Why Do Financial Markets And Financial Intermediaries Exist Finance Essay

Why Do Financial Markets And Financial Intermediaries Exist Finance Essay As a branch of economics, finance has its own research method, and mainly studies financial sector in a national economy. Content of finance can be summarised as currency issue and return; deposit absorb and withdraw; loan disburse and collection; gold, silver and foreign exchange trading; securities issue and transfer; insurance; trusts; domestic and international monetary settlement and other economic activities. (John, G. Edward, S. 1960) In short, finance is the activity about funds allocation. The place which people engaged in financial activities and funds to flow in was called financial marketing. Although it is not perfect, it relate to a broad area and range of economics. Finance can be divided into two forms, which are direct finance and indirect finance. The difference between these two forms is that whether financial intermediaries get involved. Financial intermediaries are people or institutions which play the roles of intermediary are people or institutions which play the roles of intermediary or bridge between capital supplier and borrower in financial markets. However, to analysis and explain what is the role of financial market and financial intermediaries and why exist, are the main purpose of this essay. Main body 1. What is financial market. Financial markets are the markets where capital providers and capital demanders transaction through the credit instruments. Broadly speaking, financial markets are the markets can achieve monetary loans and funds allocate, deal with trading of a variety of instruments and securities. More complete definition of the financial markets is: financial markets are organisations which can trading financial assets and determine the prices of financial assets. 2. The introduction to financial market. The component of financial markets are very complicated, it is a large system which was composed of many different markets. Whereas, generally based on the trading tools period in financial markets, financial markets can be divided in money market and capital market. Money markets are the places that for trading short-term debt securities and capital markets are the places that for trading medium or long-term securities. Financial markets also can be classified according to several different features they present: 1) Type of asset traded. There are two kind of financial securities deal by financial markets, one is bonds which issued by government, banks or corporations and another one is equity shares which by government or any kind of public company. 2) The means of settlement include cash market and forward market. Cash market, the place for people to decide of price and settlement all take place today. Forward market, for people to agree price on today, and settlement takes place sometime in the future. 3) The obligation to exchange. The buyers have to pay the price which been settled before for asset on the particular date in the future market. The buyers have right to decided whether to buy asset on the date and at the price agreed in the past. 4) The organisational structure of the market. By this way, financial markets can be divided into regulated markets and over the counter market. In regul ated markets, the buyer and seller of each transaction have to enter a contract in exchange such as clearing house; the contract is represented by the clearing house. In an over the counter market, there is no clearing house and dealers just trade between themselves. 5) The method of sale or pricing. Account to this feature, financial market can be classified into market makers and dealers market. 6) The nature of transaction. In accordance with whether the assets traded are newly issued or already issued, financial market be plotted out in two parts, primary market and secondary market. Primary market is the issue of new securities market and secondary market is already issued, in circulation in the securities trading market. Financial markets have direct and significant impact in all aspects of economic activities. Such as individual wealth, enterprise management, and the efficiency of economic operation are all directly dependent on the activities of financial market. 3. What is financial intermediation. Financial intermediaries are the units of economy that absorb money from economic agents with a surplus fund and transfer it to economic agents with a deficit and provide various kinds of financial services. The main functions of financial intermediaries are credit creation, settlement of payment, the distribution of resources, information provided and risk management. 