kael in and of himself. Since Kael occupies the place of the Other the anthropomorphic transgression will seem to apply to the wolf when no actual transgression has occurred. Still, however, Kael must come to sense his occupation of the place of the Other. Kael falls into the gap constructed by his oppressors "...the damp and dark at the bottom of the hole frightened Kael." Kael's fear is of confinement and the discovery of himself as other... ...e frees himself through the gap left by his oppressors. The man allows for Kael's escape. He has come to know the beauty and power of the other and can no longer confine it. By obtaining the knowledge that reveals the nature of the gap, Kael has discovered the means of utilizing the "gap" to the ends of freeing the other from the oppression of self. He has found the power of his own language, and its ability to take the self away from its world and into the place of the Other, Jack Bushnell has found in Kael a character that can infuse the gap with the emotive gynergy of other, thus disallowing its existence as a simple lacunary absence without voice. The place of the Other radiates its own incandescent brilliance, seething with the growing volume of the new choral power......O... Â  Circus of the Wolves, Lothrop, Lee, and Shepherd 1993

Negative effects of homeschooling Essay

An average day in the life of a 10 year old consists of waking up, eating breakfast, and going to school followed by coming home to their loving families at the end of the day. Would this routine seem complete without going to school involved? In some cases children are not sent to a public school, but taught at home by one of their parents or both. Without being sent to mingle with peers, the child most defiantly misses out on important skills and lessons one can only learn while interacting with other people their age. Crucial life lessons, social skills, and specific aspects of education can be missed out on as a home schooled child. An important aspect to remember if considering home schooling as an option is that the most successful parents who home school are school teachers and not stay at home moms. Even in this situation there is no way that a one person teaching system could even begin to compare to the wisdom, intelligence and experience one can get in a high school setting. Without the variety of influences from teachers there are a few gaps left in a child’s education. With only one influence, they will not have a broad view of the world due to the fact that anything they’ve ever learned of heard an opinion of is from one person. Isn’t education all about learning about all sorts of the view points out there in the real world? In most cases parents may home school their child in order to protect them from the horrible world of peer pressure and bad influences. Although a parent with a child nearing the schooling age would probably think this is a wonderful idea. They most likely do not realize that this is thinking short-term and not considering the long-term negative effects missing out on these experiences may be to a child. In a classroom children learn to follow orders from one who is in charge; sitting quietly and doing what their told is very important in ones life. Out on the playground they learn how to socialize with others their age and begin building sturdy friendships with others who share the same interests. The idea of staying at home learning by themselves is obviously not providing a child with any kind of social situation once so ever. Naturally not all school experiences are fun. It is a giving that in a public school there will be taunting and other unfortunate behavior from other kids. Learning on their own how to deal with  these experiences is extremely important in the grown up world. Without knowing how to cope with emotions and never experiencing the real world it could be extremely difficult learning how to handle other people. Going to college and getting a job would be made more difficult then it has to be. Among all the choices one can make for their kids, why would a parent chose to deprive them of important life skills and a quality education? The idea of â€Å"going to school† is a relevant building block in any person’s life. Not being at school learning with peers is missing out on very important aspects of childhood. Getting familiar with the ideas of how the world works is necessary to having a successful life. Schools are like a little community for children where they grow, learn and adapt to the many challenges life may put ahead of them.

Important Components of Word Processing Software

There are many useful tools in word processing software that can help one to achieve success in their career such as; font settings, highlighting, line spacing, spelling and grammar checking, and the ability to implement spreadsheets, tables and graphs. Word processors such as Microsoft Word have many typesetting features to help the user accomplish their goals. Features like different font sizes and the ability to change the color that a phrase is displayed in, grant the user an avenue to express different emphasis on certain phrases with greater ease. Also this can help to organize and make the general reading of a paper more easy on the reader. Other tools such as highlighting help with this process as well, giving the user a way to ‘point out’ important portions of the information contained in the document. Line spacing is yet another tool that can help in the process of making a document easier to read. By using a broader line spacing you make it easier for the eyes to keep place and follow along the same line. In addition to the options one has with editing the typeface and aesthetics of a document, there are tools implemented into most word processors that help to correct errors in spelling and grammar. Spell check and grammar check are helpful tools when creating a document. When writing a paper, if the program recognizes any errors in spelling it will place a red zigzag underline underneath the word or phrase that is incorrect. The same is also true of grammar check. It will check for errors in punctuation or grammar and place a green underline under the phrase or word. Control Key and Word – Text and Graphics. In both cases, right clicking usually reveals a list of suggestions as to how to properly correct the problem. Last but not least in a situation where one needs to present data to a superior or coworker, most word processors have tools that allow for the placement of graphs and tables which help the user to present data relevant to the subject of the document. With the technology in place in today’s word processing software, the flow and transfer of information has been made a lot simpler.

