How I Learned to Drive Analysis Essay Example for Free

How I Learned to Drive Analysis Essay In Paula Vogel’s â€Å"How I Learned to Drive†, we follow our protagonist nicknamed â€Å"Lil Bit† on a gut wrenching, and downright disturbing journey through her adolescence, told as a series of narrations, monologues, and flashbacks with the occasional interjection of a PSA like voice over. The play recounts the physical and emotional abuse Lil Bit encountered from the ages of eleven to eighteen at the hands of her uncle Peck, while he teaches her to drive. The main flaw I saw in Lil Bit was that she is too smart for her own good. You see this characteristic throughout the play as she manipulates Peck. For example, it was most obvious for me when their roles of adult and child are reversed, and Peck is explaining to Lil Bit what a good boy he has been for not drinking. Knowing how much Peck lusts after her she offers him a reward for his good behavior in the form of undoing her bra. Another great example is when prior to her and peck going on a road trip and Lil Bit’s mother indicates that she has a sense of what Peck has on his mind, she responds by saying â€Å"I can take care of myself. And I can certainly handle uncle Peck.† At this point in the story she is only eleven. It’s hard to imagine a child of that age so grown up emotionally. Overall, most of the characters had likeable qualities, with the exception of the grandmother. I didn’t really like the way she meddled in the Parenting of Lil Bit. I liked â€Å"Big Papa† the best. He’s a crabby old timer who speaks anything that comes into his head with reckless abandon. It brought me some levity in an otherwise melancholy play. The climax of the play occurs on Lil Bit’s eighteenth birthday. She and Peck are in a hotel room, and she’s been ignoring peck for some time leading up to this meeting as he’s been sending her cards counting down to her birthday. Lil Bit is obviously conflicted about their relationship now that she has gotten older, but Peck is looking forward to a time when it’s not illegal for them to be together. This is creepy enough on its own, but when Peck drops the marriage bomb, the creep factor skyrockets. I was honestly disgusted at the idea of a man leaving his wife to be with his niece whom he  has known since birth, blood related or not. Prior to the climax, one major event occurs and that is in the monologue that Aunt Mary delivers indicating that she knows what’s going on between Peck and Lil bit. The words used during this monologue, indicate to me a couple of key points about this character. First of all she is very intelligent. Her thoughts are well put together and the words she uses indicates to me that she has some sort of education. She is also very intuitive, she picks up on the subtle, non-verbal signals that peck gives off when he’s got something on his mind and presumably when he’s around Lil Bit. Also, the words used by Lil Bit in her different flashbacks have a direct correlation to her age. It’s obvious as you read them, that during the later ones she is forming more complex thoughts and emotions, which is indicative of growth. For the music in this play, Paula Vogel suggested period correct music spanning two generations. She mentions Motown several times, as well as Roy Orbison and the Beach Boys. Most of this music is romantic and happy with little hints of sexuality and sometimes-pedophilic references. For some weird reason the voice of the announcer in my head was played by the Moviephone guy. The car in the play was described as a Buick Riviera, but in my mind it was more like a Camaro or GTO. The main reason for this is the obvious relationship between Peck and his car. The way he describes the way the aggressive way men are taught to drive and the feeling of a cars’ response to your touch, just makes me think of those fast nimble sports cars. Taking place in the 1960’s, the costumes in my mind were bell-bottoms and flowered shirts, polyester leisure suits, and fringes all over the place. This was your typical 1960’s attire. I believe the overall theme of this play is about the effect of time on relationships. The relationship between Peck and Lil Bit starts out strong, for her and fragile for him. She has a strong male figure giving her attention while he is nurturing a relationship that he knows is illegal and  immoral. As time progresses, the roles ultimately reverse leaving Peck with much confidence in the relationship while Lil Bit comes to realize the truth about it which leads to its demise. It just goes to show that time will always change relationships, jus not always in the way you imagined.

Stock Market Performance and Economic Activity Relationship

Stock Market Performance and Economic Activity Relationship Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935, basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gro wth. (Levine. R A spur to economic Growth) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the nonstationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. Cointegration long term common stochastic trend between nonstationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called cointegrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationarity of variables. ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). The following regression for the unit root test in Eviews: Is the white noise error tem. Is the difference operator. , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co –integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. Then, = – is representing the estimated residual vector. If the residual is itegrated with zero that means the series for the residual is stationary, and and are then co integrated. An in this situation (1, -) is called co-integrating vector. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger s operational causality definition depends of below hypotheses, Next cannot be the reason of past. 1. Next cannot be reason of past. Certain causality is possible only with past causes present time or future time. Cause is always to be come true before the result. In addition, this makes time lagged between causes and results. 2. Causality can be determined only stochastic process. It is not possible to determine the causality between two deterministic processes. After 1990s, Granger and Engle contributed to time series literature importantly. On these developments about time series analysis, some variations were done with Granger Causality test. According to this, possible long-term relationship would be tested and if 20 variables were co-integrated, long-term regression error equation s lagged value would be included in Granger Error Correction model as error correction term. Thus, Granger Causality test should be applied. If there is no co-integration between the variables, it can be continued with Granger Causality Test without including error correction terms. If there is a co-integration between the variables, Granger Causality Test will be failed and it will be certainly necessary to be included error correction term into the models. Granger Causality Test, which depends on time series data, is made by the estimation of the equations below with Least Squares Method (LSM). Xt = + j t j X + i t i Y + Ut Yt = + j t j Y + j t j X + Ut In Granger Causality test, there are three possible situations that one directional causality from x to y or y to x, opposite direction between x and y or one affect to other and independency of x and y each other. This situation changes according to chosen of null hypothesis and lagged values randomly in equations above whose parameters are whether equal to zero or not. According to researches, randomly choice makes causality incline to deviations importantly. To understand this test clearly it can be talked about below equation; t (LNGDP) = 0 + t inii (LNGDP)1+ t I nii (LND1)1+ Ut To apply Granger Causality test under null hypothesis, which illustrates coefficients of financial deepening variables (LND1) are meaningful (equal to zero) and then F-statistics can be calculated. If null hypothesis is not rejected then it is possible to say that Granger causality test accepts that financial deepening causes economic growth. The direction can be either negative or positive (Granger and Engle, 1987). Indicators of the economic growth and the financial deepening are variables, which are used for Granger Causality test. Moreover, this test can determine the effects of one variable on the other. