Fashion Essay

Fashion cannot survive without the media. Its success as both an art form and a commercial enterprise depends upon attention in the media. The media have played a vital role in shaping fashion into the complex cultural phenomenon it has become. Photography, and later film and television, have medialised fashion. Fashion has become an intrinsic part of today’s visual culture, and vice versa. Fashion magazines, glossies and women’s journals cannot exist without fashion, but fashion also cannot exist without these magazines. This chapter looks at visual culture and the ways in which fashion is ‘fashioned’ by the media. The first half of the chapter gives a theoretical background to understanding contemporary visual culture. The second half of the chapter provides an introduction to the many ways that media theory can be used to analyse and understand fashion. Visual culture Since the invention of photography, film, television, video, CD-Rom and the Internet, we have rapidly shifted from a written culture to a visual culture: ‘We live in a culture of images, a society of the spectacle, a world of semblances and simulacra’ (Mitchell 1994: 5). Contemporary visual culture is both ubiquitous and complex. The image no longer stands by itself, but is informed by multimedia; it is usually integrated with text and music. A fashion photograph comes with a caption or an accompanying text. A fashion show doesn’t work without music or a choreography of moving bodies. Apart from their multimedia aspect, images also circulate in a global media society in which all kinds of genres and media are mixed. Precisely because this visual culture is so dominant on the one hand and so complex on the other, we need theoretical tools in order to be able to understand images, including images of fashion. To do justice to the complexity of visual culture, it is necessary to pose questions on the basis of an interdisciplinary framework: questions about significance and ideology; identity and visual pleasure; technology and economy. Theoretical insight creates media literacy. We can thus acquire an attitude towards the media we use every day that has aptly been described by Laura Mulvey as ‘passionate detachment’ (1989: 26). Before supplying a number of analytical instruments in the second half of this chapter, I would first like to place visual culture within the framework of postmodernism. I Theoretical framework Postmodernity Although the term ‘postmodernism’ is often described as vague and indeterminate, there are definite ways in which it can be characterised. Here I make a distinction between a) postmodernity, b) postmodern philosophy and c) postmodernism as a movement in art and culture (Van den Braembussche 2000). First of all, postmodernity. Postmodernity refers to the age we are currently living in, particularly the information society that has arisen since the sixties. It is a question, then, of an historical period in which we live. The information society can be characterised as ‘postcolonial’: after the Second World War, the colonies in the Third World achieved independence at a fast rate. This society is also ‘postindustrial’: heavy industry has been replaced by the exchange of services. From the sixties onwards, these services have increasingly been characterised by information technology, set in motion by the advent of the computer. Science and technolo gy are indispensable and give shape to our society. While the industrial society still functioned largely around property (who has control of the means of production?), the information society is mainly about access (‘xs4all’: ‘access for all’) – access to information, that is to say, to knowledge. Postmodernity means a networked society in which everything and everyone is connected with each other via mass media such as television and the Internet. Another characteristic is globalisation. Globalisation has taken place with the media (you can watch CNN and MTV all over the world) and with capital (you can use cash machines anywhere in the world). And with fashion. Benetton’s multi-racial campaigns show the more benign face of globalisation, but, to be fair, they have also drawn attention to the more dismal effects of globalisation. Applying the characteristics of postmodernity to fashion, we get the following picture. In the past, fashion was dependent on fabrics like silk, cotton and cashmere – as well as inspiration – that the West imported from its colonies. In the seventies the Hippies came alongwith their renewed interest in non-Western clothing. With the deconstructivist fashion of Japanese designers like Yamamoto in the eighties, the first non-Western designers broke open the closed, elitist fashion world. Now they have been succeeded by other designers such as Hussein Chalayan, Xuly Bà «t and Alexander Herchovitch. With the Fashion Weeks i n India and Africa, fashion has become globalised. When we look at the  fashion industry, the picture is even clearer. Whereas the Dutch fashion industry was originally established here in Holland itself- in Enschede for example – it has now largely moved to low-wage countries in Asia or the former East Block. Look at the label in your sweater or trousers and most likely you’ll find ‘Made in Taiwan’ or something similar. Globalisation results in cheap clothing and enormous profits in the West, but also in protests against exploitation, such as against the Nikes made by small children in Pakistan. These abuses signalled the start of the No Logo and anti-globalisation movements. Postmodern philosophy Secondly, postmodern philosophy. Two notions are important here: ‘the end of the Grand Narratives’ and ‘the death of the traditional subject’. These words suggest that Western culture is going through a crisis. According to the postmodern philosopher Jean-Franà §ois Lyotard, Western culture is no longer able to tell any ‘Grand Narratives’, by which he is referring to the end of ideology. This implies that ideologies (‘isms’ like Marxism or Feminism, but also religions such as Christianity) can no longer provide modern man with a meaningful frame of reference. Ideology finds itself in a crisis of legitimatisation, no longer able to announce the truth or to proclaim a future utopia. This does not mean, of course, that everyone has given up their beliefs; on the contrary, we are actually seeing a return to ideology and religion. But, Lyotard argues, nobody can impose that belief or that ideology on others as the one and only truth. People who still try to inflict any kind of truth upon others are called fundamentalists nowadays. The end of the Grand Narratives is not just a negative process. For most people it is liberating to be freed from a one-sided, enforced truth. What’s more, it has led to a blossoming of‘small narratives’ in postmodern culture. Now that there is no one dominant truth, many people have the right and freedom to tell their stories, including those who previously had few opportunities to do so, such as women, workers, blacks, young people. You see the same development in art: there is no longer one dominant movement but a multitude of directions. And we see the same pluralism in fashion. No longer a ‘Grand Narrative’ dictated by a single fashion king, or even by just one city, but a multitude of perspectives coming from many designers, in various cities and different parts of the world. The end of the Grand Narrative also has consequences for the view of human subjectivity. The traditional notion of the individual is that he (it was almost always a he) represents an autonomous and coherent entity, endowed with reason. It was mainly psychoanalysis that put an end to this notion. According to Freud, the human being is not at all governed by his reason, but rather by his unconscious. And it was Marx who claimed that it is our class that determines who we are. We may think we are individuals, but in fact we are defined by our class, ethnicity, age, sexual preference, religion, nationality and so on – the list is endless. In fact, then, we are not really an autonomous and coherent entity. This is why postmodernism no longer refers to an ‘individual’ but to a ‘subject’. A subject, moreover, that is split, fragmented, splintered. As a piece of graffiti in Paris in the eighties put it, ‘God is dead. Marx is dead. And I don’t feel so good either†™. A more positive way of formulating this idea of fragmented subjectivity is by analogy with the network society: the subject, the self, always stands in relation to an other. Instead of being autonomous we are all incorporated in a fabric of complex and mobile relations. Our identity is to be found, as it were, on a node of communication cir cuits. The postmodern subject is thus characterised by a dynamic and a diversity that were alien to the traditional individual. This change in the position of the human being has had the same effect as the end of the Grand Narratives: many more people can now make a claim to subjectivity who were previously excluded, such as blacks, women and homosexuals. This can also be witnessed by the recognition of art and culture produced by women, people of colour, and artists from the so called ‘Third World’. This development has resulted in a much greater freedom in the formation of human identity. Just look at pop culture, where someone like Madonna assumes a different image with the regularity of a clock. Today you can play with your identity by gender bending, for example. Or by crossings with other ethnic cultures, such as Surinamese or Dutch Muslims who borrow elements from the American black hip-hop subculture. Fashion is an important component of the play with identity. I n earlier days it was your gender and your class that determined what you had to wear, and there