Perfect competition Essay

A profit maximiser increases output until MC=MR at Q1. The intersection of MC with MR gives the profit maximising level of output. The intersection of MC with MR gives the profit maximising level of output. To find the market price one must project up from Q1 to the demand curve and across the vertical price axis, P1. Consumers are willing to pay P1 for Q1. Unit costs are only P2 so the firm is making an abnormal profit of (P1-P2)*Q1. The four key characteristics of monopoly are: (1) a single firm selling all output in a market, (2) a unique product, (3) restrictions on entry into and exit out of the industry, and more often than not (4) specialized information about production techniques unavailable to other potential producers. These four characteristics mean that a monopoly has extensive (boarding on complete) market control. Monopoly controls the selling side of the market. If anyone seeks to acquire the production sold by the monopoly, then they must buy from the monopoly. This means that the demand curve facing the monopoly is the market demand curve. They are one and the same. The characteristics of monopoly are in direct contrast to those of perfect competition. A perfectly competitive industry has a large number of relatively small firms, each producing identical products. Firms can freely move into and out of the industry and share the same information about prices and production techniques. Single supplier: The essence of a monopoly is a market controlled by a single seller. The most important aspect of being a single seller is that the monopoly seller IS the market. The market demand for a good IS the demand for the output produced by the monopoly. This makes monopoly a price maker, rather than a price taker. Unique Product: To be the only seller of a product, however, a monopoly must have a unique product. There are no close substitutes. A monopoly is an ONLY seller of a UNIQUE product. Barriers to Entry and Exit : A monopoly is generally assured of being the ONLY firm in a market because of assorted barriers to entry. Some of the key barriers to entry are: (1) government license or franchise, (2) resource ownership, (3) patents and copyrights, (4) high start-up cost, and (5) decreasing average total cost. A monopoly might also face barriers to exiting a market. If government deems that the product provided by the monopoly is essential for well-being of the public, then the monopoly might be prevented from leaving the market; Specialized Information Monopoly is commonly characterized by control of information or production technology not available to others. This specialized information often comes in the form of legally-established patents, copyrights, or trademarks. It could be a secret recipe or formula. Perhaps it is a unique method of production. While these create legal barriers to entry they also indicate that information is not perfectly shared by all. Natural Monopoly Sometimes markets become monopolies simply because it is more cost effective to have one firm serving an entire market than it is to have a number of smaller firms competing with one another. Firms whose economies of scale are virtually unlimited are known as natural monopolies, and the goods they produce are referred to as club goods. These firms come to be monopolies because their size and position makes it impossible for new entrants to compete on price. Natural monopolies are usually found in industries with high fixed costs and low marginal costs of operation, such as cable television, telephone, and internet providers. Legal Monopoly Sometimes a government will pass laws reserving a specific trade, product or service for government agencies. For example, many times a government agency will be in charge of running water. The legal barriers that are put up prevent other companies from competing with the government. Technological monopoly occurs when the good or service the company provides is has legal protection in the form of a patent or copyright. For example, if a company develops and patents a drug to cure brain cancer, that company has a legal monopoly over that drug.? Arguments for monopoly : – The beneficial effects of economies of scale, economies of scope, and cost complementaries on price and output may outweigh the negative effects of market power. – Encourage innovation.

