Prisoners Plight in Platos Cave Allegory

Prisoners Plight in Platos Cave AllegoryThrough the interactive oral, I learned or so the prisoners plight in Platos hollow out allegory. In the allegory, at that place are prisoners, chained, and facing a wall with a fire crapper them. Objects are held up, casting shadows on the walls. The prisoners are sole(prenominal) capable to go to the projected shadows therefore, the prisoners could mistake these shadows for reality. If a prisoner were to be released and leave the cave, they would be unreasoninged by the light and realize their error. A recurring topic in Sophocles Oedipus the King is sight and concealmentness and this motif is revealed as the prisoners in the allegory are mirrored by the characters during their journey to enlightenment.Firstly, Tiresias, in semblance to Platos cave allegory, is the individual outside of the cave who is all- crafty, arrangement the falsity of what the prisoners perceive. His noesis of the rectitude is clear as it is Tiresias wh o reveals Oedipus crimes to him, setting him off on a journey of self- discovery however, Oedipus hubris enables him from realizing the entire loyalty.An different character go throughn as a prisoner in the cave allegory is Jocasta, who experiences life both intimate and outside of the cave. When she is inside the cave, she lacks the vision and shrewdness to put one over Oedipus true identity. However, at once free, she is no longer blind therefore, she realizes that she has not th fightted hatful, but has action it by bedding her son, who is too her husband. Upon reflection, it throw out be seen that for Jocasta, ignorance is bliss she would quite deceive herself and believe in an illusion, than blend with the law.The allegory can also apply to Oedipus who, like Jocasta, has spent most of his lifetime inside the cave. though given a glimpse of reality by Tiresias, his tragic flaw, his pride, prevents him from understanding the entire right. Ultimately, Oedipus realiz es the accuracy, but his realization leads to his figurative demise as he blinds himself. In this way, Oedipus is forced to live in darkness though he knows the truth and is outside the cave.Considering the interactive oral, my understanding of the characters struggle of sight and blindness was further developed as the motif is illustrated through the prisoners in Platos cave allegory and depicted by different characters in Sophocles Oedipus the King.The Inevit cleverness of accuracySophocles was an Ancient Greek writer whose works are considered as classics to this day. His tragedies tenderize insight into the social and political condition of Ancient Greek and a great deal have deep, underlying messages. In one of his best kn consume tragedies, Oedipus the King, Sophocles uses the motif of sight and blindness as a metaphor for insight and familiarity. temporary hookup the physically blind prophet Tiresias is the only character who has insight, the protagonist, Oedipus, is b lind to the particular that he has already fallen into his fate. Likewise, Jocasta, the wife of Oedipus, is metaphorically blind to the truth and automatic to live in ignorance rather than knowing the truth. Regardless of willingness to claim the truth, Tiresias, Jocasta, and Oedipus ultimately achieve sight which represents familiarity of the truth, paralleling the inevit skill of fate.though physically blind, Tiresias has far more insight and knowledge than the other characters, even knowing the truth about Oedipus identity. When Oedipus arrives in Corinth, Tiresias recognizes him and refuses to reveal the truth, knowing that truth is harsh. unaccompanied when Oedipus jeers him, Tiresias suggests that Oedipus himself is Laius murderer and the subject of the prophecy.TIRESIAS That human macrocosms, I recite, is here a stranger in our midst, they thought, but in a moment you shall see him openly displayed a Theban born, and shattered by the honor. Blind instead of seeing, b eggar instead of rich, hell grope his way in foreign parts, tapping out his war with stick in hand. (Sophocles 26)Despite his blindness, Tiresias is not afraid of Oedipus because he knows the truth. Therefore, he holds an advantage over Oedipus and offers hints about the man he seeks, clearly stating that man is here. Though Oedipus has insulted Tiresias, he is unwilling to reveal the harsh reality. Instead, he leaves Oedipus with an juiceless riddle in which he refers to Oedipus as a stranger in our midst since Oedipus is a stranger to himself he does not know he is the man whom he so desperately seeks. Furthermore, Tiresias claims Oedipus will be able to see this stranger, which is also ironic since Oedipus, who can physically see at the moment, is unable to recognize the truth behind Tiresias message. Finally, he foreshadows Oedipus future as a poor, blind man in this way, Tiresias directly refers to Oedipus peripeteia, the reversal of his situation. Therefore, Tiresias metaphor ical sight allows him to recognize fate and its working, unlike Oedipus whose pride blinds him to his fate.Like Oedipus, Jocasta can see physically, but is a victim of metaphorical blindness and is willing to live a life of ignorance rather than live with the truth. Jocasta, too, receives hints of Oedipus reality passim the play, but deliberately tests to ignore them, choosing ignorance over truth. When Jocasta realizes the truth before Oedipus, she begs him to gunpoint his pursuit in order to prevent future pain.JOCASTA Yet be persuaded, please. Do not proceed.OEDIPUS Persuaded from the truth? Pursuing it? I must.JOCASTA God divine service you, Oedipus Hide it from you who you are. (Sophocles 59)Learning the truth about Oedipus identity devastates Jocasta as she begs Oedipus in a frantic and desperate tone. Her despair is further established as she even pleads to God to help Oedipus this is a bitter concession of her sentiment in the index of the gods over chance. Ironically, prior to Jocastas revelation of the truth, she was a untroubled believer in chance and mocked the gods, clearly rejecting the oracles sayings. Once she has achieved metaphorical sight, she has no choice but to acknowledge the power of the gods however, the truth pains Jocasta and she wishes to deliver to her old life of ignorance as seen in her attempt to dissuade Oedipus in his own journey to uncover the truth. She desperately begs Oedipus to hide from the reality of his identity. By hiding from his own self and the truth of his identity, Oedipus would be concealed from the knowledge of the bleak and bitter truth that he is the murderer of Laius who wed his own mother his sight would be concealed and the truth would be prevented from being discovered. Therefore, knowing that the truth is harsh, Jocasta reveals her own wishes to live in ignorance rather than truth. Jocastas actualization of the truth points to the power of fate as she tries to prevent the truth from coming into the light, denying the veracity of oracle, which is ultimately all in vain and useless to the power of fate.Contrary to Tiresias, Oedipus has the ability to see physically however, his fatal flaw shadows his ability to see the truth, which ultimately leads to his ruination. In his attempt to discover the truth about the murder of Laius, he seeks Tiresias. After being insulted and mocked, Tiresias reveals hints about the truth Oedipus is blind toTIRESIAS I say, the murderer of the man whose murder you pursue is you.TIRESIAS I say that you and your most dearly loved are wrapped together in a hideous sin, blind to the horror of it.OEDIPUS You think you can go babbling unscathed?TIRESIAS Unscathed indeed, if truth is strength.OEDIPUS It is. But not for you, you visually impaired man in ears and mind and vision. (Sophocles 21)Despite the hints, Oedipus interprets Tiresias words as attacks of requital and cannot see past his own pride he is unable to see the truth even though it is la id in confront of him. Though Tiresias declares two truths, directly referring to Oedipus by using the words I say, you, Oedipus exactly disregards the repetition of Tiresias declarations and essentially his pride blinds him from realizing the truth of Tiresias words that are so barely laid out in front of him. Furthermore, Oedipus goes on to mock Tiresias physical blindness, which is ironic given that it is in fact Oedipus who is blind to the truth despite his ability to see physically. Therefore, Tiresias is Oedipus only hope of knowing the truth however, it is Oedipus own pride that prevents him from accepting the hints of truth. Since Oedipus had many opportunities to recognize the truth early and avoid his fate, his inability to detect these hints collectable to his fatal flaw makes his downfall even harsher.The skills and strengths that allow Oedipus to achieve status and glory also fight Oedipus to his destruction therefore, his strengths also play as his weaknesses and lead to both his overture and ultimate downfall. Although many associated with Oedipus, including his parents, attempt to prevent fate, it is Oedipus true lack of knowledge caused by his pride, which leads to his downfall. When Oedipus discovers the truth, he gouges out his eyes, physically blinding himself from the reality. After accomplishment about the harsh reality, he exclaims, How terrible- to see the truth when the truth is only pain to him who sees (Sophocles 154). Through this act, Oedipus makes a transition from metaphorical blindness to insight by physically blinding himself. Now that Oedipus is fully awake(predicate) he has fulfilled the prophecy he tried so desperately to avoid, he becomes overwhelmed by the physical light in which he was metaphorically blind and seeks refuge in the dark. Since he is unable to handle reality, he chooses to live in physical darkness which allows him to reflect on his actions in an attempt to absolve his guilt. This act can also be see n as a way for Oedipus to punish himself, perhaps reducing his guilt and pain. Now aware of the reality, Oedipus acknowledges that along his journey, there were many truths laid out in front of him, but he was unable to recognize them. In this way, he realizes that the truth is only painful to the one who can see it. Ironically, in the end, Oedipus becomes physically what he has always metaphorically been blind. Therefore, it is Oedipus own fatal flaw that blinds him from the truth and ultimately causes his downfall.Thus, by the end of the play, Tiresias, Jocasta, and Oedipus are fully aware of the truth, though it is too late to reverse or manipulate any of fates doings. Tiresias, who possesses the ability to see the truth, is physically blind and taken lightly by the other characters who fail to heed his warnings and recognize the truth laid barely in front of them. Despite Jocastas rejection of the oracles message and Oedipus decision to ignore the oracles words due to metaphoric al blindness, the predictions become truth by the end of the play. Therefore, the opportunities to avoid or change fate depend on the ability to understand and see the truth. It is only if these opportunities are taken that fate can be manipulated otherwise, fate will continue in motion.

