Evaluating the Efficient Market Hypothesis by Using the Forex Example Essay

Evaluating the Efficient Market Hypothesis by Using the Forex Example - Essay Example Also, Fama assumed that capital circulation has lower transaction cost. As such, every investor shares the same quality of information, under a perfectly efficient market, and so investors are unable to generate excessive returns. If the securities market was perfectly efficient then fundamental analyses and technical analyses would not be useful at all. Fundamentalists, who are centered on the ‘intrinsic value’, assert that the main failure of EMH is being too focused on long-term equilibrium while at the same time not paying any attention to the companies’ activities that generate those performances. Also, the important relationships between the financial market and businesses, or the success or failure of an investment, are really based on the factors that influence the good or bad performance of any business. For example, omitting central bank policy intervention may lead to the wrong understanding of a market being instability, thus resulting in a huge loss (Shostak 1997). Technicians who are against the hypothesis of the efficient market assert that the price moves in predictable (non-stationary) trend, which allows investors to make abnormal profits from the different psychologies and trading styles. The Wall Street Journal editor Charles Dow deemed the technical analysis to be a new approach to studying the moving trends affected by the attitudes of participants towards different economic, monetary, political and psychological factors. Since the technical approach deems the price to be an outward manifestation of mass psychology, the analysis will tend to predict the future price based on the large of the number of participants’ moods between panic, panic or confidence, greed, and optimism (Pring 1991; Neely and Weller 2011). Therefore, technicians disagree with the Efficient Market Hypothesis that all investors are rational.

Comparing and contrasting Beyonce Knowles and Kelly of Destiny child Essay

Comparing and contrasting Beyonce Knowles and Kelly of Destiny child - Essay Example Since these two popular artist started in the same group of singing, therefore, their close relationship that can be determined from their past to present through comparison and contrasting their current popularity and new ventures. Remaining relevant in the music industry is a key issue for both artists. The two artists have remained relevant in the music industry in different ways. From their group of four, they are the two popular artists who can still be identified from the group. Despite remaining relevant, Beyonce has hit the music industry in a major way. This can be seen from hits after hits that she releases annually when compared to Kelly. Although Kelly also has some hits to identify with, they cannot be compared to the number of hits that Beyonce has had since the group broke up. Beyonce is currently known at least to have released hits that are not yet even been performed. Some of the music that Beyonce has recorded has hit the airwaves before she has even performed the songs to her funs. It is thus vital to note that, Beyonce remains to be more popular than her childhood friend Kelly whom they formed the popular group with and went on separate ways after deciding to go for single records. Over one millions likes in the media like facebook, twitter and you-tube videos for Beyonce are evident unlike those of Kelly Rowland. Marriage, relationship and venture into different career paths are also a key role that has determined the relevance of Kelly and Beyonce in the music industry. For Kelly, she has taken more of a different path in popular music when compared to Beyonce. Kelly has taken advertisements of major industries as her major. She has done more advertisement related gigs from her music talent when compared to Beyonce. In her music career, she remains relevant in most instances due to the adverts and the reality shows that she takes part in. More so, both have been involved in one or two movies that have been aired globally. Beyonce has the main actress in the ‘dream girls’ while Kelly has also been part of American black films that has maintained her relevancy in the popular music industry. For Kelly, nothing much has been heard of her successful relationships after the singles while Beyonce has hit a record of being a wife to a well represented artist globally called Jay-z. Beyonce has maintained a good marriage relationship when compared to Kelly who has no clear records of dating or marrying anyone through her music life (Arenofsky 5). Therefore, both have diverse preferences when it comes to marriages and ventures in to other forms of careers. Did their singles make a hit or collaboration was the main idea as to why they have remained relevant after their separation from the group? Well, it is evident that for Knowles, she had single hits that made her even more famous after her going single. She has had albums that have not featured any famous popular singer but still remaining very popular to her fu ns. For example, even after releasing songs like, ‘If I was a boy’ and ‘all the single ladies’ alone, she still attracted a large crowd of funs who could demand for more and more of her single album. She has given her funs the best of hits ever since she parted from her group. From my perception, it is like her being in the group was suppressing her talents and popularity. She could not have been known to be such a famous popular

Performance Management Essay Example for Free

