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In recent years, risk management has become a priority for all sectors of the economy, so organizations can protect their interests while achieving their goals. Through risk management, stakeholders can ensure that the organization will achieve the desired results, reduce the impact of threats to acceptable levels, and increase opportunities to seize opportunities. Uncertainty can be defined as the inability to know what will happen in the future. Increased uncertainty increases risk, and vice versa, uncertainty, and risk are directly proportional to the importance of the other party.
Get original essayThe benefit comes from the existence of risk. If there is an opportunity for loss (risk), there is also an opportunity for profit. Facts about the risks faced by the organization. The types of risks can be divided into operational risks and professional risks, business risks, political risks, risks related to human resources, technical risks, health risks, risks to related parties, and competition risks. The organization's mitigation strategies and measures include administrative, technical, contractual, and security procedures within the scope of business activities.
At present, it is not appropriate to manage risks at the level of a functional elevator alone. The current market environment requires a more integrated approach to risk management. All organizations around the world are taking a global approach to all the risks they face. Integrated risk management is an ongoing process in which potential risks are assessed at all levels of the organization and all results are collected at the business level to improve decision-making. Integrated risk management must be part of the organization's strategy and have a significant impact on risk management within the organization. This approach helps organizations maximize their benefits at the next level. The integrated approach focuses only on identifying and assessing risks and mitigating impacts to minimize acceptable risks. Take risks at an acceptable level and help organizations drive innovation within hermitages.
Jordan's insurance market currently consists of 24 insurance companies. One is registered as a life insurance company, 9 is a non-profit company and 14 is a comprehensive company. In 2016, Jordan's total written premiums were 582.9 million JD and the total paid was 438.9 million JD. In the same year, the sector previously achieved a net income of 35.1, a return on assets of 3.8%, and a return on capital of 10.2%. Jordan's insurance industry faces many challenges that require our attention. It is, therefore, crucial to find solutions to these challenges. These challenges include the numerous insurance companies related to market size, low per capita income, and poor credit quality of insurance companies. In addition, the insurance industry has been affected by the global financial crisis and local political issues. Despite these challenges, the relative importance of Jordan's insurance industry during this period 2000-2016 increased, with total premiums increasing at an annualized rate of 12% and premiums during this period. Insurance increased by 187% from 21 JD to 59 JD. In addition, the relationship between total premiums and GDP (insurance penetration) increased from 2000 (1.7%) to 2016 (2.1%).
One of the main goals of insurance companies is to build customer loyalty. Organizations can save a lot of money by satisfying customers because they are five times cheaper than attracting new customers. If insurance companies do not consider good strategies to maintain market share, they will face risks. Therefore, effective risk management is essential for all companies. The importance of the insurance industry depends on several factors. The insurance industry provides security and protection by collecting huge premiums that can be invested in the local economy, preventing sudden losses, generating financial resources, and generating funds to stimulate growth. The insurance industry encourages investment to reduce losses and increase trade and commerce. Insurance plays an important role in sustainable economic development.
Finally, risk management is a system that works proactively by examining the various risks that may arise and defining procedures and measures that increase the organization's ability to avoid or mitigate the impact of risk processes. At an acceptable level, risk management is the process by which an organization can define risks and evaluate and develop strategies for managing or maintaining those risks. This process begins by asking three simple questions:
Insurance companies are in the core business of managing risk. The companies manage the risks of both their clients and their own risks. This requires an integration of risk management into the companies' systems, processes, and culture. Various stakeholders pressure their organizations to effectively manage their risks and to transparently report their performance across such risk management initiatives. Banks argues that some risks can and should be retained as part of the core business operations and actively managed to create value for stakeholders, while others should be transferred elsewhere, as long as it is cost-effective to do so.
According to Stulz, some risks present opportunities through which the firm can acquire comparative advantage, and hence enable it to improve on financial performance. Generally, a review of the literature on risk management seems to suggest that better risk management practices result in the improved financial performance of the firm. By linking risk management and performance, insurance firms can more effectively and efficiently understand the value of implementing a risk management framework. The higher risk maturity is associated with improved stock performance for most firms. Ernst & Young also reinforces this point of view by suggesting that companies with more mature risk management practices outperform their peers financially, and tend to generate the highest growth in revenue. A number of studies have been conducted on risk management by companies in Jordan but little has been studied on Insurance companies.
There is some risk management practices have a greater significance on financial performance than others, that is, the existence of a risk management policy and the integration of risk management in the setting of organizational objectives were considered to be the key risk management practices that had a direct effect on financial performance. There is no doubt that we can predict the types of risks that insurance companies may face for all sizes and activities, but what we can learn is how to take advantage of these disorders to ensure the integrity and efficiency of existing or future insurance companies.
Risks faced by insurance companies have many types which are listed with a brief description:
The purpose of this exploratory study is to determine the current status of risk management in the Jordanian insurance industry and to improve risk management practices. This can be achieved by answering the following questions:
The importance of the study lies in the following main considerations:
The following objectives will be achieved:
Risk is defined as an adverse or negative event that has the potential to adversely affect your organization. According to Mazouni decision-making is risk in itself, and it can be measured by examining several factors such as risk, event, and risk. He noted that the main factors were the severity and frequency of the incident.
Fundamental and economic risks affect many people, such as earthquakes and unemployment. However, special risks represent risks that affect a specific group of people, such as theft or vandalism. Not all basic risks are insured by the insurer because if the insurer insures for the basic risk, the insurer will suffer significant losses. Some of them (such as storms and injuries) are insured. However, almost all private risks are guaranteed by insurance companies.
Insurance companies try to reduce financial losses by reducing convergence in some areas and relying on reinsurance. SCOR states that reinsurance means that insurers insure large insurance companies to compensate for possible financial losses. During this period, the government guarantees certain basic risks, such as unemployment. Insurance companies cannot guarantee many of these risks. Because the government is capable of doing so, it cannot control them. Basic risk and special risk can be divided into pure risk or estimated risk.
Fundamental risks affect not only people but also the organization. For example, a set of risks affecting an organization is called business risk. In addition, speculative risks affect organizations. These risks can be divided into strategic, operational, and financial risks. Strategic risk is related to the purpose of the organization, and the vision, and mission of the organization. Therefore, if an organization changes its business equipment, policies, or procedures to increase the effectiveness and efficiency of the organization, thereby increasing profits, it can lead to higher loss rates.
Operational risk comes from daily work within the organization. For example, employee injury or data corruption due to poor security or poor backup strategies. This affects the organization's ability to continue to provide products and services. Financial risk comes from the turbulence of financial markets, because financial risk may cause financial institutions to suffer losses. Speculative risk is the main risk facing any organization, and organizations are actively trying to reduce this risk. Many people are interested in hiring and hiring departments to manage project risks.
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Get custom essayThe most important risk facing the insurance industry is financial risk, which can be divided into five categories. The first is market risk; it focuses on asset deterioration due to changes in major market factors. Second, credit risk is the inability of a company to pay its debts. Third, the Basel Committee defines operational risk as 'the risk of loss due to improper or defective internal operations, personnel, systems or events'. Fourth, liquidity risk is caused by a lack of cash flow, which prevents companies from complying with their short-term debt. Fifth, improper application of existing laws or changes in laws such as tax laws will create legal and regulatory risks.
Long-Term investments are significant for most people or companies to help bring profitable income to either an individual or company. Anyone or business would need to understand the company that they would invest and understand various sections of the Financial Statement to make proper analysis to determine which company to invest. I have two companies to consider, Starbucks and Dunkin’ Donuts, which are a familiar coffee brand, shops, and products to most people around the world. Both corporations are presented in public trade on NASDAQ, and consumers can invest with either corporation to bring profitability to themselves or their company.