were strict rules that were not so easy to transgress. These rules now only apply to the Queen. Everyone else stands in  front of the wardrobe each morning to determine which clothes match his or her mood: baroque, gothic, sexy, or maybe businesslike today after all? Postmodernism Thirdly, the term postmodernism as applied to art and culture. A crucial characteristic of postmodernism is the fading distinction between high and low culture. Over the course of the twentieth century the traditional notion of culture has been freed from its connection with elitist art. Scholars nowadays employ a broad notion of culture, based on Raymond Williams’s famous expression ‘culture as a whole way of life’ (1958). Here it concerns a view of culture as a practice within a social and historical context. The rigid distinction between high and low culture is no longer tenable. In any case, it was always largely based on the controversy between word and image in Western culture, where the word is seen as the expression of the superiority of the mind and the image as expressing emotion and the baser desires of the body. The shift from a textual to a visual culture means the image is no longer viewed in purely negative terms but is valued for all its positive powers and the experiences it evokes. Moreover, ‘high’ culture and ‘low’ culture cannot be unequivocally linked to particular disciplines (read: literature versus television). Every art form has its low cultural expression. Just think of the portraits of the gypsy boy with a tear running down his face or pulp romantic novels. ‘High’ is stepping off its pedestal: haute couture is influenced by street culture. ‘Low’ is upgraded and receives attention in newspaper art supplements or is exhibited in the museum. Advertising phot os from Benetton, computer art by Micha Klein and fashion photos by Inez van Lamsweerde have all been shown in Dutch museums. Dà ©mocratisation and commercialisation are also crucial to the discussion of ‘high’ and ‘low’. Increased prosperity and dissemination via the media have brought art and fashion to within almost everyone’s reach. The enormous numbers of visitors to major exhibitions testify to this, as does the ‘festivalisation’ of big cities. Culture is ‘in’ and is eagerly consumed in large quantities. Moreover, commerciality is no longer associated exclusively with low culture; it has penetrated high culture, as can be deduced from the weekly  top ten lists for literature, the piles of CDs of music by Bach and Mozart in the local supermarket, Audi’s sponsoring of the Stedelijk Museum in Amsterdam, or Karl Lagerfeld’s designs at H&M. Another postmodern feature is inter- textuality, which amounts to the idea that a text always refers to other texts. Every text is a web of quotations, borrowed words and references. This term d oes not, of course, simply represent a narrow view of text; images likewise ceaselessly refer to each other. Advertising spots refer to videoclips, which borrow from television series, which in their turn quote films, which are themselves based on a novel. And that novel refers again to a play by Shakespeare, and so on and so on. It’s an endless game. Madonna’s video clip ‘Material Girl’ refers for example to Marilyn Monroe’s song ‘Diamonds are a Girl’s Best Friend’ in the film ‘Gentlemen Prefer Blondes’. In an advertisement forEstee Lauder perfume, the model walks through a digital field of flowers that is identical to the one Madonna walks through in hervideoclip ‘Love Profusion’. Nicole Kidman, in the commercial for Chanel No. 5, does a perfect repeat of her role in ‘Moulin Rouge’. Some directors, such as Baz Luhr- man or Quentin Tarantino, have made inter- textuality their trademark. A l arge part of the visual pleasure in contemporary culture is based on recognition: the more references you can place, the more clever you feel as viewer. Some theorists, such as Frederic Jameson, call the postmodern form of intertextuality a ‘pastiche’. A pastiche is a textual or visual quotation which merely repeats; sheer quoting is the name of the game. The reference has no deeper meaning because all historical connections are abandoned. This can also be found in fashion. If you look at a John Galliano creation you can recognise myriad quotations: from other cultures (ethnic prints), from other times (nineteenth century silhouette), from street culture (‘bag lady’ with shopping cart and plastic bags) and even from the circus (clown-like make-up). Everything is thrown into a big pile while elements are wrenched from their historical time and geographical context. A term often used in this connection is ‘bricolage’, which literally means making do. We’ve become a ‘cut & paste’ culture, where everyone can tinker about and scramble together their clothes and even their identity. Postmodern culture is thus characterised by pastiche and bricolage. It’s not always an easy matter to indicate the significance of this cultural phenomenon, but it does  make fashion playful and flexible, wi thout it being compelled into an overruling ‘Grand Narrative’. A final characteristic of postmodernism that I would like to discuss is the transition from representation to simulation. We have already seen that postmodern pastiche – quoting, borrowing and referring – does not necessarily have any deeper meaning. This is because postmodern culture no longer represents, but simulates. This process is dependent upon the role of media technology. 1963 Amsterdam (NED) In 2003 the magazine American Photo put together a list of the 25 best photographers in the world. That list contained one Dutch name: Inez van Lamsweerde. Both an artist and a fashion photographer, she has ignored the dividing line between art, fashion and commercial work from the very beginning. And successfully. Her work is shown in many glossies such as The Face, Vogue and Arena Homme Plus (editorials and advertising campaigns) as well as in international museums and galleries. Her signature is clearly recognisable in both areas. Inez van Lamsweerde once said in an interview that she was obsessed with beauty. It’s always people she photographs – or recreates, to be precise. Her digitally altered creatures are alienating. Too smooth, too clone-like, too impersonal to be fully human. She often bases her work on ideal female images from the mass media and the body culture in connection with gene technology, surgery and bodybuilding, the manipulation of the body, identi ty and sex. In the series ‘Final Fantasy’ (1993) three-year-old girls posed coquettishly in satin underwear but with the mouths of adult men superimposed on their faces. The cloyingly sweet eroticised tot turns out to be a child demon. The series ‘The Forest’ V995†²) shows mWd-manneted passwe men vjWV women’s hands, and the women in ‘Thank You Thighmaster’ (1993) are really mutants who resemble mannequins, without body hair and with a neutral skin surface where nipples and genitals are supposed to be. The camera doesn’t lie? You certainly hope it does. Many models in Van Lamsweerde’s fashion photos are hyperstylised, exaggerated stereotypes, perfectly beautiful, without irregularities and without individual features. They move in a hyperrealistic setting in which the whole effect sometimes suggests the work of Guy Bourdin (for example, see the series ‘Invisible Words’ in Blvd 2,1994). But her oeuvre is more versatile than that of the old master, so it is also less likely to be  related to a certain time period. Inez van Lamsweerde graduated from Amsterdam’s Rietveld Academy in 1990. That same year she got her first photography assignment, the results of which appeared in Modus. In 1992 she received the Dutch Photography Prize as well as the European Kodak Prize (gold in the categories Fashion and People/Portraits). Since the early nineties she has been working almost entirely with her husband, Vinoodh Matadin. Today Van Lamsweerde and Matadin live and work chiefly in New York. The most recent developments in their work suggest a preference for less reconstructed photographs. In 2002 they took nine black-and-white photos of the members of the theatre group ‘Mug met de Gouden Tand’ (Mosquito with the Gold Tooth). In 2003 they produced a nude calendar for Vogue. All without digital effects. Literature: Hainley. Bruce. ‘Inez van Lamsweerde’, Art- Forum, October 2004. Inez van Lamsweerde ‘Photographs’.Deichtor- hallen Hamburg: Schirmer/Mosel. 1999. Jonkers. Gert. ‘Inez en Vinoodh’, Volkskrant Magazine, 22 February 2003. Kauw op het lijf. Rotterdam: Nederlands Foto Instituut. 1998. Schutte, Xandra. ‘Perverse onschuld’, De Groene Amsterdamer, 10 September 1997. Terreehorst. Pauline. Modus: Over mensen mode en het leven. Amsterdam: De Balie. 1990. Illustration: Inez van Lamsweerde. Devorah and Mienke. 