Performance Management Essay Overview Welcome to Module 1. If you have not already done so, read the Program Manual located in the Reference Material section of the CMA Canada Professional Programs website. It provides you with important introductory information about the program. In Module 1 of the program, candidates are exposed to many functional competencies from the CMA Competency Map that involve decision making regarding performance management, performance measurement, risk management and governance, and financial reporting. For assistance when doing their assignments in these areas, candidates are expected to draw on many of their intermediate and advanced management and financial accounting concepts they learned in their university courses and/or in the Accelerated Program. For instance, in this assignment, one of the concepts involves Cost-Volume-Profit (CVP) analysis. In these types of analysis, candidates may be asked to look at how profits and costs change with a change in volume, or a change in such factors as variable costs, fixed costs, selling prices, and mix of products sold. By studying the relationships of costs, sales and net income, management is better able to cope with many planning decisions. Candidates who have difficulty doing this assignment or future assignments regarding CVP are encouraged to review Chapters 11 and 12 from the Horngren et al. required reading mentioned below. As candidates gain more work experience, they will be exposed to a number of organizational concerns in the topic areas outlined above. For instance, candidates may be asked to provide analysis on such items as: 1. Preparing reports on a product or geographic segment to determine where the organization generates cash and profits; 2. Evaluating strategic alternatives in one’s organization using cost-benefit and scenario/sensitivity analysis; 3. Determining the effectiveness of costing systems for their appropriateness for an organization; Â © 2012 The Society of Management Accountants of Canada. All rights reserved. Â ®/â„ ¢ Registered Trade-Marks/Trade-Marks are owned by The Society of Management Accountants of Canada. No part of this document may be reproduced in any form without the permission of the copyright holder. 4. Introducing the main concepts of strategy to facilitate an understanding of the big picture; 5. Constructing and analyzing a cash flow statement to determine cash needs; 6. Looking at different short-term investment strategies as a means to effectively utilize excess cash; 7. Examining the effectiveness of internal control systems within an organization; 8. Reporting results using GAAP or a disclosed basis of accounting; and 9. Analyzing a company’s various product lines. Management accountants are often called upon to provide the analysis required for pricing decisions, such as cost-volume-profit, product costing, expected value, break even, contribution margin, and sensitivity analyses. Proper and accurate analysis is critical if management is to make well-informed decisions. Using the Right Financial Analysis Tool Candidates will oftentimes find themselves constrained by space (word/page limits) and/or time when doing their assignments. A critical outcome of analyzing cases is learning to use financial analysis tools under the appropriate circumstances. Selecting the right tool has the effect of demonstrating both good judgement (in terms of the candidate’s ability to select an appropriate tool) and conciseness (in presenting the information in a professional manner without burdening the reader with non-important information). Below are some examples that help to demonstrate how selecting the right tool for the right circumstance is critical to complete assignments in a quick and efficient manner. While the examples demonstrate the use of one tool, note that other tools may be just as effective. Given two scenarios and asked to provide an analysis between them, candidates could analyze them by forecasting the full income statement for both. While this is a valid approach, it takes a significant amount of time and requires the use of valuable report space that could be better used with the selection of a different tool. It may be more appropriate under these circumstances to identify only those relevant revenues and costs and compare those. For a more in-depth discussion of the differences between the two approaches, see pages 422-423 in Chapter 11 of Cost Accounting: A Managerial Emphasis (Required Readings listed below). Specifically, Exhibit 11-2 on page 423 demonstrates the visual difference between the two approaches. Oftentimes contribution margin calculations can be used to drastically reduce both the time it takes to analyze a problem and the space required to show the analysis. This type of analysis may apply to analyze individual products, divisions or customer groups. This tool can allow one to present the analysis information in a much more concise way. Discounting is another tool that can be used to analyze various scenarios. Again, one could prepare a financial forecast for both scenarios and discount those accordingly. However, a more efficient method would be to select only the relevant revenues and/or costs for preparation and discounting. This tool is particularly useful when looking at scenarios that create different multi-year impacts or that need to be evaluated over a period of time. Candidates are encouraged to review Chapters 11 and 12 in Horngren et al. (Required Readings listed below) for more examples on tool selection. Learning to identify the relevant information can drastically reduce both the time spent on the analysis and the space required to report it. In this assignment, candidates are specifically directed to do only certain steps of the Steps for Approaching Business and Corporate Strategy. This case-solving approach was first introduced to candidates at the Orientation Session. As mentioned at the Orientation, these steps provide candidates with a systematic approach for addressing a case involving business-level and corporate-level strategic issues. The first three modules (Development Phase) of the CMA Canada Professional Programs prepare candidates for the Case Examination and focus on the business-level strategic issues. Applying this approach effectively is one of the important competencies that candidates will learn in the Professional Programs. Reference Documents To assist candidates with case analysis, a series of reference documents have been created and can be found in the Reference Material section of the Professional Programs website. The most important documents include: 1. 2. 3. 4. Steps for Approaching Business and Corporate Strategy General Assessment Guide Business Report Guidelines Format Specifications There are other documents such as Situational Analysis Tools, Developing an Implementation Plan and Pro Forma Financial Statements. Candidates should find these documents very useful throughout the program. Learning Outcomes By the end of the assignment, candidates will be able to recommend strategies and tactics to a company that is in a downturn scenario. Due Date Please refer to the Schedule accessed from the left navigation menu.