Get original essayAfter careful research with the two companies, I would prefer to long-term invest with Starbucks to see steady profits over time. With the proper analysis that I have created with Starbucks and Dunkin Donut’s financial statements, it will conclude that Starbucks will hold constant profitability overtime versus Dunkin Donuts. After reading this paper, you will explore various ratios and analysis that Starbucks will great a significant outcome for long-term investors compared to Dunkin’ Donuts. One primary importance that Starbucks has shown higher than Dunkin’ in the study is that Starbucks demonstrates a higher shareholder value, which investor love. Dunkin’ Donuts is an excellent corporation with parts in the financial statements better than Starbucks, but overall, Starbucks holds a better long-term investment for the shareholders or stakeholders.
Coffee is a popular drink all around the world that consumers love to drink or to make. Coffee is caffeine, and any caffeine is supposed to bring more alertness to someone’s attention or even some energy to a person. People will drink coffee before going to work or even when they are working on something. Coffee shops or product are available anywhere in the world and are easily accessed for consumers that are in need. We can find these coffee shops in almost every local community or city and can see the product at nearly any grocery store or gas station. Coffee shops are not just a place to grab a drink, but understanding the culture of the coffee shops is to bring more people together. The culture has brought meetings in place, first dates, or the enjoyment of life with sitting and drinking coffee.
There are so many coffee shops in the world like Starbucks, Dunkin’ Donuts, Tim Hortons, and more that available for consumers. In the United States, Starbucks and Dunkin’ Donuts are the most popular coffee shop places. Living in Seattle, Washington, we can see that there a Starbucks at almost every corner and easily accessed. Dunkin’ Donuts is famous all on the East Coast of the United States and convenient for every consumer. The reason why I would invest in either of these two companies that you can imagine that if coffee is so accessible to ever consumer, you can imagine how busy Starbucks and Dunkin’ Donuts will be.
Starbucks is well known in Seattle, Washington, and all over the world because it is the leading coffee brand. The company is known for its ‘premier roaster, marketer and retailer of specialty in the world.’ Starbuck shops have high-quality coffee and will serve with tea, high-quality food items, and other coffee-related beverages. Starbucks has a goal to help with various healthy items on their menu and ensure their products beneficial for the customers. They also created coffee products that consumers can get from the store rather than going to the coffee stops. Their coffee shops are made to ensure significant meeting areas, studying, reading, and more for the consumers. The company has various market strategies to be able to compete in the coffee industry and had made investments to better their company in the long run. Starbucks has competition with any other coffee store or corporation with a little market with quick food restaurants. The company tries to treat its employers with proper respect by offering good wages, benefits, and opportunities for educations or growth.
Dunkin Donuts is a restaurant that is popular for its coffee and donuts but has open the market to various food. The company has provided multiple food options and made it affordable for the industry market to its consumers. Dunkin Donut is one of the largest ‘quick service’ restaurants in the world, and it is in the leading market with competitive markets. We might not see many Dunkin Donuts on the West Coast, but we do have many Baskin-Robbins, which is franchised by Dunkin’ Donuts. Baskin Robbins is an ice cream shop that mostly serves ice cream and cakes for its consumers. Dunkin’ Corporation has an operation in 60 countries worldwide and would grant to open more if there is proper distance between another. The company has four different segments with Dunkin’ Donuts Domestic, Dunkin’ Donuts International, Baskin Robbins Domestic, and Baskin Robbins International. Most of the revenues will come from the Domestic, and while little contrition comes from international. The company is growing and becoming more popular than in the past couple of years. It has significant competition with Starbucks, but with opening more food menus with their service, it has competition with various quick-service restaurants and coffee stops.
The short-term liquidity ratios can determine which company to long-term investment by observing how efficiently the company can pay-off their debit. I had analyzed both the company’s short-term liquidity and found that both companies had increased after Year 1 then declined after Year 3, due to various investments. We can review some key ratios that can help determine long-term investments like Current Ratio, Acid Test Ratio, Account Receivable Turnover, and Working Capital. In Year 1, Dunkin Donuts started with a Current Ratio with 1.33 and increased over time to Year 4 to 1.51. Between Year 1 and Year 4, the company had a significant increase, then a slight decline between those two years but still with a more excellent ratio than Year 1. We can review the Acid Ratio to determine if Dunkin’ can pay their liabilities and if it is favorable to make the long-term investments. In Year 1, Dunkin’ will start with .93 and increase in Year 4 to 1.22 while having an increase and Decline in Year 2 and 3. Investors would want to know how the company can turn their products into cash with Dunkin’ increasing in the last four years. The working capital in Dunkin’ had increased over time, with increased substantially then decreased over time.
Starbucks has a similar ratio and the same analysis with Dunkin, but comparably Dunkin’ has done better than Starbucks. The Current Ratio had Declined over time by Year 1 being 1.05 to Year 4 as 0.92 with a significant decline in Year 3 to Year 4. As we review the Acid-Test Ratio, we can also see that there was a slight decline in Year 1 as .64 to Year 4 as .58. The information demonstrates the company has less ability to meet the current obligations because the current ratio and acid-test ratio went down. The level of current ratio and the acid-test ratio is at its lowest for the past four years. Starbucks has proved better than Dunkin’ with turning product over cash quickly by having a consistent increase over the past four years while Dunkin increase and Decline. I assume that Starbucks is making more significant investments that reducing its ratio’s results to Dunkin’ Donuts.
The capital structure will demonstrate outstanding debt, and equity and that information will inform us how the company is positively growing with its financial income. After careful analysis with the statements and 10-Ks, I concluded that both companies rely heavily reliant on long-term liabilities, which show that companies have a high level of debt on. We can review the financial statement and focus on the various stocks that the company has issued. Dunkin’ Donuts has a treasury stock constant for the past four years at -.03% and Common Stock between Year 1 at 92 to Year 4 at 82. Starbucks has a Common Stock consistent at Year 1 with 1.50 to Year 4 at 1.20. Both companies have a similar situation with Capital Structure and would suggest going with Starbucks because it has little better ratio analysis.
After understanding the Capital Structure of both companies, we need to explore the return on invested capital to demonstrate the effect on profits the company earned. The data show that Starbucks is more solvent than Dunkin’ Donuts because of enormous total debt to equity, current liabilities to total liabilities, earnings to fixed charges, and cash flow to fixed costs. We can review Starbucks and Dunkin Donuts’ financial statements to prove that Starbucks is more solvent. The total debt to equity of Starbucks at Year 1 was 1.43 and reduced to -4.08 in Year 4. The company had reductions every year from year 1 to year 4. Dunkin Donuts had started in Year 1 with -15.48 and increase to -5.85 in Year 4, which is still less than Starbucks, and Starbucks can expect an excellent growth rate. Another information we can examine is that Cash flow to fixed charges because the results are substantially different, from Starbucks starting at 75.76 in Year one from the significant decrease at 18.88 in Year 4. While Dunkin Donuts had at Year 1 1.92 and grew at Year 4 with 2.09. I understand that Starbucks took a significant hit within the four years, but the information demonstrates that it would still be higher than Dunkin’ Donuts.