1993 In the old conception of art, with Plato or Kant for example, a work of art refers to something deeper or higher beyond reality. Every work of art is unique and hence irreplaceable. As early as the 1930s Walter Benjamin argued that the role of the work of art was changing because of reproductive technologies. With the invention of photography and film (and later television and the Internet), any image can be reproduced infinitely. A copy of Rembrandt’s ‘The Night- watch’ always remains a copy of a famous, original painting, whereas a copy of Man Ray’s photograph of Kiki as a violin has no original. In the age of mechanical reproduction the distinction between original and copy therefore disappears, and with it what Benjamin calls art’s ‘aura’, namely that which makes a work of art unique and original. For fashion, reproductive technology initially meant an  enormous stimulus, since images of designs could be disseminated via the mediums of magazines and television. But in fashion, too, the copy has now overtaken the original design. A day after the fashion shows in Paris or Milan, the photos are already on the Internet and six weeks later H&M can sell replicas in their shops. In Pop Art, Andy Warhol played with the idea of the copy by producing silk-screened images of cans of Campbell soup or icons like Marilyn Monroe. Another example of the loss of aura is the disappointment all of us may feel when visiting Da Vinci’s ‘Mona Lisa’ or Vermeer’s ‘Girl with the Pearl Earring’ in the museum. We’ve already seen so many reproductions in books, films, on mugs, towels, with moustache and beard, or as a doll, that the original is hardly a match for these. Only if you actually succeed in experiencing the painting in the silence of the museum (but can you ever with all those tourists around you?), you may still find the original aura. In the seventies, Jean Baudrillard went a step further than Benjamin by claiming that not only art but also reality is changing under the onslaught of the media. He argues that the ubiquity of the media turns reality into a simulacrum, a copy of a copy. The simulacrum abolishes the difference between ‘being’ and ‘appearing’. Think of someone pretending to be sick – this person actually starts to display signs of sickness, so that it is no longer clear what is real and what is fake. It’s the same with postmodernism: our culture is so thoroughly ‘medialised’ that our experience is determined by the media. Media do not reflect reality, but construct it. Or to put it differently: media do not represent reality, but simulate it. We all know this phenomenon from our own experience. When we’re on holiday in Greece, for example, we exclaim that the sea is as blue as on the postcard. Our experience is determined by an image, in this case the postcard. If we’re on safari in Kenya, it seems as though we’ve landed in a National Geographic TV programme. And when we say to our beloved ‘I love you’ we can’t help feeling we’re acting in a soap. Umberto Eco therefore says that we are assuming a permanent ironic attitude in postmodern times. We can no longer innocently say ‘I love you’, because we’ve already seen and heard it a hundred thousand times on TV. The words have lost their meaning as well as their authenticity. But what we can do, according to Eco, is say it with irony: ‘As Ridge in â€Å"The Bold and the Beautiful† would say, I love you’. While reality shows on television try to simulate life as much as  possible, life itself has become one big reality show, in which being and appearance can no longer be separated. In art and in fashion we can see a longing for authenticity, as a nostalgic reaction to the culture of simulacra. People want something ‘real’ again in a postmodern culture in which the dividing line between real and unreal has become wafer-thin. The question, however, is whether such authenticity is still possible. Such is the power of the simulacrum that the media have created. Now that I have given an outline of postmodernism as a frame within which fashion functions, it is time to look more closely at instruments that can be used to analyse images. These analytical methods all come from poststructuralism, the theory underlying postmodernism. II Analysis The semiotic sign Poststructuralism was informed in the sixties by semiotics, psychoanalysis and Marxism. Poststructuralism is also referred to as ‘the linguistic turn’, since language formed the model for the development of these theories. De Saussure’s writings on semiotics helped to develop a structuralist analysis of the ‘grammar’ of any system, whether a myth, advertisement, film, fashion or novel, as in the work of the anthropologist Là ©vi-Strauss, the early Barthes or the film semiotician Metz (Sim 1998). The central idea that language is paradigmatic for meaning is followed by virtually all postmodern philosophers. According to the psychoanalytical theories of Lacan, even the unconscious is structured like a language. Although some philosophers pointed out that language and signification are fundamentally unstable, as in the deconstructionism of Derrida, or in Lyotard’s postmodern loss of ‘Grand Narratives’, text remains the central focus in poststructuralism. Everything in fact is interpreted as ‘text’, including image, music or fashion. While semiotics initially concentrated on literature, scholars soon started focussing on the field of popular culture, such as architecture, fashion, music, sport, women’s magazines or the video clip – to mention a few examples at random. Semiotics is the theory of ‘signs’ (from the Greek ‘semeion’, meaning sign). A sign is the smallest element that carries a meaning. Language is the system of signs that we are most familiar with, but traffic signs or, as Barthes has shown, fashion are also sign systems. A  sign consists of a signifier (in French, signifiant), the material carrier of meaning, and the signified (in French, signifià ©), the content to which reference is made. The letters and sound of the word ‘dress’ form the signifiers, which refer to the content of a concrete dress. Signifier and signified, form and content, together create meaning. The relationship between signifier and signified is almost always arbitrary; there is, after all, no reason why something is called a dress in English, a ‘jurk’ in Dutch, and a ‘japon’ in French. A sign always refers to something in reality. The first meaning of a sign is denotative; it is the meaningyou can look up in the dictionary. But things seldom have just one meaning; most signs have many secondary meanings. These are called connotations. In that case, the denotative sign, the signifier and the signified form a new entity, a new signifier for a new connotative sign, as in the following diag ram: SIGNIFIER| SIGNIFIED| CONNOTATION| SIGNIFIER| SIGNIFIER| DENOTATION| A well-known example is the red rose. At the denotative level it is simply a flower with leaves and thorns. In order to become a sign of love, the denotative meaning of the flower must become in its turn a signifier. The sign then forms the basis for a connotative, second meaning: love. Why? Because it is agreed upon in our culture that the rose, especially the red rose, symbolises love. An Amnesty International poster adds a third meaning to this well-known symbol by surrounding the thorns with barbed wire and placing the words ‘violence ceases where love begins’ halfway up the stem. The flower thus becomes a symbol of love and non-violence, while the thorns stand for violence. (Please read the table from the bottom up). SIGNIFIER: red rose as love| SIGNIFIED: thorns with barbed wire love| SECOND CONNOTATION: love is the reverse of violence| SIGNIFIER: red rose| SIGNIFIER: red rose| FIRSTCONNOTATION: My love for you| SIGNIFIER:rose| SIGNIFIER: Flower with thorns and lea ves| DENOTATION: Flower of the species Rosa| The multimedia image is an extremely complicated sign and can convey meaning in many ways. A still image, such as a fashion or advertising photograph, has the following signifiers: * perspective (camera position: angle, distance) * framing * photographic aspects such as exposure, rough grain, colour or black and white * composition or ‘mise-en-scene’ of what is depicted: setting, costume, make-up, attitude and actions of the model, etc. * text: caption or legend A moving image, such as film, television commercials, video clip or fashion show, has, all of the above aspects, plus even more signifiers: * movement of the models or actors; choreography * camera movement (pan, tilt, dolly, tracking) * editing * sound (dialogue, added sounds like creaking door) * music Any analysis requires us to briefly check all these elements, since they influence the meaning. Only then can you determine the denotation and the connotations. A close- up has a different effect than a long shot. Camera movements direct the viewer’s gaze. Quick editing evokes tension. Music creates atmosphere, as does lighting. This type of formal analysis soon reveals that the image is never simply a copy or a reflection of reality, even though what the camera records is real. Yet so many technological and aesthetic choices enter into the registration that reality is always moulded and constructed. The aim of analysis is to make this construction transparent. Digital images A formal analysis can be deepened even further by using the semiotics of C.S. Peirce, an American who developed his theories at the same time in the early twentieth century as De Saussure in Switzerland, without their being aware of each other. Peirce’s semiotics is used more often for analysing images because he focuses less on text than De Saussure does. Peirce argues that there are three sorts of relationships between the signifier and the signified: iconic, indexical and symbolic. An iconic relationship means that there is a similarity or resemblance between the signifier and the signified. An example of an iconic relationship is the portrait: the image (the signifier) resembles that which is portrayed (the signified). An indexical relationship presumes an actual connection between signifier and signified. A classic example is smoke as the signifier of fire, or the footprint in the sand as the signifier of the presence of a man on an ‘uninhabited’ island. The symbolic relationship corresponds to what De Saussure calls the arbitrary relation between signifier and signified: the red rose is a convention, based on an agreement. Yet this remains a moot point, because the rose has an iconic relation to the female sex organ. It is this resemblance that has probably led to the rose becoming a symbol for love. All three relationships apply to the mechanically reproducible image, like the photograph or film. An image is always iconic since