The Causes of the Financial Crisis and the Overhauling of Regulatory Essay

The Causes of the Financial Crisis and the Overhauling of Regulatory Framework - Essay Example Firstly, with regards to the banking and economic meltdown that occurred between 2007/2008, this must be understood as a global crisis. Although it began in the United States as a result of the subprime mortgage crisis, it rapidly spread globally and has affected every extant economy in the world; slowing growth, diminishing export strength, and devaluing a litany of world currencies in the process. Figure 1.0 denotes the issue of debt to GDP within major world economies. Figure 1.0 Preventative Steps: As a function of the breakdown in regulatory mechanisms capable of dealing with the size of the crash of 2007-2008, many of the largest and most effective regulations have been international in scope. But a few of these global regulations include the Basel III International Framework as well as further EU regulations concerning Markets in Financial Instruments Directives (MiFID). Ultimately, these further regulations, in tandem with existing regulations on the banking sector seek to in tegrate a set baseline of rules with regards to the standards underlying capital liquidity within the market. Due to the fact that the ultimate issue that the banking system was faced with during the crash was concentric around liquidity, most of the further regulations that have been passed with regards to seeking to provide a remedy to any further exhibitions of the same problem have been concentric upon speaking to the underlying weakness of the liquidity requirements that existed prior to the crash of 2007/2008. In seeking to identify the overall effectiveness of the current regulations, it can be said that they have kept the world from experiencing any further shocks similar to the ones that precipitated the events of 2007/2008; however,... This essay aims to fully discover the means by which the financial and banking crisis occurred and also seeks to establish whether or not the current regulatory framework is in and of itself sufficient to provide a firewall against any further shocks to the market. The discussion is also briefly concentric upon the future outlook that the global economy has to look forward to; based upon the realities that have been discussed and presented. The financial crisis of 2007/2008 was predicated by the banks which had leveraged bad debt in order to create more debt for their clients. Ultimately, this can understood as a situation in which certain types of outstanding credits that a bank had in the form of loans to various entities or stock market derivatives were falsely identified as suitable contingents upon which further money could be created and/or loaned within the financial system. Any further bailouts or interference on the part of the government within the banking system are deemed ineffective. The ramifications of inaction are strong, the fact of the matter is that a precedent has now been set whereby the banking system can behave in a reckless manner, knowing that as long as their bank is large enough to be considered â€Å"too large to fail† they can always count on being backed by the government, and ultimately the citizen taxpayers. The greatest threat that continues to exist is with regards to the economic threat of unsustainable debt; a risk that has only grown in the years since the economic collapse.

Role of the Craftsmen Essay Example for Free

Role of the Craftsmen Essay Bottom and his fellow craftsmen are bubbly, animated and optimistic to a fault. With their amiable exuberance and whole-hearted cheerfulness, they are often seen as the most likeable characters in A Midsummer Nights Dream. In terms of function, their presence serves to create humour and act as a foil to the upper echelons of Athenian society. With their play-within a play, Shakespeare also creates a parody of youthful impassioned love and a sturdy reminder of reality amidst all the magic and chaos in the forest. Bottom and his fellow craftsmen with their good-humoured disposition create humour through their amusing malapropisms and unsophisticated poetry. For instance the craftsmen often use words out of context to hilarious results, like when Flute as Thisbe calls Pyramus Jew when he probably meant jewel. To fully understand the humour here, one must realize that in Shakespearean times, Jews were widely loathed and thus would be the opposite of jewel, thereby thoroughly tickling an Elizabethan audience. Another example of this is when Bottom as Pyramus mistakenly asks Thisbe to meet him at Ninnys instead of Ninus Tomb. Here, a ninny refers to an imbecile, whereas Ninus refers to the legendary founder of Nineveh. Shakespeares audience would very likely have been able to pick this up and see the humour in it. On top of this, in Quinces script, there appears to be a lot of forced rhyme, which in contrast to lilting verses of the fairies is quite brusquely funny. For example, Jew is used in a desperate attempt to rhyme with hue, likewise with brier and tire. Thus part of the comedy the craftsmen create lies in the very crudely constructed poetry. Another way through which the Craftsmen create humour is through their pathetic attempts to perfect the play, which often seem to have the reverse effect. Firstly, even the title of their play is laughable: The Most Lamentable Comedy and Most Cruel Death of Pyramus and Thisbe. It is in itself an oxymoron and