Overall the information provided in the Return on Invested Capital explains that Starbucks is a better company to invest than Dunkin’ Donuts. Dunkin’ has either had small growth or no growth with any profitable income they earned, and the company stayed consistent. While you can explore, Starbucks had significant growth or low growth with profits that they had accomplished. We can review both the company’s ROCE and RNOA results, and it would conclude that Starbucks has better growth in the industry than Dunkin’. As an investor, I would undoubtedly invest long-term in Starbucks with the information provided because I can positively see growth with my investment. At the same time, Dunkin’ would show small growth or stability.
The asset of Utilization is essential to understand when deciding on Long-Term investments because it will demonstrate how the company uses its assets and manages its assets. This information is ratios like Cash Equivalent, Receivable, Inventories, Working Capital, and various Assets. We can determine that Starbucks has better asset utilization because it utilizes more sales per dollar of assets invested versus Dunkin’ Donuts. As we can explore the results, it demonstrates that Starbucks has done way better than Dunkin. In examining Year 4, Cash Equivalent was about 2.55 with Dunkin’ and Starbucks at 9.87, which is a clear difference. Another result to explore would Receivables, and in Year 4 Dunkin’ is at 17.40 and Starbucks is at 30.15 with is also a significant difference. The other Asset ratios show considerable variation in the different years between each company and demonstrate Starbucks is better.
Financial Forecasting is essential for companies and investors to determine future profit growth or decline the company can face. I believe that as deciding on long-term investments that this data is necessary to understand and know because we can determine the returns on investments. When we look at both companies, we can conclude that both companies have done well at Year One and Two, but as soon as Year Three, the market for both businesses had dropped, and Revenue had fallen. After Year Three, both companies had successfully inclined the market shares and revenues, but we need to determine which company did better. I had made calculations and ratios for four years, and the data results show that Starbucks had done a little better than Dunkin’ Donuts. After forecasting the Balance Sheet and Income Statement, it became conclusive that Starbucks can do better than Dunkin’ in the long-run and would be profitable for long-term investments.
There can be many reasons that Starbucks can be more popular than Dunkin’ Donuts, but the primary reason I believe that Starbucks can provide more ‘coffee culture.’ Most people love to drink coffee or coffee-related beverage, and the consumer’s first instance would be a coffee shop. Dunkin’s Donuts is becoming and is a ‘fast food’ service restaurant versus a coffee shop where you can grab a quick beverage. Starbucks has also made huge investments that should significantly see positive progress on long-term investments.
After careful analysis with the two companies, we can determine that Starbucks would be the best long-term investment in the coffee industry. Dunkin’ Donuts is an excellent corporation and would be preferred for short-term investments or ‘quick turn arounds,’ but for the long-term, it would be preferred Starbucks. The data showed that Short-Term liquidity was favorable to Dunkin’ Donuts and the operating performance with profitability. While you can observe that Starbucks was more solvent in invested capital, Starbucks has a better asset Utilization and has a higher shareholder value. We can also find that Starbucks, in the long-run, would be more efficiently run compared to Dunkin’ Donuts.
A critical factor in reviewing this analysis is the Stock as an Investment between the two companies because that would be an essential data the investor would know. We can review Dunkin Donut at Year 1, starting the pricing per earnings ratio at 37.13, with decreasing overtime at Year 4 with 23.57. That is a steady drop and would accept it to drop more over time unless the company decides on positive investment. They have been keeping it stable with their corporation, while Starbucks had made growth and positive investment. Starbucks has a price per share ratio at Year 1 at 27.17 and Year 4 growth at 30.18. The company can demonstrate growth in the future and can receive positive shareholder and stakeholder growth.
After all the analysis, the company I would choose for long-term investments would be Starbucks because the company had better ratio analysis and a better outcome for the future. Starbucks had forecasted growth in Revenue by about 6% greater than the year 2019. In Dunkin Donuts, the growth rate in Revenue 3.6%, which is half of Starbucks. Other analyses had concluded that overall, Starbucks is better than Dunkin’. In the future, we can estimate that the company will have stronger growth than other industry competitors because the company has grown and anticipated that.
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Get custom essayI love drinking Starbucks coffee like most consumers do and cannot resist. I mention that for a quick coffee or hot beverage than Starbucks would be favorable than other places. I believe it would be harder for Starbucks to lose capital and revenues over time because of how consumer popular it is. Dunkin’ is a great corporation but comparing Starbucks, and the investments would be greater when working with that company than Dunkin’
Every enterprise whether big, medium or small, needs finance to carry on its operations and to achieve its targets. In fact, finance is so indispensable today that it is rightly said to be the life blood of an enterprise. Without adequate finance, no enterprise can possibly accomplish its objectives. So that the study of financial performance is so significant and it is the process of measuring the results of a firm’s operations in monetary terms. It is used to measure firms overall financial health over a given period of time.
Get original essayAnalysis of financial performance focuses on the financial statements, as they are a disclosure of financial performance of a business entity. A financial statement is an organized collection of data according to logical and consistent accounting procedure. Its purpose is to convey an understanding of some financial aspects of a business firm. It may show assets and liabilities position at a moment of time as in case of balance sheet or may reveal a series of activities over a given period of times, as in case of an income statement.
The Cochin International Airport Limited is a novel venture in the history of civil aviation in India where Government of Kerala, NRIs, travelling public, financial institutions, Airport Service Providers and other joined hands in the equity structure. It is a state government sponsored project with public participation mostly from Non Resident Indians (NRIs) of Kerala from all over the world. There are over 12,000 shareholders from 30 countries who have invested in the project with a hope to reduce travel cost and time apart from inconveniences. It is managed by the Government representatives, NRIs and representatives of financial institutions. The ground handling at the airport is done by the Air India. This is the first international airport as public private partnership model in India.
Financial analysis provide information on how the firm has performed in the past and what is its current financial position. It is done by establishing relationship between different items in the statements. The first task of financial analysis is to select the information relevant to the decision under consideration from the total information contained in the financial statement. The second step involved in the financial analysis is to arrange the information in a way to highlight significant relationships. And the final step is interpretation and drawing conclusion. In brief, financial analysis is the process of selection, relation, and evaluation. And the ultimate objective of analyzing the financial statement is to get better insight about the financial strength and weakness.
The purpose of the analysis is to diagnose the information contained the financial statements so as to judge the profitability and financial soundness of the firm. A financial analyst analyses the financial statements with various tools of analysis before commenting upon the financial health and weakness of an enterprise. Financial statement analysis is an attempt to determine the significance and meaning of the financial statement data so that forecast may be made of the future earnings, ability to pay interest and maturities and profitability of a sound dividend policy. The analysis and interpretation of financial statement is essential to bring out the mystery behind the figures in financial statements.
Variations in the financing and governance of firms play a primary role in determining the long-term success and the stability of any leading economies. Financing and governance of firms encompass a number of factors that make each of them unique and fundamental to the overall existence of any particular firm. In particular, corporate governance is responsible for the corporate performance as well as the economic performance of the firm (Maher & Andersson, 1999). Perhaps, one of the common, most conspicuous variations between firm’s financing and corporate governance schemes is the dissimilarity in ownership and regulation of the particular firms existing within a specified region or country. The distinct systems of corporate governance can be differentiated firm's the scope of ownership and influence, and the individuality of the controlling shareholders (Maher & Andersson, 1999). This way, the latter brings out the reality of variations in the financing and corporate governance of firms as a crucial component of the firm, and whose contribution towards long-term success and stability cannot be denied.