4. The introduction to financial intermediaries. As the medium of capital supplier and capital requester during the process of financial intermediary in the financial market. It has been divided into two parts by John Gurley and Edward Shaw. (1960) They are monetary system and non-monetary intermediaries. As the role of intermediary, monetary system ¿Ã‚ ½Ã‚ ¿Ã‚ ½s main function is purchase primary securities and the creation of money. Non-monetary intermediaries perform only the purchase primary securities and the creation of monetary claims on their intermediary role. This kind of claim is about the form of savings deposit, shares, common stock and other form of funds. There are five main categories of financial intermediaries, deposit institutions, insurance companies, mutual funds or unit trusts, investment companies or investment trusts and pension funds. These five main categories of financial intermediaries carry out the intermediation function according to different methods. 1) Deposit institutions which with the main types like commercial banks, savings institutions and building societies, can take deposits from units in economic agents with a surplus fund and lend the money gathered to economic agents in deficit. 2) Insurance companies are non-deposit institutions which can gathering funds from insurance applicant and invest them in the capital markets. 3) Mutual funds in US or Unit trusts in UK are non-deposit financial institutions; they invest in the equity and bond markets use the money that get by rising from the public. 4) Investment companies in US and investment trusts in US are publicly quoted firms that invest in financial securit ies. They put the funds from individual investors together and invest them amount a number of securities or other assets. 5) Pension funds. A pension fund is an asset pool that employees put their money in during the non-working years when employees retired. Funds always gathered by employers and handed over to pension funds. In the modern market economy, financial activities were closely with the economic operation. However, almost all the financial activities treat financial intermediaries as the center. That is why financial intermediaries play an important role in economic activities. 5. Why financial markets and financial intermediaries exist. Both financial markets and financial intermediaries can facilitate the transfer of funds from surplus to deficit units. The reason why borrowers and lenders have a need for financial markets is that financial marks have two functions, pricing function and discipline function. Financial markets can provide both buyers and sellers a fair evaluation of the assets they are buying or selling. Pricing function can avoid traders been deceived into trading or investing. Financial markets are controlled by it can help financial markets to stop issuers of securities (borrowers) doing the activities which been considered that harmful to the value of their assets. Although financial markets such securities are bought and sold, it sometimes cannot guarantee that to transfer enough capital from lenders to borrowers. Because of two clearly barriers can be identified to the direct finance process. First one is difficulty and expense of matching the complex needs of individual lenders and borrows. Second one is the financial need of lenders and borrowers are complete incompatible. Lenders require to have minimisation of risk and costs, maximisation of returns and translate financial claim into cash with the value more than or equals to capital value itself. Whereas borrowers hope the cost of funds at a particular for a period of time can be lowest. In order to deal with these problems, financial markets need financial intermediaries exist. Size transformation, maturity transformation, risk transformation, liquidity provision, costs reduction and provision of a payments system are six main functions that can help financial intermediaries to be as a bridge links borrowers and lenders easier. The explanation of those six functions will be displayed below. A) Transform the size. Because amount of the deposit which saved by depositor a small than amount of loans required by borrowers. It will be difficult for lenders to pool their money together. However, financial intermediaries can collect small amount of money and put them together to lend to people who need large amount of money. B) Maturity transformation. Most depositors prefer putting their money in short-term for safety, but borrowers generally need long-term loans for their business. Financial intermediaries can satisfy both savers and lenders by working capital. C) Risk tr ansformation. Financial intermediaries would like to take the risks if can be offered some compensation. It ensures the implementation of many risky (but profitable) projects. Because savers not willing to take great risk when they investing money but borrowers choose to borrow money when doing risk projects. D) Liquidity provision. Cash have liquidity because of saving or withdraw by depositors; it is not safe for lenders to hold highly illiquid assets to finance borrowers if financial intermediaries are not exist. E) Costs reduction. Financial intermediaries broaden the choice of the transaction side of trading, increase transaction rate under a given terms of transaction costs. It not only reduces the cost of time spent on the road, but also reduces the contingency transaction and waiting time cost in some extent. Thus, greatly reduce the transaction cost of