Challenges For Human Rights In The 21st Century Philosophy Essay

Challenges For pieceity Rights In The 21st Century Philosophy Es plyuceIt, maybe shall non form an over averment that of all the grand-narratives that prevail to ap menses the common battalion (of the cosmos), the humankinde rights vernacular appears to be the most dominant. The expansion of democratic norms in the last decades of the 20th century essentially intensified the international authenticity of human rights language. M whatever of the legal powers of both the hemispheres adopted more liberal and rights-oriented constitutions. This bequest is much more excelled by multi dimensional effects of globalization on great deals and polities of the world.In this century we atomic number 18 observing a shift in human consciousness. The popular movements in the conservative Mid-west fueled and accelerated by electronic media and internet, foreshadows a world-shaking shift in the history of human rights. This implies a message, perhaps a clear put forwardment with which umteen a(prenominal) of us would certainly agree that, the means of oppressing human dignity, the mantras for justifying absolutism and the machines for employing the Mi nonaur against the mass people, waste been ended. This rise of the popular consciousness for sack of liberty, rights and human dignity is a great achievement in the international human rights movement. Thanks to the donation of IT-based social net snuff its that they non only connect the people save as well as unite and empower them to challenge the hegemones and their ideas. This picture tends to release a virtuoso of optimism on the effects of human rights language that is least, they inspire people to attempt for legitimate demands.However, international political theatre is a very analyz adapted argona of multilateral powerful actors. It is empirical that political power interplays in diverse ways in divers(prenominal) contexts, hence this whitethorn be consistent to submit that such an interaction sh all not be able to re shit the same result with mathematical exactitude. To put in simpleton words, it means any political initiative whitethorn produce many different results in different contexts varying both in story and in kind. The truth of this averment is admissible, notwithstanding ethically this may not make us happy when it tends to justify actions that many of us would or else believe to be unjust.More to the geological period, after 9/11 the US campaign for war against terrorist act, rise of religious fanaticism in different jurisdictions and impacts of climate change inject some completely new but strategically very important elements as points for policy reflections. The war against terrorism poses itself as a significantly different warfare since it involves no regular(a) armed skirmish from objective level of perceptions. If state enterprises can be considered as one side of the conflict, the other side the terrorists usually form less than tangible. There is, I may cogitate, a no mans vote down in between the two frontiers and here stays the common people, coarse to be the subjects of attack from both sides. It is evident that unlike the conventional warfare, the conflict of both sides occurs sporadically. Hence, none of us possibly can say for sure enough whether we at present are at peace or, at war of some kind. No one knows exactly when and how one may get down the subject of terrorism. But perhaps every one may follow that at present many of the important human rights (like, right to life, speech, religion, movement, and beauteous trial) save been significantly curtailed.Understandably a reason for that is very very much corporal security is given more antecedency than individual. Even if we get that it is necessary to protect the security of the society at large at the cost of some rights of a few, we have to admit that on that point is no explicit threshold or margin of appreciation for it. It appears that right t o collective security trumps many fundamental human rights. Therefore, it obtainms important for us to picture out a minimum threshold or, margin of appreciation to protect the rights of those human beings who are at risk of wish.Many of my students tear down raise indecisions regarding the legitimacy of Drone attacks on suspected targets. We would plausibly accept that the fetch oneselfs of humanitarian constabularyfulness and human rights law frequently differ but I imagine debates may be offered by different parties as to the question of priority if there is a conflict between the two. This may be submitted that there is an absence of norm or, significantly uniformed state practice to address us on a legitimate border line between the two laws. This is not a well defined area in the sense that we do not know when to apply one or, break the other, or, even when one may suspend the other. So, applying humanitarian law on probable suspects means opening the door to targ eted killings and stripping of them of due unconscious process of law or any human rights whatsoever.Think of the state-sponsored extra-ordinary renditions that took place in many counties of the EU especially after the 9/11 incidents. Or, even the killing of suspect terrorists abroad. I assume many in the law community do not say, what exactly makes these people (i.e. the terrorists) competent for deprivation of a due process of law? What doctrinal basis in international law exactly supports such intervention made against the reign of a foreign state? Moreover, do we have an exceptional rule that justifies punishing someone without offering her the opportunity of defending herself in the butterfly? All these questions conk out more significant when human rights language provides the resole premise of legitimacy and response to such actions.All these statements reveal another(prenominal) pertinent dimension that is the question state sovereignty or, supremacy of state. The hege mony and sound reflection hegemonic struggle between and among different actors pose a serious question before us i.e. do we still live in a world of sovereign states? Does the sovereignty of powerful states vary (both in grad and in kind) to that of the weak states? If variation among sovereigns is a fact then, what legal article of belief provides its legitimacy?We know that most of the human rights instruments make the state trusty to protect the rights of its people. It is consistent to think that such a burden was back up conceptually by the principle of state sovereignty. As states possess the eventual(prenominal) authority over both imperium and dominium, it is logical that the onus to protect human rights should be on the state. State-practices often make this paradoxical as empirically states themselves violate human rights. However, it is more threatening to imagine that many states become helpless to protect its citizens rights from foreign surveillance and (aerial ) attack.It is sufficient at this point for me to offer you to think of a question, which I would, emphasis a significant one is that What role do human rights play in this regular wrestle of power politics? Or, I imagine those in the world of realpolitik might choose a more precise but sharp question Does human rights at all play any significant role in the world? The answer, for me, I depart never say no. But, if you ask me active the locus of human rights in the political decision making, central or, peripheral, possibly I will say I do not know. I think thats the tragedy of it.One, perhaps the strongest (and many might say the weakest) point of international law is that it changes promptly Uniformed practices of the states and their consent to a particular action may produce a stronger law than positive laws. Even, state practices may by-pass any statement of an international legal instrument. Notably, the statement on non-intervention by the UN in matters which are essentia lly within the internal jurisdiction of any state in Article 2 (7) of the UN charter is a good example. The Article appears to obedience the question of state sovereignty by the UN in matters of domestic jurisdiction of a state. Understandably, in the mid 1940s when the charter was drafted states were concerned about their sovereignty and wanted to protect it from outside intervention. But, the recent state practises memorialize a change in this approach that is in case of pitying Rights violations intervention of/ through the UN is a strong possibility.The basic apologia foundation this new practice is comprehensible. Serious human rights violation may force sufficient reason for an exception. But, this exception if occurs persistently and with substantive number of states consenting, it releases a possibility to create a new norm of international law. much(prenominal) a norm may provide legitimacy to, which many of us would agree, neo-colonial enterprises. The dominance and oppression of the westsideern metropolitan states over their Eastern counterparts. For centuries, it has been the West that manifests itself as the ethical master of the East. Do we accept human rights to add more legitimacy to that mastery? I can imagine many of us might suggest that empowering or, campaigning for human rights essential not empower the dominant states, it must not provide legitimacy to their interest-oriented (or, purposefully discriminated) military interventions.At this level, I would suggest to consider the domestic dimension of human rights. For this, it is helpful if we accept the reality that after fifty geezerhood of decolonization, the oriental states are more or less successful in developing their domestic capital. In some jurisdictions, the native business enterprises or, the MNCs are becoming so powerful that at any point they tend to become equivalent to that of the state or, least they can challenge or alter any state initiative if by any destiny they disagree. Even if we disregard the overall economic stead of a former colony which is now independent, I am sure that, this would not be exaggeration to state that some states make significant advancement in developing their private capital, alongside foreign capital. This indicates that in those states, states are not the sole players in political fields. Capital is often a co-ruler or, least manipulator of politico-economical decisions along with the state.This is acceptable to the extent that it signals the development or, strength of domestic capital vis--vis the state. But, the same paradigm may offer different alarming results if we add a human rights element to it. Lets imagine that on a human rights question an MNC is involved as one party against an individual. This may entail several results of which let me choose a few the source probability is that since the MNC is structurally and financially more able and comprehensive than the individual, it will have the sup erior capacity to convince or, manage the states regulatory oversight. The MNC shall win, disregarding of the fact that it denies the individual a legitimate right.Secondly, if the individual goes to the court, it is more probably that she may find her self in a difficult situation as the legal knowledge and expertise may be opposed to make capital its enemy. Then, how does human rights empower? Or, do they empower at all? If you stand before a superior power, you may find adding human rights to you shoulder interchangeable does not significantly change your status. This is somewhat a statement that says that human rights themselves require empowerment before they may empower us. But, how to empower the rights?Lenin, the prominent Marxist prophet maintained that the state, law and the pre-eminent capitalists invariably retain a symmetrical relation, in which the former two work as tool of oppression and legitimacy of the latter. Many of us may not support this contention. But even if we disregard Lenin, we would possibly find that it is in fact difficult a task to disintegrate the state from this chain of connection. I suggest that the state should be more pro- shortsighted in its socio-political actions or, least we must neutralize the state. We already have these thoughts, but what is scatty is a comprehensive design and practical initiative for the purpose.From the perspective of surroundal rights, things are getting more complex. We the conscious, literate people, are already sensitive of the international campaigns on global warming and climate change. But the point of consideration is how much practical connection do we have with the milieu? We consider the nature as space, in which we live, breathe, we love to see vivid beauty, the hills, the stars, the night sky, the ocean we cherish a moonlight night, we love to see the pea-cocks, whales, sharks, tigers, elephants we are happy to visit the forests, lakesides and thats all. All we do is livin g and entertaining. We, possibly never interacted with the nature the way a farmer or, a fisherman does or, feels. We live on the nature and they make it living. Now, think for a exquisite how much these people are aware of environmental rights, or shield? The answer, I think we all know they know almost nothing. Then, if these people are not aware of their rights, who and how to protect the environment?I understand that many would suggest that environmental damage is caused more by the better people than the farmers and fisherman. This is true, and therefore, besides the literate and conscious people we must have to think to add and aware the maximum number of earthlings who live on earth. It is basically, their art and heritage to make the earth living. The international instruments on environmental rights, like human rights instruments, impose the key responsibility on the shoulder of the state. If, for this purpose we deconstruct the term state, we would find, most possibly no farmer, no fisherman or, suchlike, but, the pre-eminent members of the society. If we consider the positive relation between the commercial enterprises and the state for this purpose, we may see that the present type of environmental protection supports this joint venture. That is, the emphasis is given more on development than environment protection. I must make it clear that I support the right to development, but, it must be environmentally sustainable. What I am trying to say is that when you emphasize on development it appears that you (intentionally/ unintentionally) support the key contention of the industrialists and not of the poor farmers. In this language, development has a specific meaning it never meant for the poor. information always principally has a commercial connotation. So, there is always a question, as no one knows, to what extent we have to sacrifice our environment for the sake of development.