Get original essayFinancial markets and corporate governance, in addition to investor confidence, have their roots way back in the late 1990’s and has quickly been established as a primary component of firms operations. Basically, the USA’s financial markets are characterized by widespread ownership structures whereby over 100 million citizens of all capacities take part in capital markets. Such ownership structures are thus influenced by typical agency problems of separation of decision control assigned to management and the ownership control retained by a wide range of shareholders (Rezaee, 2007). Also, almost half of the total U.S. households take part in security markets by means of investment in both public and private company share, pension and mutual funds. Consequently, following the corporate and financial management failure in vast business firms such as WorldCom and Enron, the aspect of financial and corporate governance has taken a central role in the determination of long-term sand stability in leading economies, especially during the fall of this giants business establishments (Rezaee, 2007).
As a result of the impact that the two aspects have in firms, multiple studies have been conducted by academics with the application of a variety of models. For instance, literature carried out on relative corporate governance considers generally two primary systems which tend to explain the emergence of differences in the legal protection of ownership rights: in countries such as the US and the UK that can be referred to have common laws, the court of laws have successfully managed to safeguard investors rights, therefore, resulting to more concerted tenure and regulations (Daidj, 2017). This attributed mainly is attributed to the Anglo-Saxon model, which holds on the shareholder value. However, different countries have financial systems and corporate governance that shave distinct characteristics, which differentiates it from the constituent elements of other nations.
This paper addresses the issue of financing and governance of firms and the impacts they have on the realization of long-term success and stability particularly on leading economies, in an attempt to examine the extent to which they affect. As well, the paper will be building on how various frameworks and models impinge on economic growth, development of equity markets, innovation, and the establishment of active SME segment. Consequently, the paper will address the dominance of Anglo-Saxon systems in the USA and the UK, as well as address the success and failures of different systems, trends, and the influences of financial crises.
The aspect of corporate governance has been established to have its roots in the U.S. and the UK. It was originally concerned with relatively few set of issues, in particular, the way in which stakeholders could monitor and motivate management to address their interests, shareholder value. This way, corporate governance of firms can be established on two pillars: the ability of owners to monitor and intervene in operations whenever the need arises, and the vigor for the corporate control within various markets (Koen, 2005). As a result, Bratton and McCahery (1999) posit that in such times, the corporate’s law presents a major concern of whether or not a there exists a general corporate governance system, which holds a comparative economic advantage. This was mainly attributed to the fact that there was increased competition in relation to corporate governance. In fact, it is argued that the US observers during the onset of 1900 depended on the Japanese systems of governance and practices for guidance on how to execute reforms to their preexisting systems of governance. Thus, its contribution to success and stability is deep-rooted to the earlier days (Bratton & McCahery, 1999).
Financing of firms is key to the development, long-term success and stability of the respective firms. Mullineux (2007) states that ever since the onset of 1970s different nations have experienced significant liberalization of the banking systems, and has experienced some form of financial innovation. This is attributed to re-regulation of the financial institutions, which apparently serves as the pillar of every nation’s financial systems. They serve as the backbone of the country’s economy (Mullineux, 2007). For example, the United State of America ’s, services trade’s GDP in the year 2006 exceeded 1 trillion, thereby accounting for 8.1% of the overall U.S. GDP, while the security industries accounted for over 175 billion U.S. dollars which were approximately 17 percent of the U.S. financial market, and lastly the financial sector hired almost 6 million persons by the year 2005, which was answerable for at least 5% of the overall private sector service (Rezaee, 2007). Variations in the financing of firms greatly influence long-term success and stability since it encompasses several other factors such as enhancing allocation of a limited resource of investment, facilitating public firms to raise the money needed to expand businesses, and providing financial fair for individual investors to invest their capital (Rezaee, 2007).
As well, different literature conducted since the mid-1990s has sought to understand the existing global variations in in corporate governance primarily by establishing the relationship between that is involved in leading of different firms. This way, sit distinguishes amongst two models relating to corporate governance. The Anglo-Saxon model in corporate governance is used to describe the shareholder value as the principal goals of a firm and that only the shareholders enjoy strong solemn relations with the senior management (Koen, 2005). Some of the key features of this model in financing and corporate governance include the stringent requirement for accounting and transparency, financial institutions have only the mandate of dealing with the firm's operations, it presents the board of directors as the internal supervisors, and there are multiple incentives for the managers (Gaur, 2018). Consequently, the Rhineland model also referred to as the bank-based model has every member of the firm having a viable contribution to the firm. Employees, suppliers, customers, and the communities are considered in decision-making and have their interests represented in governance and financing. The two models have been used effectively to gain access to various financial markets (Koen, 2005).
While the financial and governance dynamics are bound to change significantly, there are theories such as the agency theory, comparative case studies, and institutional theory that seeks to exploit alternative governance systems and the changing dynamics, as well as explore the implications it has on the long-term success and stability of a firm (Yoshikawa & Phan, 2001). The agency theory endeavors to address the complications which arise in consensual associations whenever the objectives of a principal and a representative clash, and whenever it is relatively difficult or costly for the principal to authenticate the agent’s undertakings. Basically, it seeks to provide solutions and thus maintain the firm focused to realize stability and success (Yoshikawa & Phan, 2001). The institutional theory, on the other hand, is a framework, which emphasizes that firms attempt to integrate standards in their institutional settings in order for them to acquire stability, legality, improved survival projections and resources. Basically, the instructional theory rejects the rational choice and rather places more emphasis on the legality of the firm such that governance is dependent of rules, illustrations, and belief systems (Yoshikawa & Phan, 2001). Finally, the comparative case creates the relationship between two establishments mainly to comprehend competitiveness of the products. Case examples encourage adoption of strategies that aim at giving a particular firm financial and governance competitive advantage (Yoshikawa & Phan, 2001).
As a result of globalization, there is a tendency of the convergence of the corporate governance practices across the globe. According to Chatterjee (2014), the Anglo-American model of corporate governance is gaining popularity over other models of corporate governance thus influencing other governance systems to initiate changes towards this model. The Anglo-American model places more emphasis on the interests of the shareholders over the interests of other stakeholders of the organization. Variations in the economic growth rates across different countries played a major role in influencing the decisions to reform the governance systems towards the Anglo-American governance system. For instance, when the American economy was strongly growing between 1990 and 2000, there was a stagnation of the European countries’ economies as well as the Japanese economy. This difference in the growth rate of the American economy and the Japanese and the European countries’ economies were attributed to the differences in the governance systems and the solution to rectify the stagnation was to adopt the Anglo-American system (Chatterjee, 2014).
Similarly, the declining performance of industries in Britain during the same period was attributed to the widely used personal capitalism in the managerial enterprise (Baumol et. al., 1994). This was despite the fact that the highest performing managers and leaders in America as well as in Germany were using the managerial capitalism, which was more highly effective than the personal capitalism. The personal capitalism system of governance is a system whereby the owners of the organization are given the power to control decision-making process regarding the allocation of resources as well as the making of strategic decisions. The owners of the organizations, therefore, controlled the daily management of the organizations (Baumol, et. al., 1994). The poor performance associated with the personal capitalism necessitated the reforms of the governance system to adopt the managerial capitalism that was being used in the American economy.
Further evidence reveals that there is also change in the type of the boards of management both in the Japanese corporations and the German corporations to adopt the single-tier model of the U.S board of management. The American boards usually small in terms of the number of directors and comprise of both the external independent directors as well as the insiders. The inclusion of both external independent directors and internal directors as opposed to the earlier types of boards consisting of internal directors only ensures that the interests of all the stakeholders have sufficiently been protected. The concentration of ownership has also significantly declined over time in the German corporations, which is an indication that the corporations are emulating the American corporations (Lonien, 2003).