unit. F) Provision of a payments system. Financial intermediaries provide a payments system for some non-cash payment such as cheques, debit cards and so on. Hans Wijkander (1992) thought that the main reason why financial intermediaries exist is a result of asymmetric information and expensive information products. (Hans 1992) The first category of information asymmetric is compare to other investors entrepreneurs have the information advantage of their investment, and other investors have to spend some resources for access to information. Another type of asymmetric information is about the profit which already gets by investment project. Entrepreneurs can as well as other investors have to spend time and money in order to know it. Information production on technically have professional features. It makes some individuals may become agents of other investors, is product information and obtain benefit. Therefore, this arrangement have some problem which is how can investors ensure that their agents have done their best to pass on their information. When these agents become financial intermediaries, the problem of asymmetric information ca n be solved. Financial intermediaries can gather money from public investors and invest. Under this contract structure, ethical issues have been solved. (Hans, 1992) In a word, financial markets as an important part of unified market system, can offer securities are bought and sold, and use financial intermediation to achieve the goal of transfer money from economic agents with an extra fund to economic agents with a deficit. In carrying out this function, financial intermediates can help to improve the level of investment and savings. From the lending perspective, financial intermediaries engaged in investment or primary securities investment business, its unit cost can be much lower than most of individual investor ¿Ã‚ ½Ã‚ ¿Ã‚ ½s investment. Only in respect of its asset size, can greatly reduce risk through diversification. Financial intermediaries have a large number of depositors which can guarantee normal payment requirement. Because of the importance of scale economy, assets and liabilities of financial intermediaries are highly specialized. These specializations not only improve their competitiveness, but also help increase their chance of survival. Information economists and transaction cost theorists thought uncertainty and the existence of transaction led to emergence of financial intermediaries, and make them have various functions like reduce transaction costs; eliminate uncertainty and the resulting risk. (Web 1) In the modern market economy, no matter trade of means of consumption or means of production, technical and labour mobility etc., they all have to be achieved by currency transfer and closely with financial markets. In this sense, developments of financial markets have a pivotal role in restricting of the development of the whole market system. Conclusion In conclusion, financial market and financial intermediates exits to guarantee the normal operation of economic activity. Although financial markets and financial intermediaries have very important functions on the healthy development of economic and society, there are some arguments of them. Like the story of  ¿Ã‚ ½Ã‚ ¿Ã‚ ½blind men touching an elephant ¿Ã‚ ½Ã‚ ¿Ã‚ ½, someone sees a part of the world, and overstate it, believes that he is the only correct one. In the financial markets, this kind of argument happens every day. Lot of people make decision just based on the information they have exposure to and does not consider the information from other angles. After subprime mortgage crisis, former chairman of the Federal Reserve Alan Greenspan said that  ¿Ã‚ ½Ã‚ ¿Ã‚ ½we have done the best, but you cannot believe that we know everything and never make mistakes ¿Ã‚ ½Ã‚ ¿Ã‚ ½forecasting cannot always 100% accurate. ¿Ã‚ ½Ã‚ ¿Ã‚ ½(Gao mu, 2009) It is can be seen that though th e people wisdom as the characters Greenspan, they make mistake in the view of financial markets. This shows that financial markets are difficult to mastery. To find out a way to forecast financial markets and avoid crisis can be an issue for the whole financial systems.

Motivation in the Classroom Essay -- Teaching Education

Motivation in the Classroom Students want and need work that enables them to demonstrate and improve their sense of themselves as competent and successful human beings. This is the drive toward mastery. But success, while highly valued in our society, can be more or less motivational. People who are highly creative, for example, actually experience failure far more often than success. Biehler (p. 225) claims that studies show that when CAI used in conjunction with a teacher's lessons, is particularly beneficial for low-achieving and young students. Before we can use success to motivate our students to produce high-quality work, we must meet three conditions: 1. We must clearly articulate the criteria for success and provide clear, immediate, and constructive feedback. 2. We must show students that the skills they need to be successful are within their grasp by clearly and systematically modeling these skills. 