paradoxical, and reflect the craftsmens efforts (Quince in particular) to sound profound, which backfire because it sounds so nonsensical thereby amusing to the audience. The craftsmens fear that the ladies might be afeared by the lion and would not be able to abide seeing Pyramus draw a sword to kill himself. Their baseless confidence that their acting would be so real that the ladies would fear conflicts with what the audience sees them as- bumbling craftsmen. This not only reveals their dimwittedness, which is undoubtedly funny, but also and honesty which endears them to the audience. The craftsmen also amplify the audiences understanding of the different classes in Athens. In terms of language, the craftsmen adopt a more unrefined diction similar to prose, as compared to the more polished iambic pentameter that the Athenians use. Compare for instance Thrice-blessed they that master their blood that Theseus says, and Bottoms more convoluted And yet, to say the truth, reason and company keep little company together nowadays. Theseus line has a more distinct rhythm, whereas Bottoms seem s to be just prose. Though both lines contain equally important messages, there is symbolism in Theseus words, for when he says blood he actually means passions. On the other hand Bottom makes his statement plainly without embellishment. This in turn also reflects how the Craftsmen, live plainly whereas the nobles such as Theseus live in excess, even having a manager of mirth to ease the anguish of a torturing hour. Thus through the craftsmen, Shakespeare creates a more holistic society that not only comprises of the rich nobles, but the normal laymen which the Bottom and his comrades represent. Furthermore, Shakespeare uses the craftsmen and their play to create a parody of the romantic love seen in the earlier part of the play. The craftsmens play tells the story of Pyramus and Thisbe, which is not so dissimilar from what the four Athenian lovers face in the woods. Like Lysander and Hermia, Pyramus and Thisbe too face parental disapproval, and their decision to meet by Ninus tomb at night, mirrors Hermia and Lysanders decision to meet in the wood a league without the town. Hence it is easy for the audience to make the link between Pyramus and Thisbe and Lysander and Hermias stories. The parody is most evident when Bottom and Thisbe begin exaggerated dramatizations of their love. For instance the incessant repetition of O, O grim-looked night, O night with hue so black, O night O night, O night. This is very reminiscent of Hermia and Lysanders conversation O cross! O spite! O hell! . Because the craftsmen are such poor actors, their profession of love becomes hilarious, and through this, Shakespeare pokes fun at the young lovers for their tendency to exaggerate things and be overly dramatic. Also, Bottom and the other craftsmen also act as crucial reminder of reality in the entire play. With much of the play centred around the romantic entanglements of the young Athenians and fairy king and queen Oberon and Titania, it would be easy for the audience to get lost in the fluff of love and passion. The craftsmen though, bring to the play more mundane issues that everyone faces in daily life such as bread and butter concerns. This is for example seen when Bottom went missing, Flute was worried he would not be able to get his sixpence a day for playing Pyramus. When we are first introduced to the craftsmen, their name are accompanied with their job positions, like Nick Bottom, the weaver, placing emphasis again on more realistic and relevant issues like ones occupation. Through small examples like these, Shakespeare subtly hints that love, for all its glamour and passions, in reality is not enough to sustain oneself. Furthermore, the craftsmen see no major conflict in the play, even Bottom sees his encounter with Titania as a dream, and nothing of malicious intent. All this seems also to suggest that Shakespeare is implying that by living life simply like the mechanicals, conflict can be averted. Another way the craftsmen are a reminder of reality is seen through their play-within-a-play. As mentioned earlier, the play-within-a-play closely parallels the situations the Athenian youths faced in the woods. However, the ending of Pyramus and Thisbe was tragic, Pyramus stabbing himself with bloody blameful blade and Thisbe committing suicide likewise. This serves to remind the audience that even though Lysander and Hermia as well as Demetrius and Helena end up eternally knit, consummating their love, it could well have been a tragic ending for the four, with the two men intent on dueling each other in the woods. Hence Shakespeare uses the craftsmen to warn the young lovers, like the Athenians, in the audience not to take happy endings for granted, but instead to be prepared for worse by being grounded in reality like the craftsmen. In conclusion, the craftsmen are very significant to the play as they give it a more holistic feel, encompassing not only the rich nobles but also the middle class workers whom the craftsmen represent. Furthermore, since A Midsummer Nights Dream is a comedy, the craftsmens contribution to the humour of the play is also very important. Shakespeare also uses the craftsmen and their play to poke fun at the young lovers for their misprised moods, as well as to warn the audience not to take happy endings for granted. Overall, the irrepressible craftsmen bring laughter, lessons and more laughter to A Midsummer Nights Dream.