The history of research and development in the United States can be dated back to the time when the U.S was established. The United States has several state programs that have been established in support of research and development in the country. The discoveries made from the scientific research and the technical applications that have been developed through research and development have been recognized as crucial pillars to the development and good performance of the United States corporations (Brown et. al., 2005). Other countries such as Germany, Japan, Denmark and Finland have also significantly invested in research and development, which has played a major role in spurring the prosperity of corporations within these countries. As a result, other countries are also focusing on the allocation of more resources to research and development in an attempt to stimulate the performance of corporations within the countries. This indicates a convergence in terms of the importance of research and development to a country between the United States and other countries in the world (Sa?nchez-Rydelski, 2006).
The financial sector before the 1990s was characterized by few financial instruments as well as less elaborate legal and regulatory framework. Some of the countries such as China, Korea and Japan had a perception that the economy of a country should evolve away from a financial system that is bank-centred (New York: Columbia University Press, 2013). This belief was in contradiction with the United States, which believed that the economy should grow towards a more bank-centred economy. After the 1990s, more financial instruments were availed as more elaborate legal and regulatory framework was established. This was followed by the deregulation of the financial sector that led to the collapse of the U.S economy in 2008 and 2009 when large financial institutions collapsed. The financial institutions in countries that were reluctant to engage in risky financial activities such as Japan were less affected by the collapse of the U.S financial system (Senanayake, 2010).
After the 2008 financial crisis, more stern regulatory measures were taken to monitor the activities of the financial institutions. This was done in an attempt prevent the misconduct in some financial institutions that may lead to a crisis similar to the one experienced in 2008. Despite the fact that the Japan, China and Korean financial institutions were less affected by the crisis, they are heavily affected by misallocation of resources, unlike the U.S financial institutions that have a good reputation in terms of resources allocation. This implies that there is need to reform the financial systems in these countries even if they do not take the American model. Such reforms would imply a convergence towards the American model (New York: Columbia University Press, 2013).
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Get custom essayTo conclude, the different literature conducted since the mid-1990s has made effort to understand the existing global variations in corporate governance primarily by establishing the relationship between different firms. While the financial and governance dynamics are bound to change significantly, there are theories such as the agency theory, comparative case studies, and institutional theory that seeks to explain alternative governance systems and the changing dynamics, as well as explore the implications it has on the long-term success and stability of a firm.
If you are scanning for a date for Valentine's Day, you can rest ensured that you are not alone. People far and wide value watching Valentine's Day with some individual they venerate. For the people who are in committed associations, this is regularly extremely straightforward. Regardless, for the people who are single or despite dating, finding a date for Valentine's Day can be a troublesome task. This article will examine a few different circumstances and offer appeal to finding a date for Valentine's Day in each situation. Couples in a submitted relationship, don't generally get themselves alone on Valentine's Day. For these couples it is generally expected that unless work or diverse responsibilities intrude, they will spend Valentine's Day together. In any case, in light of the way that it is acknowledged does not by and large mean everything works out as orchestrated.
Get original essayAs a matter of fact it can be the wellspring of issues for couples around Valentine's Day. Couples who expect they will spend Valentine's Day together may in like manner acknowledge their accessory is managing making game plans for the exceptional day. Regardless, if both of the accessories make this assumption, the couple may end up spending Valentine's Day alone in light of the way that neither of them made courses of action. To avoid this issue, couples should swear off making suppositions and verbalize their plans for the day.
Couples who have quite recently been dating for a concise time allotment may have a great deal of inconvenience getting a date for Valentine's Day and making courses of action for the day. This is because of the accessories may not yet feel adequately secure in the relationship to know paying little heed to whether their assistant should laud the day with them. This can be an extremely important occasion in a relationship as the couple tries to choose how they feel about each other and paying little heed to whether they have to spend Valentine's Day together.
Couples in this sort of relationship should purposely survey their own specific opinions and make sense of what they are hunting down in the relationship before raising the subject with the associate. This is a shrewd idea since it ensures the couple isn't simply getting to be plainly required with the spirit of the event and that they really worship each other. If you have quite recently been dating some person for a short traverse yet understand determinedly about going on the town with her on Valentine's Day, basically ahead and ask her out. The most exceedingly terrible that can happen is she says no. While this may wreck your plans for the immense day, it will give you a prevalent perception of where your relationship stands.
The people who are single may have the most troublesome time finding a date for Valentine's Day. In one circumstance and individual may be single yet moreover secretively pining for another they would love to spend Valentine's Day. For this circumstance, if the individual they regard is furthermore single, it is favorable to just ahead and ask her out. Yet again, she may express no anyway she also may state yes. If she says yes, you may end up having a unimaginable time on your Valentine's Day date and it may provoke future dates. Of course, if she says no, you haven't for the most part lost anything since you didn't have outlines regardless and you can regardless envision getting together with colleagues for Valentine's Day.
Finally, if you are single and don't for the most part have some person you have to spend a wistful Valentine's Day; you can just arrangement to get together with a conventional buddy or a social affair of sidekicks on this day. Going out to dinner or to a film is a fun technique to spend Valentine's Day paying little mind to whether you aren't extremely a date. Valentine's Day is about warmth anyway it doesn't for the most part should be a wistful kind of worship. You can have an exceptional time on Valentine's Day with a superior than normal buddy and don't for the most part need to plan a wistful date for Valentine's Day.
Because postcolonial studies focuses on historical impacts of cross-cultural assimilation following World War II, it is closely linked with determinism, the notion that every event has an historical antecedent causing the present event's existence. In the novel White Teeth (2000) by Zadie Smith, we see many of the characters struggling to find a balance between an acceptance of Postcolonialism and their own will to predestine the lives of other human beings.
Get original essayOne of the primary tenets of Postcolonialism is that the past is expressed through the present, or, as Samad so aptly states to Archibald, “the generations [...] speak to each other” (100). Generational discourse is embodied by Alsana and Clara while they are searching for a proper place to raise their children. Alsana, believing “that living near green spaces [is] morally beneficial to the young” (52), chooses a home along the “High Road,” a place in between the urban ghetto of Willesden and Gladstone Park, “named after the Liberal prime minister” (52). Clara, who is also a first-generation immigrant, is searching for “a nice house somewhere midway between the trees and the shit” (40). Clara and Alsana's identical methodology for home-searching is a way of using their past experiences—from both London and their respective English colonial states—to shape not only their present lives as imminent mothers, but also the “future history” (383) of their children: Magid, Millat, and Irie.
Alsana and Clara's search for a home, a “neutral place” (383), is not only spatially significant, but also philosophically significant in that they are seamlessly transitioning between their past and present histories, as well as the “future history” of their children, thus metonymically paralleling the structure of postcolonial assimilation. With the dismantling of colonial possessions following World War II, immigrants from typically peripheral nations were ushered into the mainstream of international settling, making the place of one's birth relatively irrelevant in the ability for the individual to overcome social obstacles. That Clara and Alsana attempt to bridge the physical characteristics of their homeland with the suburban life of the English middle-class, however, shows that they are not only connecting colony and colonizer—an indication of their postcolonial understanding of globalism and assimilation—but that they are also attempting to predestine the lives of their offspring through a location-specific child-rearing, an ostensible contradiction and neglect of the fundamentals of Postcolonialism.
