UK Interest Rates During the Financial Crash

UK Interest Rates During the Financial Crash Central banks always have responsibility to keep a stable economy which includes stable prices, low inflation rate and confidence in the local economy. The main tool used by central banks for these propose is monetary policy which will influence the interest rate, and the way of conduct it varies from country to country. This essay will look into the Bank of England and explain the transmission of monetary policy and how the policy affected by the credit crunch. The Bank of England gained its independent right to set up interest rate according to the target inflation rate since May 1997. The preferred target inflation rate in the United Kingdom is 2% and the Bank of England sets appropriate interest rate to ensure the real inflation rate is moving towards the target inflation rate in an acceptable time period. However, the fixed target inflation rate does not necessary mean a constant interest rate. An Overview of the change of interest rate in UK banks from 1973 to 2009, from which a fluctuate trend could be observed among the whole period and there was a sharply decrease from nearly 15% to 5% during 1989 to 1993 when the United Kingdom was experiencing an economy recession. After 1993, the interest rate was relatively stable until 2008. However, between 2008 and 2009 the interest rate deeply drops from 5.25% to 0.5% for the recent credit crunch. From the data from the Bank of Englands report, the interest rate decreased at a rate of 1% per month constantly from October 2008 to January 2009 after the Lehman Brothers bankrupt. It is well known that a low interest rate represents a loose monetary policy which is aim to increase the inflation rate and the economy. It may illustrate how the interest rate set by the Bank of England conduct the monetary policy. The official rate set by the Bank of England direct influence the market rates includes the repo rate, bond rate, inner bank borrowing rate and so on. Then the market rate sets the asset prices in the financial market which will in turn affects peoples expectations of the economy. Also, the official rates would give people the signal about how will the market moves. For instance, a decrease in official rate will shows a loose monetary policy to the public and people would expect a rise in the price level and then may increase their domestic consuming demand. In addition, the official rate change will affect the exchange rate directly for it alters the domestic investment rate.(Mishkin, 2006). At the second stage, the official rate indirectly affects the domestic demand and net external demand, which forms the total demand, via the market rates, asset prices, expectations and exchange rate. Then the total demand influences the domestic inflation rate. Finally, the domestic inflation and import prices decide the inflation. For example, as mentioned above, a decrease interest rate will increase the publics domestic demand and also would decrease the exchange rate against foreign currencies which may consequently increase the export demand for the goods will be cheaper for foreign consumers. As a result, the total demand will increase and may eventually raise the price level and lead to an increase in inflation rate. Timing effect is another factor that the Bank of England concerns for the monetary policy. That is to say, the effects of changing interest rate are not instantly but take time to fully function. Some channels may be more sensitive to the change while others may not. The Bank of England estimates that a monetary policy may takes up to 2 years to be fully influence the inflation rate. The past statistic data supports this view that the inflation rate was nearly 2.3% in 2007 and increased to 2.9% in March 2009 during which period a sharp decrease in interest rate could be observed. The reason for this sharp decline of interest rate from 2008 to 2009 is mainly accounts for the credit crunch recently. The credit crunch shows a strong shortage in capital supply and declining quality of borrowers financial health (Mizen, 2008). Also, the credit crunch gives very bad expectation to the public about the economy and the price of real estate was declining relatively. Consequently, investors are lack of motivation to invest for the low earnings due to the declining prices and a high risk for the credit crunch. On the other hand, for the householders may feel less wealth for the decreasing prices and lack of sense of the financial safety, they may reduce the consuming and prefer to deposit in the bank. Both phenomena are not preferable for a growing economy in that the Bank of England cut the rate sharply to increase the supply of capital and wish to encourage the amount of invest and consume to cease the recession. In fact, the GDP growth rate from 2008 to 2009 was only 0.7% and the growth rate from 2007 to 2008 was 3% (Fedec, 2009). The growth in the first quarter in 2009 was even worse, which was 4.1%, that may be the reason for the Bank of England cuts the rate to 0.5%, which was only one tenth compared to the same time last year. As the data shows the inflation rate rose in response to the loose monetary police, the GDP growth rate may not be very optimistic for the pessimistic among the public. References: Bank of England, 2008 â€Å"How Monetary Policy Works†, Bank of England, http://www.bankofengland.co.uk/monetarypolicy/how.htm Bank of England, 2009 â€Å"Base Rate†, Bank of England, http://www.bankofengland.co.uk/statistics/rates/baserate.pdf Bank of England, 2008 â€Å"Monetary Policy Framework†, Bank of England, http://www.bankofengland.co.uk/monetarypolicy/framework.htm Fedec A,2009, â€Å"No End Yet to British Resession†, TradingEconomics, http://www.tradingeconomics.com/Economics/GDP Growth.aspx?Symbol=GBP Mizen P, 2008, â€Å"The Credit Crunch of 2007 2008: A Discussion of the Back ground, Market Reactions, and Policy Responses†, Federal Reserve Bank of St. Louis Review, 90(5). pp.531 67 Mishkin, F.S., Eakins, S.G. 2006, Financial Markets and Institutions, Fifth Edition, Pearson International Edition, pp. 219 244. RateInflation, â€Å"UK Historic Inflation Rate†, RateInflation http://www.rateinflation.com/inflation rate/uk historical inflation rate.php?form=ukir Part B Securitization started from 1970s firstly in the US market and then also trivial in the Europe after the new rules was adopted. It is welcomed by most banks because it brings additional way for banks making profits and it is an off balance sheet activity. However, due to variety risks associated with securitization