The Train

The blistering cold numbed my eyes as I stumbled through the biting snow, dragging a dull, faded suitcase overloaded with necessities behind me, leaving a train in the deadly, ice snow. â€Å"All abroad! † a man in a bright red suit, a funny red hat and an equally crimson nose called, his voice straining to be heard over the howling wind. I struggled up to him and handed over my ticket, which was faded from sweat, tears and the bitter snow. Then man, whom I safely assumed was the train conductor, glanced briefly at the ticket, then smiled at me slightly. Terrible morning isn't it? † he commented. I did not reply. â€Å"In for a long ride, I see! † he added when he saw my ticket. I gave no response as I checked my heavy bag. He beamed wider as he said, â€Å"Welcome aboard the Windows Express, ma'am! † I tried to smile back, but my scarf was bundled around my nose and my mouth, so I nodded instead. â€Å"Thank you. † My voice was barely audible over t he gusty breeze as I stepped off the platform and boarded the train. The front compartment was crowded, packed like sardines. I squeezed past the numerous bodies to get to the next train ar, which was where I was to be seated. Even though the warmth there was comforting, I hoped it was not too stuffy in my car. I finally broke free from the crowd, swinging the car door open and entering a considerably cooler car. I removed my scarf from my face. My skin was raw with cold, but I barely felt it. I glanced around. This car was deserted, the seats along its aisle empty. I checked the number of compartment I had been assigned then opened the door to it. There was a small bunk bed in the corner, with a little closed off area I guessed was the bunk. I lanced out the single window, but there was nothing to be seen through the fog and slat than plummeted so hard against the glass it felt like hail. Feeling slightly claustrophobic in the narrow compartment, I briskly threw off my jacket and e xited, walking back into the aisle. I noticed a door at the back of the car and decided to check it out. I made my way down the aisle and slid the door open. It led into the next car. This one did not have seats, but little booths lined up neatly along either side. There was a bellboy near the back, tending to a little refreshment stand. His eyes were bored, even as he attempted to reet me pleasantly. â€Å"Hello, ma'am, welcome to the lounge. Would you like anything? Some pie, perhaps, or a cup of coffee? † Uninterested, I declined politely, just as another door caught my eye. Without thinking, I flung it open. There was nothing in the room except a door with a window fixed into it, and a shiny red handle. â€Å"This is where you'll be disembarking,† the bellboy informed me. â€Å"That there's the emergency brake,† he added, pointing at the handle. â€Å"You're perfectly welcome to pull that at any time. † Taken aback, I spluttered on my Coke. â€Å"Wha t? I wouldn't. That's ridiculous.Then how will I get to where I am going? † I demanded incredulously. The bellboy shrugged. â€Å"Sometimes you can't rely on trains to get you to where you want to go. † I stared openly at him. Quickly dismissing him as crazy, I turned away and hastily returned to my compartment. Once safely inside, I lay on my bed, thinking to myself about my destination, a place I had never been and a face I had not seen for so many years it hurt to think about it. Flashbacks began to attack my once- peaceful mind, invading my would be calm pondering. At four years old, my hands pressed tightly over my ears, rying in vain to block out the sounds of heated arguments over nothing. Seven years old, an empty bottle crashing over my head as I tried to escape the debris of broken plates. Thirteen years, bruises covering my face, blood on my hands, a broken ankle, pain enveloping my body. Sixteen, my broken ribs causing me to shake as I slammed the front door behind me and limped as fast as I could into the night, my mother screaming for me to come home and my father's threats chasing after me†¦ I jerked awake, nearly falling out of bed. My head felt heavy, and my eyes groggy, as if I had not slept or days. Sluggishly, I checked my watch, which still hung from my wrist. My eyes snapped wide open as they read the time, then relaxed again. My watch had stopped at around the same time I boarded that train. I got up, feeling tired, and felt my stomach growl. I stood up, stretched, brushed my hair and hurridly with my fingers and left my compartment. I was about to go to the lounge to eat when I noticed another girl sitting on a seat in the aisle, next to the window. She was clothed very thinly for the morbid weather, and her long locks of auburn hair poured over her shoulders.I approached her slowly. â€Å"Hello,† I said, and she jumped in surprised. â€Å"Sorry for startling you, but do you have the time? † She looked up at me, and I saw a thin ragged face that would have been pretty if not for the exhaustion consuming it, and the melancholy sadness in her eyes. â€Å"Oh hello, its quite alright. Let me