By prophetically defining the lives of their children through a location, Alsana and Clara are corrupting the postcolonial notion that it is the past, and not the spatial subjugation of their children's future lives, that guides the present. Samad further denies Postcolonialism by sending Magid to Bangladesh in order to rid his son of English culture, once again giving precedent to the location of one's life as opposed to the history of one's life, as well as showing an attempt to predetermine the life of another human being. Magid's spatial discontinuity with Millat only further exemplifies Postcolonialism's dominance over Samad, Alsana, and Clara's predetermination of their children's lives, for Millat and Magid are “tied together like a cat's cradle, connected like a see-saw, push one end, [and the] other goes up” (183). These “incidentals: similar illnesses, simultaneous accidents, pets dying continents apart” (183) prove that location is completely arbitrary in a postcolonial age; the only valid method for explaining someone's “fate” is a thorough examination of historical antecedents as they relate to present events.
That the present is fundamentally the amalgamation of past events is never more asserted in the novel than in the penultimate chapter, entitled “The Final Space,” a reference to a conference room “used for the meetings of people who want to meet somewhere neutral” (428). Ironically, the “final space,” valued for its neutrality, is where the novel's violent resolution takes place, a resolution in which many radical groups, each having a drawn-out history of its own, meet to destroy a geneticist's lifework. As with Alsana, Clara, and Samad, the geneticist Dr. Chalfen also mistakenly believes in the ability of an individual to predestine his own life path as well as the life paths of others. By using genetic engineering to control living creatures, Chalfen attempts to nullify the active significance of the past as a determinant of the future. In place of determinism, Chalfen offers “the tantalizing promise of a new phase in human history, where we are not victims of the random but instead directors and arbitrators of our fate” (357). Though Chalfen promises the “[elimination of the] random” (283), his project actively derides Postcolonialism by replacing the bridge between past and present with an undiscerning link between present and future.
Zadie Smith, however, elucidates the dissonant factions of postcolonial determinism and projected predestination by briefly recapping Samad and Archie's World War II experiences, which are unequivocally the cause of Archie's interference in an assassination attempt by Magid, a Muslim fundamentalist determined to relive the history of his great-great-grandfather, Mangal Pande. Though the Muslim terrorist group KEVIN and the Jehovah's Witnesses are involved in the actions of the evening, the animal rights group “Fighting Animal Torture and Exploitation” (FATE) does not play a part in the novel's resolution. Through Smith's wit, the reader is shown that overall, “FATE” does not influence present events, nor is predetermining the fates of others an achievable feat; the only solidity in modern life is that past human history expresses itself through the present.
In Zadie Smith's White Teeth, many of the characters believe that they can become “directors and arbitrators of [the] fates” (357) of other beings. However, according to postcolonial studies (determinism), as well as the subtext of the novel, one can not modify the fates of others, for only history, with all of its quirky, nuanced, interrelated trivialities, is the driving force behind modern life. Ironically, because history shapes the future, the historical present is always a modifier of the historical future, allowing Zadie Smith’s White Teeth to have a multiplicity of interpretations as they apply to the polemic between postcolonial determinism and the characters' own predeterminism.
Works Cited
Smith, Zadie. White Teeth. New York: Vintage Books, 2000. Print.
The Civil War, known as the “The War Between the States” was fought between the United States of America and the Confederate States of America. It's well-known fact that the main cause of this war was slavery. In “How did slavery cause The Civil War ?” essay there is explanation of how this war was going on. The Confederate States of America was made up of eleven southern states that left the Union between 1860 and 1861 and formed their own country in order to protect the institution of slavery. The war began after President Abraham Lincoln issued the Emancipation Proclamation in January of 1863 which freed enslaved black people. Many free black men volunteered to join the 54th Massachusetts Regiment believing that God would use their contributions in the war for the destruction of slavery and securing of equal rights and justice for blacks in America. In July of 1863, Licoln issued a proclamation that would protect black soldiers.
Get original essay“It is the duty of every government to give protection to its citizens, of whatever class, color, or condition, and especially to those who are duly organized as soldiers in the public service. The law of nations and the usages and customs of war as carried on by civilized powers, permit no distinction as to color in the treatment of prisoners of war as public enemies. To sell or enslave any captured person, on account of his color, and for no offence against the laws of war, is a relapse into barbarism and a crime against the civilization of the age.”
This angered many Southerners who never saw black people as socially, politically, or intellectually equal to them and couldn’t fathom blacks being treated above the standard of slaves or superior to them by being memebers of the armed forces leading to the The Fort Pillow Massacre. This bloody event Fort pillow in Tennesse on April 12, 1864, was one of the wars worst atrocity against black troops. This fort on the east bank of the Mississippi river was the scene of the slaughtering of Black Union troops and white soliders who served alongside them, although many white denied it ever happening.
The Conferdate soliders were led into Fort Pillow by General Nathan Bedford Forrest. Despite having no military experience, he enlisted as a private and quickly rose to lieutenant general. Before the war, General Forrest gained wealthe as a slave trader, but never recorded his racial prejuidice. “Like many Confederates the General probably felt galled by the arming of runaways. Ignoring the Confederacy’s policy of treating black federals as rebillious or runaway slaves, he took the unsual, but practical step of offering to accept the entire Paducah garrison as prisoners of war. He did threatened that, if he had to assult the Fort, he would grant no quarter, a threat he had used twice before in 1862 to garner quick surrenders”
Under his command 2,500 Confederate soldiers were ordered to slaughter wounded black and whites soldiers that served with the black Union troops. He allowed wounded soldiers that did not die immediately, to be shot in the head; although they begged for their lives and surrender. 300 Black Union soliders were murdered, as well as their white Commander William F. Bradford.
White Americans refused to accept black troops in combat but permitted it because whites would prefer for a black man to die rather than a white man. Black soldiers endured discrimination and bitterness during the war such as, equal pay, segregated units, and lack of training and medical care. Black soldiers were commonly mistreated and racially discriminated before and after the massacre. “Captured black soldiers were abused and even murdered rather than treated as prisoners of war.”
After the war, colored men were rejected, and racism and segregation increased toward them. “Black Americans at the conclusion of the Civil War evinced justifiable confidence in their ability to reap the benefits and promises of the nation they had helped to regenerate for themselves and for members of their race, just at a moment when white Union soldiers’ opinions on the rights of African Americans were malleable, and when Confederates exhibited the least ability or inclination to resist any reconstructive measures, including racial reform.”
General Forrest was a cruel slave trader and a well known white supremacist. Despite having no military experience, he enlisted as a private and quickly rose to lieutenant general. Under his command 2,500 Confederate soldiers were ordered to slaughter wounded black and whites soldiers that served with the black Union troops. He allowed wounded soldiers that did not die immediately, be shot in the head; although they begged for their lives and surrender.
Both Clare, from Passing, by Nella Larson, and Esperanza, the protagonist of The House on Mango Street, by Sandra Cisneros, seek to find a figurative ‘home’ in society, a place where they are accepted by those around them and free to express themselves. However, both characters feel that the roles they are inherently fettered into are holding them back; Clare cannot achieve economic and social freedom in the black community, and Esperanza cannot achieve true acceptance while being ashamed of her cultural heritage. By comparing the way these characters employ the seductive powers of female sexuality, and exploring their differences in their attempts to reintegrate themselves into society, one can see that true freedom, what they were after all along, can only be achieved in the mind first, and not in a different community, or on a different street. Both characters come to realize that the false sense of triumph achieved by ‘passing’ or by flirting with men is a double-edged sword; while advancing them toward what they feel is liberation, true freedom eludes them further. When faced with pivotal circumstances at the end, Clare finds ultimate liberation in death. Esperanza however, finds herself in her ability to write and tell stories. Both women finally choose the thing which best expresses their raw selves.