and the endless re securitization, it may lead to sever financial crises. In fact, this would be the main reason for the Northern Crisis and the recent credit crunch (Mizen, 2008). This essay will first introduce the process of securitization then explain the risks in the process with a special focus on mortgage backed securitization and discuss its effects in the credit crunch. The definition of securitization is quite straightforward: it is â€Å"the process of pooling and repackaging loans into securities that are then sold to investors† (Ergungor, 2003). There are many assets would be securitized such as: mortgages, home equity loans, manufactured housing loans, credit card receivables and so on. By securitization, banks are able to sell those illiquidity assets to different investors. Besides, banks would create derivates by pooling assets together. There are variety types of securitization depending on the backed asset or payment method. For instance, the most popular type of securitization is Mortgage Backed Securitization (MBS), and there are Asset Backed Securitization (ABS), and Collateralized Debt Obligation (CDO). Basically, the progress of mortgage backed securitization creates a mortgage pool and the agency sells shares of the pool to different investors according to their preferences. Then the cash flows from the mortgage passed along to investors (Van, 1998). Agencies usually pooled together mortgage and divide those payments into several parts and develop different cash flows to create different type of securities which may have different maturity or yields, and sell them to investors with different risk attitude. The total sum of cash parts will be equal to the whole. The progress of securitization brings considerable benefits to banks. First of all, as banks are regulated to meet the minimal capital requirement which may reduce profits banks would earn. As a result banks may prefer to engage in securitization which is off balance sheet so that do not require banks to meet the capital requirement and gives a more attractive opportunity for banks earning. On the other side, investors prefer less risky and higher return which could be fulfilled by buying the debts through securitization. It is less risky for it is backed by mortgage and has a higher rate than deposit. Besides, as the Great Depression and bank fails not very long before, investors no longer consider deposit in the bank as a safe heaven (Ergungor, 2003). In this procedure, agencies do not really have cost except transaction costs which will be induced from investors. In addition, if another investor buys a share, he may also securitize it and sell it to others. In that way, one mortgage would be re securitized many times. Consequently, if one mortgage fails to repay, many securities may face the risk of default which to some extend enlarge the risk to the whole financial system. In contrast to default risk, agencies also face repayment risk in the process. To be more specific, for example, if the borrower expects the interest rate would fall then he may repay the debt early to refinance in a lower cost, meanwhile, agency are suppose to produce constant repayment periodically to investors who buy the MBS. As a result, the agency have to reinvest the amount of money repaid early by borrowers and which forces them engage in a reinvestment risk in case the interest rate may fall. Mizen(2008) points out that the credit crunch started from 2007 is very complicated for now there are many financial innovations giving ways to packaging and reselling assets. Then he argues that the main reason for these financial crises is mispricing risk of the products which are mortgage backed securities. Historical events show that the beginning of this credit crunch was a serial of mortgage defaults. Then these defaults bring downgraded subprime related mortgage products which then lead to countrywide mortgage bank losses in the U.S. However, this trend did not stop; it soon spread to European banks which have tight relationship to the U.S. financial markets. It is acknowledged that the Credit crunch of 2007 2008 develops after this the full scale (Mizen, 2008). The amount in billions of dollars of household credit market debt outstanding from 1950 to 2009. It could be seen that the trend of growing was much shaper after 2000 and peaked in 2009 when the approximately $11 trillion is mortgage debt (Bubbles, 2008). It is not hard to imagine that 1% of the total amount of mortgage debt was securitized and only 1% of the securitized debt was re securitized when some of them default, how great the amount of dollars would be involved in. That was what happened in the Credit Crunch, for a trivial subprime mortgage market, financial institutions are tied in a line and the re securitization strength this tie and increase the risk and the price of default. Once one default, the whole will suffer, the globalization also enlarges the scale that will suffer. References: Bubble H,2008, â€Å"A Decade of Slow Growth: Why the United States will Face a Decade of Economic Stagnation and Face a L Shaped Recession. 10 Charts and Pictures as to Why This will Occur.†, http://www.doctorhousingbubble.com/a decade of slow growth why the united states will face a decade of economic stagnation and face a l shaped recession 10 charts and pictures as to why this will occur/ Ergungor E,2003, â€Å"Securitization†, Federal Reserve Bank of Cleveland, August 15, 2008 Mizen P, 2008, â€Å"The Credit Crunch of 2007 2008: A Discussion of the Back ground, Market Reactions, and Policy Responses†, Federal Reserve Bank of St. Louis Review, 90(5). pp.531 67 Van H, James C (1998), Financial Market Rates and Flows, Chapter 13, PP 119. Prentice Hall

Public vs Private Healthcare