Commercial Exploitation Of Intellectual Property Rights

Commercial Exploitation Of Intellectual Property Rights Nowadays, businesses need to be aware that the value of their enterprises is not based only on physical assets but also on intangible assets, and intellectual property (IP) is the key to protect the value of those assets. It has been estimated that in most technology companies, intangible assets form over 60% of their business value (Shirmon, 2006). The most recognised intellectual property protection is brand, while businesses protect their brands to enhance their value. But in the increasingly competitive environment, the success of many businesses is now based on innovation and new technology. There are four major types of IP including patent, copyright, trademark and trade secret. In general, IP is all about ideas skilfully expressed resulting in innovation and creative works (David, 2009). Innovation in technology is characterised by a process that produces a variety of goods that differ in quality and performances (Cornish, Llewelyin and Aplin, 2010). Ernfried (2003) describes the development of most technologies as an evolutionary rather than a revolutionary process (Suzanne, 2004). It can be identified as a process of creative destruction, in which new technology evolve on the ruins of their technological predecessors. In the essay, I will discuss how each IP could arise by using Psylock invention and in section two I will point out the Commercial Exploitation of IP and some criticism of Intellectual property rights (IPRs). Show me how you type, and I will tell you who you are, this is the concept of Psylock. The company Psylock develops and markets information technology solutions helping businesses to improve security on IT applications. The concept is based on keystroke biometrics technology and has been tested and certified by TÃÅ"V SÃÅ"D for functionality, data security and privacy (Psylock, 2010). Keystroke biometrics technology deals with dynamic characteristics of a persons keystroke behaviour. The system collects numerous individual characteristics such as left or right-handedness, typical typing error, the use of shift keys, dexterity, and assesses these on a person specific basis. In general, Psylock technology is a process of authorisation individuals based on their typing pattern. Applications of Psylock range from e-commerce and online banking to security for computer systems and are available for private users and enterprises (Psylock, 2010). Intellectual Property Application Patent The primary goal of the patent system is to stimulate innovation and commercialisation of technology advances. It provides economic incentives to inventors by granting them monopoly rights for a limited period, normally 20 years (David, 2008). Basically, invention patent is the most valuable and to competitors, potentially the most dangerous of all intellectual property, as it prevent all others from including any form of the invention in their products and services (Alexander, 2008). Any new machines used to manufacture Psylock products and the technology itself can be protectable with patents. A patent may be secured for the United Kingdom either through the British Office (UKIPO) or the European Patent Office (EPO), established under the European Patent Convention 1973 (EPC). Additionally patent can be register internationally through the World Intellectual Property Organisation (WIPO). An international registration could take around 41 months (WIPO, 2010). According to the Patent Act 1997, Psylock invention must meet four basic requirements in order to be granted. It must be novel. The present law requires a patented invention to be new (must not have been done before in a way that was available to the public) and may not have been disclosed in any way to the public. In other words, Psylock technology must not previously used or described in any single publication. It must involve an inventive step and non-obvious. In the EPC and the Patent Act 1997, an inventive step is considered to be present if the invention has something which is seen as an invention by an official examiner who is skilled in that subject area. It must be capable of industrial application. In other words, an invention can only be granted which can be made or used in some kind of industry, such as manufacturing, agriculture and any other commercial enterprise. In order to pass this proviso, Psylock technology also must offer some positive benefits to society. It must not fall within any of the categories of subject-matter. This category arose in 1998 when the Court of Appeal for the Federal Circuit clarified the status of business method patents (Cornish, Llewelyin and Aplin, 2010). Most company hires a registered patent attorney or agent to file their patent application. To file a provisional patent application (PPA), Psylock have to pay a filing fee including search fee and examination fee. Cost can run from 1,500 to 3,000 £ not including annual maintenance fee (APO, 2003). Copyright Copyright aims to protect artistic and literary works, such as books, photographs and phonograms. Different from patent, it gives right holders the exclusive right to copy, reproduce, distribute, perform or display their works; and copyright are not granted or issued by a federal agency, instead rights are created as soon as the work is produced (Garima and Avih, 2002). This right is much narrower than a patent, because copyright only protects expression. Copyright law also protects computer programs, user interface, and in some situation design features of manufactured products (David, 2009). Psylocks operating software uses to implement computer system with the technology and the instruction manual could be copyright protected. Under the law, protection of computer programs shall last at a minimum for fifty years, and shall include exclusive rights to rent the programs (Eland, 2008). Software protections affect openness of standards and interfaces, which could be important componen ts of Psylock competitive strategy in the IT industry. Courts have recognised a defence to a charge of copyright infringement since the 1840s, and its codified in the Copyright Act of 1976 (Eland, 2008). However, Psylock must still register