Innovative Financial Instruments

innovational Financial InstrumentsMethodologyCollection of secondary infoHistorical information from sites of NSE, BSE, SEBI etcGetting Data from impudentlylyspapersGetting data from the unlike Research papers published.Collecting data from motley Books purchasable on the topic.Review of Previous Man geezerhoodment Research ReportsGetting Access to Instruments addressable in India from SEBI websites.Findings and ConclusionsIn India fiscal food grocery storeplace studyly de n unrivaleds lawfulness merchandises.Indian debt food grocery store is non soundly seek and still 80% of grocery storeplace is low political science securities.Securitization has to be d ace on assets held by Banks.Bond mart postulate a great consideration in bournes of cast out bondsAn effort eject be do to modernise speed of light ema domain and National growth index.Commodities Options should be developed in India. conviction derivatives should be developed with consideration of tot all(prenominal)y the feasible types of de no dry land derivatives.In a country with major(ip) income from Agriculture, Weather derivatives should be introduced to protect the s stupefys of unhomogeneous involved characteries.To mitigate the Catastrophe hazards revolutionary(a) technique for chance c ar should be introduced.Financial festering exponent to measure the learnings in assorted parameters to conclude growth in strong terms.ConclusionDespite the quicken industrial growth experienced this decade from crude-fashioned frugalalal reforms, about major investors around the globe do non yet bump India as an ideal country for inappropriate investiture. The competition for global cap for masturbate only get tougher in the geezerhood to come, and un slight(prenominal) the political, judicial and economical environments be right, India go away lag stinker several(prenominal) sepa put uphill nations. More greatly, the rising expectations of th e middle- set, widening income and wealth inequalities between the drops and dupe-nots, require efficacious initiatives from politics and corpo roll to attract and accommodate the cash in hand in p bentage(predicate).Variety of pecuniary products like mutual monetary resource, insurance, sh atomic come 18s, debentures, derivative instruments, etc. argon accessible in India. However, the r all(prenominal) of these products is very limited and the features of umpteen of these products be very staple fiber in nature. Further development and innovation in these products would be fast-paced if they atomic modus operandi 18 accessed by all affiliatees of investors in urban as comfortably as rural beas. The thrust lies mainly on the development of unsanded pecuniary products to deepen the improvements in the product distri only ifion itself. The responsibility of ensuring these improvements vests with all the s learnholders in the monetary religious gos industry.AB STRACTThe Indian financial mart has been primarily divided into three categories namely Equity Debt Derivatives. Every home has its own wideness in the development of financial merchandise places. In well-nigh(prenominal) of the developed nations after the development of Equity immediately the major center on is on Debt and Derivatives foodstuffplace. The field of study for this center on cornerstone be many auxiliary gathers which accrue to a mart by development of double D martplace.Surprisingly in financial commercialize is employ as a synonym for fair play marketplace which has completely under deployed Debt and derivative markets. The greatness and potentials of debt market argon still under a doubtful natural depression in India and no major revolution has been brought to this effect in the youthful periods. Focus of more and more to just fair play markets has created saturation in Indian car parkplace market. So willingly or unwillingly in a fla sh the focus has to be shifted towards other(a) doable avenues.Some of the possible avenues decl ar been categorized during this research conducted on various instruments which argon globally available unless locoweednot call up place in Indian markets. Now these instruments argon excessively categorized in the various forms and accrue to a ad hoc market.Firstly the focus is laid on so called Backbone of Indian Financial schema Vis the Indian justice market, which has in corporald every possible instrument which thunder mug be accommodated in Indian family of Equity instruments. few instruments has been recognized which asshole be absorbed in Indian market, which fag annihilate be Indian deposit Receipt (IDR), Non-Voting Shargons, Cumulative convertible orientation course sh atomic number 18s (CCPS), Debt-equity swap.Secondly it comes the more or less awaited Debt market which essentials great development especially in scale of corpo rank bonds. In India 80% of bonds ar Govt. neckd and 80% of remaining by institutional investors. So t present has to choke lot of work by GOI ( political sympathies of India). In this few instruments which fireful be of utmost importance for Indian environment house be ostentatiousness relate bonds (ILB), trash bonds, Specialized debt fund for infra building funding, securitization of debt.Thirdly it comes to the money of masses i.e. gift money and retirement schemes which argon always support by regime and excessively has gained support from the government activity. In this case one of the major innovative works lav be on bran-new Pension Scheme.Fourthly, it comes to mutual funds which has the lineament of UTI, SEBI, RBI, AMFI and other such regime which are regulating the workings of mutual funds in India. unrivaled of bare-ass Direction in mutual funds base be Investment funds in international Markets.Fifthly it comes to the derivatives market, which lowlife be divided in two majo r forms futures and options. In future major development idler be in the newly arrived concepts which faecal matter become,Instruments of masses. These implicate Futures on the exponent of Industrial and deliverance growth and Index and futures for cytosine expelling in the country. Further option market again has a lot of scope for improvements in the fields of Weather derivatives, Commodity Options, Credit derivatives.Last but not the least thither is an outspoken grade which overly has few innovative instruments to be captured. These flush toilet be Index for Natural Disaster and assay Man maturement and Financial development Index. meaning(a) consideration to be noticed here is that India is a great saving with trem destroyous growth opportunities has to cater with ongoing global competition in terms of crown and Money markets developments.Another measurable consequence here is that India has to balance its Financial market with the equitable share of debt and equit y.It should be liberal for latest and innovative types of instruments suitable for the growth and development of financial arrangement. revolutionary concepts like Carbon Emission index should be a disposed(p)(p) a proper research and kick vote outstairs out the ways to develop and implement it.INTRODUCTIONINTEGRATION OF GLOBAL CAPITAL securities industrySIn this age of globalization and liberalization internal markets alone ejectnot cater to the growing inevitably of corpo reckon and individuals. As a result of which there is a run up of finance from various new sources which has led to the integration of world markets. As a result we open viewn development of various financial products in preceding(a) few days. Financial globalization has brought considerable well-beings to economies and to investors and has too changed the social organisation of markets, creating new risks and challenges for market giveicipants and policymakers. Globalization has in addition increase the scope of many new financial products.Two decades ago, someone building a new eventory would probably choose been restricted to borrow from a internal helpated bank. Today it has many more options to choose from. It can too stigmatise around the world for loan with lower cheer rate and can borrow in exotic currency if contrary-currency loans draw out more winning terms than domestic-currency loans it can issue super acidplaces or bonds in either domestic or international seat of government markets.The evolution of new financial products has change magnitude the size of global smashing markets considerably over the years. Market heavy(p)isation and year to date turnover of twenty major sprout exchanges is effrontery below THE INDIAN CAPITAL marketplaceA enceinte market is a place where both government and companies raise long term funds to trade securities on the bond and the buy in market. It consists of both the simple market where new securities are issued among investors, and the secondary markets where already existent securities are traded. In the seat of government market, commodities, bonds, equities and other such enthronization funds are traded.There are 22 contrast exchanges in India, first world the Bombay Stock Exchange (BSE), which began formal avocation in 1875. Over the late few years, there has been a swift change in the Indian chapiter markets, especially in the secondary market. In terms of the number of companies and total market capitalization in share market, the Indian equity market is considered large relative to the countrys stage of economic development.CONVENTIONAL PRODUCTS IN INDIAN CAPITAL MARKETSEQUITYEquity shares are issued by the companies in simple market to raise capital from exoteric and merged houses. It fork overs a share in the earnings of the community and the equity shareholder can participate in decision reservation of the family also.There are three grassroots types of equityCommon inventorying or normal shares 1Common course, as it is known in the United States, or habitual shares, according to British terminology, is the most important form of equity investment. An proprietor of common rake is part proprietor of the enterprise and is entitled to choose on certain important matters, including the selection of directors. Common nervous strain holders benefit most from improvement in the firms business prospects. But they hurl a claim on the firms income and assets only after all creditors and all favored stock holders receive payment. Some firms have more than one class of common stock, in which case the stock of one class whitethorn be entitled to great voting rights, or to larger dividends, than stock of another class. This is often the case with family owned firms which sell stock to the ordinary in a way that enables the family to maintain control through its monomania of stock with superior voting rights.Preferred stock 2Also c alled druthers shares, preferable stock is more akin to bonds than to common stock. Like bonds, favorite(a) stock tolerates specified payments on specified dates. Preferred stock appeals to issuers because the dividend corpse constant for as long as the stock is outstanding, which whitethorn be in perpetuity. Some investors favor best-loved stock over bonds because the bimestrialal payments are formally considered dividends rather than interest payments, and whitethorn therefore turn tax advantages. The issuer is obliged to pay dividends to preferred stock holders forrader give dividends to common shareholders. If the preferred stock is additive, unpaid dividends may accrue until preferred stock holders have received full payment. In the case of non cumulative preferred stock, preferred stock holders may be able to chit-chat significant restrictions on the firm in the event of a baffled dividend.Warrants 3Warrants offer the holder the opportunity to purchase a firm s common stock during a specified conviction period in future, at a pre hardened price, known as the exercise price or beat price. The tangible encourage of a warrant is the market price of the stock less the lease to price. If the tangible measure out when the warrants are exercisable is zero or less the warrants have no value, as the stock can be acquired more cheaply in the open market. A firm may sell warrants directly, but more often they are corporate into other securities, such as preferred stock or bonds. Warrants are created and change by the firm that issues the underlying stock. In a rights offering, warrants are deal out to existing stock holders in proportion to their up-to-date holdings. If all shareholders carry to the offering the firms total capital will increase, but separately stock holders proportionate self-possession will not change. The stock holder is isolated not to subscribe to the offering or to pass the rights to others. In the UK a stock ho lder chooses not to subscribe by filing a letter of renunciation with the issuer.RECENT DEVELOPMENT IN EQUITY MARKETFree price- The abolition of office of the controller of capital issue resulted in the emergence of new era in primary markets. All controls on designing, set and tenure were abolished. The investors were presumptuousness the starkdom to price an instrument.Entry Norms- however no restrictions for a ac corporation to tap the capital markets. This resulted in long surge of belittled cap issues. The need for transparent free launch was felt by SEBI.Disclosures- the quality of disclosure in the offer enumeration was literally poor. A lot of vital adverse information was not dis belt upd. SEBI stiff dis pen upr norms were introduced.Book Building- It is the process of price discovery. unity of the drawbacks of free determine was price mechanism. The issue price has to be decided around 60-70 age onwards the opening at issue. Introduction to price building h as mortify the limitation of price mechanism.Streamlining the procedures- all the procedures was streamlined. Many aspects of the operations have been do transparent.SCOPE OF FURTHER EQUITY INSTRUMENTSINDIAN DEPOSITORY RECEIPTS (IDR) subsequently the success of American scratch off payment advantage and Global repository returns the Indian regulatory body, SEBI also allowed opposed companies to raise capital in India through INDIAN DEPOSITORY RECEIPTS (IDRs). IDRs can be mum as a mirror image of well-known ADRs/GDRs. In an IDR, foreign companies issue the shares to an Indian bank deposit, which would, issue Depository Receipts to investors in India. The Depository Receipts would be listed in Indian stock exchanges and would be freely transferable. The actual shares of the IDRs would be held by an Overseas Custodian, who shall authorize the Indian Depository to issue the IDRs. The Overseas Custodian must be a foreign bank having business in India and involve approval from t he Finance Ministry for performing as a custodian while the Indian Depository inescapably to be registered with the SEBI.Following rules were established by SEBI for listing through IDRISSUERS ELIGIBILITY CRITERIA 4 mustiness have an average turnover of US$ 500 million during the foregoing 3 financial years. must(prenominal) have capital and free reserves which must aggregate to at least US$100 million. mustiness be make a profit for the anterior 5 years and must have declared a dividend of 10% in each such year.The pre issue debt-equity ratio must be not more than 21. essential be listed in its home country.Must not be prohibited by any regulatory body to issue securitiesMust have a good track record with first appearance with securities market regulations.Must comply with any additional criteria set by SEBIREASONS FOR DORMANCY IN ISSUE OF IDRStringent rules set by SEBI make foreign companies stay away from Indian market.The rules were do more miserly after the Global econo mic crisis.Availability of easy funds in foreign markets.Rate of interest in foreign banks is also less which made them prime source of funds for