3. We must help them see success as a valuable aspect of their personalities. All this seems obvious enough, but it is remarkable how often we fail to meet these conditions for our students. Take skills. Can you remember any crucial skills that you felt you did not successfully master because they were not clearly taught? Was it finding themes in literature? Reading and interpreting primary texts? Thinking through nonroutine math problems? Typically, skills like these are routinely assigned or assumed, rather than systematically modeled or practiced by teachers. So how can we help students master such skills? When teaching your students to find themes, for example, deliberately model interpretation. Ask your students to give you a poem you have never seen, and then interpret it both for and with them. If they are reading primary texts, use what we call the "main idea" strategy. Teach them how to find the topic (usually a noun or noun phrase), the main idea (a sentence that states the text's position on the topic), and reasons or evidence to support the main idea. If students are concerned about writer's block, remember that perhaps the most difficult task of a teacher is to teach how to think creatively. In regards to behavior modification it's noted in Biehler(p.237), in the case of primary students there is a possibility that some students will come to realize that the teacher rewards them only when they've done what she... ... arouses intense curiosity? By making sure it features two defining characteristics: the information about a topic is fragmentary or contradictory, and the topic relates to students' personal lives. Students then work together in-groups, retracing the steps scientists took in weighing the available evidence to arrive at an explanation. We have seen student’s work diligently for several days dealing with false hypotheses and red herrings, taking great delight when the solutions begin to emerge. As for topics that relate to students' lives, the connection here cannot be superficial; it must involve an issue or idea that is both manageable and unresolved. We must ask, With what issues are adolescents wrestling? How can we connect them to our curriculum? Figure 1 illustrates some possibilities for adolescents. Bibliography: References Snowman, Jack/Biehler, Robert (2000) Psychology Applied to Teaching Houghton Mifflin Co. Colin, Baker (1996) Foundations of Bilingual Education and Bilingualism Multilingual Matters (pgs 105-143) Cummins, Jim (1996) Negotiating Identities: Education for Empowerment in a Diverse Society California Association for Bilingual Education

Document Imaging and the Role of Health Information Management Essay

An automated record system will ultimately replace paper-based record to provide timely access to health information for health surveillance, resource planning, and health care delivery (e. g. , statistical reports can easily be generated to display health care trends, and so on) (Green & Bowie, 2004). According to Green & Bowie (2004), there are three types of automated record systems, which include: Electronic Health Record (EHR) or computer based patient record (CPR); Electronic Medical Record (EMR); and Optical Disk Imaging or Document Imaging. The high capacity physical media for storage of medical information, the increasing CPU power for processing complex images, and the advancement in the imaging and workflow technology has underpinned the growth of document systems (Armoni, 2000). Optical Disk Imaging or document imaging which provides an alternative to the traditional microfilm or remote storage systems because records are converted to an electronic image and saved on a storage media; optical disk imaging uses laser technology to create the image (Green & Bowie, 2004). Based on Green and Bowie (2004), a scanner is used to capture paper record images onto the storage media allowing for rapid automated retrieval of records. American Management System (AMS) architects an enterprise-wide workflow and imaging solution in support of health information management (HIM), financial services (PFS), and human resources processes (Armoni, 2000). Based on Armoni (2000), the AMS solution has eliminated the paper problem, saved record storage spaces, enhanced the productivity, and reduced labor cost. Most profound is the impact of the HIM management. Many headaches of the paper-based system have been eliminated as one physician user of the system commented, ‘†¦hours-long delays getting the old chart, lost medical record, charts lost, the need to store records off-campus, etc†¦ no longer occur with electronic medical records’ (qtd. n Armoni, 2000). As Armoni stated (2000), physicians are able to make better medical decisions with the system because they can access the patient’s records efficiently and timely from anywhere and at any time; the availability of the files for more than one person is a great advantage with the system; more importantly, the system is able to capture information more accurately, thus reducing the unnecessary errors while increasing the efficiency.