Get original essayIn Passing, the reader is introduced to Clare through Irene’s eyes, Clare’s long-time, ambiguously intentioned friend. Clare is described in rich, luxurious detail, as a mysteriously alluring, yet emotionally inaccessible beauty. In the hotel lobby, toward the beginning of the novel, Irene, before knowing she was watching Clare, sees: “an attractive looking woman… with those dark, almost black eyes, and that wide mouth like a scarlet flower against the ivory of her skin”(14). In addition, her laugh was “a lovely laugh, a small sequence of notes that was like a trill and also like the ringing of delicate bells fashioned of a precious metal, a tinkling” (18). These generous descriptions of the lovely Clare serve as a lead-up to an explanation of how Clare was so successful in ‘passing’ and advancing into the rarefied upper-class of New York society. She admits to Irene that she could pass because “[she] knew [she] wasn’t bad-looking” and had “a little nerve” (26,25). Her motivation when she first started was to secure the things she dreamed of having, but could never attain. Things like money, social freedom, and status were Clare’s goals, and she achieved them successfully by abandoning her racial identity.
In the same way, Esperanza, in her first-person narrative, describes some of the female characters in the same envious and enamored way Irene depicts Clare. Lois, “tiny and pretty…[with] big girl hands… and makeup” and Sally, with her shiny black hair that flicks back “like a satin shawl over her shoulders,” make Esperanza wish to “sit out bad at night, a boy around [her] neck and the wind under [her] skirt”(73,81,73). She wants to feel alive, to feel accepted and attractive, instead of the familiar pangs of shame at her family’s economic status and Mexican heritage. She escapes this feeling of inferiority by utilizing her sexual powers over men, relishing the attention she gets when she wears her high heeled shoes.
The first mention of Clare’s dissatisfaction with her life appears in the letter she writes to Irene early on in the novel. She writes, “It may be, ‘Rene dear, it may just be, that, after all, your way may be the wiser and infinitely happier one. I’m not sure just now. At least not so sure as I have been” (47). This sentence expresses a sharp paradigm shift for Clare, who must now confront her race and explore where she feels the most at home. Clare begins to disregard her own safety in a desperate attempt to rekindle her connection with the Harlem community in order to feel accepted and find happiness and freedom, things she did not find when she achieved monetary and social success in the white community. She tells Irene, “‘You’re free. You’re happy. And… safe’” (67).
Esperanza experiences similar moments of realization when she is exposed to the dangerous consequences that accompany beauty. Though at first, she feels exhilarated by the ability of “those magic high heels” to transform her into a desirable woman, she quickly grows “tired of being beautiful”(40, 42). In addition, when the Oriental man forcefully kisses Esperanza on the mouth instead of on the cheek, Esperanza is filled with an immediate sense of disgust. She realizes that utilizing sexuality as a means of escape actually cages her further and further into the prison cell of a male-based society. While she thinks that she has the upper hand in controlling the men around her with her femininity, she is, in reality, letting them control her by forcefully taking advantage of her body and objectifying her. In retaliation, she begins to construct a new perspective on the sexual role she will play in society. Rather than buying into the image of the prototypical beauty with “red red lips… who drives the men crazy and laughs them all away,” Esperanza “leaves the table like a man, without putting back the chair or picking up the plate”(89). In other words, she abandons her womanly wiles for frankness.
At the end of the novel, both Clare and Irene achieve freedom. The key difference, however, lies in their divergent methods of acquiring it. Clare, the woman who once told Irene that ‘passing’ was ‘worth the price,” now wants to live in Harlem more than anything, where “[she’d] be able to do as [she] please[s]” (28,106). At the party, in the last scene, when Clare dies after Jack storms in, Irene’s descriptions are consistently riddled with terms of beauty. She thinks, “the soft white face, the bright hair… the dreaming eyes, the caressing smile, the whole torturing loveliness that had been Clare Kendry…” (111). To the end, the novel objectifies Clare as that beauty, even in her death. The entire picture that was Clare—the red lipstick and the extravagant dresses, which were once just tools to successfully ‘pass,’ were now so much a part of her that she could not throw it off. Trapped between the white community, which she belonged to externally, and the black community, where she belonged ethnically and mentally, Clare seeks ultimate freedom in death. She finally realized that it was not worth it to escape who she is for the pursuit of material things. She realizes at the end that ultimately, she just wanted to feel at home, accepted by a community of people like her.
In stark contrast, Esperanza redeems herself through writing. She channels her sexual expression into artistic expression. At the end of the novel, she starts telling a story about a “girl who didn’t want to belong”(109); no longer is the adolescent who would do anything fit in, who would give men kisses or wear provocative shoes. Esperanza finds ‘home,’ in putting her emotions down on paper, and unlike Clare, does not need to leave Mango Street in order to achieve this freedom. While Clare is inextricably linked to the people of Harlem, she can never be free in the white community. Her only escape is death. Esperanza’s struggle however, is less locative, and so she is able to liberate her mind while remaining in the same house.
In conclusion, Clare and Esperanza seek to find freedom and acceptance in the societies around them, and utilize beauty as a means to escape from what is holding them back. Clare, with her calculated airs and womanly charm, weasels her way out of Harlem and into white society, where she thinks she will find satisfaction in the luxuries and freedom it offers. Esperanza, to escape the squalor of her surroundings, dons the mask of a provocative woman, seeking comfort in her control over men. However, both women realize that all they want is a home, where they can be themselves and express themselves without living a lie. Clare cannot start over as easily as Esperanza can, and so she chooses death as the ultimate liberation. Esperanza, however, redefines herself in society by abandoning her sexuality and bringing her writing ability to the fore. In this, she finds ultimate freedom and feels the most at home.
The House on Mango Street is a story told through the observations of Esperanza, a girl of Latino heritage, as she views the world around her. Esperanza interprets the world she sees around her on Mango Street while paying special attention to the women she observes. She views everything from the language barrier these women face to their oppressed status. With these observations, Esperanza attempts to map out her own life using the examples she sees around her. However, she comes to realize she desires a life that is different from those she observes on Mango Street, so in the end she points out the differences between herself and the people around her in order to highlight the fact that she will leave Mango Street and has the means to do so. Through her observational perspective and documentation, Esperanza proves to have a voice with her mastery of language and writing, which awards her control over her life and the possibility of finding a true home.
Get original essayThe best piece of advice that Esperanza receives is from Aunt Lupe: “You just remember to keep writing, Esperanza. You must keep writing. It will keep you free” (Cisneros 61). The language barrier serves as a major hindrance to the characters in the story. When describing Mamacita, Esperanza observes, “Somebody said because she’s too fat, somebody because of the three flights of stairs, but I believe she doesn’t come out because she is afraid to speak English, and maybe this is so since she only knows eight words” (Cisneros 77). Everyone else in the community finds other reasons for this woman’s withdrawn status while Esperanza sees that language itself can hold a person back. In Mamacita’s case, it even separates her from her child as her son begins to learn English. Esperanza also points out that her father faced a similar problem when he first came to America. He only knew how to say “hamandeggs,” so for the three months that was all he was able to eat. With this strong emphasis on language, the author is identifying a source of power by which to overcome one’s circumstances. She realizes the importance of learning and knowing the language well. In this realization, she is justifying her writing and conveying that her published writing alone signifies that she has attained a bit of freedom and claimed a small amount of control over her own life.