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Form the result of Augmented Dickey Fuller test of the four countries variables (Log GDP and Log Share price) shows that the entire variable has unit root at level which proves that the series is not stationary. However, the result from the first difference shows the significance at 1%, 5% and 10% critical value and found to be stationary behaviour. Therefore, it suggests that all the variables are integrated of order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 -3.163450 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 -3.163967 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 -3.163450 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 -3.163967 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 -3.163450 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 -3.163967 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 -3.163450 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 -3.163967 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 -3.163450 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 -3.163967 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 -3.163450 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 -3.163967 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test USA Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -3.244801 -3.522887     -2.901779 -2.588280   2.866507   -4.088713   -3.472558 -3.163450 1st Difference -5.010864 -3.524233   -2.902358 -2.588587 -5.010864   -4.090602   -3.473447 -3.163967 Share Price Level -2.074732 -3.522887     -2.901779 -2.588280 -0.359637   -4.088713   -3.472558 -3.163450 1st Difference -8.181234 -3.524233   -2.902358 -2.588587 -8.735399   -4.090602   -3.473447 -3.163967 Augmented Dickey Fuller Statistic in case of the variable of USA LUSSP and LUGDP I have used the same method using intercept and intercept and trend in level and first difference. Th Stock Market Performance and Economic Activity Relationship Stock Market Performance and Economic Activity Relationship Introduction The debate of whether stock market is associated with economic growth or the stock market can be served as the economic indicator to predict future. According to many economists stock market can be a reason for the future recession if there is a huge decrease in the stock price or vice versa. However, there are evidence of controversial issue about the ability of prediction from the stock market is not reliable if there is a situation like 1987 stock market crashed followed by the economic recession and 1997 financial crises. (Stock market and economic growth in Malaysia: causality test). The aim of the study is to find the relation between the stock market performance and the real economic activity in case of four countries The UK, The USA, Malaysia and Japan. With my limited knowledge I have tried to find out the role of financial development in stimulating economic growth. A lot of economists have different view about stock market development and the economic growth. If we focus on some related literature published on this topic one question arises: Is economic development is affected by stock market development? Even though there are lots of debate on some are saying that stock market can help the economy but the effect of stock market in the economy especially in the economy is very little. Ross Levine suggested in his paper published in 1998 that recent evidence suggested stock market can really give a boom to economic growth. (REFERENCE) It is not really possible to measure the growth by simply looking at the ups and down in the stock market indicator and by looking at the rates of growth in GDP. A lot of things can cause in the growth of stock market like changes in the banking system, foreign participation in the in the financial market may participate strongly. Apparently it seems that these developments can cause development of stock market followed by the good economic growth. But to check the accuracy one required to follow an appropriate method which would meaningfully measure whether stock price is really effecting the economic growth or not? In my work I have tried to find out the co integrating relationship between Stock price and GDP and tried to check if there is a long run and short run relationship between the stock price and GDP. The method used for the studies is Engle Granger co integration method. To do this I have used ADF (Augmented Dickey Fuller Test) to check for the stationary behaviour of the variables and then I have performed the Engle Granger Engle Granger co integration method followed by residual based error correction model. To check for the short run relationship I have used 2nd stage Engle Granger co integration method. To check the causal effect of the four countries stock market and economic growth I used Granger Causality Method. In this paper I have reviewed some studies of scholars which I have discussed on the literature review part. This paper contains five parts Part two is about the literature based on the past wok of scholars. Part Three discussed about the Data. Part four is about the methodology, Results are discussed on part five and part six is all about the summary and conclusion of the whole study. In my work I have founded there is no long run relationship between stock market and economic growth in all four countries. In addition there is no causal relation between stock index yield and the national economy growth rate. The empirical results of the thesis concludes that the possibility of seemingly abnormal relationship between the stock index and national economy of these for countries. Literature Review: Stock market contributes to economic growth in different ways either directly or indirectly. The functions of stock market are savings mobilization, Liquidity creation, and Risk diversification, keep control on disintermediation, information gaining and enhanced incentive for corporate control. The relationship between stock market and economic growth has become an issue of extensive analysis. There is always a question whether the stock market directly influence economic growth. A lot of research and results shows that there is a strong relationship between stock market and economic growth. Evidence on whether financial development causes growth help to reconcile these views. If we go back to the study of Schumpeter (1912) his studies emphasizes the positive influence on the development of a countrys financial sector on the level and the potential risk of losses caused by the adverse selection and moral hazard or transaction costs are argued by him how necessary the rate of growth argues that financial sectors provides of reallocating capital to minimize the potential losses. Empirical evidence from king and Levine (1983) show that the level of financial intermediation is good predictor of long run rates of growth, capital accumulation and productivity. Enhanced liquidity of financial market leads to financial development and investors can easily diversify their risk by creating their portfolio in different investments with higher investment. Demiurgic and Maksimovic (1996) have found positive causal effects of financial development on economic growth in line with the ‘supply leading hypothesis. According to his studies countries with better financial system has a smooth functioning stock market tend to grow much faster as they have access to much needed funds for financially constrained economic enterprises by the large efficient banks. Related research was done for the past three decades focusing on the role of financial development in stimulating economic growth they never considered about the stock market. An empirical study by Ming Men and Rui on Stock market index and economic growth in China suggest that possible reason of apparent abnormal relationship between the stock Index and national economy in china. Apparent abnormal relationship may be because of the following reason inconsistency of Chinese GDP with the structure of its stock market, role played by private sector in growth of GDP and disequilibrium of finance structure etc. The study was done using the cointegration method and Granger causality test, the overall finding of the study is Chinese finance market is not playing an important role in economic development. (Men M 2006 China paper). An article by Indrani Chakraborti based on the case of India presented in a seminar in kolkata in October, 2006 provides some information about the existence of long run stable relationship between stosk market capitalization, bank credit and growth rate of real GDP. She used the concept of the granger causality after using both the Engle-Granger and Johansen technique. In her study she found GDP is co-integrated with financial depth, Volatility in the stock market and GDP growth is co integrated with all the findings the paper explain that the in an overall sense, economic growth is the reson for financial development in India.