Understanding Diversity In America †Management Essay

Understanding Diversity In America – Management Essay Free Online Research Papers Understanding Diversity In America Management Essay The United States could not have been called the melting pot with out diversity. In most companies there is a variety of people with different cultures, religions, personality traits and many other characteristics that makes them different from one another. The problem with diversity is that every individual person has their own prejudices or stereotypes about certain characteristics another person has and this can cause problems in the workplace Women gain the right to vote in 1920 thanks to their constant fight for women’s rights. It took women time to join the high ranking positions in companies due to the assumptions that men had about what women could do or where they belonged. Introducing women into the work place can create a 0positive impact to other women in subordinate positions. When subordinate women see other women in higher positions, it gives them a goal, it changes the idea that men control everything and they do not have a chance. In the army women have the opportunity to achieve the rank of General, but combat jobs are still closed to women Age is another handicap for the young and the old. I do not mean handicap as a disability but as a disadvantage due to people’s perception of what they can do. Employees without experience are not expected to perform well and are usually not given important tasks. Older employees are usually thought as not being able to be creative or that there ways are old fashioned and do not apply to the newer generations. People’s personalities can set the mood in the office. Some people can brighten the office and relax people and other people can make it uncomfortable to work and make time slow down. Every manager and employee has their own personality traits and people will pick up on them. People with cheerful personalities tend to be easy going and don’t usually give other people a hard time. People with not so cheerful personalities tend to bug people about work. Religion is another personal issue that makes people act in a certain way or others act in a certain way around religious people. In an office situation where employees are in a relax setting and may curse a little, make off color jokes or comments, but they will suddenly change their behavior if a holy roller walks in, because they do not want to offend. Another issue with religious people is that sometimes other employees do not want to be around them because every other word is God or Jesus and most people do not talk that way. Due to ignorance certain people act different around Muslims since the September 11 attacks, because they relate terrorist with Muslim. There are many characteristics that make people different and managers have the responsibility to try to educate his or her employees with videos, briefings or pamphlets to make them understand what makes them different. Once employees understand that they should treat each other as they want to be treated, the better the c limate in the company will be. REFERENCES Schermerhorn, J, Hunt, J, Osborn, R. (2005). Organizational Behavior. New Jersey: John Wiley Sons, Inc. Poynter Online. (2005) Diversity. Retrieved September 20, 2005, from poynter.org/subject.asp?id=5 Research Papers on Understanding Diversity In America - Management EssayThe Fifth HorsemanResearch Process Part OnePersonal Experience with Teen Pregnancy19 Century Society: A Deeply Divided EraNever Been Kicked Out of a Place This NiceTwilight of the UAWThe Project Managment Office SystemInfluences of Socio-Economic Status of Married MalesAnalysis of Ebay Expanding into AsiaMarketing of Lifeboy Soap A Unilever Product

Medieval Medicine Essays

Medieval Medicine Essays Medieval Medicine Essay Medieval Medicine Essay When we hear the word medicine, doesnt that imply it is a remedy to cure a sickness or disease? Medicine is used to restore our faith, hope, and most importantly, our lives. For hundreds of years, medicine has been known to cure many people including those who had barely an ounce of life left. However, as the Middle Ages progressed, medieval medicine became popular among people even though it was killing them instead of healing them. One example is the Black Death. As this horrible disease was spreading rapidly in Central Asia and Europe in the 1320s, thousands of people were dying and were in need of help. Some practices of medieval medicine were Phlebotomy, or bloodletting; which consisted of leeching, cupping, and venesection. (Livingston) Although patients often died because of infections, the loss of consciousness, and cutting of arteries, which caused unstoppable bleeding, many physicians believed this was a method of surgery. In leeching, the physician would attach an annelid worm to the effected area and allow the leech to do its job. With the cupping method, when the cup was heated hot enough, it acted like a vacuum and sucked the blood up through the skin. For venesection, it was the direct opening of a vein, generally on the inside of the arm, for the draining of a substantial quantity of blood. (Livingston) The process of bloodletting was from an idea that blood was to be drawn from a specific vein so it would affect a particular organ. As previously mentioned the basis of most medical knowledge at the time came from Galens Theory of the Four Humours. The theory was that the body comprised of 4 major elements. These were Blood, Black Bile, Yellow Bile and Phlegm. It was understood that if these were not in perfect balance then the body would suffer and the patient would be ill, leading to one of the four conditions which were being Melancholy, Phlegmatic, Choleric or Sanguine. 