their worked with the government before filing suit for infringement. If infringement occurs, Psylock can seek actual damages based on the higher of own lost of profits (Alexander, 2008). Trademarks Trademarks provide protection to the owner of the mark by ensuring the exclusive right to use it to indentify goods or services. It primarily deals with names, logo, slogan and colour, smell, virtually anything that is used to identify the source of the product distinguishes it from competitors (Garima and Avih, 2002). Trademarks are very useful in combination with inventions. For example, Psylocks logo and slogan could be trademarked. It will be a mark that clearly distinguishes Psylock products from those of his competitors, as it will be instantly recognisable by their customers. Basically, a trademark could provide brand-name recognition to products and a patent provide a tool to enforce a monopoly on its utilitarian function (Muzahidul, 2009). Since trademark right last indefinitely as long as it is been used in commerce, it can be a powerful tool of extending a monopoly, initially created by a patent (David, 2009). Trade secret Trade secret protects any confidential formula, or a piece of information which gives its holder a competitive advantage as long as it remains secret. It can include any formula, pattern, device, or compilation of information that is used in business (Suzanne, 2004). Different from patent, trade secret need not be essentially new, novel, or unique and have an unlimited life time (David, 2008). As a result, Psylock could keep source programs as a secret. Unlike all other forms of IP, trade secret allows Psylock to suppress knowledge. Nevertheless, the law encourages the sharing and sale of secrets (Eland, 2008). The court will look at several factors in determining whether information is a trade secret, including the secret holders effort to protect secrecy of the information, how widely the information is known within and outside the holders organisation and whether information provides a commercial, competitive advantage over others (David, 2008). For example, Psylock can share the secret with potential buyers under a nondisclosure agreement (Suzanne, 2004). In general, if any employees without Psylocks permission disclose or sell that trade secret to someone else, then Psylock is entitle to bring an action in court for misappropriation. Commercial Exploitation of IP Instead of commercialising the new invention by the company itself, Psylock may consider taking other ways of exploiting its Intellectual Property Rights (IPRs). IPRs may be assigned, whereby the ownership in the whole or part of the right is transferred, or licences may be granted. One option is to use IP as a security for loan. Ownership of the IP, including all the exclusive rights in the IP, can be transferred to another owner for a price (Catherine, 2009). For example, in 1996, Enid Blytons copyright was sold for  £13 Million. One potential problem with selling IPRs is that Psylock will lose the ability to control how the IP is used and developed and hence, Psylock will be unable to prevent the IP from being exploited in a manner prejudicial to the interests of its stakeholders (Donald, 2010). However, parties are free to impose conditions in assignments as to reassignment in the event of certain circumstances (Catherine, 2009). As Psylock is selling security software, he can also enter into a non-exlusive licensing agreement with other IT companies in order to commericalise the invention. Licences dont transfer ownership of the IPRs and can restrict commercialisation geographically (Darrel, 2005). In general, commercialising partners will pay a royalty, fee, or dividend in return for the right to use the IP. Commercialisation may assist Psylock economic growth and can generate profit, but risks could arise from the process of commercialisation and failure to pursue commercialisation. Criticism of IP It is debatable whether IP is necessary to encourage the production of inventions. Hettinger argues that this is built on a contradiction, namely that in order to promote the development of ideas, it is necessary to reduce peoples freedom of using them. (Stephan, 2001). Simons (2006) argues that there would be more innovation, if there were no patent law because more money for research and development would be available if it were not being spent on patents and lawsuits (Brain, 2008). It is possible that companies would have an even greater incentive to innovate if they couldnt rely on a twenty year monopoly. As mention before the idea behind patents is to give the inventor exclusive rights for a limited of period to make, use or sell the invention. But there are some cases in which patents have been used to suppress innovation (Stephanie, 2001). Some companies may take out a patent, or buy someone elses patent, in order to inhibit rivals from entering the market. For example, in 1875, the US company ATT collected patents in order to ensure its monopoly on telephones. The result is that the introduction of radio was retarded for some 20 years (Brain, 2008). Charlie (2008) argues many opponents of IPRs typically support only contractual arrangements to protect ideas and innovation. Assume for example, Psylock creates a Security manual for enterprises and sell it to Company A1 and A2, with a contractual condition that each Company is obligated not to reproduce or sell a copy of the manual to a third party. Under the contract law, any buyers become liable to Psylock, if he breaches these provisions. But the advocates of the contractual approach to IP are mistaken if they believe that private contract can be used to recreate the same type of protection afforded by modern IPRs (Stephan, 2001). Patent and copyright are good against all third parties, regardless of their consent to a contract. Steven(2008) argues a contract, by contrast, binds only parties to the contract not third parties as it is like private law between individuals (Stephan, 2001). Thus if company A relates to third parties the plot of the purchase manual, these third parti es are not bound, by the original contractual obligation between Psylock and company A (Stephan, 2001). Intellectual property rights are key elements needed for companies to gain competitive advantage in their marketplace. The benefits of IPRs are multifaceted as they can assist the business in its marketing, product development, raising financial resources and expanding the existing business through licensing and franchising. However, IPR protection is purely economic. IPR laws are generally inappropriate for defending the rights of local communities. There is a conflict between intangible works and free expression and exchange of ideas. For an enterprise like Psylock, it must have a system that can minimise the opportunity cost of this trade off. A system whereby the company is secured in the knowledge that all IP are protected without infringing on someone elses IPRs. Words Count 1999