Transactional Leadership and Transformational Leadership

Transactional Leadership and Transformational Leadership Compare and contrast between Transactional Leadership and Transformational Leadership. What are the significant differences between the two leadership models? Give relevant examples. 1.0 What is Leadership? Leadership has been described as the process of social influence in which one person can enlist or procure the aid and support of others in the accomplishment of a common task. It is the way of organizing a group of people for the purpose of achieving a common goal. A leader is the person to who is capable of guiding, inspiring and associating others with the dream goal. In addition, there are various types of leadership models which include transactional leadership, transformational leadership, and charismatic leadership and so on. In this contest, transactional leadership and transformational leadership will be compared and contrasted. 2.0 Description Transactional Leadership Transactional leadership is a term used to classify a formally known group leadership theories that inquire the interactions between leaders and followers. A transactional leader focuses more on a series of transactions. This person is interested in looking out for oneself, having exchange benefits with their subordinates and clarifies a sense of duty with rewards and punishments to reach goals. The transactional leadership style developed by Bass is based on the hypothesis that followers are motivated through a system of rewards and punishment. The transactional leaders view of the leader / follower relationship is one of quid pro quo or this for that. If the follower does something good, then they will be rewarded. If the follower does something wrong, then they will be punished. Transformational Leadership Transformational leadership is defined as a leadership approach that causes change in individuals and social systems. In its ideal form, it creates valuable and positive change in the followers with the end goal of developing followers into leaders. Enacted in its authentic form, transformational leadership enhances the motivation, morale and performance of his followers through a variety of mechanisms. These include connecting the followers sense of identity and self to the mission and the collective identity of the organization; being a role model for followers that inspires them; challenging followers to take greater ownership for their work, and understanding the strengths and weaknesses of followers, so the leader can align followers with tasks that optimize their performance. The theory behind transformational leaders, on the other hand is based, on the hypothesis that leaders can exploit a need of the follower. These particular needs are not based on quid pro quo transactions, but higher order needs. These needs are those of the total person, and are closely aligned with the internal motivational factors of the follower. So at one end of the spectrum we have transactional leaders that are making many deals with those being led. On the other end of the spectrum, we have transformational leaders, which are looking to satisfy a greater need of an individual. 3.0 Mission Transactional Leader: approaches followers with an eye to exchanging one thing for another à ¢Ã¢â€š ¬Ã‚ ¦ Burns pursues a cost benefit, economic exchange to met subordinates current material and psychic needs in return for contracted services rendered by the subordinate à ¢Ã¢â€š ¬Ã‚ ¦. Bass Here, transformational leaders make exchange of work with their followers for benefit or rewards. Followers are motivated with the rewards being given. Transformational Leader: recognizes and exploits an existing need or demand of a potential followerà ¢Ã¢â€š ¬Ã‚ ¦ (and) looks for potential motives in followers, seeks to satisfy higher needs, and engages the full person of the follower à ¢Ã¢â€š ¬Ã‚ ¦ Burns The leader who recognizes the transactional needs in potential followers but tends to go further, seeking to arouse and satisfy higher needs, to engage the full person of the follower à ¢Ã¢â€š ¬Ã‚ ¦ to a higher level of need according to Maslows hierarchy of needs à ¢Ã¢â€š ¬Ã‚ ¦ Bass Here, transformational leaders tend to focus on the move to change the followers and the organization. In addition, as explained by Bass, the transactional leaders focus on the organizational work within the organizational culture as the way it exists; on the other hand, the transformational leaders try to bring changes to the organizational culture. 