As a first generation Canadian, due to the on-going debate about a possible public-private healthcare interface, I have become very familiar with the meaning of public vs private healthcare. In a socialist type government healthcare services are provided, funded and regulated by the government, which constitutes as a public healthcare system. On the other hand, entrepreneur-run (profit-based) clinics and hospitals that are privately owned would be considered part of a private healthcare sect.As a Canadian I have experienced the benefits of a relatively efficient public healthcare system. When comparing this to our neighbor’s healthcare system, statistics have shown that although the majority of services provided in the U. S. are through the private healthcare sect, the US seems to spend much more on maintaining this system per capita than Canada.Somehow indicating that a government regulated system might be run a little more efficiently. Furthermore, from personal experience I have learned that a public health care system also provides access to everyone.It eliminates discrimination according to an individual’s income and class, when you are a patient you are treated with the same level of care whether you live in a million-dollar condo or in government housing. This in my opinion promotes equality and unification amongst Canadian citizens.I believe that with the government spending at stake the health of Canadians is more closely monitored. For instance, statistics provide that smoking leads to many health issues that in the end cause the government quite a bit of spending, this intern has encouraged many campaigns against smoking.For example, in Australia (another country with a publicly run healthcare system) persons born after a certain year will not be legally allowed to purchase cigarettes. Although in the opinion of some people, this is against human rights, in my personal opinion I think it is for the greater good of the future health of A ustralians. Something that Canadians should consider implementing along with the graphic anti-smoking packaging and very direct television-ads that are currently being used.Although, there are many advantages to public healthcare, we must not ignore  the disadvantages to a completely publicly run health care system. Considering that healthcare spending is dependent on taxes and the allocation of funding is at the mercy of government officials, we are faced with issues such as ‘Cut Backs’.Recently, the Canadian government has decided to reduce healthcare funding to the provinces, this has been reflected in increased wait times (which are already unacceptably long) and increased the number of services not covered by provincial healthcare.This along with the comparison of much lower funding for innovation and cutting edge research that has been apparent in the U. S. due to private sect interest and investment, has been motivation enough to drive some of our striving and driven physicians to move down south to further advance their careers.With the options of private funding and investment, the quality of private clinics can be much higher than what we receive at publicly funded clinic. On the other hand, where funding is not sufficient the quality can be quite low which shows an inconsistent range that cannot be regulated.Despite this irregular pattern, another advantage to having a private healthcare option is provided and allowing those who would rather not wait and pay for their services to do so and keep this spending in Canada. Therefore, with these clear advantages and disadvantages of both a publicly and privately run healthcare system, there is room for debate.I believe that is the reason the Canadian government is considering a public-private healthcare interface to reap the possible benefits of both systems. This of course will bring along with it the problems that have to be considered before a transition is made.

Practical Play Analysis Essay

Theme/Vision Guan Hanqing’s Snow in Midsummer centers on the idea of social injustice and human suffering particularly the unfair treatment of poor people during the Chinese Golden Era.   The play must transcend a great sense of oppression as intended by its playwrights to reflect the dark side of the society they were in, as the main character (Dou E) leaves a horrifying curse as her unjust death served as a living proof of how under-class people like her are taken for granted and are short-lived despite living a virtuous life while the evil ones prevailed. This issue still continues in the modern world so it is important that the story lives up to its purpose of making the audience reflect on the existence of tyranny in the society and what should be done in order to put an end to it.   Every main character’s role should be well emphasized in order to make the message of the story more understandable.   The characters must be very much convincing to the extent that they are almost taking the audience back to Yuan Dynasty. An article made by Huo Jianyi, Yuan Dynasty Zaju, tells about how Guan Hanqing himself gave up his profession of being a doctor and chose to serve the public by writing plays that exposed the dark side of the society, particularly the indulgence in wine and women as a way of life especially for the Yuan rulers.   He and his fellow playwrights used their talents and knowledge in exposing tyranny and through their theatrical creations, spoke on behalf of the suffering masses despite the Yuan rulers forbidding it.   The success of this play will be achieved if the same fiery passion is justified by the characters. Stage Type and Settings The play is artistic therefore it would be ideal to use a proscenium or picture frame stage.   It is not necessary to use a traditional proscenium stage with its common features like a large archway near the stage front or a curtain in order to close it during act or scene breaks.   It is enough that the stage is raised several feet enough for the audience to see the view of the play while directly facing it (â€Å"Stage:† Wikipedia). As the Snow in Midsummer is a classic play based on a Han Dynasty folk tale (although popularized in the Yuan Dynasty), the prevailing theme should be based on the said period.   The backdrop must contain both unique and artistic images depicting a usual old Chinese scenario like that of a painting.   Images of courtyard houses should be used.   These residences would represent the different social status that coexisted in that period. Based on Spiro Kostof’s A History of Architecture, traditional Chinese courtyard houses (such as the siheyuan) is composed of several individual houses around a square, where each house is owned by a different member of the family.   Aside from this, more houses can also be constructed for additional family members that need to be accommodated. There must be a strong sense of tranquility and privacy which should prevail and be maintained despite strong and loud scenes in the play. Garden and water is also a usual feature with these residences.   The outermost part of these residences is where strangers are entertained while the innermost one is set apart for intimate friends and family members of the owner. Since the title of the play contains the word snow, then winter is another requirement for the play, in fact for almost the entirety of the play.   