that which is depicted shows a resemblance to the signifiers: every photograph is a portrait of a person or an object. Something that is photographed or filmed is also always indexical: there is a facturelationship, since the camera records reality-with the camera you prove that you’ve been somewhere (‘I was here’; the visual proof that tourists bring home as their trophy). Finally, the image, like language, has symbolic meanings, which are created through an interplay of the many audiovi sual signifiers mentioned above. Digital technology has put the indexi- cal relation under strain, because we can no longer know with certainty whether an image is analogue, and thus standing in a factual relation to reality, or digital, made in the computer without an existential relation to reality. Digital images thus create confusion. In semiotic terms: they maintain the iconic relation, for they look just like photographs and display a similarity between signifier and signified. But digital images are no longer indexical. This is what happens in Diesel’s ‘Save Yourself’ photo series. We see tiny models who look like people (iconic relation), but all the same seem unreal. Their skin is too smooth, the postures too rigid, the eyes too glassy. We suspect soon enough that the image has been digitally manipulated, which disturbs the indexical relation – these are not actual shots of real people. The tension between the iconic and the indexical relationship draws attention to the tension between real and unreal. And this creates a symbolic meaning. Together with the text, the photographs comment ironically on our culture’s obsession with remaining foreveryoung. Sometimes the digital manipulation is immediately clear, as in this picture of Kate Moss as a cyborg: a cybernetic organism. Because this is clearly an impossible image of a half human / half machine figure, we don’t get confused about the indexical status of the photograph. Its  symbolic meaning is immediately apparent, which here too represents a comment on the artificial ideal of beauty. It is typical of digital photography to create images of people that are like cyborgs, since many art and fashion photographs in today’s visual culture explore the fluid borders between man, machine and mannequin. Looking and being looked at I: the voyeuristic gaze Fashion is deeply involved with eroticism and sexuality. To analyse this we can turn to psychoanalysis, which determines how we shape our desires. The most classic model for desire is the Oedipus complex, which regulates how the child focuses its love of the parent onto the other sex and projects feelings of rivalry onto the parent of the same sex. This is more complicated for girls because they at first experience love for the mother and later have to convert this into love for the father, while the boy can continue his love for the mother without interruption. The Oedipus complex is particularly applicable in stories, in both literature and film, but in the fashion world it actually plays no crucial role, and so I won’t be going into it any further here. More relevant to fashion is the eroticism of looking. According to Freud, any desire or sexuality begins with looking, or what he calls scopophilia (literally the love of looking). The desiring gaze often leads to touch and ultimately to sexual activities. Although it has a rather dirty sound to it, scopophilia is a quite ordinary part of the sexual drive. Film theorists were quick to claim that the medium of cinema is in fact based on scopophilia: in the darkness of the movie theatre we are voyeurs permitted to look at the screen for as long as we like. There is always something erotic in watching films, in contrast to television which does not offer the same voyeuristic conditions since the light is on in the living room, the screen is much smaller and there are all sorts of distr actions. Laura Mulvey (1975) was the first theorist to draw attention to the vital role of gender in visual pleasure. The active and passive side of scopophilia (voyeurism and exhibitionism respectively) are relegated to strict roles of men and women. As John Berger, in his famous book Ways of Seeing, had already argued, ‘men act and women appear’, or rather, men look and women are looked at. According to Mulvey, this works as follows in classical cinema. The male character is watching a woman, with the camera  filming what the man sees (a so- called ‘point of view shot’). The spectator in the movie theatre thus looks at the woman through the eyes of the male character. The female body is moreover ‘cut up’ into fragments by framing and editing: a piece of leg, a breast, the buttocks or the face. The female body is thus depicted in a fragmented way. We can therefore say that there’s a threefold gaze that collapses into each other: the male charac ter, the camera and the spectator. Mulvey argues that the film spectator always adopts a structurally male position. It is important to realise that the filmic means, such as camera operation, framing, editing and often music as well, objectify the woman’s body into a spectacle. In Mulvey’s words, the woman is signified as ‘to-be-looked-at-ness’. At the same time the filmic means privilege the male character so that he can actively look, speak and act. Mulvey takes her analysis even further with the help of psychoanalysis. The voyeuristic gaze upon the female body arouses desire and therefore creates tension for both the male character and the spectator. Moreover, the woman’s body is disturbing because of its intrinsic difference from the male body. Freud would say the female body is ‘castrated’, but we can put it somewhat more neutrally: the female body is ‘different’. In a society dominated by men, women are the sign of sexual difference. In most cultures, it is (still?) the case that the woman-as-other, namely as other than man, endows sexual difference with meaning. Otherness, strangeness, difference always instils fear. The otherness of women incites fear in men at an unconscious level and this fear needs to be exorcised through culture, in film or art. According to Mulvey, this happens in cinematic stories in two ways. Firstly, through sadism where the female body is controlled and inserted into the social order. Sadism mainly accompanies a story and acquires form in the narrative structure. The erotic gaze frequently results in violence or rape. Nor is it accidental that in the classic Hollywood film the femme fatale is killed off at the end of the movie. No happy end for any woman who is sexually active. Only in the nineties is she allowed to live on at the end, like Catherine Trammell in ‘Basic Instinct’, or in television series like ‘Sex and the City’. The second way of exorcising the fear evoked by the female body is through fetishism. In that case the female star is turned into an image of perfect  beauty that diverts attention from her difference, her otherness. The camera fetishises the woman’s body by lingering endlessly on the spectacle of female beauty. At such moments the film narrativ e comes momentarily to a hold. Although Mulvey’s analysis dates from the seventies, her insights are still of considerable relevance for fashion today. The spectacle of fashion shows is almost totally constructed around looking at fetishised female bodies. Models have taken the place of film stars as the fetishised image of perfected femininity. Many fashion reportages make use in one way or another of the sexu- alised play of looking and being looked at. However, some things have changed since the time of Mulvey’s analysis. Feminist criticism has indeed counteracted women’s passivity in recent decades, and now we often see a more active and playful role for the female model. Not only is the woman less passive, but both fashion and other popular visual genres such as video clips have turned the male body into the object of the voyeuristic gaze. Now the male body too is being fragmented, objectified and eroticised. This is happening not only in fashion reportages but also on the catwalk. It may be interesting for students of fashion to take a closer look at how the male body is visualised, how passive or active the male model is, and how the gaze is supported by filmic or other means. Ethnicity also plays a role in the game of looking and being looked at. Stuart Hall (1997) and Jan Nederveen Pieterse (1992) have produced an extensive historical analysis of the way that coloured and black people are depicted in Western culture. Stereotypes are abundant, as in the image of the exotic black woman as Venus or the black man as sexually threatening. There are still very few black models in the fashion world. Again, it may be useful for students of fashion to analyse how ethnicity is visualised because of this long history of stereotyping. Does exoticising the model, for example, emphasise ethnicity? Or does it involve an actual denial of ethnic difference? This happens for example in fashion photos of Naomi Campbell with straight golden hair, or wearing blue contact lenses. Here, the black model has to conform to the white norm of ideal beauty. Looking and being looked at II: the narcissistic gaze So far I have been talking about looking at the other, but psychoanalysis also has something to say about looking at yourself. As a baby you are hardly conscious of yourself, because that self, or in psychoanalytical terminology the ego, still has to be constructed. A primary  moment in ego formation is what Jacques Lacan has called the mirror phase. A second important moment is the aforementioned Oedipus complex in which language plays a major role. The mirror phase, however, precedes language and takes place in the Imaginary, the realm of images. When you’re between six and eighteen months, and