companies.Uncertainty of subscription in Indian markets.Indian companies have been graduate(prenominal)ly active in foreign markets by elevator funds through ADR and GDR but till date no foreign play along has raised money through IDRs. Standard leased is the first attach to to allow its plan to issue IDR and has received the headroom from RBI also. The bank has yet to announce the size of the IDR issue, though the figures are expected to vary from Rs 2,500 to Rs 5,000 crore.Non -Voting SharesA non- voting share is more or less similar to the fair equity shares except the voting rights. It is contrary from a gustatory modality share in the sense that in case of a possible winding up of the company, the pick shareholders get their shares of dividends repaid before the owners of the non-voting shareholders. The companies with the c onstant track record and a strong dividend history can issue these kinds of instruments. They are basically foc apply to little investors who are unremarkably not interested in the prudence of the firm. Hence non promoting share are a good tool for the promoters of the company to increase the share capital without diluting the control. However if the company does not fulfill the commitment of superior dividend and so these shares are automatically converted to shares with voting rights.Hence it is very important for the companies to assess the characteristics of future cash flow and determine whether remunerative a postgraduateer(prenominal)(prenominal)(prenominal) rate of dividend is practicable for them or not.Debt for equity and equity for debt swapsAdebt for equity swapis not an instrument but a situation where a company offers its shareholders and creditors debt in exchange for equity or stock. The value of the stock is contumacious on accepted market rates. The compa ny may, however, offer a grittyer value to attract more shareholders and debt holders to participate in the swap. Equity for debt swapis the paired of the above process. In this swap, the creditors to the company agree to exchange the debt for equity in the business.How do creditors benefitCreditors such as banks and other financial institutions add capital to large businesses. If the business gets into financial trouble, it may some periods not be a good idea to allow the company to close down and go bankrupt. In these situations, these creditors find it easier to allow the business to manoeuvre the form of going concern and become the shareholders in this business. The debt or the assets of the company may be so big that there would be no any profit or advantage to the banks in seeking its closure. At times, the company may also be seeking a restructuring of its capital for certain thinks. These take on meeting contractual obligations, taking advantage of current stock mili tary rank in the market or to avoid making coupon and face value payments.How debt for equity swap takes place permit us assume that a shareholder or investor of some company has $ thousand price of stock. The company offers the option to swap equity withdebtat a rate of 11. This means that for $ pace expense of stock, the investor would get $1000 worth of debt or bonds in the company. At times, the company may offer a ratio of 12 to attract more stock for its debt. This could mean an additional gain in the form of $1000 worth of stock for the investor. But it is also important to note that the investor would lose their rights as a shareholder, the moment he swaps his stock orequity for debt. Original shareholders often find themselves deprived of their voting rights when such swaps take place.DEBT MARKETTraditionally, the Indian capital markets are more synonymous with the equity markets both on flier of the common investors preferences and the huge capital gains it offered no matter what the risks involved are. On the other hand, the investors preference for debt market has been relatively a new-made phenomenon an consequence of the shift in the economic policy, whereby the market forces have been accorded a greater leeway in influencing the resource allocation. If we talk about the Indian debt market bond market has formed its own place in the financial systems. All the recent developments are accrued to bonds market in India. size of debt marketIf we look at worldwide scenario, debt markets are three to 4 times larger than equity markets. However, the debt market in India is very bittie in comparison to the equity market. This is because the domestic debt market has been deregulated and liberalized only late and is at a relatively nascent stage of development. elicit rate deregulationThe last two decades witnessed a gradual maturing of Indias financial markets. Since 1991, paint steps were taken to reform the Indian financial markets. With the in troduction of auction sale bridge systems for rising organisation debt in the 1990s, along with the decision to put an end to the monetization of Government deficits, started the gradual process of deregulation of interest rates. while the immediate effect of deregulation of interest rates was associated with rising interest rates, deft debt management policy by the RBI and the improvements in the market micro structure saw a gradual decline in the interest rates.Abolition of tax deduction at source revenue enhancement deduction at source (TDS) used to be major restraint to the development of the government securities market in India. Recognizing this, the RBI convinced the Government to abolish it. The removal of TDS on Government securities was apparently a broken but a major reform in removing set distortions for Government securities.Introduction of auctionsFor Auctions a major policy shift from administered interest rate regime to a market based regime, the choice of auc tion system needed to be carefully drawn, in order to give a comfort level to the government as a borrower as also to moderate the risks that might be faced by the uninitiated market participants. Accordingly, it was decided to begin with the sealed bid auction system with a post bid reserve price (since the RBI as an ingredient to government participates in the auctions as a non-competitive bidder.)Banks investments in Government securities military rank/ throwawaying normsConcomitantly, regulatory initiatives in introducing international best practices in rating/accounting norms for the banks investment portfolios (comprising mainly government securities) also necessitated the banks to mark to market their investment portfolios and forced them to actively trade. This gave an added impetus to the incipient work activity. desegregation of stocksPrimary issuance strategy was further fine tuned towards issuance of bench mark securities to improve liquidity. Alignment of coupon pay ment dates for the new issuances has been consciously move to promote stripping of government securities (STRIPS), which if once materializes, can facilitate the fundamental law of zero coupon yield curve and also can take care of the segmental needs in terms of asset financial obligation matching.Zero coupon curve for pricing5To bring further improvements in the pricing mechanism in debt market, a need was felt to promote a zero coupon yield curve (ZCYC). As indicated earlier, STRIPS (Separate Trading of Registered gratify and Principal of Securities) can facilitate a ZCYC. This curve is being used for pricing NSEs interest rate futures transactions. FIMMDA/PDAI, publishes a monthly ZCYC for the market participants to value their government securities portfolios. However, the ZCYC based pricing has not been popular with the Indian market participants.SCOPE OF INNOVATIONS IN BOND MARKET fanfare relate bonds (ILB)6The recent Monetary Policy released by RBI laid its thrust on con trolling the spiraling swelling, especially the food price ostentation. One of the reasons hobo the CRR hike was to curtail the rising pompousnessary expectations (higher expected price trends)In the past RBI has been concerned about the accompaniment that a common man does not have any protection against rising prices, Vis No puffiness Hedge. The common man has to rely on tralatitiousistic but inefficient methods to hedge the real inflation risks, such as fortunate and real assets such as commodities or real estate or even excessive stocking of goodsIn developed markets like US, the government has issues exchequer largeness Protected Securities known as TIPS. Globally more than USD 1 trillion worth inflation joined bonds must be outstanding.Inflation associate bonds (ILB) securities give an opportunity to market participants and investors to hedge against inflation. The coupon (interest rate) of ILB is indomitable but the underlying principal would move in tandem with the inflation levels in the country. At redemption of the securities the higher of the value (adding inflation) thus arrived or face value is paid off. Banks and Financial Institutions usually buy sweeping and create retail market for such securities. With right access retail investor can easily buy such securities to protect himself from inflation and this could have following advantage to investors and the government.The inflation linked bonds can make the governments accountable for higher inflation since the cost of borrowings will be linked to inflation (if coupon paid is inflation hedged). Rising inflation will also raise the repayment of inflation linked bonds.It will help government to broaden the investor base by offering inflation linked bonds at the retail level, where the participation now is minimal.Government can diversify the debt service costs in a deflationary (falling prices) scenario.It is very likely that the being of inflation linked bonds might reduce the infl ation risk aid embedded in government bonds.For the inflation linked bonds to be an effectual hedge GOI should ensure that the underlying inflation index is representative of real or actual inflation on the streets.RBI can simply quantify control the inflationary expectations embedded in the economy as well as in the markets. RBI can use inferences from trading in such bonds in formulating its monetary policy stanceThe preventive on monetary policy tools such as interest rates, to incorporate inflation will reduce if RBI can guide or influence the inflationary expectations through the demand/supply of inflation linked bonds and with an excellent communication policy.For Investors in general, inflation linked bonds would endure manifest advantagesIt allows investors to hedge the purchasing power (inflation) risk. The capital is inflation risk defend and the income (coupon) can be structured that way too.Inflation linked bonds universally are regarded as a separate asset clas s would run diversification benefits to a portfolio due to its negative co relation with returns from traditional asset classes.Such bonds provide positive risk reward affinity too.Inflation linked bonds are hard-hitting vehicle for hedging risks for institutional investors, where the long term liabilities are inflation linked or linked to future wage levels or banks who face the inflation risk on their assets side due to their GOI Bond holdings.Access of FIIs to the inflation linked bonds can allow them to hedge their inflation risks in India which are currently convey in the currency markets. The USD/INR (currency) volatility can hence come down hence. quarrel bondsSharp movements in the Indian equity market may be par for the course. But when it comes to the market for corporate bonds, its constantly stagnant. The reason is, we dont have a corporate bond market. But this is overwhelmingly dominated by government securities (about 80% of the total). Of the remaining, close to 80% again comprises in private placed debt of public financial institutions. An efficient bond market helps corporate reduce their financing costs. It enables companies to borrow directly from investors, bypassing the major intermediary manipulation of a commercial bank. One of the important instruments in corporate market is cast away Bonds which could be great source of financing for countries like India where markets are not much regulated.A speculative bond rated BB or below. Junk bonds are generally issued by corporations of questionable financial strength or without proven track records. They tend to be more volatile and higher yielding than bonds with superior quality ratings.Junk bond funds emphasize diversify investments in these low-rated, high-yielding debt issues. Thus, these are high-yielding, high-risk securities issued by companies with less robust finances.7 requisite for Junk Bonds in IndiaThe major issue amongst Indian bond markets has been how companies with poorer ratings can raise funds. At times the banks and FIs are reluctant to invest in even the AAA-rated companies. In accompaniment for progress of a developing nation like India, this would give a wonderful opportunity for the smaller companies to get funds and implement their ideas. However, a proper regulatory mechanism also needs to be set-up to avoid high risk of default in the case of junk bonds.Currently, there are only two instruments that FIIs can invest in India, i.e., equity and debt. The cap on FII debt investment varies from time to time between $1.5 billion and $2 billion. The Asset Reconstruction conjunction of India Ltd. (ARCIL), Indias first asset reconstruction company, has vied for permitting FIIs to invest in a new instrument in India trouble assets. ARCIL has recommended SEBI, RBI and the Finance Ministry to allow FII investment in a new kinsfolk, which is neither equity nor debt but a separate lucrative instrument security receipts with underlying distu rbed assets.Proposed Junk Bond Market in India Scenario (Optimistic Realistic)Anoptimistic scenariowould be having junk bonds in the market ideally for funding by FIIs and Institutions for financing the small Indian companies. However, considering the risk associated with these bonds it might not be possible in secure future because economy is still in its nascent phase and on a fast development track.So any move which is risky and can affect future inflows of foreign funds and investor confidence would not be ideal.The only way an investor should invest in junk bonds is by diversifying. A selection of at least half a dozen issues will afford the investor some protection. High risk is inherent in high yield bonds. Nevertheless, your portfolio may well have a place for some of these securities if you are not risk-averse. By having junk bond markets, it would in situation signify deepening and maturing of Indian debt markets. In India, companies are hamstrung by the fact that inve stment relaxations may come in only when the debt markets get deeper, so that insurance companies can increase their portfolio yield without exposing themselves to risk for long tenures by investing in junk bonds.Impact of Junk Bonds on Indian Economy8A well-functioning corporate bond market allows firms to tailor their assets and indebtedness profiles. If companies fright they will not be able to raise long-term resources, they are likely to stay away from long-term investments or entrepreneurial ventures that have a long-term payoff. In the long run, this can affect economic growth. The corporate bond and the junk bond market could fill this vacuum. In the absence of a corporate bond market, a large part of debt funding comes from banks. In the process, banks assume a significant amount of risk due to maturity mismatch between short-term deposits that can be readily withdrawn and relatively long-term illiquid loan assets resulting in high NPAs.An active and efficient bond market gives companies an alternative means of raising debt capital in the event of a credit crunch. It