This theme of having control over one’s life permeates the story as Esperanza observes the women in the story as having very little control over their own lives. She observes Sally being trapped in her home by an abusive and overprotective father. She sees Rafaela whose husband keeps her locked in the house as he goes out. Through these observations, Esperanza is seeing how life turns out for the women on Mango Street and longs for her life to be different. However, her observations do not quench her sexual curiosity. She first experiments with being beautiful as she tries on the high heels but deems it too tiring. Later, she is curious about boys and voices her curiosity as she observes Sire. She parades herself in front of him because, as she states, “I had to prove to me I wasn’t scared of nobody’s eyes, not even his” (Cisneros 72). She has control over this situation because she is still simply observing his reaction to her. However, she also discovers that such a reaction exists and is further intrigued. However, in “Red Clowns,” she has no control over the situation. In fact, the sexual encounter is strictly about control rather than love or tenderness as she was led to believe. She claims, “Sally, you lied, you lied. He wouldn’t let me go. He said I love you, I love you, Spanish girl” (Cisneros 100). Esperanza sees this as the first step to a life like the women of Mango Street because she had no control and was under the control of a man. This ends her attempts to be “beautiful and cruel.” She deems relationships as simply a form of control that will give her a life like the women on Mango Street have and she does not want that, so she ceases her attempts to initiate relationships and get married like the other girls.
Esperanza’s perspective on both the lives around her and what she considers to be home reveal the differences between her and those around her on Mango Street and award her a small amount of control over her own life. She tells the stories of those around her through personal observation. In doing so, she sets herself apart from everyone. She is able to observe the women around her and view their lives as possible patterns for her own. However, she voices her desire to leave Mango Street and in turn her desire to have a life different from lives of the women around her. She wants control over her own life. The most striking difference between her and the women around her is the perspective she has on what she considers home. When Epseranza speaks about Mamacita and her longing for home, she interprets Mamacita’s thoughts to be, “Home is a house in a photograph” (Cisneros 77). To this woman, home is something that is in the past; it is something that has been left behind and only survives in a photograph. Mamacita has been taken out of the place where she feels she belongs. Esperanza differs in that she has never belonged anywhere. When talking to Alicia, she claims, “No, this isn’t my house I say and shake my head as if shaking could undo the year I’ve lived here. I don’t belong. I don’t ever want to come from here… I never had a house, not even a photograph…only one I dream of” (Cisneros 107). While the women on Mango Street know they do not want to be there, they see their home in their past while Esperanza sees her home in the future. Instead of spending time reminiscing on something with the goal of reclaiming it, Esperanza can strive to create the home she has imagined. The past cannot be reclaimed, but the future is undecided and therefore belongs to those with a voice and the will to change or influence it. This knowledge awards Esperanza a small bit of control over her life because with her mastery of the language and writing, she has a voice to shape her future and leave Mango Street and the life it seems to have laid our for her.
Aravind Adiga adopts an epistolary form in The White Tiger, depicting the plight of a low caste servant, trying to escape the physical and mental chains that forge his destiny. Adiga initially presents a protagonist in Balram, who is engaging, despite confessing to horrific crimes. His language, thoughts, and deeds convey his originally good nature. However, this honest nature is also an immense weakness in his transformative journey to freedom as the India Adiga presents is sharply divided into two is sharply divided into two, the Darkness, and the Light. The upper castes reside in the Light, filled with malfeasance and nepotism; a hotbed for corruption; whereas the Darkness hosts the lower castes, filled with poverty and an archaic sense of duty to family. This environment forces Balram to transform to construct his “own” identity.
Get original essayThe polarised realities of India are geographically represented. The Light is found in large cities close to the ocean, such as Bangalore which “is the future” with “one in three new office blocks… being built” there. The Light radiates from the fast-paced social energy and massive wealth of new industries, such as Balram’s own business which boasts “sixteen drivers” and “twenty-six vehicles”. In this rich milieu, entrepreneurial activity, corruption, and social mobility thrive. By illustrating this, Adiga highlights that while the nefarious few who sit in offices inside skyscrapers enjoy the Light of the sun, the Darkness cast by the shadows of these towering edifices engulf the poor. The Darkness is found in inland river villages, particularly along the traditionally sacred northern river system, the Ganga. The Darkness is symbolised as a “Rooster Coop” by Adiga, using zoomorphism to lend animalistic characteristics to people. Roosters in a coop watch one another slaughtered one by one, but are unable or unwilling to rebel and break out of the coop. Similarly, India’s poor see one another crushed by the wealthy and powerful, defeated by the staggering inequality of Indian society, but are unable to escape the same fate. This environment forces Balram to adapt leaving his kind nature for an immoral one. With this, Adiga conveys that to succeed in post-partition India, one must be corrupt.
Born with the name “Munna” (literally meaning boy), and ultimately known as “Ashok Sharma”, Balram goes through a steady transformation from a kind-hearted boy to the animal that “comes only once in a generation”, the White Tiger, constructing his own identity. He begins as a mere child and a peasant in the Darkness, completely unimportant and unloved, and expected to be completely submissive to the will of his family. Forced to drop a lifetime of opportunity without even getting a say in it, he gets a job in a teashop, working with no pride for little pay. After being hired as a driver, he recognizes that his family want to “scoop (him) out from the inside and leave (him) weak and helpless” by using him for monetary gain. Learning this, he rebels, refusing to get married and refusing to dedicate his life to their ends. This signifies a major transition for him, the beginning of his corruption. He blackmails the number one driver into leaving, causing Balram to become the new number one driver, whilst also marking his first malicious act. While he feels some guilt upon doing this, he becomes happier, realizing that his happiness is proportionate to his ruthlessness. The more ruthless he becomes, the stronger his sense of himself as a person becomes, a person that was raised like an animal, made to provide dumbly until he died unceremoniously. Balram needs ruthlessness. He values individuality and freedom more than he does morality. To him freedom is a cause worth dying for, thus it must be a cause worth killing for. Therefore, Adiga conveys that his transformation was not only self-fashioning but also fashioned by his environment.
Transforming into “The White Tiger”, Balram murders Ashok, finally freeing himself from the shackles of the Darkness. Throughout the book, their relationship changes as Balram transforms. In the beginning, Balram looks up to Ashok, seeing his as a respectable man, so he doesn’t cheat him. However, when Ashok forces Balram to take the blame for the traffic incident, it shatters that illusion. This devastates him, feeling betrayed and used. When Pinky Madam leaves Ashok, Ashok becomes corrupt. He starts sleeping aroung and partying, partaking in every sin from gluttony to lust. He sleeps with a Russian actress whilst Balram sits in the car “hoping he’d come running out… screaming ‘Balram, I was on the verge of making a mistake’”. Balram becomes disillusioned with Ashok because of this, losing all respect for him. Ironically, this makes him imitate Ashok, following his corruption by stealing petrol, using the car for himself, using it as a taxi, and by going to corrupt mechanics. Finally, the idea of stealing the red bag emerges. The idea of taking seven-hundred-thousand rupees and be free. The red bag symbolises the blood-stained wealth he will obtain. He sees what he may gain by killing Ashok, his freedom, his ability to create his own identity. Knowing he would lose his family didn’t affect his decision, as to them he was just a resource. The instant Balram murders Ashok with the whiskey bottle, he starts referring to Ashok as an “it”. Using this symbol of wealth as a murder weapon is his final step into the Light. Before, he was a servant, treated like an animal and acting like a piece of furniture. He now has created his “own” identity, although it was mainly fashioned by his surroundings.
Summarily, in The White Tiger, Balram’s journey to create his own identity is largely fashioned by the environment he’s in, rather than his own power. Thus, Adiga conveys how in this India one can only create their own identity to a certain extent, as part of it will be created by their surroundings.