so still a baby, you’re usually held in your mother’s arms in front of the mirror. In identifying with its mirror image, the child learns to recognise itself in the mirror and to distinguish itself from the mother. This identification is important for the construction of the child’s own identity. For Lacan, it is crucial that this identification is based on the mirror image. He argues that the mirror image is always an idealisation, because the child projects an ideal image of itself. In the mirror the child sees itself as a unity, while it still experiences its own body as a formless mass with no control over its limbs. Th e recognition of the self in the mirror image is in fact a ‘misrecognition’. The child is actually identifying with the image of itself as other, namely as a more ideal self that he or she hopes to become in the future. Just check how you look at yourself in the mirror at home: in fact you always look at yourself through the eyes of the other. According to Lacan, this is in a certain sense man’s tragedy: we build our identity on an ideal image that we can never live up to. In his eyes, then, we are always doomed to failure at an existential level. We can take the mirror very literally (it is striking how often mirrors feature in films, videoclips, advertisements and fashion photos), but we can also interpret the process more metaphorically. For instance, the child sees an ideal image of itself reflected in the eyes of its adoring parents who put him or her on a pedestal: for your parents you’re always the most beautiful child in the world. And rightly so. When we’re older we see that ideal image reflected in the eyes of our beloved. We need that ideal image in order to be able to form and sustain our ego. It’s a healthy narcissistic gaze that is necessary for our identity. That ego is never ‘finished’, however; it has to be nurtured and shaped time and time again. And this is helped by internalising ideal images. The analysis of the mirror phase has been applied to many phenomena within visual culture. The film hero or heroine functions as the ideal image with which we identify ourselves. In the fashion world it’s the models. In fact you could designate visual culture as a whole in this way: pop stars, models and actors all  offer us opportunities for identifying with ideal images. Fan culture is largely based on this narcissistic identification. There’s another side to it, of course. In a culture in which youth, fitness and beauty are becoming more and more important, the ideal image becomes ever more unattainable. Many people are no longer able to recognise themselves in that prescribed ideal image and are extremely dissatisfied with their appearance. That then leads to frustration and drastic measures like plastic surgery, or to ailments like anorexia and bulimia. In that case the narcissistic gaze in the mirror falls short of expectations. Looking and being looked at III: the panoptical gaze So far we have mainly been concerned with analysing the desiring gaze: the voyeuristic look at the other (the desire to ‘possess’ the other) and the narcissistic look at oneself (the desire to ‘be’ the other). It is also possible to make a more sociological analysis of the play of looks in society. This brings us to the historian Michel Foucault, who has made a thorough analysis of how power works. Instead of seeing power as something that the one has and the other lacks, he argues that in modern culture power circulates in a continual play of negotiation, conflict and confrontation, resistance and contradictions. Changes regarding power are reflected in language. Whereas you were a victim in earlier days, now you’re an expert of experience. In this way you give yourself a certain power, namely the power of experience, even if that experience is unpleasant. One way of shaping power in our modern culture is by means of surveillance, or what Foucault calls the ‘panoptical’ gaze. He derived this from the architecture of eighteenth-century prisons which had a central tower in a circular building with cells. A central authority, out of sight within the tower, could observe every prisoner in every cell. The prisoners were also unable to see each other. The panoptical gaze means that a large group of people can be put under constant guard and scrutiny, while they cannot look back. In this way, says Foucault, they are disciplined to behave properly. Today the role of surveillance and monitoring has been taken over by cameras. Everyone knows there are security cameras ‘guarding our and your property’ in the street, in stations and supermarkets, in buses and trams and in museums. The knowledge that we are constantly and everywhere being watched by an  anonymous technology perhaps gives us a feeling of security (or the illusion of security). What is more important is that the panoptical gaze disciplines us to be orderly citizens. A large degree of discipline emanates from constant observation. Just as with Lacan’s mirror phase, we can interpret the panoptical gaze more metaphorically. It is not only security cameras that are creating a panopticum, but also the ubiquitousness of media such as television and the Inte rnet. Crime watch programmes show us images from surveillance videos in order to catch ‘villains’, while reality programmes reveal how our fellow citizens commit traffic offences. Satellites orbiting in space keep a permanent eye on us. Mobile telephones are normally equipped with GPS (Global Positioning System) and always know where we are to be found. When I was on holiday in Italy, my mobile phone sent me messages like ‘you are now in Pisa, where you can visit the Leaning Tower’ or ‘you are now in Piazza Signoria in Florence; did you know that Michelangelo’s David†¦Ã¢â‚¬â„¢ and so on. For a moment I was that little girl again who knows that God is always watching over her. But divine omnipresence has now been replaced by an anonymous, panoptical gaze. Our surfing behaviour on the Internet and our purchasing behaviour in the supermarket are registered in the same way. We can bring these three ways of seeing together. With the voyeuristic gaze we discipline the other; we all know that secret look which we use to approve or disapprove of someone at a glance. With the narcissistic gaze we discipline ourselves, through the wish to fulfil an ideal image. By internalising the panoptical gaze we discipline our social behaviour, as well as our bodies. Fashion plays an important role in this complicated play of gazes. You only have to wander around any school playground or look around you in the street to realise how fashion determines whether someone belongs or not, what the ideal images are, and how groups keep an eye on each other, disciplining each other as to ‘correct’ clothing. Through clothing I can make myself sexually attractive for the voyeuristic gaze of the other. Or I can subject the other to my voyeuristic gaze if I find their body and clothes attractive. I can use clothing to construct my own identity and emanate a particular ideal image. But fashion is more than just clothing. Fashion also dictates a specific ideal of beauty. That beauty myth determines how we discipline our bodies, for example by subjecting them to diets, fitness, beauty treatments such as waxing, depilation, bleaching and  even to plastic surgery. In short, fashion ultimately affects the body too. We see an example of that in the di gital photo series ‘Electrum corpus’ by Christophe Luxerau, which shows us how fashion is literally engraved on the skin: the logo has become our skin. Bibliography On postmodernism: Baudrillard,Jean.5/w «/ai/ow5. New York: Semiotext(e), 1983. Braembussche, A.A. van den. Denken over kunst:Een inleiding in dekunstfilosofie. 3rd, revised ed. Bussum: Coutinho, 2000. Docherty, Thomas, ed .Postmodernism: A reader. New York: Columbia University Press, 1993. Jameson, Fredric. Postmodernism, or the cultural logic of late capitalism. London: Verso, 1991 Lyotard, Jacques. The postmodern condition. Manchester: Manchester University Press, 1984. Sim, Stuart, ed. The icon critical dictionary of postmodern thought. Cambridge: Icon Books, 1998. Smelik, Anneke. ‘Carrousel der seksen; gender benders in videoclips’, in Een beeid van een vrouw. De visualisering van het vrouwelijke in een postmoderne cultuur, edited by R. Braidotti, 19-49. Kà ¤mpen: Kok Agora, 1993. English version can be downloaded fromwww.annekesmelik.nl (>publications > articles). Woods, Tim. Beginning postmodernism. Manchester: Manchester University Press, 1999. On culture and cultural studies: Baetens, Jan and Ginette Verstraete, eds. Cultural studies:Een inleiding. Nijmegen: Vantilt, 2002. Cavallaro, Dani. Critical & cultural theory. London: Athlone Press, 2001. During, Simon, ed. The cultural studies reader. London: Routledge, 1993. Grossberg, Lawrence, Cary Nelson, Paula Treichler, eds. Cultural studies. Routledge: New York, 1992. Smelik, Anneke. ‘Met de ogen wijd dicht. De visuele wending in de cultuurwetenschap’, in Cultuurwetenschappen in Nederland en Belgie. Een staalkaart voor de toekomst, edited by Sophie Levie and Edwin van Meerkerk. Nijmegen: Vantilt, 2005. Storey, John, ed. What is cultural studies? A reader. London: Arnold, 1996. Williams, Raymond. Culture and society: 1780-1950. Harmondsworth: Penguin, 1958. On visual culture: Benjamin, Walter. ‘The work of art in the age of mechanical reproduction’, reprinted in Illuminations, 217-251. New York: Schocken Books, 1968 (1935). Berger, John. Ways of seeing. Harmondsworth: Penguin, 1972. Foucault, Michel. ‘Panopticism’, in Discipline & punish: The birth of the prison. New York: Vintage Books, 1979 (1975). Hall, Stuart. Representation. London, Sage, 1997. Mirzoeff, Nicholas. The visual culture reader. London: Routledge, 1999. Mitchell, William. Picture theory: Essays on verbal and visual representation. Chicago: University of Chicago Press, 1994. Mitchell, William. The reconfigured eye: Visual truth in the post photographic era. Cambridge: MIT Press, 2001 (1992). Peters, Jan Marie. Het beeid: Bouwstenen voor een algemene iconologie. Antwerpen: Hadewijch, 1996. Smelik, Anneke, with R. Buikema and M. Meijer. Effectief beeldvormen: Theorie, praktijk en analyse van beeldvormingsprocessen. Assen: van Gorcum, 1999. (out of print: the book can be downloaded from www.annekesmelik.nl (> publications > books) Smelik, Anneke. ‘Zwemmen in het asfalt. Het behagen in de visuele cultuur’, Tijdschrift voor communicatiewetenschap 32, no. 3 (2004): 292-304. The essay can be downloaded from www.annekesmelik.nl (> publications > books > oratie) Sturken, Marita and Lisa Cartwright. Practices of looking: An introduction to visual culture. Oxford: Oxford University Press, 2001. On visual culture and gender: Carson, Diane, Linda Dittmar, and Janice R. Welsch, eds. Multiple voices in feministfilm criticism. London and Minneapolis: University of Minnesota Press, 1994- Carson, Fiona and Claire Pajaczkowska.Fem/m’si visual culture. London: Routledge, 2001. Easthope, Anthony. What a man’s gotta do: The masculine myth in popular culture. London: Paladin, 1986. Mulvey, Laura. ‘Visual pleasure and narrative cinema’, in Visual and other pleasures, 14-26. London: Macmillan, 1989(1975). Neale, Steve. ‘Masculinity as spectacle’, Screen 24, no. 6 (1983): 2-16. Simpson, Mark. Male impersonators: Men performing masculinity. London: Cassell, 1993. Smelik, Anneke. And the mirror cracked:Feminist cinema and film theory. London: Palgrave: 1998 Smelik, Anneke. ‘Feminist  film theory’, in The cinema book, 2nd ed., edited by Pam Cook and Mieke Bernink, 353-365. London: British Film Institute Publishing, 1999. The essay can be downloaded from www.annekesmelik.nl (> publications > articles) On visual culture and ethnicity: Dyer, Richard. White. London: Routledge, 1997. Gaines, Jane. ‘White privilege and looking relations: race and gender in feminist film theory’, Screen 29, no. 4 (1988): 12-27 hooks, bell. Black looks: Race and representation. Boston: South End Press, 1992. Nederveen Pieterse,Jan. White on black: Images of blacks and Africa in Western popular culture. New Haven: Yale University Press, 1992. Ross, Karen. Black and white media: Black images in popular film and television. Cambridge: Polity Press, 1996. Shohat, Ella and Robert Stam. UnthinkingEurocentrism: Multiculturalism and the media. London: Routledge, 1994. Williams, P. and L. Chrisman, eds. Colonial discourse and post colonial theory. New York: Columbia University Press, 1994. Young, Lola. Fear of the dark. ’Race’, gender and sexuality in the cinema. London: Routledge, 1996. On new media: Bolter, Jay and Robert Grusin. Remediation: Understanding new media. Cambridge: MIT Press, 1999. Castells, Manuel. The rise of the network society. Oxford: Blackwell, 1996. Cartwright, Lisa. ‘Film and the digital in visual studies. Film studies in the era of convergence’, Journal of visual culture 1, no. 1 (2002): 7-23. Manovich, Lev. The language of new media. Cambridge: MIT Press, 2001. Mul, Jos de. Cyberspace odyssee. Kampen: Klement, 2002. Rodowick, David. Reading the figurai, or, philosophy after the new media. Durham: Duke University Press, 2001. Simons, Jan. Interface en cyberspace: Inleiding in de nieuwe media. Amsterdam: Amsterdam University Press, 2002. On identity: Freud, Sigmund. Three essays on the theory of sexuality. New York: Basic Books, 1962 (1905). Freud, Sigmund. ‘Female sexuality’, in Sexuality and the psychology of love. New York: Macmillan, 1963 (1931). Lacan, Jacques. ‘The mirror stage as formative of the function of the I as revealed in psychoanalytic experience’, in Écrits. A selection, 1-7. New York: Norton, 1977 (1949)- Barthes, Roland. Le systà ¨me de la mode. Paris: Seuil, 1967 R. Barthes & M. Ward, Thefashion system. Berkeley [etc.] (University of California Press) 1990 Bruzzi, Stella and Pamela Church Gibson. Fashion cultures: Theories, explanations, and analysis. London: Routledge, 2000. Klein, Naomi. No logo. London: Flamingo, 2001.

Theme of Evil in Macbeth

English – Macbeth – Evil – Homework Essay – â€Å"In Macbeth, Shakespeare presents us with a powerful vision on evil†. Write your response to the above statement. Textual support may include reference to a particular performance of the play you have seen. I believe the theme of this play to be the vision on evil. It is a very powerful theme; it makes the play both interesting and memorable. There is an evil presence throughout the play; this is evident from the very first scene where we encounter the three witches. Fundamentally, there are two types of evil visible in Shakespeare’s play of Macbeth. The evil which we see, the violent acts, the violent imagery, then there is a sense of evil within the characters themselves, and the three witches, as they are considered evil beings. All of these elements combine to establish an overall atmosphere of evil. Evil characters like Lady Macbeth I think the strongest vision of evil in this play is demonstrated by the witches. The witches themselves are a symbol of evil, never mind their actual doings. They are supernatural and automatically feared. They like to play cruel tricks, mislead people. Their cruel actions always cause a cruel and bleak outcome for their victim. We see examples of this in the very first scene, when they discuss how they tortured a sailor by depriving him of sleep and tossing his ship into a tempestuous storm. They enjoy barbaric acts like severing a man’s thumb and keeping it as a trophy. In my opinion it’s very meaningful that the witches are the first people we met, the set the tone of the play. The significance of this is huge; it shows the prevalence of the theme of evil. Early on, we realise that the witches have a great deal of power over events and propensity to convince a malleable mind. Their goal is not to help Macbeth gain all the glory and power which it is his ambition to achieve but to convince him that this is their aim but rather lead him to his death! They receive satisfaction in the false sense of security and hope their prophecies have given Macbeth. I think the witches have set their sights on misleading Macbeth the whole way until his death, they pray on his sense of ambition and use this to start the fire which engulfs all and ends with Macbeth’s death. Lady Macbeth has another important role in this play, to expand on the theme of evil and carry it further through the play. I think she, like the witches enjoys in the pursuit of evil just for the sake of it. She taunts and blackmails her husband into committing unthinkable crimes for the sake of it. Lady Macbeth is an appalling woman, from the moment we met her we see her just ready to empty her wickedness upon any poor sucker that comes along, unlucky for Macbeth he happens to be her victim. She is a like a spider she catches him in her web and wraps him up and engrosses him in all her evil. Her true essence comes into play when she calls upon the evil spirits to take away her femininity, to take away her weaknesses and pity, â€Å"come, you spirits, that tend on mortal thoughts, unsex me here and fill me from the crown to the toe top-full of direst cruelty†. When Macbeth refuses to be part of the act, he decides to not kill Duncan, this infuriates Lady Macbeth. She begins to try and guilt Macbeth into committing the crime. She uses violent bloody imagery to guilt him into doing it. She is very manipulative; this shows us how ruthless Lady Macbeth is. Macbeth ends up changing his mind. While the three witches and Lady Macbeth are seen as the main forms of evil in the play, we must not overlook Macbeth himself. We cannot tell if he is truly an evil human being or if he just carries out evil acts. After all, he is the one who carries out Duncan’s brutal murder. He is the one who ordered for the killing of Banquo and Fleance (who escapes). He is the one who employs three murders to kill Macduffs wife and kids. Is this because he is evil? Or is it because of the push Lady Macbeth gave him which led him to spiral out of control and with the confidence he received from the witches. The brutal slaughter of Duncan was his first step into the bloodbath from which he finds impossible to return from. The violent bloody imagery used throughout the play also portrays a sense of evil. The evil in the play is presented very well through pathetic fallacy. In most occasions in the play, when a murder was committed or when we came upon the witches, the weather would reflect the actions or the tension in the play. Also, how the animals reacted after Duncan’s death, they all went wild and ate each other. I think this draws a very good image, and links everything in with the particular act. These unnatural acts mirror the evil in reality. In my opinion this overall intensifies the play and makes you become engrossed in the play. Overall, Shakespeare’s Macbeth, is full of images of evil, cruelty, suffering and death. It is images like the amputated thumb, the horses eating each other of the brutality of the murders. There are also many references to the devil, hell and violence. The characters, their actions and moods all combine to make a very powerful vision of evil within the play. While we see that evil does not go unpunished, the final victory does not look like much compared to the amount of evil which has been seen through this play, the amount of lives lost and how it has affected the people left behind, even though law and order is finally restored. It is prevalent that the main theme in this play is the theme of evil.