(Chakraboty Indrani). Few writers from Malaysia found that stock market does help to predict future economy. Stock market is associated with economic growth play as a source for new private capital. Causal relationship between the stock market and economic growth which was done by using the formal test for causality by C.J. Granger and yearly Malaysia data for the period 1977-2006. The result from the study explain that future prediction is possible by stock market. A study focused on the relationship between stock market performance and real economic activity in Turkey. The study shows existence of a long run relationship between real economic activity and stock prices†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ Result from the study pointed out that economic activity increases after a shock in stock prices and then declines in Turkish market from the second quarter and a unitary (Turkish paper) An international time series analysis from 1980-1990 by By RAGHURAM G. RAJAN AND LUIGI ZINGALES shows some evidence of the relation between stock market and economic growth. This paper describes whether economic growth is facilitated by financial development. He found that financial development has strong effect on economic growth. (Rajan and Zingales, 1998) The study of Ross LEVINE AND SARA ZERVOS on finding out the long run relationship between stock market and bank suggest a positive effect both the variables has positive effect on economic growth. International integration and volatility is not properly effected by capital stock market. And private save saving rates are not at all affected by these financial indicators. (Levine and Zervos 1998) Belgium Stock market study with economic development shows the positive long run relationship between both the variables. In case of Belgium the evidences are quiet strong that Economic growth is caused by the development of the stock market. It is more focused between the period 1873 and 1935, basically this period is considered as the period of rapid industrialization in Belgium. The importance of the stock market in Belgium is more pronounced after liberalization of the stock market in 1867-1873. The time varying nature of the link between stock market development and economic growth is explained by the institutional change in the stock exchange. They also tried to find out the relationship to the universal banking system. Before 1873 the economic growth was based on the banking system and after 1873 stock market took the place. (Stock Market Development and economic growth in Belgium, Stijin Van Nieuwerburg, Ludo Cuyvers, Frans Buelens July 5, 2005) Senior economist of the World Banks Policy research department Ross Levine has discussed about Stock market in his paper Stock Markets: A Spur to economic growth on the impact of development. Less risky investments are possible in liquid equity market and it attracts the savers to acquire an asset, equity. As they can sell it quickly when they need access to their savings, and if they want to alter their portfolio. Though many long term investment is required for the profitable investment. But reluctance of the investors towards long term investment as they dont have the access to their savings easily. Permanent access to capital is raised by the companies through equity issues as they are facilitating longer term, more profitable investments and prospect of long term economic growth is enhanced as liquid market improves the allocation of capital. The empirical evidence from the study strongly suggests that greater stock markets create more liquidity or at least continue economic gro wth. (Levine. R A spur to economic Growth) Another paper was focused on the linkages between financial development and economic growth using TYDL model for the empirical exercises by Purna Chandra Padhan suggests that both stock price and economic activity are integrated of order one and Johansen-Juselias Coin-integration tests for this study found one co integrating vector exists. It is proved by the spurious relation rule in this study the existence of at least one direction of causality. He described that bi-directional causality between stock price and economic growth meaning that economic activity can be enhanced by well developed stock exchange and vice-versa. ( Title:  The nexus between stock market and economic activity: an empirical analysis for India Author(s): Purna Chandra Padhan Journal: International Journal of Social Economics Year: 2007 Volume: 34 Issue: 10  Page: 741 – 753 DOI: 10.1108/03068290710816874 Publisher: Emerald Group Publishing Limited) Chee Keong Choong (Universiti Tunku Abdul Rahman Malaysia) Zulkornain Yusop (Universiti Putra Malaysia) Siong Hook Law (Universiti Putra Malaysia) Venus Liew Khim Sen (Universiti Putra Malaysia) Date of creation: 23 Jul 2003 tried to find out the importance of the causal relationship of Financial development and economic growth. The findings of their study usin autoregressive Distributed lag (ARDL) describes about the positive long run impact on economic growth Granger causality also suggest same results. However, another study on Iran by N. Shahnoushi, A.G Daneshvar, E Shori and M. Motalebi 2008 Financial development is not considered as an effective factor to the economic growth. The study was focused on the causal relationship between the financial development and economic growth. Time series data used for the study from the period 1961-2004. Granger causality shows there is no co integrating relationship between financial development and economic growth in Iran only the economical growth leads to financial development. Establishing link between savings and investment is very much important and financial market provides that. Transient or lasting growth is the ultimate affect of the financial market. Economic growth can be influenced by financial market by improving the productivity of the capital, Investment to firms can be channelled and greater capital accumulation by increasing savings. To ensure the stability of the financial market potential regulation is important due to asymmetric information, especially at the time of financial liberalization. (Economic Development and Financial Market Tosson Nabil Deabes Moderm Academy for technology aand computer sciences; MAM November 2004 Economic Development Financial Market Working Paper No. 2 ) Data: The empirical analysis was carried out using the quarterly data for The UK, The USA, Japan and Malaysia. The data were collected from the DataStream for the period 1993I to 2008III. Economic growth is measured as the growth rate of gross domestic product (GDP) of each country with the help of stock prices SP. For the software processing I used Eviews 6.0 for the planned regression in order to get the results. The empirical analysis is done from the quarterly data from the stock market indices and the and the GDP between the first quarter of 1993 and the fourth quarter of 2008. All the data has been extracted from the data stream and expressed in US$. The data for Japan share price is from Tokyo Stock Exchange. Malaysias Share price is form Kuala Lumpur Composite Index, UKs is from UK FT all share price index and USA share price is taken from the DOW Jones industrial share price index. The nature of the Data is series used for the time series regression. List of Variables: UGDP UK GDP USP UK Share price LUGDP Log of UK GDP LUSP Log of UK Share price USGDP USA GDP USSP USA (DOW Jones) Share price LUSGDP Log of USA GDP LUSSP Log of USA Share price MGDP Malaysia GDP MSP Malaysia Share price LMGDP Log of Malaysia GDP LMSP Log of Malaysia Share price JGDP Japan GDP JSP Japan Share Price LJGDP Log of Japan GDP LJSP Log of Japan Share price Methodology: Engle and Granger (1987) first established the cointegration method. It is a method of measuring long term diversification based on data. Linear combination of two non stationary series shows that they are integrated in order one I(1) that is stationary. And this is a co integrated series. Cointegration Long term common random trend between non stationary time series. The linear combination of both the nonstationary series can be stationary if both the variables are integrated in same order. Cointegration is a very powerful approach in the long term analysis because a common stochastic trend is shared in cointegration that mean two series will not drift separately too much. They might deviate from each other but in the long run but eventually the will revert back in the long run. If there is very low correlation between the series still the series can be co-integrated as high correlation is not implied in cointegration. The reason for choosing the method as it will allow us to check the move