4 To restore the patient to full health it was understood that these four elements needed to be rebalanced. This generally occurred by purging of the patient, more commonly known as Bloodletting. This could be done in three ways. Opening of a vein, which often lead to the patient bleeding to death; Cupping, which was just piercing the skin and collecting a small amount of blood in a cup; or the use of Leeches. The phrase Leech was Anglo-Saxon for healer. 5 A patient could also be purged via the use of natural laxatives. 6 Medical knowledge initially developed differently throughout the world. The Arabs were leaders at the time in medicines and herbal remedies. They adhered to the teachings of Galen and Hippocrates, but were also infamous for being fore-runners in the testing of new medicines. This was largely because of the fact that the Koran taught Muslims to take care of their fellow ill man, yet prohibited dissection, so the Arabs could only really advance in the field of medicine. At the same time the Indians and Chinese were rapidly becoming infamous for their advanced Surgery techniques. By 1300 the Indians had developed a form of Skin graft called the Indian Graft which is still in use of today. At the same time the Chinese had developed advanced forms of acupuncture to help alleviate pain. By approximately 1400 due to trade routes stretching from the far east all the way to Europe, medicines and medical procedures were becoming very centralised due to the growing ease at which knowledge was being spread. Physicians of the time were taught in the growing number of Universities spread across Europe. Primarily the Universities were focussed in Northern Italy and Southern Spain but there were 2 Universities in England, one in Oxford and one in Cambridge. Despite they were still very few and far between and qualified physicians were very rare commodities. Because of this they charged large fees and were generally only accessible to the higher classes. 10 During a physicians training, he would never actually come into direct contact with a patient. All they would learn would be the works of Galen and how to treat a patients as opposed to understanding the nature of the patients ailment. There were some exceptions to this such as the medical school in Bologna, which became infamous for the fact that it specialised in hands on teaching of surgery. 11 The average commoner only had access to medical knowledge via two different routes. Firstly there was the Barber Surgeon, who would arrive in a town each market day. He would be able to perform basic tasks such as the pulling of teeth, setting of bones and amputations. This would generally take place on the street surrounded by viewers and all the filth that accrued in the street. As you can imagine this wasnt a particularly clean process, and barber surgeons were infamous for spreading of germs and disease through the use of infected equipment. This use of dirty equipment also lead to high numbers of people surgeries becoming infected. The second option the commoner would have would be to visit a local wise woman. This would often be a learned older lady who had a fair grasp of various medicines. She could recommend treatments depending on the ailment according to ancient books known as Leechdoms; which would have lists of medicines dating back as far as Anglo Saxon times. A problem many Wise Women faced was if their medicines did not work, then they were open to the accusation of witchcraft. 12 Medical knowledge at the time was split into three main fields. These were Medicine, Surgery and Bloodletting. Medicine was chiefly made up of Herbs and Animals; however there was some use of minerals too, such as Ash. Most knowledge of medicine recipes at the time was written down in ancient texts, often dating back as far as Galen. Obviously medicine was a continually improving field, with most advancement taking place in the Arabic world as previously mentioned. Most of the older remedies generally appeared to have no logical reason, yet people believed in them due to the fact they had been written down and lasted for so long. An example of this is John of Arderne, who recommended that someone who suffered from Epilepsy should have the crumbs of a roasted Cuckoo blown up their nose as a cure. 13 Surgery in this period was very gradual in terms of its advance. This was largely down to the fact that Western Religion (Catholicism) was against the practice of dissection. Because of this fact very few were prepared to take the risk of finding out more about the human body. An example of one person who did have a good grasp of specialist surgery is an Italian Physician called Mondino Di Luzzi, who became much respected in the world of Medicine. 