The United States Should Convert to IFRS Essay example -- IFRS Account

The changes in IFRS will affect some slight modifications to significant amendments of principles. It can affect different areas of financial statements and information. For example, extensive disclosure requirements, financial statements and how specific elements will be recognize and measured. Those elements are financial instrument and employee benefit (IFRS, 2012). I think that it would be beneficial for United States to switch to IFRS, but I think that SEC should not vote to switching to IFRS after companies spend millions of dollars on converting from GAAP (Maryland). The European Union has already switched to IRFSs. It happened the same year when United States companies had deadline to switch over (Johnson). There are at least three reasons why the United States should switch to IFRS. The reasons are: international financial reporting standards. They will make easier for company to compare, understand and it will help stay up-to-date to multinational businesses (Johnson). Switching to IFRS will help not just companies but also investors and public globally to compare financial statements. If every country has different financial standards, if would be problematic to compare how each company stands because they are not the same. The United States is the only country who does not use the metric system (meters, kilometers, litters); instead they use the customary system (inches, feet). For example, if you will have to drive in another country you will not understand how far another grocery store because the sign tells you in meters not in miles. Also, if United States will switch over to IFRS from GAAP, it will allow US to become a part of the global economy. Another reason for United States to switch to IFRS th... ...l language is also beneficial for comparison of statement, understanding, and saving cost for international companies. Works Cited Albrecht, D. (October, 2011). American Institute of Certified Public Accountants. (November, 2013). International FinancialReporting Standards. Durham, NC: AICPA. Gill L. (June, 2012) IFRS: Coming to America Whitehouse T. (December, 2013). Foundation Says IFRS Becomes Global Preference. IFRS Changes Impacting the Banking Industry (August, 2012). Pricewaterhouse C. (November, 2012). Benefits of Changing to IFRS. The Maryland Association of CPAs. (November, 2013). SEC offers roadmap to global accounting standards. Horsfall N. (December, 2013). FRS Urges More Firms to Adopt IFRS. Durham. (November, 2008.)American Institute of Certified Public Accountants. International Financial Reporting Standards.

Impact World War Two Had on Trinidad

Arielle Spann 00033827 History 210 CRN 35943 How has World War II impacted on Trinidad and Tobago? This essay explores the impact of World War II on the development of Trinidad and Tobago. World War II played a very important role in the development of Trinidad and Tobago in terms of social, cultural, economic and political changes. World War II began in the year 1939 and continued to the year of 1945 in which the Allies that consisted of Britain, Soviet Union and the US, defeated the Axis powers that included Germany, Italy and Japan.World War II began in September of 1939 when Britain and France declared war on Germany following the Germany's invasion of Poland. Although the outbreak of war was triggered by Germany's invasion of Poland, the causes of the war were more complex. Based on my research there were four main reasons why there was a World War II. These include that of the Treaty of Versailles. In 1919, Lloyd George of England, Orlando of Italy, Clemenceau of France and Woo drow Wilson from the US met to discuss how Germany would pay for the damages that World War I had caused.The German people were very unhappy about the treaty and thought that it was too harsh. They then voted for a man who would have ripped the treaty apart. This led to the second reason which was Adolf Hitler’s action (see figure 1). Adolf Hitler became Chancellor of Germany in January 1933. Almost immediately he began secretly building up Germany's army and weapons. In 1934 he had increased the size of the army; he began building warships and created a German air force. The third reason was the Failure of Appeasement.Appeasement meant giving into someone, provided their demands are seen as reasonable. During the 1930s, many politicians in both Britain and France came to see that the terms of the Treaty of Versailles had placed many restrictions on Germany that were unfair. The fourth reason was the Failure of the League of Nations. The League of Nations was an international organisation set up in 1919 to help keep world peace. This failed due to a number of reasons: not all countries had joined, it had no power, no army and it was unable to act quickly. FIGURE 1 http://ahitler. reyfalcon. us/ FIGURE 1 http://ahitler. greyfalcon. us/ Before World War II had occurred, Trinidad and Tobago faced an unprecedented situation. It was the time of the great depression. The great depression was a time where a worldwide economic downturn had begun. It started in 1929 and lasted until about 1939. This caused many problems in Trinidad and Tobago. Working conditions had become extremely difficult where slaves had to work long hours and little pay. Workers where paid 35cents a day, this proved to have being insufficient because of the climbing inflation rates.Unemployment had reached an enormous height of 20%. At this time, health conditions were very