This should allow an atmosphere of gloominess to dominate the stage, making the literal coldness of winter almost felt and intensified by the cold hearts of the villains in the play.   The snow plays a critical part in this and it should fall dramatically on stage with the proper sad music background going with it.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Last but not the least, there must be flowers included.   They should either be illustrated in the backdrop as part of the stage props.   Flowers have been a great part of Chinese art just like the dragon and bird illustrations they use in their antique porcelains.   As a whole, the entire stage must become a big canvass of living Chinese art. Stage Directions   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The director is responsible for bringing out the good quality of the characters’ acting and the stage production.   Therefore he must be focused and fully aware of the background of the play so as to properly angle it. Directions are made up of details being heard and seen by the audience.   These should be explained well in the script so as not to confuse the director, the actors or even the designers.   The three kinds of stage directions must be considered, namely:   (1) scene directions, (2) staging directions, and (3) character stage directions. In the script, scene directions are indented at a measurement of 3.5 inches from the left side of the margin and 1 inch from the right.   This indicates the fundamental place and time of the scene with details of the events on stage as the lights come up or become dim (â€Å"How to Format a Stage Play†).   Let us take scene one, act one of the play Snow in Midsummer as indicated in the script:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   SCENE ONE (The period was between 1279-1368 A.D.   In a typical Chinese village lives MISTRESS CAI, a widow, who appears on stage with a sign of great anticipation on her face.   She paces at the center of the stage in her long, loose gown with wide sleeves and narrow cuffs.   Then she faces the audience with the same facial expression.) Second is the staging directions.   This contains the description of a certain scene such as the entrance, exit, and struggles of characters on stage, as well as the changes in lighting effects or musical background. MRS. CAI: Where? (The Doctor strangles the widow with the rope. Enter Old Zhang and his son Donkey. As they rush forward the Doctor takes to his heels. Old Zhang revives Mistress Cai.) DONKEY: It’s an old woman, dad, nearly strangled to death. Last would be the character stage directions.   These are short descriptive lines in parenthetical form sometimes placed under the name of the character.   This shows the appropriate body language while delivering a certain line (â€Å"How to Format a Stage Play†).   This particular direction puts more identity on acting.   Here is another example. MRS. CAI (crying): Ah, poor child! How am I going to break this to you? Make up The characters’ makeup for the Snow in Midsummer need not look like that from a Chinese opera although it may be elaborated to reflect its rich culture.   It must enhance their acting and facial expression.   A kabuki effect is suggested if the production team would like to add a little animation to it and lessening its tragic base. Dou E and Mistress Cai’s makeup may use thick foundation with a rosy base to show femininity.   However the application must be heavier on Mistress Cai to distinguish her age along with some fake wrinkles.   The eyebrows must be enhanced with a thick black color while the lips are pouty and deep red. As for the elder male actors (Doctor Lu, Dou Tianzhang, and Old Chang), a yellow base makeup can be used contrasted with a thick pink blush on.   The eyebrows may also be enhanced however for the male antagonist (Donkey Chang), eye brows should be enhanced with an upward effect at both ends.   Once again the appearance of wrinkles should distinguish ages. Basic Pointers for applying stage makeup According to Kate Hillard on her article Application of Stage Makeup, makeup is often applied on thick layers. Unlike the movies where the camera can focus on the actor’s face, audiences cannot afford to this kind of facility on stage plays.   The makeup used for the Snow in Midsummer should be elaborate and bright especially with characters representing the high-class society.   There may also be gradual moderation of the makeup for the middle and lower class members but the artist must make sure that it is enough in maximizing the actor’s emotions on stage.   Sometimes even the dark layers of makeup disappear on the glaring lights. A thick, heavy cream foundation should be applied first which be a little bit darker than the skin tone.   The placing of foundation should be started on the forehead and blended well up to the hairline after which the remaining of the face is covered together with the ears, eyelids, and neck as if this is the actors’ true complexion.   The neck application should also be blended well so as not to create a mask-like appearance.   When it comes to male actors, foundation is applied on the entire neck and back sometimes but this can appear messy.   Following the general foundation, a lighter color is placed over the shadows under the nose and on the chin. When the foundation is done, the blush would follow.   A rosy color is used for the female actresses but this should be applied on a lesser degree with male actors.   It is spread over the cheekbone and about halfway down the cheek mixing it with a down and up motion.   A naturally rosy tone is needed for male actors while it should be darker for the females enough to maintain its visibility on stage especially under the hot lights.   Blush must also be placed over the nose and forehead where it is very slightly blended. The most difficult part would be the eye makeup.   A very white â€Å"highlighter† is first placed along the brow bone (right underneath the eyebrow) and under the eye.   The makeup artist should make sure to give the surrounding eye areas a lightened appearance without leaving white smears.   Following this, an eye makeup should be placed just above the eyelid, below the brow bone, and also beneath the eye which should be a little darker than skin tone.   This should be topped with an even darker color along the eyelid top through a downward blending which can also be used as an eyeliner especially with male actors. For women, an even darker and rosier tone that gives the appearance of a natural eye shadow should be placed over.   It should however be more recognizable on stage and should be placed a little above the eyebrow.   