4.0 Personal characteristics Transactional Directive Dominating Action-Oriented Transformational Self Confident Assertive Seizes Opportunities Tolerates Risk Uses Systems Thinking 5.0 Characteristics of Transactional leaders 1. Contingent rewards: Transactional leaders link the goal to rewards, clarify expectations, provide necessary resources, set mutually agreed upon goals, and provide various kinds of rewards for successful performance. They set SMART (specific, measurable, attainable, realistic, and timely) goals for their subordinates. These leaders work on some aspects which include; Exchange of rewards for effort contracted. Rewards for achieving goals promised. Accomplishments recognized. Clear goals and recognition once they are reached is held to result in individuals and groups achieving expected levels of performance. 2. Management by exception (active): Transactional leaders actively monitor the work of their subordinates, watch for deviations from rules and standards and taking corrective action to prevent mistakes. These personalities also include; Standards specified by leader. Deviations are searched from the rules and standards. Corrective action taken quickly if necessary. May involve follower punishment. 3. Management by exception (passive): Transactional leaders intervene only when standards are not met or when the performance is not as per the expectations. They may even use punishment as a response to unacceptable performance. These leaders have some uniqueness which include; Leader awaits emergence of problems before acting. Intervenes only if standards are not met. 4. Passive-avoidant/Laissez-faire: The leader provides an environment where the subordinates get many opportunities to make decisions. The leader himself abdicates responsibilities and avoids making decisions and therefore the group often lacks direction. This can also be explained as; Agreements are not specified; there are no expectations set; and goals and standards are avoided. 6. 0 Characteristics of Transformational Leadership 1. Charisma or idealized influence The degree to which the leader behaves in admirable ways that cause followers to identify with the leader. Charismatic leaders display convictions, take stands and appeal to followers on an emotional level. This is about the leader having a clear set of values and demonstrating them in every action, providing a role model for their followers. 2. Inspirational motivation The degree to which the leader articulates a vision that is appealing and inspiring to followers. Leaders with inspirational motivation challenge followers with high standards, communicate optimism about future goals, and provide meaning for the task at hand. Followers need to have a strong sense of purpose if they are to be motivated to act. Purpose and meaning provide the energy that drives a group forward. It is also important that this visionary aspect of leadership be supported by skills that allow the leader to articulate his or her vision with precision and power in a compelling and persuasive way. 3. Intellectual stimulation The degree to which the leader challenges assumptions, takes risks and solicits followers ideas. Leaders with this trait stimulate and encourage creativity in their followers. 4. Individualized consideration or individualized attention The degree to which the leader attends to each followers needs, acts as a mentor or coach to the follower and listens to the followers concerns and needs. This also encompasses the need to respect and celebrate the individual contribution that each follower can make to the team (it is the diversity of the team that gives it its true strength). Transformational Leaders Motivating for performance beyond expectations. Inspiring for missions beyond self interest. Instilling confidence to achieve performance. Transformational leadership goes beyond transactional leadership. Transactional Leaders Motivating for performance at expected levels. Initiating structure to clarify the task and roles. Stressing the link between reward and goal achievement. Uses agreed upon performance to motivate. Performance beyond expectations 7.0 Assumptions Transformational leaders People get inspired by a person then they will follow that person. Great things can be achieved by person with vision and passion. Things are gotten done by the way they are injected with enthusiasm and energy. Transactional Leaders Followers/Employees are motivated by reward and punishment. Orders are given by the superiors, and the subordinates have to obey the orders. These subordinates are not self-motivated rather they need to be intimately monitored and controlled in order to get the work done from them. 8.0 Differences Transitional leaders Transactional leaders are aware of the link between the effort and reward Transactional leadership is responsive