Role and Functions of Stock Exchange in India

A PRESENTATION REPORT ON ROLE AND FUNCTIONS OF STOCK EXCHANGE INTRODUCTION A  stock exchange  is a form of  exchange  which provides services for  stock brokers  and  traders  to trade  stocks,  bonds, and other  securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and  dividends. Securities traded on a stock exchange include  shares  issued by companies,  unit trusts,  derivatives, pooled investment products and  bonds.To be able to trade a security on a certain stock exchange, it must be listed there. Usually, there is a central location at least for record keeping, but trade is increasingly less linked to such a physical place, as modern markets are  electronic networks, which gives them advantages of increased speed and reduced cost of transactions. Trade on an exchange is by members only. The initial offering of stocks and bonds to  investors  is by definition done in the  primary market  and subsequent trading is done in the  secondary market.A stock exchange is often the most important component of a  stock market. Supply and demand in stock markets are driven by various factors that, as in all  free markets, affect the price of stocks (see  stock valuation). There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be  off exchange  or  over-the-counter. This is the usual way that  derivatives  and  bonds  are traded. Increasingly, stock exchanges are part of a global market for securitiesSTOCK EXCHANGE DEFINITION According to Husband and Dockerary â€Å"Stock exchanges are privately organized markets which are used to facilitate trading in securities. * According to securities contract ( regulation ) act of 1956 â€Å"An association, organization or body of individuals, whether incorporated or not, established for the purpose of assisting, regulating and controlling business in buying, selling and dealing in securities. † Features of Stock Exchange 1. Market for securities  : Stock exchange is a market, where securities of corporate bodies, government and semi-government bodies are bought and sold. . Deals in second hand securities  : It deals with shares, debentures bonds and such securities already issued by the companies. In short it deals with existing or second hand securities and hence it is called secondary market. 3. Regulates trade in securities  : Stock exchange does not buy or sell any securities on its own account. It merely provides the necessary infrastructure and facilities for trade in securities to its members and brokers who trade in securities. It regulates the trade activities so as to ensure free and fair trade 4.Allows dealings only in listed securities  : In fact, stock exchanges maintain an official list of se curities that could be purchased and sold on its floor. Securities which do not figure in the official list of stock exchange are called unlisted securities. Such unlisted securities cannot be traded in the stock exchange. 5. Transactions effected only through members  : All the transactions in securities at the stock exchange are effected only through its authorised brokers and members. Outsiders or direct investors are not allowed to enter in the trading circles of the stock exchange.Investors have to buy or sell the securities at the stock exchange through the authorised brokers only. 6. Association of persons  : A stock exchange is an association of persons or body of individuals which may be registered or unregistered. 7. Recognition from Central Government  : Stock exchange is an organised market. It requires recognition from the Central Government. 8. Working as per rules  : Buying and selling transactions in securities at the stock exchange are governed by the rules and regulations of stock exchange as well as  SEBI Guidelines.No deviation from the rules and guidelines is allowed in any case. 9. Specific location  : Stock exchange is a particular market place where authorised brokers come together daily (i. e. on working days) on the floor of market called trading circles and conduct trading activities. The prices of different securities traded are shown on electronic boards. After the working hours market is closed. All the working of stock exchanges is conducted and controlled through computers and electronic system. 10. Financial Barometers  : Stock exchanges are the financial barometers and evelopment indicators of national economy of the country. Industrial growth and stability is reflected in the index of stock exchange. EXISTING STRUTURE OF STOCK EXCHANGE IN INDIA STOCK EXCHANGE OTHERS NSE BSE BOMBAY STOCK EXCHANGE The Bombay Stock Exchange is the oldest exchange in Asia. It traces its history to the 1850s, when four Gujarati and o ne Parsi stockbroker would gather under banyan trees in front of Mumbai's Town Hall. The location of these meetings changed many times, as the number of brokers constantly increased.The group eventually moved to Dalal Street in 1874 and in 1875 became an official organization known as ‘The Native Share & Stock Brokers Association'. In 1956, the BSE became the first stock exchange to be recognized by the  Indian Government  under the Securities Contracts Regulation Act. The Bombay Stock Exchange developed the  BSE SENSEX  in 1986, giving the BSE a means to measure overall performance of the exchange. In 2000 the BSE used this index to open its derivatives market, trading SENSEX futures contracts.The development of SENSEX options along with equity derivatives followed in 2001 and 2002, expanding the BSE's trading platform. Historically an open outcry floor trading exchange, the Bombay Stock Exchange switched to an electronic trading system in 1995. It took the exchan ge only fifty days to make this transition. This automated, screen-based trading platform called BSE On-line trading (BOLT) currently has a capacity of 8 million orders per day. The BSE has also introduced the world's first centralized exchange-based internet trading system, BSEWEBx. o. in to enable investors anywhere in the world to trade on the BSE platform. The BSE is currently housed in  Phiroze Jeejeebhoy Towers  at  Dalal Street,  Fort area. NATIONAL STOCK EXCHANGE The  National Stock Exchange  (NSE) is  stock exchange  located at  Mumbai,  India. It is in the top 20 largest stock exchanges  in the world by  market capitalization  and largest in India by daily turnover and number of trades, for both equities and derivative trading. NSE has a market capitalization of around  US$1  trillion  and over 1,652 listings as of July 2012.Though a number of other exchanges exist, NSE and the  Bombay Stock Exchange  are the two most significant stock e xchanges in India, and between them are responsible for the vast majority of share transactions. The NSE's key index is the  S&P CNX Nifty, known as the NSE  NIFTY  (National Stock Exchange Fifty), an index of fifty major stocks weighted by market capitalization. NSE is mutually owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India but its ownership and management operate as separate entities.There are at least 2 foreign investors  NYSE Euro next  and  Goldman Sachs  who have taken a stake in the NSE. As of 2006, the NSE  VSAT  terminals, 2799 in total, cover more than 1500 cities across India. In 2011, NSE was the third largest stock exchange in the world in terms of the number of contracts (1221 million) traded in equity derivatives. It is the second fastest growing  stock exchange  in the world with a recorded growth of 16. 6%. ROLE OF STOCK EXCHANGE * Effective Mobilisation Of Savings St ock exchanges provide organised market for an individual as well as institutional investors.They regulate the trading transactions with proper rules and regulations in order to ensure investor's protection. This helps to consolidate the confidence of investors and small savers. Thus, stock exchanges attract small savings especially of large number of investors in the capital market. * Promoting Capital formation The funds mobilised through capital market are provided to the industries engaged in the production of various goods and services useful for the society. This leads to capital formation and development of national assets. The savings mobilised are channelised into appropriate avenues of investment. Wider Avenues of investment Stock exchanges provide a wider avenue for the investment to the people and organisations with investible surplus. Companies from diverse industries like Information Technology, Steel, Chemicals, Fuels and Petroleum, Cement, Fertilizers, etc. offer vari ous kinds of equity and debt securities to the investors. Online trading facility has brought the stock exchange at the doorsteps of investors through computer network. Diverse type of securities is made available in the stock exchanges to suit the varying objectives and notions of different classes of investor.Necessary information from stock exchanges available from different sources guides the investors in the effective management of their investment portfolios. * Liquidity of investment Stock exchanges provide liquidity of investment to the investors. Investors can sell out any of their investments in securities at any time during trading days and trading hours on stock exchanges. Thus, stock exchanges provide liquidity of investment. The on-line trading and online settlement of demat securities facilitates the investors to sellout their investments and realise the proceeds within a day or two.Even investors can switch over their investment from one security to another according to the changing scenario of capital market. * Investment priorities Stock exchanges facilitate the investors to decide his investment priorities by providing him the basket of different kinds of securities of different industries and companies. He can sell stock