A less rosy color is recommended for male actors though not required.   Furthermore, a dark brown or similar-colored eye lining is placed.   Black color is to be used for dramatic roles that need wild makeup. Lastly, mascara is placed on top of the lashes.   In order to avoid or lessen the errors of putting mascaras, it is suggested to make the actor blink after putting the wand on his/her lashes. Following the eye makeup is the simpler part of putting on the lipstick.   A color that is a little darker than the usual lip color is used for male actors and should be matched with a lip liner.   Either can go first depending on the actor’s or makeup artist’s preference.   The liner should be placed on the outside of the lips and not on the natural line otherwise this will obviously look fake.   It can also be applied all over the lips to make it last better and longer.   A dark lipstick should be applied enough to be seen from the stage even if it looks like a Halloween makeup up close.   It goes otherwise with male actors who should slightly be more natural even on stage. Last but not the least would be the loose powder.   Before it is applied over the face, dip a large brush unto a powder container then shake it to get most of the powder off in order to avoid leaving white smears over the makeup and therefore ruining it.   Loose powder is for holding the actor’s make up even when they are sweating. Costumes Costumes are very important.   They help audiences identify and understand the actor’s character and social rank as well as his traits and gender.   The style and color would greatly suggest the occasion happening on stage.   Colorful clothes and elaborate makeup may bring more life to Snow in Midsummer as this pertains to rich Chinese culture. The main character, Dou E, may use the traditional Ruqun which is used by ordinary women during the Yuan Dynasty.   This is made up of an upper jacket and lower skirt.   The jacket is made of a red marten or sheepskin garment with loose sleeves and gray collars and cuffs.   This is tucked below a maroon skirt with a gray sash accent to maintain its simplicity. The same type of robe costume may be used by the widow, Mistress Cai as they do not necessarily belong with the Mongolian Aristocrats who wore cur coats and fur caps.   Their costumes must reflect their lifestyle and their role enough to bring out the emotion from the audience, however they should not look like paupers but more like average Chinese people however obviously struggling to maintain their dignity.   However, after her execution, Dou E’s costume must change to loose, ghostly white robe with its light fabric.   The red smear of blood from the execution must appear on the cloth as well. The male actors may use the Yiseyi or Zhisunfu garments where upper and lower short garments were put together while adding folds to the waistline.   Furthermore, big beads were hung on shoulders and the back.   The garments can either be course or of fine quality depending on the social rank the actor is representing (â€Å"Costume in the Yuan Dynasty†).   Donkey Chang and Old Chang may use costumes may use colors that shows a status that is more advantages compared to Dou E and Mistress Cai, however not as luxurious as an upper aristocrat.   Donkey Chang’s costume must be provoking and reflective of his selfish being. Of course the apparent hairdo must not be forgotten.   For male actors, it should be the traditional snail-head, seated Buddha feature.   As for females actors (Dou E and Mistress Cai), the hair must be long with the upper portion tied and placed with some simple white floral accents.   Mrs. Cai’s hair must be all brushed up however with a bulky onion bulb appearance. Lighting This is perhaps the counterpart of camera trick.   One of the things that make stage plays breath-taking is the lighting effect.   In fact thanks to modern-day stage lighting, audiences now are able to afford richer visibility of the entire play, thus connecting more with the intense emotions of the actors. A careful outline of Bill William’s Stage Lighting Design shows four important objectives of stage lighting: (1) Visibility, which helps the audience understand the play.   It is influenced by contrast, size, color and movement. (2) Naturalism (and Motivation), where a sense of time and place is indicated. (3) Composition, the overall image of the stage.   Lighting must reveal actors, objects and scenery depending on their importance. (4) Mood (and Atmosphere), which is the psychological reaction of the audience is influenced by lighting effects that gives the stage a sense of happiness, sadness or even boredom. Dou E’s execution would be a perfect example where lighting is â€Å"highlighted† as this scene indicates a transition from a normal way of life to a cursed one.   In this case, the lighting effects must create a great sense of grief , heaviness, and fear among the audience. Casting   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   A play cannot be a play without the cast.   As the front liners of the production, they are mainly responsible for leaving an impression for the play since they are the ones who have direct contact with the audiences.   Casts are like the main course of a meal.   Prof. Audrey Stanley from the University of California at Santa Cruz presents at least eight points to consider when casting a play: (1) Interpretation of character type and function; (2) Type-casting; (3) Casting against type; (4) Cross-gender casting; (5) Gender- or race-neutral casting. (6) Generational relationships and differences between characters (for instance, how old are Lear’s daughters?); (7) Physical and vocal requirements of different roles; (8) Audience associations and expectations of individual actors.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Dou E’s character must be portrayed by someone who can show her virtuosity but at the same time must have the ability to transform into a vengeful character.   Her father, Dou Tianzhang, must be played as someone who is old of course but has enough strength to do some laborious works.   Mistress Cai must reflect the same humility as Dou E’s character but of course with a motherly touch.   A trace of burden must be shown on her face from life’s realities as well as how youth has been taken from her.   Donkey Chang need not be good-looking however appropriately dressed.   But his dignified appearance must not conceal his disgusting character. Rehearsals Based on Simon Dunmore’s Advice on How to Approach Rehearsals for a Play, rehearsing is composed of thought, discussion, and doing.   