and its basic orientation is dealing with present issues Transactional leaders rely on standard forms of inducement, reward, punishment and sanction to control followers Transactional leaders motivate followers by setting goals and promising rewards for desired performance Transactional leadership depends on the leaders power to reinforce subordinates for their successful completion of the bargain. Transformational leaders Transformational leaders arouse emotions in their followers which motivates them to act beyond the framework of what may be described as exchange relations Transformational leadership is proactive and forms new expectations in followers Transformational leaders are distinguished by their capacity to inspire and provide individualized consideration, intellectual stimulation and idealized influence to their followers Transformational leaders create learning opportunities for their followers and stimulate followers to solve problems Transformational leaders possess good visioning, rhetorical and management skills, to develop strong emotional bonds with followers Transformational leaders motivate followers to work for goals that go beyond self-interest. In addition, the below table will give a detailed contrast of the differences between Transactional leadership and transformational leadership. Transactional Leadership Transformational Leadership à ¢Ã¢â€š ¬Ã‚ ¢ Leadership of the status quo. Effective in stable organizations and contexts. More likely to be observed in a well-ordered society. à ¢Ã¢â€š ¬Ã‚ ¢ Leadership of change (within leaders, followers and organizations). Important in times of distress and rapid and destabilizing change. à ¢Ã¢â€š ¬Ã‚ ¢ Focuses on social and economic exchanges between leaders and followers, using contingent rewards and administrative actions to reinforce positive and reform negative behaviors. à ¢Ã¢â€š ¬Ã‚ ¢ Focuses on organizational objectives and organizational change by disseminating new values and seeking alternatives to existing arrangements. à ¢Ã¢â€š ¬Ã‚ ¢ Leader-follower relationship sees each exchange needs and services to satisfy their independent objectives. à ¢Ã¢â€š ¬Ã‚ ¢ Leader-follower relationship sees purposes of both become fused, leading to unity and shared purpose. à ¢Ã¢â€š ¬Ã‚ ¢ Motivates followers by appealing to their own self-interest (for example, pay, and promotion). à ¢Ã¢â€š ¬Ã‚ ¢ Attempts to raise follower needs (following Maslows hierarchy) to higher levels (for example, self-esteem) and to develop followers into leaders. à ¢Ã¢â€š ¬Ã‚ ¢ Based on directive power acts. à ¢Ã¢â€š ¬Ã‚ ¢ Based on interaction and influence. à ¢Ã¢â€š ¬Ã‚ ¢ Follower response based on compliance. Supervision likely to be important. à ¢Ã¢â€š ¬Ã‚ ¢ Follower response based on commitment. Supervision may be minimal. à ¢Ã¢â€š ¬Ã‚ ¢ Leadership act takes place but leaders and followers not bound together in mutual pursuit of higher purpose. à ¢Ã¢â€š ¬Ã‚ ¢ Leaders and followers raise one another to higher levels of motivation and morality. à ¢Ã¢â€š ¬Ã‚ ¢ Founded on peoples need to make a living by completing tasks. à ¢Ã¢â€š ¬Ã‚ ¢ Founded on peoples need for meaning. à ¢Ã¢â€š ¬Ã‚ ¢ Focuses on situational authority, politics and perks. Involves values, but typically those required for successful exchange relationships (for example, reciprocity, and integrity). à ¢Ã¢â€š ¬Ã‚ ¢ Focuses on personal power, values, morals and ethics. May be demonstrated by anyone in an organization in any type of position. à ¢Ã¢â€š ¬Ã‚ ¢ Emphasis on day-to-day affairs, business needs short-term goals and quantitative information. à ¢Ã¢â€š ¬Ã‚ ¢ Transcends daily affairs, concentrating on long-term issues. à ¢Ã¢â€š ¬Ã‚ ¢ Leader-follower relationship may be established quickly. A relatively impersonal relationship maintained only as long as benefits outweigh costs. à ¢Ã¢â€š ¬Ã‚ ¢ May take time for leader-follower bonds to develop. A personal relationship that may persist when costs outweigh benefits. à ¢Ã¢â€š ¬Ã‚ ¢ Tends to be transitory. Once a transaction is completed, relationship may need to be redefined. à ¢Ã¢â€š ¬Ã‚ ¢ Tends to be enduring. à ¢Ã¢â€š ¬Ã‚ ¢ Emphasizes tactical issues. à ¢Ã¢â€š ¬Ã‚ ¢ Emphasizes missions and strategies for achieving them. à ¢Ã¢â€š ¬Ã‚ ¢ Typically involves working within current systems. à ¢Ã¢â€š ¬Ã‚ ¢ May involve redesigning of jobs to make them more meaningful and challenging. Emphasizes realization of human potential. à ¢Ã¢â€š ¬Ã‚ ¢ Supports structures and systems that emphasize outcomes. à ¢Ã¢â€š ¬Ã‚ ¢ Aligns structures and systems to overarching values and goals. à ¢Ã¢â€š ¬Ã‚ ¢ Follower counseling focuses on evaluation. à ¢Ã¢â€š ¬Ã‚ ¢ Follower counseling focuses on personal