between the variable in the long run even there might be a divergence in the short run. The first step in the analysis is check each index series whether the series for the presence of unit root which shows whether the series is non stationary. The method that I followed to do this is Augmented Dickey Fuller Test (ADF). I proceed the Granger cointegration technique 1987 when the stationary requirements are met. Cointegration long term common stochastic trend between nonstationary time series. If non-stationary series x and yare both integrated of same order and there is a linear combination of them that is stationary, they are called cointegrated series. A common stochastic trend is shared in Cointegration. It follows that these two series will not drift apart too much, meaning that even they may deviate from each other in the short-term, they will revert to the long-run equilibrium. This fact makes cointegration a very powerful approach for the long-term analyses. Meanwhile, cointegration does not imply high correlation; two series can be co integrated and yet have very low correlations. Cointegration tests allow us to determine whether financial variables of different national markets move together over the long run, while providing for the possibility of short-run divergence. The first step in the analysis is to test each index series for the presence of unit roots, which shows whether the series are nonstationary. All the series must be nonstationarity and integrated of the same order. To do this, we apply both the Augmented Dickey-Fuller (ADF) test. Once the stationarity requirements are met, we proceed Granger bivariate cointegration (1987) procedure. 30 International Research Journal of Finance and Economics Issue 24 (2009) Series Stationary Test: In this study I have used Augmented Dickey Fuller Test (ADF) to test the stationarity of variables. ADF is test for unit root where I have checked the Unit root and strong negative numbers of unit root is being rejected by the null hypothesis (level of significance). The following regression for the unit root test in Eviews: Is the white noise error tem. Is the difference operator. , () () Here with the test we can find the estimates of are equal to zero or not. Y is said to be stationary if the cumulative distribution of the ADF statistics by showing that if the calculated ratio of the coefficient is less than the critical value according to Fuller (1976). If we accept the Ho the sequence is predicted to be having unit root and if Ho is rejected then we can say that the series doesnt have unit root. This proves that the series is stationary. The co –integration test can only be performed if both the sequences are all integrated of order I (1). Cointegration Test: According to Engle and Granger (1987) to check for cointegration if both the variables and are integrated with order one the proposed method for cointegration residual-based test for cointegration (Engle-Granger method). So from the above method we can find the equation By regressing with And after that and is denoted as the estimated regression coefficient vectors. Then, = – is representing the estimated residual vector. If the residual is itegrated with zero that means the series for the residual is stationary, and and are then co integrated. An in this situation (1, -) is called co-integrating vector. Therefore is a co integrating equation, so, from it we can say that there is long run relationship between and. Granger causality test: Granger causality test is applied if the relationship is lagged between the two variables to determine the direction of relation in statistical term. It gives information about the short term relationship between the variables. In terms of conceptual definition causality is consist of different ideas, this concept produce a relation between caused and results were agreed upon. Aristo defines that there exist a link between causes and results and without causes these results are impossible. And this strong relationship. Some economists believe that the idea of causality is the mix of both theoretical and explanation and statistical concept. The frontline operational definition of causality is given by some economist, but Granger is the one who provided the information to understand it correctly and completely. Granger s operational causality definition depends of below hypotheses, Next cannot be the reason of past. 1. Next cannot be reason of past. Certain causality is possible only with past causes present time or future time. Cause is always to be come true before the result. In addition, this makes time lagged between causes and results. 2. Causality can be determined only stochastic process. It is not possible to determine the causality between two deterministic processes. After 1990s, Granger and Engle contributed to time series literature importantly. On these developments about time series analysis, some variations were done with Granger Causality test. According to this, possible long-term relationship would be tested and if 20 variables were co-integrated, long-term regression error equation s lagged value would be included in Granger Error Correction model as error correction term. Thus, Granger Causality test should be applied. If there is no co-integration between the variables, it can be continued with Granger Causality Test without including error correction terms. If there is a co-integration between the variables, Granger Causality Test will be failed and it will be certainly necessary to be included error correction term into the models. Granger Causality Test, which depends on time series data, is made by the estimation of the equations below with Least Squares Method (LSM). Xt = + j t j X + i t i Y + Ut Yt = + j t j Y + j t j X + Ut In Granger Causality test, there are three possible situations that one directional causality from x to y or y to x, opposite direction between x and y or one affect to other and independency of x and y each other. This situation changes according to chosen of null hypothesis and lagged values randomly in equations above whose parameters are whether equal to zero or not. According to researches, randomly choice makes causality incline to deviations importantly. To understand this test clearly it can be talked about below equation; t (LNGDP) = 0 + t inii (LNGDP)1+ t I nii (LND1)1+ Ut To apply Granger Causality test under null hypothesis, which illustrates coefficients of financial deepening variables (LND1) are meaningful (equal to zero) and then F-statistics can be calculated. If null hypothesis is not rejected then it is possible to say that Granger causality test accepts that financial deepening causes economic growth. The direction can be either negative or positive (Granger and Engle, 1987). Indicators of the economic growth and the financial deepening are variables, which are used for Granger Causality test. Moreover, this test can determine the effects of one variable on the other. Test result for Unit Root: Augmented Dickey Fuller Model (ADF) is used to test the stationary of each variable. Null and alternative hypothesis describes about the investigation of unit root. If the null is accepted and alternative is rejected then the variable non stationary behaviour and vice versa is stationary. Form the result of Augmented Dickey Fuller test of the four countries variables (Log GDP and Log Share price) shows that the entire variable has unit root at level which proves that the series is not stationary. However, the result from the first difference shows the significance at 1%, 5% and 10% critical value and found to be stationary behaviour. Therefore, it suggests that all the variables are integrated of order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Japan Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -2.653258 -3.522887     -2.901779 -2.588280   -2.693600   -4.088713   -3.472558 -3.163450 1st Difference -9.053185 -3.524233   -2.902358 -2.588587 -9.003482   -4.090602   -3.473447 -3.163967 Share Price Level   -2.116137 -3.522887     -2.901779 -2.588280   -2.203273   -4.088713   -3.472558 -3.163450 1st Difference   -6.899295 -3.524233   -2.902358 -2.588587   -6.844396   -4.090602   -3.473447 -3.163967 Table 01: Unit root test for stationary Japan If we have a look on the unit root test for the variables GDP and Share price to find out the stationary behaviour the Augmented Dickey Fuller Test with intercept and with intercept and trend in level and first difference. The t statistic value with trend is -2.653258 which is higher than the critical values in 1%, 5% and 10% critical value. The same applies with intercept and trend as the t statistic value -2.693600 is higher than the critical value in all the level of critical value. So from the nature of stationary behaviour we can say in level GDP shows nonstationary behaviour. And the first difference LnGDP is integrated with order one. In case of LnSP the results with intercept and with intercept trend in level are -2.116137 and -2.203273 which is higher than the critical values shows non stationary behaviour as they are higher than the critical value. The unit root test for the variables at first difference shows stationary as the t statistic value is than the critical value i n all level and they are integrated in order one. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test Malaysia Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -1.195020 -3.522887     -2.901779 -2.588280 -1.933335   -4.088713   -3.472558 -3.163450 1st Difference -5.951843 -3.524233   -2.902358 -2.588587 -5.923595   -4.090602   -3.473447 -3.163967 Share Price Level   -1.900406 -3.522887     -2.901779 -2.588280   -1.891183   -4.088713   -3.472558 -3.163450 1st Difference   -7.842122 -3.524233   -2.902358 -2.588587   -7.779757   -4.090602   -3.473447 -3.163967 The unit root test result for LMGDP and LMSP values presented in natural logarithm. And the level values with intercept and with intercept and trend for LMGDP is -1.195020 and -1.93335 respectively. The values are higher than the critical value means the series has non stationary behaviour. On the other hand the 1st difference values with intercept and with intercept and trend are -5.951843 and -5.923595 respectively. The 1st difference values are integrated with order one. And in the same way I did the ADF test to check for Stationary behaviour of LMSP in level and first difference with intercept and trend. The values in level are -1.900406 and -1.891183 with intercept and trend us higher than the critical value and the series is not integrated with order one. The first difference t statistic values are -7.842122 and -7.779757 with intercept and with intercept and trend respectively are less than the critical value in both the case implies that the series is integrated with order on e. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test UK Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -0.690866 -3.522887     -2.901779 -2.588280 -2.377333   -4.088713   -3.472558 -3.163450 1st Difference -7.474388 -3.524233   -2.902358 -2.588587 -7.439027   -4.090602   -3.473447 -3.163967 Share Price Level -1.711599 -3.522887     -2.901779 -2.588280 -1.261546   -4.088713   -3.472558 -3.163450 1st Difference -7.254574 -3.524233   -2.902358 -2.588587 -7.391821   -4.090602   -3.473447 -3.163967 The results from Augmented Dickey Fuller test (ADF) for UK GDP in level with intercept and with intercept and trend is –0.690866 and -2.377333 respectively. Both the values in level are higher than the critical value and are integrated in order 0 shows non stationary behaviour. The t statistic values in 1st difference with intercept and with intercept and trend are -7.474388 and -7.439207 respectively. Which suggest that the critical values are less than the critical values in 1%, 5% and 10% level. So from the above hypothesis it can be said that it series is integrated with order one. When I performed the unit root test using the same method the series in level with intercept and with intercept and trend the values in are -1.711599 and -1.261546 respectively. The values are higher than the critical values implies that they are not integrated in order one shows non stationary behaviour. However, the 1st difference value of log natural share price is -7.254573 and -7.391821 wit h intercept and with intercept and trend respectively. So from the result we can say that the series is integrated in order one in both the cases with intercept and with intercept and trend. So the series in first difference is stationary. Variables level/1st Difference Augmented Dickey Fuller Statistic(ADF) test USA Conclusion t statistic value With Trend t statistic value With trend and Intercept 1% 5% 10% 1% 5% 10% GDP Level -3.244801 -3.522887     -2.901779 -2.588280   2.866507   -4.088713   -3.472558 -3.163450 1st Difference -5.010864 -3.524233   -2.902358 -2.588587 -5.010864   -4.090602   -3.473447 -3.163967 Share Price Level -2.074732 -3.522887     -2.901779 -2.588280 -0.359637   -4.088713   -3.472558 -3.163450 1st Difference -8.181234 -3.524233   -2.902358 -2.588587 -8.735399   -4.090602   -3.473447 -3.163967 Augmented Dickey Fuller Statistic in case of the variable of USA LUSSP and LUGDP I have used the same method using intercept and intercept and trend in level and first difference. Th

The Cultural Myths Of America

The Cultural Myths Of America A cultural myth is a traditional story that has a meaning attached to it. These myths have an effect in they way people lead their lives and even how they interact with each other. It is notable that myths have a role to play be it personally, or to the wider society. In as much as one may believe or doubt such myths, they still continue to exist in different ways, and are shaping destinies of many. Myths can be full of truth or falsehood and depend on the interpretation a person may prefer. Many societies and races in the world have diverse myths which may encourage or discourage certain patterns of behavior. Rituals and customs are explained in myths and their merits or demerits laid down for everyone to discern. The Greek mythology (Detienne, 18) is most notable especially in the way they exhort ancestors to be like gods. Myths came before science and this makes it impossible to discredit them. Long time ago, people depended on myths to explain the mysteries of creation and they accepted them with a lot of zeal. Many other questions were answered including the origin of man and his eventual destiny after death. Evil is also brought under the scrutiny of myths and they expound its cause and reason for its existence. The rise of modern civilization can too be traced in myths ranging from agriculture to industry to settled life in cities. The modern world has continued to embrace myths in one way or another. Modern technology has given rise to much development in mass media which in turn has enabled many myths from different parts of the world to be collected together for study. Books have been printed and availed to anybody with interest to read and either agree or disagree with the subject. From an individual to a community, some cultural myths seem worthy in the sense that they encourage or uplift the spirit (Wessels, 92). Others may not necessarily be so and may seem unrealistic especially if they are prejudicial or implying immorality. Happily Ever After; the American society as any other society has not been left behind in embracing myths. Many of them believe that happiness can be sought and achieved despite the hardship one may go through. Happiness is attributed to material possessions whereby those who do not have ample material wealth are considered unhappy. The ideology of possessions can be traced through ancient myths some of which are still followed today. Hard work is associated to prosperity and lack of it therefore leads to a lowly life. Studies have shown that happiness is not related to material or money possessions (Veenhoven, 5). The old notion which led many people to acquire as much as they could has been proven false. Traditionalists believed that it is out of what you possess that gives you the feeling of happiness. People then would strive so much in order to have money so that they may live the rest of their lives happily. In did not matter the means or the extent to which this was sought as long as one could proudly claim he had money. Americans forgot that happiness is never permanent and mostly is derived from being comfortable with what one has, however little. Obsession with possessions created greed in American people which can never be satisfied. Someone even came up with a term National Happiness, a system that oversaw people overlook other important issues in order to acquire happiness. Ironically, this myth has wrought greed, selfishness and immorality in the Americans (Alesina Tella, 3). The Nuclear Family has been a basis upon which nations are built. The nuclear family is composed of a father, mother and their children. This family set up has been criticized for a very long time due to its lack of universality, essence and modernity (Chester, 111). Industrialization brought out the need to move away to work places and obviously the nuclear family was affected. When the heads of the family began moving to far away places in search of job, there remained a question as to whether those left should still be considered as a nuclear family. The myth that every nuclear family should cater for itself has contributed