poor. Infant mortality rate had reached 127 persons per thousand and the hookworm epidemic had infected close to 80% of the population in rural communities. Malaria had become prevalent due to the disease carried on the female mosquito. Remember, working condition was unfair and little money was paid. This led to extensive malnutrition in the population because money paid was not enough to buy the required food for proper health. Poor housing conditions were also prevalent.Worker houses had become extensively bad in quality and not easy to live in. The houses on the sugar estates and oilfields were said to be dilapidated and lacked sanitary conditions. This meant that the houses were in a state of disrepair or ruin as a result of age or neglect. Toilets, washing facilities, changing rooms and a place for rest were inadequate. This led to the formation of the Shanty Town in Sea Lots located in Port of Spain, Trinidad. The struggle for survival had led to the labour riots of 1937, which was led by Grenadian born Tubal Uriah â€Å"Buzz† Butler.The labour riots of 1937 led to the establishment of the Moyne Commission, which was set up to deal with the grievances of the workers about their working conditions and poor living conditions. The Moyne Commission found that Trinidad workers lived in inhumane conditions and made recommendations on what should be done. This was established in the year 1938 by Lord Moyne and completed its report in 1940. It was very critical of the British colonial system in the Caribbean. The Moyne commission recommended housing construction, agricultural iversification, more representative government for the islands, and the promotion of a middle class in preparation for eventual self-government. Although the Moyne Commission's findings were not made public until after World War II, some of its recommendations were put into effect under the Colonial Development Welfare Act of 1940. Although World War II did not hit Trinidad directly, it showed signs of the impact that led to the further development of Trinidad. Impacts in the social, cultural, pol itical and economic were felt nationwide.Historians argued that World War II led to a modern Trinidad; hence there were many different types of people who inhabited sweet Trinidad. Trinidad played an important role in the war: it was the convoy assembly point for the dispatch of tankers from the Caribbean oil ports across the Atlantic to North America and Europe (A history of modern Trinidad 1783-1962, Bridget Brereton, pg. 191). The first impact I will be writing about is the social impact on the development of Trinidad and Tobago.The social impact has to do with how society was impacted or changed due to further development of Trinidad and Tobago and World War II. World War II had led to the destruction of the myth of white supremacy. The US occupation demolished this myth of white supremacy because at this time, white men were seen doing manual labour and were seen displaying behaviours unfit to the white people. By this, I mean, the white men were seen engaging in drunken behavi ours. During this time, a lot of people moved to Trinidad and because of this, the white men had taken the roles of a field worker.The rich people and Trinidadians, at this time would have gone through a period of cognitive dissonance because they were not accustomed to seeing people of their same colour doing manual labour and behaving like hooligans. They laughed and mocked the drunken or bad behaviours of the sailors. One person that aided in the demolition of this white supremacy myth was named Ulric Cross. Ulric Cross was born in the year 1917. He was of African descent (see figure 2) and because of his involvement in World War II, his achievements led to the breakdown of this myth.In 1941, Ulric Cross had made a decision to join the Royal Air Force (see figure 3), which was one of the branches of the army, fighting in the war. He had performed greatly to such an extent that he soon after decided to join another branch of the same army. This branch was known as the elite pathfi nder squadron of Mosquito Bombers. Because of his high achievements, Ulric Cross was awarded the Distinguished Flying Cross and the Distinguished Service Order. FIGURE 2 http://francesannesolomon. net/in-development/ulric-cross/ FIGURE 2 http://francesannesolomon. net/in-development/ulric-cross/What was the cultural impact on the development of Trinidad and Tobago during World War II? First I will be dealing with the entertainment industry. In 1941-1945 the carnival celebrations were banned. This was due to the unruly behaviours of individuals and some feared of possible uprising. Security measures also led to the banning of carnival between these four years. During this time, many patrons had remained in their backyards experimenting on metal instruments with the making of tins and pans. This was done to help in the making of instrument s that could play different notes and popular tunes.From this process, steel pans were manufactured into being. It was done by Winston â€Å"Spree † Simon and Neville Jules, where they would use biscuit pans and margarine pans, and tune it to the notes of music. In 1946 an oil drum was used and experimented on, and it was found that it could produce a concave pan (see figure 4). It was founded by someone by the name of Elliot â€Å"Elle† Mannette. Soon after, steel pan had become an integral part of the carnival celebrations. At this time were carnival was banned, indoor entertainment had bloomed.This was because people were no longer allowed or given permission to parade in the streets, so indoor entertainment were one of the few things that was accepted for leisure. FIGURE 3 http://www. topnews. in/asianorigin-raf-medic-sues-british-military-paki-and-terrorist-jibe-cover-2213305 FIGURE 3 http://www. topnews. in/asianorigin-raf-medic-sues-british-military-paki-and-terrorist-jibe-cover-2213305 The appearance of most individual give rise to the term â€Å"saga-boy†. This is simply a person that was said to b e a playboy. It is a person who dresses with extreme style and very fashion forward.Their hairstyle would be one of a side part and muff, the style of dress was totally different. The saga-boy’s apparel was one of a high-waist pants, wide legged