development. à ¢Ã¢â€š ¬Ã‚ ¢ Atomistic worldview and moral altruistic motives based on teleological perspective (that is to say, based on consequences). à ¢Ã¢â€š ¬Ã‚ ¢ Organic worldview and moral altruistic motives based on deontological perspective (that is to say, based on promises). In addition to the above table, their differences can also be categorized as the following; Basis Servant or steward Leadership Transformational leaders have idealized vision. They are likable and honorable hero that worth imitating and identifying. They lead to promote change in the environment. On the other hand, Transactional leaders have the basis of exchange process. They work on mutual need satisfying, giving rewards for job performance. They lead to promote stability in the workplace. Leadership development Transformational leaders tend to have more power. They empower and energize their followers excel. They re-engineer their followers. On the other hand, Transactional leaders design structures, control and reward system in their workplace to improve effectiveness and efficiency. Lead by example Transformational leaders are charismatic. They handle and meet individuals needs. As well, they upgrade the level of the needs. On the other hand, Transactional leaders possess different types of leadership style, using the right style at the necessary time. Proactive change agent Transformational leaders make an effort to inspire their followers to help them change and transcend their selves for greater purposes. On the other hand, Transactional leaders reward their followers in terms of their performance. They are reactive to change at instances. Vision creator propagandist Transformational leaders make effort to create a vision of desired future state. They communicate pain of change that worth the effort. On the other hand, Transactional leaders focus on company goals and objectives. They make sure the needed goals are achieved. 9.0 Examples Transactional Leadership In this kind of leadership, a clear chain of command is established. The leader motivates his subordinates by presenting them rewards and punishments. All requirements for a subordinate are clearly stated with corresponding rewards. If they fail to satisfy those requirements, they will receive a corresponding punishment. A couple of famous examples of transactional leaders are Joseph McCarthy and Charles de Gaulle. Transformational Leadership Transformational leaders lead by motivating by their followers. Leaders appeal to their followers ideals and morals to motivate them in accomplishing their tasks. Basically, these kinds of leaders empower their followers using their own beliefs and personal strengths. Simply put, they inspire their followers. Famous transformational leaders include Martin Luther King Jr. and Walt Disney. 10.0 Conclusion Finally, the transactional style of leadership is viewed as insufficient, but not bad, in developing the maximum leadership potential. It forms as the basis for more mature interactions but care should be taken by leaders not to practice it exclusively, otherwise it will lead to the creation of an environment permeated by position, power, perks, and politics. On the other hand, transformational Leadership by definition, seek to transform. When the organization does not need transforming and people are happy as they are, then such a leader will be frustrated. Like wartime leaders, however, given the right situation they come into their own and can be personally responsible for saving entire companies.

Out of the Darkness: Female Genital Mutiliation Essay -- Womens Righ

Since the 1790s, women have been struggling to overcome the confines imposed on them by dominant patriarchal societies. (Andrea and Overfield 257). Much advancement has been made as women have continued to bring to light their views and ultimate demand for equality with respect to their male counterparts (Andrea and Overfield 260). Despite how far they have come, feminist today find themselves combating the violation of women’s rights regarding the cultural tradition of female circumcision, which some feel is more appropriately referred to as female genital mutilation (FGM) (Johnsdotter and Ensà ©b 30). Millions of women and children have been and continue to be subjected to the barbaric act of FGM, which not only leaves their bodies disfigured, but carries lifelong significant health risks and in some cases even ends in death (Morrison 125, 128). After researching a multitude of documents and case studies regarding the practice of FGM, it is evident that feminist are war ranted in their alarm and even disgust, when faced with the knowledge that this practice is continuing to be uph...