negatively in its essence. Most Americans may prefer to be in such families in contrast that whole societies need to live together and cater for each other. Another aspect which makes the nuclear family fail is failure of it being universal. Since other societies in the world have extended families, the notion in Americans mind that only the nuclear family is perfect could be wrong. This is another cultural myth that has pulled back the Americans in their pursuits and has isolated them. The western culture took the nuclear family as a symbol and went ahead to portray it in art and media. But statistics show that there has been a decline in the number of nuclear families in the America over the past few years. Divorces and remarriages are common and therefore the true definition of a nuclear family has eroded. This goes on to show that the ideal nuclear family that was projected was just another cultural myth which has no place in modern society. It becomes a myth in the sense that sometimes ago; departure from this family set up was seen as immoral and unhealthy by many Americans (Uzoka, 34). Most Americans have shunned the extended family setup which encouraged communal responsibility, and have upheld nuclear families which promote individualism. The extended family comprises of the nuclear family and the relatives. This type of family is mostly concerned with building relationships which in turn play a role in the wide community. It is only when people begin to care for each other, the immediate community benefits as well as the whole country. It is therefore important that the Americans embrace extended family and break from their cultural myth of nuclear families. Racial Stereotyping There have always been contentious issues in regard to racial conflict existing between the whites and the blacks in America. The problem can be traced in the colonial times whereby black slavery was a norm. Blacks then were considered superstitious and primitive. Such a myth has seen them being oppressed for so many years that even now there exists a small percentage of whites who regard them so. They have also been associated with every negative aspect in society from crime, violence and laziness. An important fact to note is that, were it not for a tradition of viewing black negatively, they too are human and have all the abilities as white have. The cultural myths have engineered a trend that is difficult to deal with in modern society. Some instances where these myths have brought about are cases where people are discriminated according to their skin color. They are denied jobs and other government services just because of their skin color. A recent case during Hurricane Katrina where the government failed to act speedily is a case study for this. It attests to the fact that cultural myths still have a place in the modern society; albeit the American society ought to shun this evil (Palmer, 75). Americans have stereotyped many other races. The, Americans have stereotyped many other races and the most affected are the African-Americans. African -American simplification of individuals behavior is the African-American Stereotyping. They came about into the American culture from the period of colonial settlement, specifically after the collapse of Slave Trade. The minstrel of the earlier blackface illustrates blacks as ignorant, superstitious as well as naÃÆ'Â ¯ve in addition to been joyous which are the same characteristics which were associated with the slaves. Additionally the African-American have been stereotyped as a race which consists of people who are only good at sports. The act of stereotyping has got to its peak in the media through movies in addition to television. The media has contributed in passing negative information regarding the lifestyle of African-American to the young people. Certain shows aired on the T.V channels demonstrate the false personalities abo ut the African Americans. To make the matters worse, there is a specific video game which has been developed whose main character is an African American who plays only the role of killing, robbing alongside having sexual relations with persons. This indicates an example through which the media has been involved in stereotyping. It is because of these cultural myths that have behaved in negative ways towards each other. They have refused to move away from such myths ignoring the fact that such cause hatred amongst each other. Mark Twain analyses myths in a perfect way by showing in the characters the effect myths can have on people. The main themes of past, slavery, chivalry are expressed well in the book. Self-destruction and or preservation are another aspect that is brought about by the book. Hank Morgan is a prisoner who has traveled back in time to the sixth century and is sentenced to death before Arthurs court because of his strange dress and appearance. Before the execution is carried out, he is able to buy his freedom by convincing the Arthur that he is a magician. He relies on knowledge that a sun eclipse will take place before he is executed and he convinces the King that he is the cause of it. Hank is given the highest title in the land and he does not fail to ridicule the people who fear him. Morgan sooner learns about superstitions embraced by the natives and he capitalizes on his superior knowledge to outdo them. Through the magician Merlin, Hank is later discovered as a fake and people start to spread rumor about him. Using his wit he is able to outsmart Merlin again by calling fire from above. Hank uses his influence to bring about industrialization to that country and also set up schools. She becomes familiar with the territory he begins to understand the people and their way of life, which are still much in superstitions and myths, and even befriends a girl named Sandy. Hank outsmarts Merlin again in rebuilding a broken water fountain and thus retains power and respect. He convinces all present on his ability to summon the demons. Morgan has a way with the natives lives and together with the king he continues the hold of power. Sandy gives birth to a baby with Hank and upon the childs illness he is lured to leave the country thus leaving a gap in the countrys leadership. The King and Lancelot fight over Guinevere infidelity. The church provokes a revolt over Hank the people start a war. The story ends with the present day where Hank is found dreaming about his lover, Sandy, almost a millennium later. It is argued by some people that the book is an attack on Americans values which include materialism and technology. American sentimentalism about the past is also criticized (Twain Thompson). In conclusion myths, however good they might be still remain myths. In the modern society, we should be keen to understand the truths about life and work together towards a common goal. The real goal in our cultural diversity should be to see everybody gets food, clothing and shelter and that they can fit in every situation. Twain in his book looks in the effect myths have on our culture and day to day live. The mythic Arthur is associated with the past in contrast with Hank who symbolizes the present. The church is also brought into perspective and is seen as an evil and an enemy which conspires with political figures to oppress people. Slavery as another social menace should also be done away with. Slavery was embraced by many people in the past since they saw in it a way to get cheap labor and monetary gain. It becomes a cultural myth that Americans now should abolish. Magic is contrasted with reality in form of industrialization. People in the past relied on magic to achieve their needs but the book shows that such a myth can be done away with through use of technology. Industrialization should be a factor in civilization rather the magic of yesteryears. Many more achievements can be found by training people since human nature allows it. Training determines the behavior of a society unlike when people rely on myths. They are then able to differentiate between what is right and wrong (Umland Umland 25). Besides stereotyping being hurtful, it is wrong as well. Even though the stereotype can be correct in some occasions; relentlessly putting an individual down on the basis of predetermined perceptions cannot assist in motivating one to succeed. Stereotyping only gears people to lead lifestyles of hatred and in some situations stereotypes victims live in fear. It should be noted that all these myths have had a place in American society and some have tarnished its name. Americans should therefore move away from negative cultural myths, as discussed above, in order to continue as a nation. Above all, all other nations look towards America for guidance and support.