14 It wasnt really until the fifteenth century that surgery began to advance more rapidly as the church realised it was essential to allow further study into the human anatomy. Most surgical knowledge of the time however, was picked up in the field of battle. This was due to the high number of sustained casualties that doctors had to deal with. The main issue surrounding surgery at the time was the lack of an efficient anaesthetic. This lead to Surgery generally being the last form of action taken against any ailment. People such as John of Arderne did try to develop useful anaesthetics using such things as opium and heroin, but these rarely worked and generally a patient had to be tied down or held down whilst a physician worked on them. As you can imagine this lead to a drastically high number of patients dieing from shock. 15 Bloodletting at the time was a favourite procedure of most physicians. This was because, and I quote It clears the mind, strengthens the memory, cleanses the guts, dries up the brain, warms the marrow, sharpens the hearing and curbs tears.. Promotes Digestion, produces a musical voice, dispels sleepiness, drives away anxiety, feeds the bloods, rids it of poisonous matters and gives long life.. it cures pains, fevers and various sicknesses and makes urine clear and clean16 As you can see with physicians genuinely believing all of this, then bloodletting seemed the miracle cure for almost any ailment. Due to the high use of bloodletting it became a precise science and there were tens of various bloodletting points all over the body. Various illnesses corresponded with a certain bloodletting point. 17 Despite the advances in medical understanding there was still a real belief in the supernatural. Religion played a big part. Many people saw that an illness was the punishment of God and that only God could lift this punishment from the people. In times of severe illness such as the plague religious extremism was rife, with groups such as the flagellans walking from town to town whipping themselves and asking forgiveness from God. 18 Also because of the belief in Illness being the will of God, many religious leaders saw advances in the medical field as heresy. The only medical knowledge the church officially recognised was the writing of Galen. They renounced anything else. This ultimately lead to the church hindering rather than helping their people. 19 Another aspect that played a large part in Medicine was Astrology. It was taken very seriously at the time as a rapidly advancing science. There was a genuine belief that the movement of the planets affected someones physical state. It was believed that you could only operate on someone when their planets were in the correct alignment and it was certainly impossible to ever operate when the moon was in conjunction with a persons particular star sign. All major physicians would consult an Astrologist prior to carry out any treatment. 20 Partly, I believe to distribute the blame if it all went wrong. Superstition also played a part in religion in many ways at the time, as superstition stills plays a part nowadays. In fourteenth Century Europe it was genuinely believed that whether a person would live or die could be determined by placing a bird of prey at the end of their bed. If the bird looked at them then they would live, if the bird looked away, the patient would die. 21 During this particular period there was approximately 1200 hospitals in England and Wales. However only about 10% actually cared for the sick. Most hospitals were actually set up to care for the elderly, poor or lepers, but they didnt actually offer any particular medical help. People who were suffering from an infectious disease never were permitted into a hospital in the fear that they may quickly infect the other hospital patients. The primary role of Hospitals at the time was to allow rest and the administration of medicine as opposed to actually trying to cure someones illness. Hospitals of the time were often very religious and were generally runs by Nuns who acted as nurses, although you could have common women working in them as lay-nurses. In most wards you would find an alter at which to pray. Usually you would be praying for the person who has funded the hospital. 22 Its interesting to note that established Hospitals only began to appear in western Europe around the high middle ages. Hospitals as an idea were not new and had been used by the Romans and even as far back as Sri Lankans around 500BC. 23 Finally its relevant to point out that women were common in Medieval medicine despite not being accepted into other fields at the time. However they were not allowed to become qualified physicians and only really were permitted to practice on other women and children, primarily in the role of a midwife. There were some exceptions to this rule as early as the eleventh century in the famous school of Salerno which sanctioned women to learn and practice medicine on the same level as men. The reason this was permitted is as follows In the fourteenth and fifteenth century, women did practice in the city [Salerno]. Women do, in fact, seem to have been tolerated in medical practice as in no other profession. One reason for such tolerance is that caring for the sick was regarded as charity and came within the scope of those who were in orders, nuns as well as monks. 24 To conclude it can be seen that medicine of the time was quite primitive, yet there was some degree of understanding of the body and advances were made, if nothing else than via the method of trial and error. Medicine continued to advance slowly, but not for another 500 years did medicine really start to resemble the medical world we see of today.