It is an important part of the play where the whole team gets to figure out what will work or not.   That is why it is important to discipline oneself especially when it comes to the script.   Even before the rehearsals, the actor must read it several times so he/she will get to be familiar with the character that he is playing.   He should carry it one hand somewhere at his side and put emotion to the delivery of the line while looking at the script at a side glance.   He must be patient and must take his time in memorizing his line.   In case of long speeches, they should be delivered with much care and thought as single or short lines for it is usually a case where a certain idea starts and is connected throughout the story of the play. Stage directions on the other hand, must be read as possible pointers only.   If they came from how the play was originally done, take into consideration that the present production might be different with the casts and circumstances being new.   Pause and silence is a kind of stage direction that must also be given proper timing and must have appropriate place in the play just like long and short lines.   Also in case of abbreviations, the intention of the playwright must be observed so the essence of the communication will not be lost. Writing down notes either from the director or from oneself will be helpful in remembering how to delivery one’s line properly.   Notes need not be long.   Directors may not be right all the time with regards to the character role.   His long experience in theater acting may not give him enough knowledge or understanding of a certain character the way an actor does.   Therefore, a careful and rational discussion must always be made between the two.   Set and costume designs are also very important.   They affect the way an actor moves about the stage.   These objects must work harmoniously with the people of the play and not become a hinder.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Rehearsals do not stop within the rehearsal room.   Proper focus can be achieved with proper practicing though it should not necessarily occupy one’s private time. Rehearsal for Snow in Midsummer Below is a sample table for the Snow in Midsummer’s rehearsal schedule.   It is usually done with six to eight weeks but the production team may change it depending on their needs (Sample Rehearsal Schedule). Sunday Monday Tuesday Wednesday Thursday Friday Saturday Auditions Auditions Call-Backs Post Castlist First Read-Thru Off Construction Crew Meets Block scenes with leads Block scenes with Full Cast Block scenes with leads Begin Set Construction Block scenes with Full Cast Off Work on Set Construction Work scenes with Full Cast Work scenes with leads Work scenes with leads Work on Set Construction Work scenes with Full Cast Work on Set Construction Hang Lights and Set Construction Work through Act I off book Work through Act II off book Work on trouble spots leads only Finish Hang and Rough Focus Act I Run-thru Work on Set Construction Full Cast Paint and Work Day Act II Run-thru Act I Run-thru Act II Run-thru Work on Set Construction First Full Run-thru Complete Set Construction Final Setup Tech and Lights First Tech Rehearsal with Cast Run-thru Full Tech Run-thru Full Tech Costume check Tech Crew Trouble Shooting Run-thru Full Tech Finishing Touches On Set Work on problem areas Full Dress Rehearsal Full Dress Rehearsal Full Dress Rehearsal Full Dress Rehearsal No Makeup Performance Performance Performance The Vision’s Effects on the Audience   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Snow in Midsummer is a play about tragedy and drama.   However, the whole production team must keep in mind that as the story is based on real struggles of poor people in the past, it might leave a great sense of grievance to the audience.   This is good but only to the extent that it will stimulate their sense of awareness since basically, though the storyline dates back to old times, it is very symbolic of the abuse and tyranny that still exist even in our time.   Therefore, there must be a balance by creating a great sense of hope especially during the scenes where a retrial for Dou E’s case was conducted up to the play’s ending.   The play must establish to the audience that life goes on and there is hope and justice even in the hardest of situations. Steve Campsall wrote in Write a Successful Play that plays must create a lasting appeal to the audience.   Every words delivered by a stage performer should send out both meaning and feeling.   That is why it is important to understand the writer’s intention behind the text he has created.    Common methods such as vivid metaphor, powerful imagery, alliteration, use of rhyme or rhythm, etc, are said to be used often by writers (Write a Successful Play: Effects on the Audience).   Behind the scene interactions will help bring one’s natural acting and transcend the same energy and passion.   The audience must be convinced with everything, from the stage settings to the acting.   Not doing so will be crucial and may create passiveness. Conclusion   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Behind a play’s success could be in anything that is a part of it.   From the director’s vision to the actor’s execution, everyone should make sure that everything works harmoniously so that the flow of the play will be well polished on the grand day itself.   It is both inspiring and fun to see actors on stage behaving like they are not actors but rather they own the stage and they are the characters that they are playing.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Lastly, behind the inspiring acts, elaborate costumes, and colorful props, the message of the story must be retained.  Ã‚   This is one important part that can be shared with the audience.   The lesson that they can learn from watching a play can help them personally.   Once the audience is touched by a play’s story or vision, he/she can use the message or apply it once he goes back to real life. Work Cited â€Å"Stage.† Wikipedia: The Free Encyclopedia.   5 February 2008.   9 February 2008. http://en.wikipedia.org/wiki/Stage_(theatre) Kostof, S. 1995.   A History of Architecture.   The Oxford Press.   8 February 2008.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://en.wikipedia.org/wiki/Courtyard Jianyi, H. 2003.   Yuan Dynasty Zaju.  Ã‚   8 February 2008.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://www.chinavoc.com/magicn/yzaj.asp â€Å"How to Format a Stage Play.† Script Frenzy Young Writers Program.   2007.   