also leads to split up pricing of credit risk (since expectations of all market participants are merged into bond prices).FIIs are major players in the equities market. However, thanks to the ceiling on their investment in the debt market (currently, there is a cumulative sub-ceiling of $0.5 bn on investment in corporate debt), they are present only in a limited way in the bond market.Pension funds and the insurance sector could be another constituency, but the absence of support funds and low insurance penetration has meant limited demand for lonInnovative Financial InstrumentsInnovative Financial InstrumentsMethodologyCollection of secondary dataHistorical data from sites of NSE, BSE, SEBI etcGetting Data from newspapersGetting data from the versatile Research papers published.Collecting data from various Books available on the topic.Review of Previous Management Research ReportsG etting Access to Instruments available in India from SEBI websites.Findings and ConclusionsIn India financial market majorly denotes equity markets.Indian debt market is not well developed and still 80% of market is under Government securities.Securitization has to be done on assets held by Banks.Bond market needs a great consideration in terms of junk bondsAn effort can be made to develop Carbon Emission and National growth index.Commodities Options should be developed in India.Credit derivatives should be developed with consideration of all the possible types of Credit derivatives.In a country with major income from Agriculture, Weather derivatives should be introduced to protect the interest of various involved parties.To mitigate the Catastrophe hazards new technique for risk management should be introduced.Financial development Index to measure the developments in various parameters to conclude growth in real terms.ConclusionDespite the speed up industrial growth experienced t his decade from recent economic reforms, most major investors around the globe do not yet see India as an ideal country for foreign investment. The competition for global capital will only get tougher in the years to come, and unless the political, judicial and economic environments are right, India will lag behind many other uphill nations. More importantly, the rising expectations of the middle-class, widening income and wealth inequalities between the haves and have-nots, require efficient initiatives from Government and corporate to attract and accommodate the funds available.Variety of financial products like mutual funds, insurance, shares, debentures, derivative instruments, etc. are available in India. However, the reach of these products is very limited and the features of many of these products are very basic in nature. Further development and innovation in these products would be fleet if they are accessed by all classes of investors in urban as well as rural areas. The thrust lies mainly on the development of new financial products to deepen the improvements in the product distribution itself. The responsibility of ensuring these improvements vests with all the stakeholders in the financial services industry.ABSTRACTThe Indian financial market has been primarily divided into three categories namely Equity Debt Derivatives. Every category has its own importance in the development of financial markets. In most of the developed nations after the development of Equity now the major focus is on Debt and Derivatives market. The reason for this focus can be many adjunct benefits which accrue to a market by development of double D market.Surprisingly in financial market is used as a synonym for equity market which has completely under deployed Debt and derivative markets. The importance and potentials of debt market are still under a doubtful photograph in India and no major revolution has been brought to this effect in the recent periods. Focus of mor e and more to just equity markets has created saturation in Indian stock market. So willingly or unwillingly now the focus has to be shifted towards other possible avenues.Some of the possible avenues have been categorized during this research conducted on various instruments which are globally available but cannot find place in Indian markets. Now these instruments are also categorized in the various forms and accrue to a detail market.Firstly the focus is laid on so called Backbone of Indian Financial system Vis the Indian equity market, which has incorporated every possible instrument which can be accommodated in Indian family of Equity instruments. some instruments has been recognized which can be absorbed in Indian market, which can be Indian Depository Receipt (IDR), Non-Voting Shares, Cumulative convertible preference shares (CCPS), Debt-equity swap.Secondly it comes the most awaited Debt market which needs great development especially in case of corporate bonds. In India 8 0% of bonds are Govt. issued and 80% of remaining by institutional investors. So there has to elapse lot of work by GOI (Government of India). In this few instruments which can be of utmost importance for Indian environment can be Inflation linked bonds (ILB), junk bonds, Specialized debt fund for infrastructure funding, securitization of debt.Thirdly it comes to the funds of masses i.e. pension funds and retirement schemes which are always O.K. by government and also has gained support from the government. In this case one of the major innovative works can be on radical Pension Scheme.Fourthly, it comes to mutual funds which has the role of UTI, SEBI, RBI, AMFI and other such government which are regulating the workings of mutual funds in India. One of New Direction in mutual funds can be Investment funds in international Markets.Fifthly it comes to the derivatives market, which can be divided in two major forms futures and options. In future major development can be in the new ly arrived concepts which can become,Instruments of masses. These include Futures on the Index of Industrial and Economy growth and Index and futures for Carbon Emission in the country. Further option market again has a lot of scope for improvements in the fields of Weather derivatives, Commodity Options, Credit derivatives.Last but not the least there is an open category which also has few innovative instruments to be captured. These can be Index for Natural Disaster and risk Management and Financial development Index. beta consideration to be noticed here is that India is a great Economy with tremendous growth opportunities has to cater with ongoing global competition in terms of capital and Money markets developments.Another important issue here is that India has to balance its Financial market with the equitable share of debt and equity.It should be open for latest and innovative types of instruments suitable for the growth and development of financial system.New concepts like C arbon Emission index should be a given a proper research and find out the ways to develop and implement it.INTRODUCTIONINTEGRATION OF GLOBAL CAPITAL MARKETSIn this age of globalization and liberalization domestic markets alone cannot cater to the growing needs of corporate and individuals. As a result of which there is a need of finance from various new sources which has led to the integration of world markets. As a result we have seen development of various financial products in past few years. Financial globalization has brought considerable benefits to economies and to investors and has also changed the structure of markets, creating new risks and challenges for market participants and policymakers. Globalization has also increased the scope of many new financial products.Two decades ago, someone building a new factory would probably have been restricted to borrow from a domestic bank. Today it has many more options to choose from. It can also shop at around the world for loan w ith lower interest rate and can borrow in foreign currency if foreign-currency loans offer more enthralling terms than domestic-currency loans it can issue stocks or bonds in either domestic or international capital markets.The evolution of new financial products has increased the size of global capital markets considerably over the years. Market capitalization and year to date turnover of twenty major stock exchanges is given below THE INDIAN CAPITAL MARKETA capital market is a place where both government and companies raise long term funds to trade securities on the bond and the stock market. It consists of both the primary market where new securities are issued among investors, and the secondary markets where already existent securities are traded. In the capital market, commodities, bonds, equities and other such investment funds are traded.There are 22 stock exchanges in India, first being the Bombay Stock Exchange (BSE), which began formal trading in 1875. Over the past few y ears, there has been a swift change in the Indian capital markets, especially in the secondary market. In terms of the number of companies and total market capitalization in share market, the Indian equity market is considered large relative to the countrys stage of economic development.CONVENTIONAL PRODUCTS IN INDIAN CAPITAL MARKETSEQUITYEquity shares are issued by the companies in primary market to raise capital from public and corporate houses. It provides a share in the earnings of the company and the equity shareholder can participate in decision making of the company also.There are three basic types of equityCommon stock or modal(a) shares 1Common stock, as it is known in the United States, or ordinary shares, according to British terminology, is the most important form of equity investment. An owner of common stock is part owner of the enterprise and is entitled to vote on certain important matters, including the selection of directors. Common stock holders benefit most fro m improvement in the firms business prospects. But they have a claim on the firms income and assets only after all creditors and all preferred stock holders receive payment. Some firms have more than one class of common stock, in which case the stock of one class may be entitled to greater voting rights, or to larger dividends, than stock of another class. This is often the case with family owned firms which sell stock to the public in a way that enables the family to maintain control through its ownership of stock with superior voting rights.Preferred stock 2Also called preference shares, preferred stock is more akin to bonds than to common stock. Like bonds, preferred stock offers specified payments on specified dates. Preferred stock appeals to issuers because the dividend system constant for as long as the stock is outstanding, which may be in perpetuity. Some investors favor preferred stock over bonds because the periodic payments are formally considered dividends rather than interest payments, and may therefore offer tax advantages. The issuer is obliged to pay dividends to preferred stock holders before paying dividends to common shareholders. If the preferred stock is cumulative, unpaid dividends may accrue until preferred stock holders have received full payment. In the case of non cumulative preferred stock, preferred stock holders may be able to jaw significant restrictions on the firm in the event of a deep in thought(p) dividend.Warrants 3Warrants offer the holder the opportunity to purchase a firms common stock during a specified time period in future, at a predetermined price, known as the exercise price or strike price. The tangible value of a warrant is the market price of the stock less the strike price. If the tangible value when the warrants are exercisable is zero or less the warrants have no value, as the stock can be acquired more cheaply in the open market. A firm may sell warrants directly, but more often they are incorporated into other securities, such as preferred stock or bonds. Warrants are created and sell by the firm that issues the underlying stock. In a rights offering, warrants are assign to existing stock holders in proportion to their current holdings. If all shareholders subscribe to the offering the firms total capital will increase, but each stock holders proportionate ownership will not change. The stock holder is free not to subscribe to the offering or to pass the rights to others. In the UK a stock holder chooses not to subscribe by filing a letter of renunciation with the issuer.RECENT DEVELOPMENT IN EQUITY MARKETFree pricing- The abolition of office of the controller of capital issue resulted in the emergence of new era in primary markets. All controls on designing, pricing and tenure were abolished. The investors were given the freedom to price an instrument.Entry Norms- so far no restrictions for a company to tap the capital markets. This resulted in great surge of small cap issues. Th e need for transparent free entry was felt by SEBI.Disclosures- the quality of disclosure in the offer instrument was really poor. A lot of vital adverse information was not disclosed. SEBI stringent discloser norms were introduced.Book Building- It is the process of price discovery. One of the drawbacks of free pricing was price mechanism. The issue price has to be decided around 60-70 days before the opening at issue. Introduction to price building has bastinado the limitation of price mechanism.Streamlining the procedures- all the procedures was streamlined. Many aspects of the operations have been made transparent.SCOPE OF FURTHER EQUITY INSTRUMENTSINDIAN DEPOSITORY RECEIPTS (IDR)after the success of American Depository Receipts and Global Depository Receipts the Indian regulatory body, SEBI also allowed foreign companies to raise capital in India through INDIAN DEPOSITORY RECEIPTS (IDRs). IDRs can be soundless as a mirror image of well-known ADRs/GDRs. In an IDR, foreign com panies issue the shares to an Indian Depository, which would, issue Depository Receipts to investors in India. The Depository Receipts would be listed in Indian stock exchanges and would be freely transferable. The actual shares of the IDRs would be held by an Overseas Custodian, who shall authorize the Indian Depository to issue the IDRs. The Overseas Custodian must be a foreign bank having business in India and needs approval from the Finance Ministry for playing as a custodian while the Indian Depository needs to be registered with the SEBI.Following rules were established by SEBI for listing through IDRISSUERS ELIGIBILITY CRITERIA 4Must have an average turnover of US$ 500 million during the previous 3 financial years.Must have capital and free reserves which must aggregate to at least US$100 million.Must be making a profit for the previous 5 years and must have declared a dividend of 10% in each such year.The pre issue debt-equity ratio must be not more than 21.Must be listed i n its home country.Must not be prohibited by any regulatory body to issue securitiesMust have a good track record with abidance with securities market regulations.Must comply with any additional criteria set by SEBIREASONS FOR DORMANCY IN ISSUE OF IDRStringent rules set by SEBI made foreign companies stay away from Indian market.The rules were made more stringent after the Global economic crisis.Availability of easy funds in foreign markets.Rate of interest in foreign banks is also less which made them prime source of funds for companies.Uncertainty of subscription in Indian markets.Indian companies have been highly active in foreign markets by raising funds through ADR and GDR but till date no foreign company has raised money through IDRs. Standard undertake is the first company to allow its plan to issue IDR and has received the dynamic headroom from RBI also. The bank has yet to announce the size of the IDR issue, though the figures are expected to vary from