The Invisible Black Cowboys :: American America History

The Invisible Black Cowboys For many Americans, the image of the cowboy evokes pleasant nostalgia of a time gone by, when cowboys roamed free. The Cowboy is, to many Americans, the ideal American, who was quick to the draw, well skilled in his profession, and yet minded his own business. Regardless of whether the mental picture that the word cowboy evokes is a correct or incorrect view of the vocation, one seldom views cowboys as being black. The first cowboy I met was from Texas and was black. After he told me that he was a cowboy, I told him that he had to be kidding. Unfortunately, I was not totally to blame for my inability to recognize that color has nothing to do with the cowboy profession; most if not all popular famous images of cowboys are white. In general, even today, blacks are excluded from the popular depiction of famous Westerners. Black cowboys were unheard of for almost a century after they made their mark on the cattle herding trade, not because they were insignificant, but because history fel l victim to prejudice, and forgot peoples of color in popular depictions of the West and Western history. Black Americans were in the West with Lewis and Clark, but this was never seen or published until the 19th century (Ravage 26). California was the section of the west that most blacks settled in before the Civil War. The largest concentration of blacks in the state was in Sacramento County, mainly because of the gold rush. Blacks would ride trade ships to the west coast and then desert, if they were slaves, or leave the ship, if they were free men, to settle there (Savage 12). Examples of early black settlers were two ex-slaves named Bob and Kanaska who came to San Diego in 1816 on the schooner Albatross. Thomas Fisher came to California around 1818 but was captured by pirates in Monterey that year. Another Fisher came to California in 1846 while serving on a whaling ship (Savage 13) Though present from the initial discovery of the West, blacks entered the West in earnest after 1850. Between 1850 and 1910, thousands of African Americans, lured by the promise of land, opportunity, and most importantly, racial justice migrated to the trans-Mississippi West (African Americans). This great migration occurred shortly after the civil war, as thousands of blacks moved West because they were unwanted in the North or South (Dick 30).

Observations on the Conditions of the Working Class During the Industrial Revolution

Observations on the Conditions of the Working Class During the Industrial Revolution The British Industrial Revolution of the late eighteenth and early nineteenth centuries brought about a much needed change in the economic structure of the country. The old fashioned, agricultural based economy that Britain had assumed for centuries had become obsolete, and in the spirit of mercantilism and neighborly competition with the French, the English made the drastic change to a manufacturing based economy (Owen, p. 50). This transformation allowed for the emergence of large, manufacturing based cities, an abundance of English manufactured goods, and made Britain, overall, a very wealthy nation. These byproducts of the Industrial Revolution allowed Britain to make great economic strides, but those that put in the hours at the factories that made such a revolution possible gained almost nothing for their treacherous work. The working class of the Industrial Revolution lived hard, laborious liv es.The majority of their time was spent in the factories, which were very often unsanitary, overcrowded, and hazardous, and when they were able to leave the factory and spend time at home, they were met with equally horrid conditions. Although these people and their work were undoubtedly one of the largest factors towards the successfulness of the Industrial Revolution, they themselves suffered greatly, and reaped nearly no benefits for their work. The overall quality of their lives was incredibly poor. Every arena of their lives, from working conditions and home life, to nutrition and cleanliness, was effected by overwhelming poverty.The urban environment that was thought to be a way out of poverty became a mechanism in which poverty was able to flourish. The life of a working class family during the Industrial Revolution was very much dictated by the factory in which they worked. Employees would spend nearly all day in these horrid environments; most would start their day around f ive o’clock in the morning, and with the exception of two short breaks for meals, would remain in the factory until eight o’clock at night or later (Kay, p. 155). The factories were dingy, brightly lit buildings that housed far too many people at a time.They were consumed with dust and filaments of cotton, and contaminated the surrounding areas with smoke. They were were filled with heat and filth, and contained large, dangerous machines that were often operated by children (Aikin, p. 148). Seven and eight year old children were often sent by their parents to work in the factories, and while there they were treated as adults. Robert Owen noted that the manner in which the young employees were dealt with was