Capital vs. Labor Essay -- Economy, Stock Market

Chapter 19 of Liberty, Equality, and Power, asks what the most significant ways in which the ongoing struggle between capital and labor reshaped American society during the late 19th century (Murrin, 523). In response, one of the most important contributions was the introduction of new technologies utilized primarily in factories. This in turn lead to the revolutionizing of production lines, and corporations. This domino effect continued on to spur the birth of unions in the United States, who organized rebellions against corporate power still used today. Finally during this time women underwent a transformation of their civil rights, as well as their role in society. The introduction of new technologies was a double-edged sword in forming society. On one note, inventions like the phonograph, or the electric dynamo brought entertainment and commonplace items to the middle class, as well as household appliance to today's society. Another benefit, included the shift from steam engines to that of internal combustion, seen in automobiles (500). On another side, factories became more efficient by means such as the open-hearth process used in steel mills, leading to lower wages, and longer hours for workers (500). Although the first example has provided today’s society with modern appliances, the latter was more significant during the early 19th century. Now that production lines were more prominent, workers no longer needed to be skilled in multiple jobs, and in turn they were easily replaced by those willing to work for the lowest price. As factory operators pushed their employees to work longer and harder in order to increase profits, unions were formed. An example of this would be the fraternal organizat... ...found that the book gave perspective to each of the individual classes, rather than covering only the bourgeois or the proletariat. Today you will scarcely find a job or institution were women are not allowed, had I not read this chapter it would have been very difficult for me to understand what women at this time went through. Understanding how the people of this time period lived allows me to relate this information to today’s society. This will aid me for the exam by allowing me to connect with these events, in a very personal manner. However I believe that if there were more potential questions at the end of the chapters it would provide more food for thought, and better help one learn the material. Furthermore being able to use more outside material for this assignment, would have led to a more diversified view, as well as more supported arguments.

The Lost Tools of Learning :: Teaching Education

The Lost Tools of Learning "The Lost Tools of Learning" was first presented by Dorothy Sayers at Oxford in 1947. It is copyrighted by National Review, 150 East 35th Street, New York, NY 10016, and reproduced here with their permission. That I, whose experience of teaching is extremely limited, should presume to discuss education is a matter, surely, that calls for no apology. It is a kind of behavior to which the present climate of opinion is wholly favorable. Bishops air their opinions about economics; biologists, about metaphysics; inorganic chemists, about theology; the most irrelevant people are appointed to highly technical ministries; and plain, blunt men write to the papers to say that Epstein and Picasso do not know how to draw. Up to a certain point, and provided the the criticisms are made with a reasonable modesty, these activities are commendable. Too much specialization is not a good thing. There is also one excellent reason why the veriest amateur may feel entitled to have an opinion about education. For if we are not all professional teachers, we have all, at some time or another, been taught. Even if we learnt nothing--perhaps in particular if we learnt nothing--our contribution to the discussion m ay have a potential value. However, it is in the highest degree improbable that the reforms I propose will ever be carried into effect. Neither the parents, nor the training colleges, nor the examination boards, nor the boards of governors, nor the ministries of education, would countenance them for a moment. For they amount to this: that if we are to produce a society of educated people, fitted to preserve their intellectual freedom amid the complex pressures of our modern society, we must turn back the wheel of progress some four or five hundred years, to the point at which education began to lose sight of its true object, towards the end of the Middle Ages. Before you dismiss me with the appropriate phrase--reactionary, romantic, mediaevalist, laudator temporis acti (praiser of times past), or whatever tag comes first to hand--I will ask you to consider one or two miscellaneous questions that hang about at the back, perhaps, of all our minds, and occasionally pop out to worry us. When we think about the remarkably early age at which the young men went up to university in, let us say, Tudor times, and thereafter were held fit to assume responsibility for the conduct of their own affairs, are we altogether comfortable about that artificial prolongation of intellectual childhood and adolescence into the years of physical maturity which is so marked in our own day?