with a tight cuff at the bottom, trousers and a long coat with lapels. Lapels are the part on each side of a coat or jacket immediately below the collar which is folded back on either FIGURE 4 http://www. forumgarden. com/forums/fashion-clothing/56381-mens-vintage-roars-life-zoot-suit-cost-much-bmw. html FIGURE 4 http://www. forumgarden. com/forums/fashion-clothing/56381-mens-vintage-roars-life-zoot-suit-cost-much-bmw. html side of the front opening.These were known as zoot suits (see figure 4). One of the cultural impacts was the rise of prostitution. Prostitution is the practice or occupation of engaging in sex with someone for payment. It is also defined by the oxford dictionary as â€Å"the corrupt use of one's talents for person al or financial gain. † World War II had led to this rise in prostitution because of the large amounts of individual in uniform that maintain money and was willing to exchange it for sex or anything of the sexual nature. In 1945, British and Canadian men were around 33,640 men in uniform and the US had about 70,800 men in uniform.Sexual behaviours were a great means of relaxation. Many patrons were involved in the exchange of money for sex and this led to a massive increase of sexually transmitted diseases. Most common were those of gonorrhoea and syphilis. Statistics show that new cases of gonorrhoea rose from about 573 in the year 1940 to about 3,445 in the year 1941. This shows that the amount of new cases of gonorrhoea was multiplied by around six (6) times the original amount, all within twelve months. Although these diseases were becoming an epidemic in society, it gave way for calypsos by artists such as The Mighty Sparrow and Lord Invader.One of the popular calypso son gs by Lord Invader called the Yankee Dollar. This song simply portrays how the Yankees come to Trinidad and the girls and mothers (prostitutes) like them because they paid them more money and treated them better. Another popular calypso that was sung by the Mighty Sparrow was called Jean and Danah. This song portrays basically the same meaning as the song Yankee Dollar. It portrays women working on a corner, selling their bodies for money and if they are broke, you could buy sex at a cheaper rate. World War II also impacted Trinidad with the introduction of gambling and crime.Gambling dens were established and this in return gave favour to crime. Boysie Singh was one of the more prevalent mobsters that reigned over Trinidad. In the 1940’s, Boysie Singh had established gambling clubs and houses were men can visit prostitutes in Queens Street located in Port of Spain. He had a reputation of murdering around 400 persons in cold blood. His crimes of gang and drug related murders were reported almost daily in the national press. Yet, it’s said that Boysie Singh once held the world record for the number of murders he was believed to have committed.During this period of World War II, mass amounts of immigration occurred. Immigration was the action of coming to live permanently in a foreign country. Immigrants came from Barbados, Grenada and Europe. Many from Europe were fleeing or running away from cities such as Hans, Stechers and Tauchers. The reason they came to Trinidad was based on the liberal immigration policy. This states that it was ok for people to come and stay in Trinidad based on work. If you were employed as a worker in Trinidad, you were allowed to stay and live. What was the economic impact on the development of Trinidad and Tobago during World War II?The first economic impact I would be discussing is the rate of employment. During this period of war, there was a boom in employment. Workers left their field work, cocoa and sugar to becom e employed on the bases for the army. The unemployment rate had decrease to about 80% due to the construction of the bases. Around 30,000 individuals were employed which added up to be about 20% of the workers in Trinidad. This employment boom due to the base led to a mass shortage in the sugar industry. In 1939, it was recorded that the amount of workers had accumulated to about 30,000.This soon decreased with a count of 18,000 workers in the year 1943. In next year of 1944, the work population had gone back up to 21,000 workers in the sugar industry. Many workers left their former jobs to work at the bases because of the benefits. It was seen that at the base, it was cleaner and the wages were more attractive. Wages were paid around 2s. Per day and were at least doubled for workers at the base. During World War II many of the young bankers were enlisted in the Canadian and British armed forces and had to go for the call of duty. This was a problem for banks because now, there were shortages in staff.They asked themselves how they would fill the gap of the shortage. One brilliant person must have suggested hiring female workers. This is how females began to work, but before this time, females were not allowed to work because it was not part of the role as a woman in society. So to fill the gap, female workers were hired but, they were not seen. The employers would have placed them in the back ground or back offices where no one could have seen them. In 1945, during the time of war, RBC consisted approximately 71% of staff members were females. Trade had also shifted in a different direction.USA became the trading partner with Trinidad because the U-boat threat had become unreliable with the supplies needed. Due to this, Britain was replaced. The U-boat threat were said to be German submarines, or U-Boats, that threatened Canadian merchant ships carrying troops and supplies to Britain. Britain’s war efforts depended on this support. Before World War II (1936-1939) the UK had represented 37% of the imports and USA had 34% of the imports in Trinidad. In the time of World War II (1944), the UK represented a mere 11% of imports and the USA had climbed to a height of 59% of the imports in Trinidad.The import/export trade had become unreliable and this made an impact on the food situation. At this time food supplies had become scarce and there was a need for something to be done. A system of food rationing had begun to take effect in Trinidad because of its scarcity. Food rationing is the controlled distribution of scarce resources, goods, or services. Rationing controls the size of the ration that one's allotted portion of the resources being distributed on a particular day or at a particular time. Although the food rationing was introduce, the import bill had increase from the amount of 34. million in the years 1939 to an overwhelming 40 million in the year 1940. This was said to be a sign of increased economic activity. It was a good thing Trinidad produced their own food and crops as this helped them to maintain the society during this time. Property prices and rent payments had gone up during the years of the war. In the years 1939-1945, rent had increased from $80. 