Personal skills development( study skills and book review) Essay

Personal skills development( study skills and book review) - Essay Example Some of the effective study skills that I learnt from different resources and also applied to my learning process include note taking, time management, active listening, revision planning, preparing answers for the exams etc. Almost every day, I encounter such situations where I find the implication of these techniques within my study premises and apply the appropriate technique to handle the situation in more effective manner. For instance, today I have to write to complete the weekly assignment that is to write an essay upon any topic of my own interest. The guidelines provided by Barret et al (2008, p169) help me a lot in completing this task. The researchers explain basic steps of essay writing and I follow these steps. After deciding the main topic, I analyzed its title and main thesis and then proceed towards collecting material for the essay. During the reading, I take noted and plan the structure of my essay. After writing the essay, I proofread and edit it to assure it is perfect structure wise and deliver my intended tone. In this way, I use a study technique and succeed to write a well organize essay following simple and helpful steps of essay writing. The day was very busy and I was feeling too much tired and pressurized because there is little time left to appear in the exams and there are lot of things to do. At this point, I use my time management skills that I learnt from the reading of Marks-Beal (2009, p45). At first, I listed out the tasks that I have to complete before the exams and then arranged these tasks according to first priority. After that I made the plan to start working on these tasks one by one. There were some writing projects and I have also to read certain books and other material to prepare for answering exams questions. I started with the reading and keep on taking notes that later help me during the writing work. There were too many things to do in short time and I started feeling

Legal memoranda Research Proposal Example | Topics and Well Written Essays - 1500 words

Legal memoranda - Research Proposal Example The episode has also attracted class action for damages under ss 82 of the Trade Practices Act by a number of customers, led by the Pharmacists Association of Australia. Can any agreed statement of facts between DIARCOR and the ACCC be used as evidence against DIARCOR in any subsequent civil damages proceedings that its former clients may be seeking to bring against it Any agreed statement of facts between DIARCOR and the ACCC is bound to cover issues that the former clients of DIARCOR may be seeking to bring against the latter. It is difficult to predict with certainty whether the statement of fact could be used as evidence by aggrieved clients. It depends on the nature and extent of punitive measures ACCC metes out to DIARCOR. It also depends on the contents of the statement of facts and the court's verdict. As statutory authority, ACCC is in the right position to consider damages under ss 45, 45A and 82 of the Trade Practices Act and submit a proposal to the court that must assuage the grievances of the clients besides settling with a deterrent fine for DIARCOR. (Focus on Competition Law July 2001) The statement of facts is not a single format. It comes in various forms. Ideally, statement of facts must leave no scope for dispute. However, this is not possible all the time. In some cases, there may be certain points of dispute or contention where the two parties have agreed to disagree for the time being, or which a statutory authority like ACCC has allowed to be left pending due to insufficient time or data with an undertaking to wrap up the pending issues within a certain time limit. (Preparation for Hearing) There is also the issue that DIARCOR cannot be tried two or more times for the same offence. The relevant factors that the Court will take into account when assessing the quantum of the pecuniary penalty The main charge against DIARCOR, DISY and CALENDEX is that they have been involved in the nefarious activity of price fixing for quite some time. The managing director of DIARCOR has informed that they have been involved in the price fixing cartel for about five years. The price fixing arrangements were done verbally in secret rendezvous so that they do not leave any paper trial. The court will rely on circumstantial evidence in the absence of material proof. The court will also go into the enormity of the contraventions under ss 45, 45A and 82 of the Trade Practices Act 1974. Under these subsections, the court will examine the extent of gains made by unfair means by the price fixing cartel under ss 45, evidence of the price fixing charges regardless of any loss to competition under ss 45A, and losses and/or damages suffered by competition due to the cartel and the quantum of penalties to be imposed on the cartel as fines under ss 45 and 45A (Local Government and the Trade Practices Act), and recoveries for loss suffered on behalf of the competition