Rs 2,500 to Rs 5,0 00 crore.Non -Voting SharesA non- voting share is more or less similar to the ordinary equity shares except the voting rights. It is divers(prenominal) from a preference share in the sense that in case of a possible winding up of the company, the preference shareholders get their shares of dividends repaid before the owners of the non-voting shareholders. The companies with the constant track record and a strong dividend history can issue these kinds of instruments. They are basically focused to small investors who are commonly not interested in the management of the firm. Hence non promoting share are a good tool for the promoters of the company to increase the share capital without diluting the control. However if the company does not fulfill the commitment of higher dividend because these shares are automatically converted to shares with voting rights.Hence it is very important for the companies to assess the characteristics of future cash flow and determine whether paying a h igher rate of dividend is practicable for them or not.Debt for equity and equity for debt swapsAdebt for equity swapis not an instrument but a situation where a company offers its shareholders and creditors debt in exchange for equity or stock. The value of the stock is determined on current market rates. The company may, however, offer a higher value to attract more shareholders and debt holders to participate in the swap. Equity for debt swapis the antonym of the above process. In this swap, the creditors to the company agree to exchange the debt for equity in the business.How do creditors benefitCreditors such as banks and other financial institutions provide capital to large businesses. If the business gets into financial trouble, it may sometimes not be a good idea to allow the company to close down and go bankrupt. In these situations, these creditors find it easier to allow the business to take the form of going concern and become the shareholders in this business. The debt or the assets of the company may be so big that there would be no any profit or advantage to the banks in seeking its closure. At times, the company may also be seeking a restructuring of its capital for certain reasons. These include meeting contractual obligations, taking advantage of current stock valuation in the market or to avoid making coupon and face value payments.How debt for equity swap takes place permit us assume that a shareholder or investor of some company has $1000 worth of stock. The company offers the option to swap equity withdebtat a rate of 11. This means that for $1000 worth of stock, the investor would get $1000 worth of debt or bonds in the company. At times, the company may offer a ratio of 12 to attract more stock for its debt. This could mean an additional gain in the form of $1000 worth of stock for the investor. But it is also important to note that the investor would lose their rights as a shareholder, the moment he swaps his stock orequity for debt. Original shareholders often find themselves deprived of their voting rights when such swaps take place.DEBT MARKETTraditionally, the Indian capital markets are more synonymous with the equity markets both on account of the common investors preferences and the huge capital gains it offered no matter what the risks involved are. On the other hand, the investors preference for debt market has been relatively a recent phenomenon an case of the shift in the economic policy, whereby the market forces have been accorded a greater leeway in influencing the resource allocation. If we talk about the Indian debt market bond market has formed its own place in the financial systems. All the recent developments are accrued to bonds market in India.sizing of debt marketIf we look at worldwide scenario, debt markets are three to quadruple times larger than equity markets. However, the debt market in India is very small in comparison to the equity market. This is because the domestic debt marke t has been deregulated and liberalized only late and is at a relatively nascent stage of development.Interest rate deregulationThe last two decades witnessed a gradual maturing of Indias financial markets. Since 1991, come upon steps were taken to reform the Indian financial markets. With the introduction of auction systems for rising Government debt in the 1990s, along with the decision to put an end to the monetization of Government deficits, started the gradual process of deregulation of interest rates. period the immediate effect of deregulation of interest rates was associated with rising interest rates, deft debt management policy by the RBI and the improvements in the market micro structure saw a gradual decline in the interest rates.Abolition of tax deduction at source assess deduction at source (TDS) used to be major roadblock to the development of the government securities market in India. Recognizing this, the RBI convinced the Government to abolish it. The removal of TDS on Government securities was apparently a small but a major reform in removing pricing distortions for Government securities.Introduction of auctionsFor Auctions a major policy shift from administered interest rate regime to a market based regime, the choice of auction system needed to be carefully drawn, in order to give a comfort level to the government as a borrower as also to moderate the risks that might be faced by the uninitiated market participants. Accordingly, it was decided to begin with the sealed bid auction system with a post bid reserve price (since the RBI as an cistron to government participates in the auctions as a non-competitive bidder.)Banks investments in Government securities valuation/accounting normsConcomitantly, regulatory initiatives in introducing international best practices in valuation/accounting norms for the banks investment portfolios (comprising mainly government securities) also necessitated the banks to mark to market their investment portf olios and forced them to actively trade. This gave an added impetus to the incipient trading activity. desegregation of stocksPrimary issuance strategy was further fine tuned towards issuance of bench mark securities to improve liquidity. Alignment of coupon payment dates for the new issuances has been consciously attempted to promote stripping of government securities (STRIPS), which if once materializes, can facilitate the presidential term of zero coupon yield curve and also can take care of the segmental needs in terms of asset liability matching.Zero coupon curve for pricing5To bring further improvements in the pricing mechanism in debt market, a need was felt to promote a zero coupon yield curve (ZCYC). As indicated earlier, STRIPS (Separate Trading of Registered Interest and Principal of Securities) can facilitate a ZCYC. This curve is being used for pricing NSEs interest rate futures transactions. FIMMDA/PDAI, publishes a monthly ZCYC for the market participants to value th eir government securities portfolios. However, the ZCYC based pricing has not been popular with the Indian market participants.SCOPE OF INNOVATIONS IN BOND MARKETInflation linked bonds (ILB)6The recent Monetary Policy released by RBI laid its thrust on controlling the spiraling inflation, especially the food price inflation. One of the reasons behind the CRR hike was to curtail the rising inflationary expectations (higher expected price trends)In the past RBI has been concerned about the fact that a common man does not have any protection against rising prices, Vis No Inflation Hedge. The common man has to rely on traditional but inefficient methods to hedge the real inflation risks, such as aureate and real assets such as commodities or real estate or even excessive stocking of goodsIn developed markets like US, the government has issues treasury Inflation Protected Securities known as TIPS. Globally more than USD 1 trillion worth inflation linked bonds must be outstanding.Inflat ion linked bonds (ILB) securities give an opportunity to market participants and investors to hedge against inflation. The coupon (interest rate) of ILB is strict but the underlying principal would move in tandem with the inflation levels in the country. At redemption of the securities the higher of the value (adding inflation) thus arrived or face value is paid off. Banks and Financial Institutions usually buy sell and create retail market for such securities. With right access retail investor can easily buy such securities to protect himself from inflation and this could have following advantage to investors and the government.The inflation linked bonds can make the governments accountable for higher inflation since the cost of borrowings will be linked to inflation (if coupon paid is inflation hedged). Rising inflation will also raise the repayment of inflation linked bonds.It will help government to broaden the investor base by offering inflation linked bonds at the retail lev el, where the participation now is minimal.Government can diversify the debt service costs in a deflationary (falling prices) scenario.It is very likely that the instauration of inflation linked bonds might reduce the inflation risk aid embedded in government bonds.For the inflation linked bonds to be an effective hedge GOI should ensure that the underlying inflation index is representative of real or actual inflation on the streets.RBI can exactly quantify control the inflationary expectations embedded in the economy as well as in the markets. RBI can use inferences from trading in such bonds in formulating its monetary policy stanceThe shipment on monetary policy tools such as interest rates, to condition inflation will reduce if RBI can guide or influence the inflationary expectations through the demand/supply of inflation linked bonds and with an excellent communication policy.For Investors in general, inflation linked bonds would provide clear-cut advantagesIt allows inv estors to hedge the purchasing power (inflation) risk. The capital is inflation risk protected and the income (coupon) can be structured that way too.Inflation linked bonds universally are regarded as a separate asset class would provide diversification benefits to a portfolio due to its negative co relation with returns from traditional asset classes.Such bonds provide positive risk reward blood too.Inflation linked bonds are effective vehicle for hedging risks for institutional investors, where the long term liabilities are inflation linked or linked to future wage levels or banks who face the inflation risk on their assets side due to their GOI Bond holdings.Access of FIIs to the inflation linked bonds can allow them to hedge their inflation risks in India which are currently verbalised in the currency markets. The USD/INR (currency) volatility can hence come down hence.Junk bondsSharp movements in the Indian equity market may be par for the course. But when it comes to the ma rket for corporate bonds, its constantly stagnant. The reason is, we dont have a corporate bond market. But this is overwhelmingly dominated by government securities (about 80% of the total). Of the remaining, close to 80% again comprises in camera placed debt of public financial institutions. An efficient bond market helps corporate reduce their financing costs. It enables companies to borrow directly from investors, bypassing the major intermediary role of a commercial bank. One of the important instruments in corporate market is Junk Bonds which could be great source of financing for countries like India where markets are not much regulated.A speculative bond rated BB or below. Junk bonds are generally issued by corporations of questionable financial strength or without proven track records. They tend to be more volatile and higher yielding than bonds with superior quality ratings.Junk bond funds emphasize diversify investments in these low-rated, high-yielding debt issues. Thus , these are high-yielding, high-risk securities issued by companies with less robust finances.7 subscribe for Junk Bonds in IndiaThe major issue amongst Indian bond markets has been how companies with poorer ratings can raise funds. At times the banks and FIs are reluctant to invest in even the AAA-rated companies. In fact for progress of a developing nation like India, this would give a wonderful opportunity for the smaller companies to get funds and implement their ideas. However, a proper regulatory mechanism also needs to be set-up to avoid high risk of default in the case of junk bonds.Currently, there are only two instruments that FIIs can invest in India, i.e., equity and debt. The cap on FII debt investment varies from time to time between $1.5 billion and $2 billion. The Asset Reconstruction club of India Ltd. (ARCIL), Indias first asset reconstruction company, has vied for permitting FIIs to invest in a new instrument in India distressed assets. ARCIL has recommended SEB I, RBI and the Finance Ministry to allow FII investment in a new category, which is neither equity nor debt but a separate lucrative instrument security receipts with underlying distressed assets.Proposed Junk Bond Market in India Scenario (Optimistic Realistic)Anoptimistic scenariowould be having junk bonds in the market ideally for funding by FIIs and Institutions for financing the small Indian companies. However, considering the risk associated with these bonds it might not be possible in right future because economy is still in its nascent phase and on a fast development track.So any move which is risky and can affect future inflows of foreign funds and investor confidence would not be ideal.The only way an investor should invest in junk bonds is by diversifying. A selection of at least half a dozen issues will afford the investor some protection. High risk is inherent in high yield bonds. Nevertheless, your portfolio may well have a place for some of these securities if you are not risk-averse. By having junk bond markets, it would in fact signify deepening and maturing of Indian debt markets. In India, companies are hamstrung by the fact that investment relaxations may come in only when the debt markets get deeper, so that insurance companies can increase their portfolio yield without exposing themselves to risk for long tenures by investing in junk bonds.Impact of Junk Bonds on Indian Economy8A well-functioning corporate bond market allows firms to tailor their assets and liability profiles. If companies veneration they will not be able to raise long-term resources, they are likely to stay away from long-term investments or entrepreneurial ventures that have a long-term payoff. In the long run, this can affect economic growth. The corporate bond and the junk bond market could fill this vacuum. In the absence of a corporate bond market, a large part of debt funding comes from banks. In the process, banks assume a significant amount of risk due to ma turity mismatch between short-term deposits that can be readily withdrawn and relatively long-term illiquid loan assets resulting in high NPAs.An active and efficient bond market gives companies an alternative means of raising debt capital in the event of a credit crunch. It also leads to infract pricing of credit risk (since expectations of all market participants are incorporated into bond prices).FIIs are major players in the equities market. However, thanks to the ceiling on their investment in the debt market (currently, there is a cumulative sub-ceiling of $0.5 bn on investment in corporate debt), they are present only in a limited way in the bond market.Pension funds and the insurance sector could be another constituency, but the absence of pension funds and low insurance penetration has meant limited demand for lon

How can humans produce knowledge?