00 to $500. 00 per month and the cheaper places to stay like flat houses had also increased from $25. 00 to $80. 00. This, I think was due to the high level of immigration that was taking place.Another factor that could have led to this was the Yankees that would come to Trinidad to spend holidays and go again. Another economic impact World War II had on the development of Trinidad was the transfer of technology. World War II played a very important role in the transferring of new technologies and skills into Trinidad. The Yankees had bought with them bulldozers that would help with work. Bulldozes would have done the same amount of work men would take weeks to complete in a matter of minutes. Because of the new technologies and skills, the constr uction industry was never the same again.Finally! What was the political impact on the development of Trinidad and Tobago during World War II? World War II led to decolonization. Decolonization is the action of changing from colonial to an independent status. After World War II, Britain had become bankrupt and began to promote self- government in the Commonwealth. Commonwealth means an independent country. Eric Williams and Norman Manley agreed for a federation as a means of gaining independence. Because of this, the British West Indies (BWI) federation was established.In the late 1950’s and early 1960’s, Eric Williams and Norman Manley sought for self- determination as independent states. In conclusion, this essay looked at the impacts of World War II on the development of Trinidad and Tobago. Details were discussed about the social, economic, political and cultural impacts that shaped Trinidad into the place where we live in today. Although Trinidad was not directly hit during World War II, significant research has shown the extent to which Trinidad was impacted. Bibliography (MLA format) Brereton, Bridget.A history of modern Trinidad, 1783-1962. Kingston, Jamaica: Heinemann, 1981. Print. Douglas, Sean. â€Å"ULRIC CROSS – BIOGRAPHY. † the Trinidad & Tobago Web Directory. N. p. , n. d. Web. 11 July 2012. . â€Å"History | Oilfields Workers' Trade Union. † Oilfields Workers' Trade Union. N. p. , n. d. Web. 10 July 2012. . Wg Nai, Sean. â€Å"The effects of the second World War on Trinidad and Tobago. † History 2010. COSTAATT. L4, Trinidad. 26 June 2012. Class lecture.

Customs, Rules and Laws

Customs, rules and laws each have their own varying applications on society. Over time, it has been shown that a strong relationship between them has developed and the different outcomes on society have then become an outline for future years to follow. Customs are classified as behavioral patterns that develop and become established within members of a society. These customs generally focus on morals, ethics and social behavior. An example includes covering your mouth and/or nose when you sneeze.Customs don't usually have serious consequences if they are not ebbed, except for disrespectful looks or a polite reminder from a person nearby. If these customs are followed by a particular group or society, over time, they may become a part of that community customary law. Customary law isn't generally written down and is passed on by word of mouth. In particular cases, such as Australian Aboriginal customary law, these customs can affect the introduction and application of laws. Customs c an be considered the foundation for rules.Rules refer to the appointed conduct in particular situations. Rules vary depending on the efferent communities. They are made generally made by the people In the organization or group and are only applicable by the members or these groups. There is normally some form of consequence for breaking the rules however these rules are not enforceable by the state. Two (2) examples of this include school uniforms and rules for a board game. However due to constant changes within these societies, rules can often be changed or adjusted to suit these needs.Rules are the preliminary stages off law to be made. Laws are a set of rules imposed on all embers of a community, which are officially recognized, binding and enforceable by persons or organizations. There are many characteristics of a law that rules and customs do not satisfy. For example, laws are binding on the entire community. This means that all members are to follow and abide by these laws. Laws are also enforced through the police or appropriate legal organizations and there are penalties that can and will be applied If the law Is broken.A highly Important difference between a law and a rule Is that It Is officially recognized. This means that the courts and government acknowledge and apply these laws. Laws also reflect the publics Interest. This means the laws that are currently In place affect Issues that Involve the entire society. Laws are put forward by government officials and In certain cases, Judges, If there Is no precedent. Laws, rules and customs each have their own set of corresponding consequences and form the foundations for our behaviors within society.Customs, Rules and Laws By Brooklyn become a part of that community's customary law. Customary law isn't generally different communities. They are made generally made by the people in the penalties that can and will be applied if the law is broken. A highly important difference between a law and a rule is that it is officially recognized. This means that publics interest. This means the laws that are currently in place affect issues that involve the entire society. Laws are put forward by government officials and in certain cases, Judges, if there is no precedent. Laws, rules and customs each have their own