check. † She lifted her mobile phone from her pocket, glanced at it, then shook her head apologetically. â€Å"Strange. It seems to have died. I could've sworn I charged it yesterday. † I thanked her anyway, and asked her where she was going. She looked even weary when I questioned her. I'm going to see my long-distance partner for four years,† she said, in an almost rehearsed answer. â€Å"I think he may propose to me, but I doubt I'm ready for such a change. † She drifted off, her voice trailing away, then came to her senses and asked me where I was headed. â€Å"I'm going to see my father. I haven't seen him for nearly a decade,† I said quietly. â€Å"I can't say I'm looking forward to it. † She agreed with me, and we made small talk for awhile longer befo re I excused myself and when to the lounge. The bellboy was not there anymore, and I breathed an inward sigh of relief.The batty guy had freaked me out. I saw someone sitting down in one of the lounge booths. Hidden behind stacks of paperwork and a newspaper sat a middle aged man in an impressive suit and tie, muttering to himself in what looked like disgust. I walked over to him. â€Å"Hi, sorry to bother you, but do you know what time it is? † He glanced up and stopped grumbling. â€Å"Hmm? Oh, yes. † he shot a look at his fancy wristwatch. â€Å"Well, what is this? My watch isn't working! † He began to mumble again. I found it strange that nobody knew the time, so I stole a glimpse of the watch, and sure enough it ceased to ick. â€Å"That’s a shame,† I said good-naturedly, and asked him what he was doing. â€Å"Its for a case I have,† he replied. I must have looked puzzled, because he elaborated. â€Å"I'm a lawyer, you see, and I'm abo ut to defend the biggest drug cartels of all time- then again, I probably shouldn’t have told you that. † I was about to leave him in peace when he continued on. â€Å"In my defense, my client is one of my oldest friends. I owe him my life and he's gotten me out tons of scraps. I really have no choice. I began to feel a little uncomfortable, and averted my gaze to rest on the window.To my surprise, evening was over-the sun was rising on another day! Had I missed my stop? I was supposed to be off the train by dusk, yet here was dawn, a new day beginning right before my eyes! Panicking, I ran back to my car and asked the girl still sitting on he seat, â€Å"What time did you get on? Which state are you going to? † Bewildered, she told me the details of her travel. I calculated in my head. â€Å"But what would only take you a few hours! You should have arrived by now,† I said, unable to keep my voice from getting louder. She seemed indifferent. Maybe we made a few stops along the way. I wasn't awake the whole time, you know. † But I had it all figured out. The pieces of the puzzle were coming together, forming an unbelievable picture in my head. I ran back into the lounge, and flung open the door at the back of it, where the emergency brake ws. The lady came racing after me, asking where I was going. â€Å"Look, it’s the emergency brake. If we pull it, we'll be able to get out of here! † I exclaimed. She looked at me the same way I had looked at the bellboy- as if one of us had gone bonkers. â€Å"What? Are you crazy? Why? Its ridiculous.Then how will I ever get to where I'm going? † I smiled at the distinct resemblance her words had to mine. Reaching over, I grasped the red handle in my right hand and pulled as hard as I could. The train screeched against the metal of the tracks. I pushed against the exit door, and it opened easily. I leaped off the train. The ground was icy and cold beneath my feet, and the cold wind cut my uncovered face like a knife. I became aware that I did not even have my jacket with me as the cold began to envelope my very being. â€Å"What are you doing? You'll freeze to death! † the girl cried next to me. You don't even have your suitcase with you. † I vaguely recalled my stuffed baggage, filled with things I suddenly realized were of no importance to me. And just like that, suddenly, I felt free. Free of all my emotional baggage, free of everything that weigh me down, free of guilt, pain and sorrow. A sense of warmth, a beautiful feeling, filled up my body, and I no longer felt the chill. I turned back to the train, smiling for the first time in years. â€Å"Why don’t you come with me? † I asked the girl. She shook her head, eyes wide. And then the train door slammed shut, and began to move again.Free of doubt, I turned from the sight of the train slowly resending out of sight until it vanished, and began to trudge through the snow , in the direction of my destination. Sometimes we are weighed down by the pain, grief and guilt. We go through life day by day, merely existing, not living, and time stands still. Those days we live, so burdened by emotions, are meaningless and pas by without notice of purpose. If we could just let go of it all, forget our troubles for a few seconds, and look around us, perhaps we would see the beauty we are meant to see, and the wonder we would feel if we only let go.