responsible for an uneducated and emotionally unstable generation of children. He referred to the children as â€Å"weak in bodily and mental faculties. † (Owen, p. 50-1).The young employees were indeed as horribly unfortunate as Owen described, but upon real izing the conditions they were working in, one can easily see why. The machines in which the children operated were massive and intimidating apparatuses. Cotton mills used spinning machines that were able to hold thousands of spindles at a time, and moved rapidly and forcefully (Aikin, p. 148). Adolescent employees were required to work unreasonably long hours with these machines, for few cared how truly ill-suited the work was for children. The home life of working class families was equally as horrible as their occupations.James Kay wrote in his essay on â€Å"The Moral and Physical Condition of the Working Classes in Manchester† that these families lived in â€Å"ill-furnished, uncleanly, often ill-ventilated, perhaps damp† homes that were consumed in â€Å"absolute filth. † (Kay, p. 156). These dwellings were lumped together in communities, only perpetuating uncleanliness and disease, and were representative of the mindsets and attitudes of the people living in them. Kay noted that entire families would often sleep in a single bed and use â€Å"a heap of filthy straw and covering of old sacking† as bedding. He observed that the â€Å"houses of the poor . . are too generally built back to back, having therefore only one outlet, no yard, no privy, and no receptacle for refuse. † (Kay, p. 156-7). Essentially, what Kay observed about the working class of Manchester was the overwhelming level of poverty that consumed it. The people that lived in these types of dwellings were incredibly poor, and had no way of relieving themselves from the crushing poverty all around them.The lives of the working class peoples were reduced to that of animals; they were practically owned by their employers, who never gave them the freedom to better their lives. These people were not nherently ignorant or sub-human, their living conditions were direct products of cruel treatment and outright disregard for them as human beings. Through processes s uch as workplace advancement, education, or even cleaner living arrangements, the working class would have had a much more plentiful and human-like existence, but they were never given the opportunity to do so. This phenomenon of belittlement was not restricted to the living arrangements; it perpetuated into every area of people’s lives. The typical diet consisted of one true meal a day, which was neither healthy nor substantial.Breakfast usually consisted of a simple cup of tea that was â€Å"most always of a bad, and sometimes of a deleterious quality† (Kay, p. 155). Dinner was the only meal of any true substance, and even it only consisted of boiled potatoes and bacon with melted lard and butter (Kay, p. 155). People with this type of diet were understandably malnourished, and with the combination of poor living and working conditions, they very seldom were in good health. Children often felt the brute force of such an extreme poverty more so than adults, and were à ¢â‚¬Å"ill-fed, dirty, ill-clothed, exposed to cold and neglect. So much so in fact, that over fifty percent of children living in these conditions died before the age of five (Kay, p. 157).Crushing poverty often affects people on an emotional level, and this was very much the case during the Industrial Revolution. Frederick Engels compared the mindset of the workers to slaves, by asserting that the only difference between the two is that the old-fashioned slave was openly recognized as a slave, while the urban factory worker was disguised as a free man (Engels, p. 63). Monotonous labor and a life similar to that of a slave drained the emotions of the working class. Urban life created stone cold and despair ridden replicas of once proud men, loving wives, and innocent children. Factory workers participated in â€Å"habits generally destructive to their own comforts, [and] of the well-being of those around them† out of pure necessity, but perhaps without full knowledge of the c onsequences (Owen, p. 151).Kay compares the toil of the people to King Sisyphus, suggesting that the difficult labor that the factory workers frequently performed was just as in vain as Sisyphus’ endless struggle with his boulder (Kay, p. 155). The tasks required of the poor seemed just as endless to them as it did for Sisyphus, for neither could see an end in sight. The areas in which these people lived became places of crime, caused by the emotional distress of poverty, and were â€Å"inhabited by a turbulent population† (Kay, p. 157).The people became slothful and benevolent, hateful towards outsiders and immigrants from Ireland, and allowed the unpleasantness around them consume them (Kay, p. 154,7). The working class of the Industrial Revolution lived in absolutely horrid conditions. They lived in poverty and filth, they spent their â€Å"superfluous gains on debauchery,† and were treated by the upper classes as if they were animals (Kay, p. 155). They live d short lives filled with work, disease and sorrow, with no way out except for death.