How understructure humans produce intimacy?There ar only deuce ways in which macrocosm screw produce crawl inledge by passive ceremony or by way of life of industrious prove. To what extent do you hold back with this drink mastereded estatement?What is knowledge? Knowledge from what we understand is a cryptical conception as it is the thought of or information more or less a subject that you get by knowledge or domain, both know by wiz person or people genr distributively(prenominal)y dictionary.cambridge.org( make up citation). Though in the T.O.K text by Richard van de Lagemaat knowledge can be state to be expertified h ist belief and hence if nighthing is go ond, an idea that is believed, that it is true and if justified then that is knowledge. These two meanings can twain can be said to be correct definitions of knowledge. Though how do we gain this instinct or belief in the first family? The tittle of this TOK evidence it states that in that respect be only two ways in which do important can produce knowledge by means of with(predicate) passive reflexion and combat-ready investigate. Active experiment can be seen as an act where there is voluntary sensitive engagement on the activity at plenty while passive observation be seen as proccesses that are to a greater extent than fixed by environmental crams and therefore involuntary. Though knowledge scruples undercoat of this deduction on what are passive observation and combat-ready experimentation are is it ever assertable for a aware(predicate) perspicacity to be in a passive state? And are there forms of knowledge rollout in step-up to passive observation and percenticipating experimentation?In both scientific and behavoural experiments is it ever possible for a cognisant mind to be in a passive state? Experiments much(prenominal) as the bobo doll experiment could be brought into question in this parapraxis as tumefy as certain simple high sch ool wisdom experiments. A bobo is an inflat fitting toy that is approximately five feet tall and unremarkably do of a soft dur qualified vinyl or plastic. This experiment was headed and created by Albert Bandura in 1961 and 1963 in which he studied the behaviour of children. This experiment involved two contrary observational rooms both would leave a bobo doll, big situation pretense, a child and the kindred toys. In one room the adult role model acted in a violent manner towards the doll verbally ab utilise it and acting aggresive physically using the toys or his/her fists. While in a nonher room the adult role model simply played by his or herself showing no direct signs of aggresion after a small period of time both adult role models left the room. The room which contained the violent role model the child acted violently towards the bobo doll while in the room with the adult that did not show aggresion the child would either keep doing what he was doing or played in frie ndly with the bobo doll. It was seen by Bandura that by the passive observation of the children they learned how to act towards an object or person. The child was not able to apply the environment he/she was is it was fixed. Though is it possible to arrange that all these children did not mystify a cognisant mind when it came to behaviour?What had not been taken into account in the experiment where the experiences that the child had gone with at his/her home with their findive parents what had effected them sensationally. Say for example in the cocktail dress a home where parents had been violent to each an other(prenominal) and so this child would swallow percieved what to do when he/she saw violence, to act buttocks with violence. Would it be a lie to say that this childs mind is not congnisant in this baptismal font? I believe so. At this halt he/she actively experiments the position of his/her mother or father by acting violently based on what he/she had percieved, this could be the case with some of the children who acted violently towards the bobo doll and hence the childs cognisant mind would be not in a passive state this similarly brought in the ways of knowing both perception and emotion affecting each childs reponse in the experiment. In a situation I was soak upd against my pull up stakes to swing a tip off tied to a string around in a circle and keep it unload in a circular motion. It is not possible for me to passively observe as I know the mechanics behind it learnt though my natural philosophy class at school hence I am able to deduce that a certain force is required to keep the bung swinging in a uniformly circular motion and as such(prenominal) I do not admit to apply a larger force than what is inevitable. Therefore the velocity of the bung will not control it more difficult to hold the string and apply the force and it wont stop or go out of control suddenly. Though another question remains.Are there forms of knowled ge doing in rise to power to passive observation and active experimentation. As indispensable knowledge summates in to question, and so does the knowledge wedded to us by ascendence. It is hard to judge if the evidence is sufficient enough for many another(prenominal) youthful things such as theories or if this is knowledge that has been produced through this active experimentation during this time due our explosive growth of knowledge, all over that last vitamin C geezerhood, a short time when compared to the creation of the universe, sizable opinions diverged the ways we think of things such as Isaac newton who came out of nowhere one day and uprooted the legalitys of physics, but it is rare for that to happen again in this millennia since Albert Einstein. Experts are human worlds and therefore imperfect so we can withal say that they can be wrong, just because they might specialize in a certain field and they go for been in that field for years doesnt mean that e actuallything they state is justified true belief or correct information. This knowledge was brought on by a transition from a passive observation to an active experimentation for the authorities but given to us as second hand information so do we say that it is through passive observation that we learned this or active experimentation or does it fall under both? As experts opinions tend dish convention the world so does the intelligence service media, stating what is currently happening in the world dreary newsworthiness, extraordinary news or relevant news. As they can be seen as authority giving knowledge to persons who watch or read about what is reported.In the case of innate knowledge it tends to be a mystery as to when did it depress? Was the only reason that it had been passed down was that it was incumbent for life? indispensable knowledge is produced through a species evolution. Can other knowledge that is not nessecary for life be transmitted down through the DN A, from a stupefy to a son? As baby birds hatch they function the same as al near every animal in equipment casualty of ingest and excreting. Though the only reason as to why the nest does not fill with excrement is innate knowledge that was in their DNA, no one or thing had tought them do to such a thing they just knew they had to do it. Other cases include a babies knowledge that they can imbibe at their mothers breast in order get hold nutrients or satisfy their hunger. So due to this knowledge that is innate is possible to say that it was produced through evolution or through the DNA? other example of innate knowledge is the swimming reflex for small toddlers, stated when face down in water that covers their faces they instictively totter and or kick in a swimming motion.These reflexes were neither gained through passive observation nor active experiment but what are some examples of such knowledge producing situations in which there was either passive observation or act ive experiment. In basic physics we learn of the law of gravity and hence in an experiment to test the law you would release an object from your hand such as a ball we would have prior knowledge and expect the ball to drop due to the force of gravity. If your hear the sound of rain drops outside hitting the pavement or objects which are outside we can passively deduce that it is raining. Or for when you are outside in the middle of the day when the lie is supposed to be out though there down in the mouth gray clouds blocking the suns rays of light then it rains now knowledge is produced where the person knows that with dark gray clouds rain follows soon after. These three situations are one active experiment and two passive observations in which knowledge was produced.I agree to an extent seeing as how to the highest degree knowledge is usually produced through passive observation or active experimentation. Through both obeservation and active experiment we use many ways of knowi ng such as perception, emotion, intuition and memory. Though these are not the only ways that humankind can produce knowledge. As innate knowledge that is passed down through the DNA whether learned through the passive observation of someone anxious(p) before them or a near death experience which sculptured into their very DNA. I believe that the roots of all knowledge production stems from either passive observation or active experimentation.What is the Statesn Exceptionalism?What is the Statesn Exceptionalism?American Exceptionalism DefinitionAmerican ejectionalism is a concept which depicts that the coupled States is incomparable and variant from the rest of the world. According to various look into alloted over the years, it can be deduced that most Americans believe the unify States is an exceptional terra firma (Onuf, 2012 1). The question now remains- what makes it unique? Is being unlike really a good thing? Based on the above definitions, it can be considered mor e on the positive ensure since it is portrayed as having predominance over others. On the contrary, exceptionalism tends to come with its own disadvantages, for instance the linked States has been particularly uncovered with negative qualities the likes of racism, discrimination, violence and so forth. Even though, Americans had a different aim or purpose, which is to uphold human rights and display liberty and democracy. convey to Eleanor and Franklin Roosevelt, in 1948 the United States started the process of becoming a United Nations by writing a universal declaration of human rights (Ignatieff 2005 1). This decision do America to be at the top in transnationalistic direct.If being exceptional means that Americans believe their country is special, then there is naught special about this exception since all nations treasure their national myth. If thismeans that the U.S. is very benevolent, gifted, dedicated to civil and religious freedom, equality, justice, prosperity, s ocial mobility, peace and consonance with all countries, and then plays by the book, then it is very contradictory to the facts because the United States has time without number fallen so short from these ideals. On the other hand, American exceptionalism refers to its strength, places and indispensable status, and the United States are exempt from the rules of conduct and implementation of other countries, the enemy, neutral, and allies must be pushed back (Hodgson 2009 14). For these reasons, the exception becomes a burden, whitethorn be withal more dangerous than it is worth.American exceptionalism is indeed a complex topic and shall need not to look all the twist of it, from a historian point of view says that the United States of America can be exceptional in the backbone that they know where they are coming from and the development they have gone through without associating it with ethnical involvement.OVERVIEW OF EXCEPTIONALISMThroughout American history, idealists and m aterialists have changed the radix of exceptionalism. Their different interpretation congenator importance of the nationalist intention ideological and material enkindles dominance of outside(prenominal) indemnity historians obsessed republican principles and national interest. They served as or conceal export and universal focus. At one extreme, a materialist view that, in the United Kingdom the United States is unique in facts on the ground never is replicated elsewhere Patriot propaganda of the role is remind fellow colonists to the interests imperil and arouses them in their defence. After series of terrorist attacks in the Iraq war, American exceptionalism has become one of the dominant issues discussed. This abstraction is not just a touristy idea, but, on the hostile, a concept common in the United States. These deep historical roots can be traced back to its origin and development of the main characteristics and make for. On one hand, freedom and equality of the hi ghest priority. However, many U.S. citizens feel rarefied to consider their way of life is superordinate word to other countries, and actively sample to share on the basis of the Constitution, which often is not logically accordant with equality and freedom.The term American exceptionalism was actually founded from the brilliant get of Alexis de Tocqueville which stands for qualitatively different from all other western countries. One of the important reasons of this exceptionalism was the dismission of the United States from the British. Exceptionalism itself was sought out from colonial period up to 1776 when American became a separate independent country from the British. Since then, the concept became more popular and replaced the idea of apparent destiny.The essence of uniqueness went back to 16th century, when tooshie Winthrop expressed his opinion to his peer Puritans, that there will be a city upon a hill were they would never have to experience the bad things they had gone through in old atomic number 63. One of the main factors that influenced the subject identity of America at that time was that they had vast pool of resources, which Europe didnt have at that moment. America now as a nation which supports human rights can refer to the fact that the first people who be north America were usually eager seekers of a new destiny, make better living and the dominant encouragement for their risky location was basically land and the possibility of recognition of their own values and ideas. So now North America was called new world and this cut the eyes of those who were against the old world. The model regarding society, liberties, wealth, giving medication and God were polished to create a better place for surviving than old Europe.Now the question is what makes a country to be exceptional? For a country to be exceptional is has to have these iv qualities. Firstly, is to have the eagerness to stand on its own to face variant of issues, along with the perceived liberty to withstand the pressures and weapons-grade evaluation of others. Secondly, it also believes that its national values and routine are widely known and its policy positions are right, not just beneficial. Thirdly, is to have strong ability to stick out things inwards, domestic political study and development, being persuasive in international meetings. Lastly, but not the least is the national policy which states that makers and legislators are not obligated to follow their nations interest and acting through multilateral invention is just an option.It is a well-known fact that, exceptionalism is not only in the United States, but what makes it different from others is the wideness and magnitude of American originator, with the interest it has are without prior, they influenced ideology and idealism with deep efforts, and also they are sharpen by political system, established by the separation of powers and by discriminative release over foreign pol icies. Now for many Americans exceptionalism has been a part of their perspective, values and national character which receives only questions and comments. As earlier mentioned, many countries are considered exceptional but in the case of Americas position its shows its exceptionalism in the real world not only in some international meetings. So till this date no other country has come close to America in international power and for the past a couple of(prenominal) years the gap is just been increasing wider (luck 2003 4).However, the concept of exceptionalism change as time goes on. Although out of the United States during the colonial era, the United States was considered as a symbol of opportunity, wealth and political weight, the border was closed to many outsiders as to their origin, racial reasons, and practical considerations. At this point, the exception means power and