Dowry, an Investment System

Dowry system is when the bride’s family gives goods, money, or estate to her husband and his family during marriage (E. Pauls Prine (Ed. ), 2008). This practice is mostly common in South Asia, specifically the Indian culture (E. Pauls Prine (Ed. ), 2008). On the other hand is the practice of bride price system which is where the husband gives cattle, land or goods in exchange for a woman’s hand in marriage (Schwimmer, 2002). This is mostly practiced in Africa among traditional households, where it is a price for the economic services and children a woman adds to another family (Schwimmer, 2002).Dowry and bride price are mostly practiced in exchange for the bride’s well being (E. Pauls Prine (Ed. ), 2008). There is a strong possibility that a wife might be mistreated if the dowry was not enough or satisfying for the groom’s family (E. Pauls Prine (Ed. ), 2008). Most times if the husband leaves or mistreats his wife the dowry is to be returned to her (E. Pau ls Prine (Ed. ), 2008). It is also used as a means to discharge a husband of his duties to provide well for his wife, this is most common in marriages where two young people are wedded (E.Pauls Prine (Ed. ), 2008). Although the practice of dowry from the bride’s family to the groom’s is a norm in the Indian culture it the opposite for the African culture. Where as in Africa a groom’s family gives bride price to the bride’s family. These practices seen in the context of their culture are completely normal, but seen from a modern perspective are primitive and inhumane since they resemble a system of slave exchange (Schwimmer, 2002). This is due to the over turn in the practice in the twentieth century.In South Asian culture dowries have been demanded and paid to the groom’s family conjugating the term â€Å"groom price† (Maitra, 2007). In India it is evident that there is a great inflation in dowry practice (Maitra, 2007). There was also an ev ident increase in violence against brides who were unable to fulfill the dowry payment demanded (Maitra, 2007) . This was against the fact that in 1961 there was a Dowry Prohibition Act which made it illegal to give dowries (Maitra, 2007). This has flamed many women’s rights issues due to many cases of mistreatment of brides in India (Dowry system in, 2010).It is also criticized because it is not to provide for the bride in unforeseen circumstances but to appease the groom’s family’s greed (Dowry system in, 2010). For example, it was reported by the Vancouver Sun that a bride had died and her 13-month old daughter had suffered severe burns after the bride’s family started a fire after being dissatisfied with the dowry (Nelson, 2012). The article also highlighted that such dowry dissatisfaction causes for deaths of up to 8, 000 women in India each year (Nelson, 2012).Therefore, even though there is awareness of the cause of such mistreatment against women in India it is still a norm to practice dowry which can possibly put a daughter’s life in danger. Where as in the African culture the system of bride price is most practiced. Here bride payments are mostly interpreted as the wealth received by the bride’s family which compensates for the daughter that will be of economic use and will bare children for another family (Schwimmer, 2002). Among the Dani of New Guinea there are 3 occasions where a groom must give a bride’s family valuables, such a cattle or shells (Schwimmer, 2002).First, when the groom marries the bride and she starts working on his farm; second, when the groom has sexual rights to the bride and consummates the marriage; third, when his wife bears a child (Schwimmer, 2002). In the Igbo culture of South Africa, bride price is considered as the payment to have fertile woman and if the bride is not fertile or chooses to leave the marriage before producing children she must return the wealth given to he r family by the groom (Schwimmer, 2002). With such cases of bride price many men choose marry many women and it is usually the older man that marry before the young (Schwimmer, 2002).This is due to the fact that older men have had the time to accumulate more wealth and necessary resources to pay for a bride (Schwimmer, 2002). Such practices have also raised cases where the brides have been divorced or are infertility so the families of the bride have to return the price paid to the groom (Schwimmer, 2002). For example, in the Zulu culture in South Africa there is an exchange of cattle among the groom and the bride’s father or brother (Schwimmer, 2002). This exchange is called lobola and has to be returned if the bride is divorced or cannot bare children (Schwimmer, 2002).Also, in such cultures when a son receives his first lobola from his daughter’s marriage he must give it to his father as repayment for his marriage (Schwimmer, 2002). These practices observed by outsi des would resemble much to slave exchange; morally this is wrong yet it is normally practiced in South Africa because of its wide acceptance in the culture (Schwimmer, 2002). In conclusion, from an anthropological point of view there is a cultural norm set by traditions and human greed which causes for such immoral practices of dowry and bride price.Although, these practices are considered a norm in these cultures, an outsider observing would be very shocked to see such inhumane treatment of women. This is a type of degradation which is still to this day present even with government laws which prohibit against it (Dowry system in, 2010). In order for such practices to become a rarity and not a norm a strong education system for women is important this is a suggestion and an observation an anthropologist would make with a moral leniency. Bibliography: Nelson, D. (2012, 10 16). Woman dies in dowry spat.The Vancouver Sun. Retrieved from http://www. vancouversun. com/Woman+dies+dowry+sp at/7395783/story. html Woman in coma after suicide attempt dies in sardarnagar. (2012, 10 30). Times Of India. Retrieved from http://timesofindia. indiatimes. com/city/ahmedabad/Woman-in-coma-after-suicide-attempt-dies-in-Sardarnagar/articleshow/17012521. cms Dowry system in india. In (2010). Country Facts & Information. Kwintessential Ltd. Retrieved from http://www. kwintessential. co. uk/articles/india/Dowry-System-in-India/3024 Dowry. In (2008). E. Pauls Prine (Ed. , Encyclopedia Britannica. Retrieved from http://www. britannica. com/EBchecked/topic/170540/dowry Maitra, S. (2007). Dowry and bride price. In (2nd ed. ). International Encyclopedia of the Social Sciences. Retrieved from http://dept. econ. yorku. ca/~smaitra/SMaitra_IESS. pdf Schwimmer, B. (2002, 05). Bride wealth. Retrieved from http://www. umanitoba. ca/faculties/arts/anthropology/tutor/marriage/bride_wealth. html (Schwimmer, 2002) Bridewealth. In (2012). Encyclopedia Britannica. Retrieved from http://www. britannic a. com/EBchecked/topic/79255/bridewealth

History of English Literature Essay

   1.What role does the mead-hall play in Anglo-Saxon warrior culture? What is the proper relationship between a lord and his warriors? What examples can you find throughout Beowulf? 2.What is the role of women in the heroic culture of Beowulf? 3.Compare/contrast what constitutes a hero or the notion of heroism in the Old English and Middle English periods. Draw your examples from two texts: either Beowulf OR The Dream of the Rood 4.Drawing your examples from Beowulf and one Middle English work, compare/contrast the roles assigned to women in literature of the Old and Middle English periods. 5.Analyze the different ways in which English Renaissance poets contributed to or responded to the Petrarchan tradition of love poetry. 6.In what ways does the idea of the court and the life of the courtier affect Renaissance English literature? Identify poems or works in which court life is represented or commented upon and explain how those texts reflect Renaissance attitudes toward court life. 7.The concept of meditation in Wordsworth’s Tintern Abbey 8.The credibility of Pip’s character in Dickens’s Great Expectations 9.Discuss the Social critique in Dickens’s Great Expectations 10.Discus the concept of being a gentleman in Dickens’s Great Expectations 11.Ddiscuss the Reality and symbolism in Hopkins’s poetry 12.Discuss the concept of purity in Hardy’s Tess of the d’Urbervilles 13.Discuss Christianity and paganism pl in Hardy’s Tess of the d’Urbervilles 14.Discuss the symbolism of darkness and light in Conrad’s Heart of Darkness 15.Discuss the elements of postmodernism in British Contemporary Poems (take example from british contemporary writer) 16.Discuss the element of Romanticism in William Wordsworth’s Poems 17.Discuss The influence of Japanese Poetry in Modern Poetry by Ezra Pound 18.Discuss the portrayal of ideal women in Victorian Novel written by Women writers. 19.How did French Poetry influence the development of modern English Poetry? 20.Discuss various aspect of modernism in James Joyce’ Ulllyses† 21.Compare different attitude to war presented by the Poets William Butler Yeats, Sigfried Sassoon, and Wilfrid Owen in their poems. 22.How did Freud’s theory on human psyce influence the work of moden writer? Provide examples! 23.How did Asian Poetry influence the works of early modernist poets Eezra Pound and Richard Aldington?