9 February 2008. http://ywp.scriptfrenzy.org/howtoformatastageplay Hillard, K. 2002.   Application of Stage Make Up.   9 February 2008. http://www.essortment.com/applicationstag_rgyu.htm â€Å"Costume in the Yuan Dynasty.† ChinaCulture.org.   10 February 2008.   10 February 2008. http://www.chinaculture.org/gb/en_chinaway/2003-09/24/content_28414.htm Williams, B. 1997-1999.   Stage Lighting Design.   Objectives of stage lighting.   11 February 2008 http://www.mts.net/~william5/sld/sld-100.htm Stanley, A. 1995-1996.   â€Å"Shakespeare Examined through Performance.† 11 February 2008 http://www.tamut.edu/english/folgerhp/Recipes/7cstply.html Dunmore, S. 25 August 1999.   Simon Dunmore’s Advice on How to Approach Rehearsals for a Play.   11 February 2008 http://www.btinternet.com/~simon.dunmore/rehearse.htm Campsall, S.   2008.   Write a Successful Play: Effects on the Audience.   12 February 2008 http://www.englishbiz.co.uk/mainguides/play.htm Sample Rehearsal Schedule.   Tupelo Community Theatre.   13 February 2008. http://www.tctwebstage.com/schedule.htm

The Emancipation of Slaves essays

The Emancipation of Slaves essays Slavery was a struggle for over ten million African Americans during the seventeenth century. Hundreds of groups and individual abolitionists attempted to overthrow slavery, enduring what they had to and willing to accept any consequences in order to get their points across. Through the numerous groups, countless movements were started, laws were issued, and all types of propaganda and literature were sprawled about the country. Slavery may have ended in 1865 but the legacy was carried on until the time of the Civil Rights Movement in the nineteen hundreds and traces are still evident in America today. Through many years of struggling and turmoil the abolitionists, especially William Lloyd Garrison, managed to emancipate slaves and to end slavery. The most influential and well-known abolitionist is the great William Lloyd Garrison. Garrison was born in Newburyport, Massachusetts in 1805 (William Lloyd Garrison 329). Garrison at age twenty-two heard another famous abolitionist, Benjamin Lundy; give a speech on the abolition of slaves. Garrison was deeply inspired by Lundy and began preaching against slavery and joined Lundy in his quest. Garrison became the junior editor of The Genius of Universal Emancipation which was owned by Lundy (Aptheker 3). Garrison attempted to convince people that immediate and complete emancipation was necessary (William Lloyd Garrison 329). A slave trader by the name of Francis Todd filed suit against Garrison for writing about him. Garrison had said how terribly Todd treated his slaves. On April 3, 1830, a jury found Garrison guilty within fifteen minutes for this had taken place in the South where slavery was deemed a necessity and a way of life. The jury sentenced him to a one-hundred dollar fine or six months in jail. Garrison, not having enough money to bail himself out and refusing to accept money from several supporters, proudly entered the Baltimore Public Jail. Garri...

After Blenheim by Robert Southey and Drummer Hodge by Thomas Hardy Essay Example

After Blenheim by Robert Southey and Drummer Hodge by Thomas Hardy Essay Example After Blenheim by Robert Southey and Drummer Hodge by Thomas Hardy Paper After Blenheim by Robert Southey and Drummer Hodge by Thomas Hardy Paper Essay Topic: Burial Rites Poetry Thomas Hardy Poems After Blenheim is a poem written by Robert Southey in 1798. It is about an old man named Kasper. Kasper is telling his grandchildren, Peterkin and Wilhelmine, about the Battle of Blenheim (1704) during the Franco Prussian War. It was written to give an anti-war message because of the situation between England and France. Hardy wrote Drummer Hodge in 1899 during the Boer War. It is about a young drummer boy who is in an unknown place. It was written to give Hardys point of view on the war between England and the Boers. The story was chosen to give a message of war and experience for young men. Hardy wrote it because he believed it was strange that a young boy should leave his home in Wessex to enter the war and end his life dead in Africa, a country that he knows nothing of and is forever lost. After Blenheim is a very suitable title telling the reader that the poem is about the Battle of Blenheim. It begins in a narrative form, at Old Kaspers farm. It starts oddly with a description of a warm evening. The discovery of a skull leads to his grandchildren asking him about the war. Kasper recalls how his father lived in Blenheim and how his dwelling was burnt down and with his wife and child he fled. The poem goes on to describe children dying. This was to give the disgusting picture of what war is really like. However, Kasper doesnt sound surprised by this and only thinks that its natural, in a war, that lives are sacrificed for a famous victory. Then Kasper explains the image of the aftermath. Bodies here lay rotting in the sun gives a picture of mounds of dead bodies piled together. The reader notices his story on Blenheim progresses poorer until the Duke and Price Eugene are mentioned. But, one may notice that when Wilhelmine says it was a very wicked thing Kasper hesitates but can only reply with Nay ay. This may be interpreted as Kasper having doubts on what the government and propaganda has taught him. The rhyme scheme in After Blenheim is ABCBDD. This gives the war poem a very childish, nursery-rhyme effect and is insistent. The rhythm of the poem assists this view. Because it gives it more support as a childrens poem. Drummer Hodge is a title telling the reader that the poem is based on one boy from a war. However, one doesnt notice at first, that it is very sarcastic; that Hodge is a derogatory name given to uncomplicated people from the countryside, by city folk. The story is based upon a young drummer boy sent into the Boer War. Hes just died and the poem begins with a scene of hundreds of bodies being thrown into a heap, with no funeral or procession. It is considered very heartbreaking that the boy has died lost, in an unknown place. Unfamiliar people and sounds surround him and foreign constellations mark the stars that signify the boys resting place although they are unknown stars to him. The second verse describes how he was born in Wessex and died in a strange place. The poem then goes on to tell the reader about the boys burial spot means his body will grow with a Southern tree although he was born with a Northern breast and brain. And the ending of the poem explains how he is eternally where he doesnt belong. The ending is considered very