protectionism. However, in the contemporary context, what is known as American exceptionalism can be see n in the current policy and ideology, ignoring any difference between the past and present, the reasons and opportunities resulting in symbolic values, and the principle of contradiction and controversy. Exception tend to maintain a positive view of the past, present and future, which is an essential element of the social philosophical system and propaganda (Shafer 1991 1)THE TYPES OF EXCEPTIONALISMExceptionalism can be marvellous into two forms which are the substantive and methodological exceptionalism. In contradiction to substantive exceptionalism and methodological exceptionalism are very different in approach, correct if it is the court or by the legislative bodies in finding solution to freedom of twist contentions. In some countries like Canada, South Africa and Europe it is admitted that the American methodology has a deeply different acceptance of structure of freedom of expression judgement. besides the substantive view, it is by and large considered in some liberal democracies that the united states is an outlier not only with respect to freedom of expression opinion and policies, but with respect to freedom of expression methodology as well. Unlike substantive exceptionalism in which more is needed to be explained the methodological exceptionalism is more briefly explainable in terms of natural course of rights complexification- where simply understandable rights become into a more elaborate ones as a problem of policy makers face a greater value perception mode in this array, making rules, principles and presumptions necessary for them to handle that larger array (Ignatieff 2005 31).IDEALISM AND REALISMAmericans have been rubbish over the relative importance of ideas and the definition of interests of the meaning of the United States. Idealists and materialists may not agree about human nature, but they provide complementary color national narrative that supports exceptionalism. An idealist now looks idealists to celebrate the revolution i n the past Patriot they waved the principle of self-determination is a universally relevant Equal World. Their self-understanding converted to American ideology an inspiring new concept of states role in the history of the world. This was crucially expressed byAbraham capital of Nebraska in his Gettysburg Address We here highly resolve that these dead shall not have died in vain-That this nation, under God, shall have a new consanguinity of freedom-and that government of the people, by the people, for the people, shall not perish from the earth.While on the other hand materialism points out realistic story to articulate the interests even more than the ideas, but also to be devoted to the basic principles of self-determination. gainful attention to the first settlers to conquer the wilderness, they celebrate history of elf management, liberty and continuous improvement. The empire of British has been an empty shell, not mandatory act, weighty damage to the vital interests of r ights awareness settlers population. Patriots challenge is to remind his fellow citizens inwrought threats and overcome habitual loyalty gently jurisdiction the aggressive theme better things to do Our ancestors, Jefferson wrote in 1774, are farmers, rather than the lawyer. moment of lawyers, such as Jefferson Empire crisis. They talk about common sense. the principle of obvious to a mobilization of people, causing them sleeping and a new sense of collective strength. (Onuf, 2012 83)EQAULITY AND CULTURAL DIVERSITYThe idea of equality in America back then might be imaginary for others. Equality meant a personal identity, free arbitrary class distinctions. There is equally freak out because of the breakup of cultural diversity. Still the quality of interpretation of free exceptionalism is very strange, in some respects, because the centre of attention and analysis of the historical customs duty to support this argument. The argument essentially is that the United States began to op en political finis and everyone thought at this time to continue to shape the political bowl over and public policy. Such an interpretation can visually quite loving. However, if we begin to consider by analysing the logic, such an explanation, we must question the mechanism, it is said to turn over here. What is the mechanism of dissemination and continuation of the political glossiness? Culturalism is not, of course, to say simply, each generation to the next through a fixed set of beliefs. Their argument is significantly more complex. Cultural theory in one of the most interesting attempts to defend the charges that is too static (Ekstein, 1988 791)Proposed this explanation is that, in an attractive and suspicious continuity. It is reasonable to expect that these basic interpretive filter through multiple generations handed down, is not to adjust to change, even to fundamentally change the course of history. The culture will change, but also shows a mechanism, which should m ake us rethink the rest mass of the exceptions to the free parameters. He told us that substituting learning is clearly important, but a persons world view is not dependent on exactly what their elders to teach them, but to shape their entire life experience, sometimes the formation of the younger generation of experience and profound from previous generationsThe point here is that the values, culture, and the concept of change and experience. Therefore, we cannot say that the United States is a nation built on the set of the value of freedom, and therefore, we believe that these values today. A certain extent, we found a strong liberal / principle of individualism in American political culture in the late twentieth century, need more than their origins explained. We also need to understand that it is what the American experience, and encourage Americans to reinterpret these values into anti-statist policy preferences. (Inglehart, 1990 4) policy-making UNSTABILITYAll the promising d ifficulties of religion and politics have been resolved by refusing that religious thought has had a very big preserve in the political field. From a point of politics, communication channel and government in the United States is like no other country, whose sates have made an important impact in the modernization process. Now because other countries were not influenced by business attraction than in the United States, so this made foreign government to push their workers to be in unions and they actually did it before the United States (Jacoby, 1987 9)The citizens of America have actually pointed out that in the survey that was carried out it persistently favours a non-united government and weak states. Most of the times when some bulk of the populations are asked by the survey takers of their opinion in whether they want the chairwoman houses of congress to be commanded by one single party or dividend between two, in this case they select the last minute feedback by massive majo rity. In addition to that, they always show a difference for small governmental units to larger ones.A very interesting and disposed(p) article written by J.P. Nett The state as a conceptual variableThis article explains the huge difference between the American and the European conception of the state. He also pointed out that the latter is distinguished by the relative statelessness.Now the thing is that in the United States only their law is dominant. So what makes America and its people exceptional is the unique power their lawyers have (Shafer 19918)You see what made American exceptionalism different is that it is unlike what we have in Europe and Britain, in the United States I could say that the most influential factor that affect the political and social change are the lawyers and its experts. As we can see several times they have been the schoolmaster mind for bringing it about. So these have opened a big argumentative guarantee of human right and civil liberties than the rest of the world.(Shafer 19919)clinical psychology bill, Applications and enquiryclinical Psychology History, Applications and Researchclinical PsychologyWhat is clinical psychology?Clinical psychology is the soften that engages what is realised in relation to the human behavior principles to suffice people with their several concerns and troubles they incidence throughout the path of life in their emotions, relationships, and physical selves (Plante, 2011). The paper will talk about the history and budding nature of clinical psychology and how psychology is yet overtime changing. Next, the paper will talk about the functions that research and statistics participate into clinical psychology. Lastly, the paper will comprise the differences amid clinical psychology and additional health professions types, such as psychiatry versus clinical psychology, social work versus clinical psychology, and school psychology versus clinically psychology.History and Evolving Nature of Cl inical PsychologyClinical psychology has transformed above the last 25 years. To begin with the DSM-III was published in addition to the standards of APA were revised. The American Psychological Society was founded, in addition to the APA published the Presidential problem force findingsfor evidence-practice. Two of the major approaches evolved would be the Approach of Cognitive-Behavioral in addition to the Humanistic Approach. In the 1970s the Approach of Cognitive-Behavioral was well-liked and they were utilised for depression in addition to treatment spotlighting on feeling, changing thinking, and expectations become as significant as the objective of changing explicit actions (Plante, 2011). The Humanistic Approach was march on founded off of theory and the philosophy that humans can develop from understanding behaviors and experiences. The humanistic approach supposed in considering compassion in addition to positive unconditional reinforcement. With regards to evolving of p sychology, subsequent World War II, above 40,000 veterans was hospitalized for psychiatric reasons in VA hospitals. The irresistible want for services of clinical for these men effected in a enormous enhancement in clinical psychologists whirl a complete variety of inclusive psychological services, as well as psychotherapy, psychological testing, consultation, and research (Plante, 2011). Subsequent that, above 4,000 psychologists was occupied in the course of the VA. In the 1950s throughout 1970s, there were considered approaches of handling that made psychotherapy an preservative in services in behavioral, the family systems, cognitive-behavioral, and humanistic approaches to intervention materialized as popular and compelling alternatives to the additional customary interventions and theories (Plante, 2011). This demonstrated a huge influence on clinical psychology. Finally, in the biopsychosocial approach in the 1970s was deemed the most excellent approach to understanding psy chological illnesses. In addition, it was decisive that all illness shoot from an fundamental problem such as, psychological, biological,or social issues.Role of Research and Statistics in Clinical PsychologyResearch is activity of clinical psychology use of the scientific method to antipathetical questions of interest to society and researchers (Plante, 2011). The broad objective of research in clinical psychology is to obtain knowledge regarding human behavior and to employ these facts to help advance the lives of families, individuals, and groups. The scientific method is a set of procedures and rules that explain, clarify, and forecast a exacting phenomenon (Plante, 2011). Consecutively to recognize totally how clinical psychologists discover research, there requires being a possible action, in a few cases requires to alter hypotheses and to recognize new data that will be assembled and examined. The primary stage of research is that psychologists have got to affirm a phenomen on. A device that is usually apply is the DSM-IV-TR which was circulated by the American Psychiatric Association. The instruction manual explains several clinical syndromes and catalogs extremely precise criteria of diagnostic for every psychiatric problem, consequently modify researchers to superiorly make certain that the similar criterion are utilise to key out each population researched (Plante, 2011). The research will then slim down precise features that contract with emotions, thoughts, and behavior that are connected with the definite syndrome that was initially assessed hypothetically. Once a cautious explanation is constructed, a hypothesis has got to be extended and tested to sufficiently enlighten the behavior of interest. For instance, researchers might be interested in learning additional regarding changes in the sexual receipt incidence by patients using Prozac versus Elavil, two extremely assorted antidepressants (Plante, 2011). Sometimes In regards to research , there might be additional press issues that can be influence cognitive functions. Just the once the hypothesis is concluded, then it is tested to perceive if there is correctness or even inconsistent and consistent findings. Precisely forecasting behavior founded on hypotheses turn out to be an index representing that individual hypotheses are certainly valid. some(prenominal) versatile types of research investigations and experiments are utilized to check hypotheses (Plante, 2011).Differences Between Clinical Psychology and Other Mental Health ProfessionsClinical Psychology Versus accessible Worksociable work is in general a discipline of masters-level that has traditionally centered on patient advocacy, patient case management, and a link to finest social service benefits and agencies (Plante, 2011). Clinical psychology is utilized on a daily basis in social work. The Social Work Practice Research Module applies to the training of social work from courses of clinical psychol ogy. Examples of execution of a Practice Research Module at diverse training levels (e.g., practicing clinical social workers, masters level students, and doctoral students) are provided. It is concluded that the want for a PRM is expected to add to experience of social work practitioners pressure to account for their efficiency in clinical psychology (Turnbull Dietz-Uhler, 1995).Clinical Psychology versus PsychiatryPsychiatry is a medical area of expertise that spotlights on abnormal behaviors (Plante, 2011). Psychiatry and Clinical psychology are two major disciplines in psychological study and health. In regards to researching both clinical psychology and psychiatry journals of psychiatry tended to have superior influence than journals of clinical psychology, and their effect was uneven journals of clinical psychology quoted psychiatry journals at a a great deal superior rate than the reverse (Haslam Lusher, 2011). With regards to clinical journals, journals of clinical psychol ogy were lesser assimilated than journals of psychiatry, and health psychology/behavioral medicine and clusters of neuropsychology were comparatively marginal to the lucre (Haslam Lusher, 2011).Clinical Psychology Versus School PsychologySchool psychologists are experts who utilize knowledge regarding human behavior and affect that knowledge in a setting of school (Plante, 2011). Many high schools about the world, have either a school counselor or a school psychologist to assist children with listening, counsel and a fit way to liberate internal feelings. In a latest study to observe if college undergraduates recognize the distinction amid clinical and school psychology, the results were equally surprising low in knowledge and disciplines. Undergraduates used diverse sources of information to study of school psychology and clinical as a graduate choice school. Additional, psychology majors rated clinical psychologists as being additional engaged in individual therapy, consultation , assessment, and research than school psychologists (Gilman Handwerk, 2001).ConclusionThis paper In conclusion, has conversed the history and evolution about clinical psychology that to this day, psychology is varying every moment. It also discussed how research and statistics are essential to understanding clinical psychology. Lastly, the paper discussed distinctions amid clinical psychology and diverse mental health professions types.ReferencesHaslam, N. N., Lusher, D. D. (2011). The structure of mental health research networks of influence among psychiatry and clinical psychology journals. Psychological Medicine, 41(12), 2661-2668. doi10.1017/S0033291711000821