ironic because he will forever be with outlandish scenery. It is also very ironic that the drummer boy was killed although it is only the soldiers jobs to kill, the young boy doesnt kill others. Although the rhyme scheme is very similar to that of After Blenheim, this poem has a different effect. This is possibly because it has a more advanced vocabulary and is not for the faint of heart. After Blenheim and Drummer Hodge have some similarities, which make them good poems to compare. Firstly, they are both about war and both convey the poets feelings on war as useless and un-resolving. Also, both poets seem to feel sorry for the boys and men that died in the war because Hardy writes bluntly, how the boy is uncoffined just as found. I think Southey uses an underlying theme of wars pointlessness and how it cost lives although no one ever knew why. The rhythm and rhyme of the two poems are fairly similar and can both be considered based upon the average nursery rhyme. The tones of both are very depressing because, in After Blenheim he talks about mother then and new-born baby died. Both poets begin the poems peacefully. Drummer Hodge begins with the burial of a boy. This is sad, but peaceful. After Blenheim starts with the grandfather resting after working. Hardy and Southeys poems are very different in many ways. Drummer Hodge was written at the time of the war however, After Blenheim was written long after the Battle of Blenheim. Also, Hardys poem is about South Africa, but After Blenheim is about England. The two poems are based on very diverse people. After Blenheim is concerning an old man but Drummer Hodge relates to a young boy. Hardys poem is mature and isnt for the faint of heart, but the other poem is much more childish and simple. After Blenheim is a story of someone who lived through the war and is therefore less depressing than Drummer Hodge, which is about a boy who died during the Boer War. Also, Drummer Hodge makes the reader sympathize with the boy, but After Blenheim makes you pity Kasper and feel sorry for the civilians who died. Overall, After Blenheim can be taken as a childrens poem because of the rhyming and rhythm. However, I think that those who truly read into the poem, between the lines, discover the underlying theme. Therefore, it is rather complicated and may be approached as a childrens poem, but is for older readers. Drummer Hodge is definitely not for younger individuals because it is very detailed and is more sophisticated with vocabulary more advanced, and including Afrikaans. I think both poets put across their views on war very clearly and very well.

The Transparency in Corporate Governance Essay

The Transparency in Corporate Governance - Essay Example Shareholders and investors are being defrauded and deceived on the real status of earning and expenses within the firm through financial statements that are not entirely accurate. Such failures of corporate governance have produced a negative impact on investor confidence and made them question the integrity of information that is provided in the financial statements of a corporate entity.1 The development of corporate governance codes has as its primary objective, the restoration and increase of investor confidence through increased accountability and transparency in corporations2. Effective corporate governance enhances investor confidence, enhances competitiveness and ultimately contributes to economic growth. Transparency in corporate governance implies a lack of opacity or secrecy in financial operations and is thus associated with full disclosure of financial and operational information. Transparency implies that there are no hidden agendas and that clear information is provided, not only on financial and operational aspects but also on the internal processes of management overseeing and control systems. It is on the basis of such complete disclosure of information that a meaningful analysis of the Company can be made and outside investors who put their money into an organization can understand its operations clearly and make good investment decisions. Transparency can therefore mitigate the risks associated with corporate governance and the potential for corporate scandals. In countries such as the USA and the UK, ownership of shares in corporations extends over a widespread shareholder base. This leaves scope for potential conflict, arising between the interests of the stakeholders in the corporation and the Boards of Directors who could allow their own self-interest to influence organizational decision-making.

Project Control Essay Example | Topics and Well Written Essays - 500 words - 1

Project Control - Essay Example Technical changes are the alterations of the project scope. Market changes are the changes made so that the project adapts to the changing external market conditions such as regulatory changes and development of new products by competitors (Kerzner, 2001). Contractual changes include the changes made on the contract with the stakeholder involved in the project. The management should prevent uncontrollable changes because they have a negative impact on the project. Implementation of change control can be done using specific procedures. One of the procedures is to conduct impact analysis. In this case, the likely impact of the uncontrollable changes is assessed. In this stage proposed changes are provided and they are analysed in relation to the impact of the changes in order to determine whether they are within or outside the scope of the project requirements. The second step is to determine the financial requirements of the changes. This will determine whether the changes can be implemented using the available financial resources. Thirdly, the management should find out the reason why the change is needed (Stare, 2001). It should determine the business need for the changes and establish whether the business will benefit from the changes if implemented successfully. In the next fourth step, the company should analyse the challenges and constraints that may be faced when implementing the changes. This will enable the management team to be prepa red for any of the challenges and risks and be able to tackle them appropriately. In terms of project quality evaluation, the management should evaluate and communicate whether the project is meeting any stated performance and quality objectives of the management. This is done through comparison of the planned quality standards and the quality outcome of the project. Evaluation of the project quality also involves checking whether specific tasks of the project have been