of one company and buy a stock of another company through stock exchange whenever he wants. He can manage his investment portfolio to maximise his wealth. * Investment safetyStock exchanges through their by-laws, Securities and Exchange Board of India (SEBI) guidelines, transparent procedures try to provide safety to the investment in industrial securities. Government has established the National Stock Exchange (NSE) and Over The Counter Exchange of India (OTCEI) for investors' safety. Exchange authorities try to curb speculative practices and minimise the risk for common investor to preserve his confidence. * Financial resources for public and private sectors Stock Exchanges make available the financial resources available to the industries in public and private sector through various kinds of securities.Due to the assurance of liquidity, marketing support, investment safety assured through stock exchanges, the public issues of securities by these industries receive strong public response (resulting in oversubscription of issue). * Funds for Development Purpose Stock exchanges enable the government to mobilise the funds for public utilities and public undertakings which take up the developmental activities like power projects, shipping, railways, telecommunication, dams & roads constructions, etc.Stock exchanges provide liquidity, marketability, price continuity and constant evaluation of government securities. * Indicator of Industrial Development Stock exchanges are the symbolic indicators of industrial development of a nation. Productivity, efficiency, economic-status, prospects of each industry and every unit in an industry is reflected through the price fluctuation of industrial securities o n stock exchanges. Stock exchange sensex and price fluctuations of securities of various companies tell the entire story of changes in industrial sector. Barometer of National Economy Stock exchange is taken as a Barometer of the economy of a country. Each economy is economically symbolized (indicators) by its most significant stock exchange. New York Stock Exchange, London Stock Exchange, Tokyo Stock Exchange and Bombay Stock Exchange are considered as barometers of U. S. A, United Kingdom, Japan and India respectively. At both national and international level these stock exchanges represent the progress and conditions of their economies. Functions FUNCTIONS OF STOCKEXCHANGE * Continuous and ready market for securitiesStock exchange provides a ready and continuous market for purchase and sale of securities. It provides ready outlet for buying and selling of securities. Stock exchange also acts as an outlet/counter for the sale of listed securities . * Facilitates evaluation of secu rities Stock exchange is useful for the evaluation of industrial securities. This enables investors to know the true worth of their holdings at any time. Comparison of companies in the same industry is possible through stock exchange quotations (i. e price list). * Encourages capital formationStock exchange accelerates the process of capital formation. It creates the habit of saving, investing and risk taking among the investing class and converts their savings into profitable investment. It acts as an instrument of capital formation. In addition, it also acts as a channel for right (safe and profitable) investment. * Provides safety and security in dealings Stock exchange provides safety, security and equity (justice) in dealings as transactions are conducted as per well defined rules and regulations. The managing body of the exchange keeps control on the members.Fraudulent practices are also checked effectively. Due to various rules and regulations, stock exchange functions as the custodian of funds of genuine investors. * Regulates company management Listed companies have to comply with rules and regulations of concerned stock exchange and work under the vigilance (i. e supervision) of stock exchange authorities. * Facilitates public borrowing Stock exchange serves as a platform for marketing Government securities. It enables government to raise public debt easily and quickly. * Provides clearing house facilityStock exchange provides a clearing house facility to members. It settles the transactions among the members quickly and with ease. The members have to pay or receive only the net dues (balance amounts) because of the clearing house facility. * Facilitates healthy speculation Healthy speculation, keeps the exchange active. Normal speculation is not dangerous but provides more business to the exchange. However, excessive speculation is undesirable as it is dangerous to investors & the growth of corporate sector. * Serves as Economic BarometerStock e xchange indicates the state of health of companies and the national economy. It acts as a barometer of the economic situation / conditions. * Facilitates Bank Lending Banks easily know the prices of quoted securities. They offer loans to customers against corporate securities. This gives convenience to the owners of securities. List of Stock Exchanges In India  » Bombay Stock Exchange  » National Stock Exchange Regional Stock Exchanges  » Ahmedabad  » Bangalore  » Bhubaneshwar  » Calcutta  » Cochin  » Coimbatore  » Delhi  » Guwahati  » Hyderabad  » Jaipur  » Ludhiana  » Madhya Pradesh Madras  » Magadh  » Mangalore  » Meerut  » OTC Exchange Of India  » Pune  » Saurashtra  » Kutch  » UttarPradesh  »Vadodara CONCLUSION Stock exchange is indispensible for the smooth and orderly functioning of corporate sector in a free market economy. A stock exchange need not be treated as a place for speculation or a gambling den. It should act as a place for safe and profitable investable. , for this effective control on the working of stock exchange is necessary. This will avoid misuse of this platform for excessive speculation, scams and other undesirable and anti social activities.Thus, stock exchange serves the nation in several ways through its diversified economic services which include imparting liquidity to investments, providing marketability, enabling evaluation and ensuring price continuity of securities. Thus we can say that Stock exchange is the mirror of economy REFERENCES * Financial Management – I. M Pandey * Financial Management – Prasanna Chandra * Business studies – B. S Raman * Business studies – P. K Lasar * http://moneycontrol. com * http://investopedia. com * http://wikipedia. com * http://kalyan-city. blogspot. in

Learning experience of international students Essay - 1

Learning experience of international students - Essay Example In a survey conducted in 2010, 8 out of every ten international students were satisfied with the experience of studying in the UK (Ripmeester, & Pollock, 2011, p.4). The higher education administrators have successfully managed a wide range of international students’ expectations. One of the primary strategies adopted by the UK to favor international students in the country is the Prime Minister’s Initiative for International Education that was launched in 1999. (Ripmeester, & Pollock, 2011, p.6) The strategy aimed to increase the number of international students studying in the UK by checking on the quality of education for this group of students. The program has led to the establishment of different academic resources that the staff and students in institutions of higher education can rely upon. One of the academic strategies that favor international students in the UK is the inclusivity initiative. The initiative aims to provide a favorable learning environment for both the international students and other students. The institutions have also continuously engaged with the students by seeking to use their feedback in academic improvement. The international students in the country are represented in different student engagement activities that ensure that the existing academic policies accommodate the needs of foreigners in the country. Another strategic initiative by the UK higher education program is the guarantee that the information provided to the students in all academic levels is accessible, accurate, and clear across all the institutions. Clear explanation is also adopted in the delivery of courses where the use of technical terminology is unavoidable. The university and college staff in the UK has access to development and training opportunities that help them recognize, understand, and meet the needs of international students. The instructors are made to understand that they deal with a diverse global

THE RESOURCE MANAGEMENT ACT Assignment Example | Topics and Well Written Essays - 2500 words

THE RESOURCE MANAGEMENT ACT - Assignment Example The RMA advocates for the protection and development of the natural and physical resources in order to enable communities and individuals to provide for their social, cultural and economic wellbeing while safeguarding the life supporting capacity of the ecosystems and mitigating the potential adverse effects of their activities. According to Frieder (1997), the adoption of RMA was particularly significant in a number of reasons. For example, unlike the previous resource use regulations which were controlled by different agencies and sectors such as pollution, forestry and land use among others, the RMA act has provided an integrated framework for environmental and resource management. Another potential significance of the Resource Management Act is that it is the first statute in New Zealand to incorporate the principle of environmental sustainability and sustainable management as part of the regulatory framework. This is particularly based on the notion that sustainable management of our resources is critically important for the regulation of human activities on the environment. This paper critically discusses the use of New Zealand’s Resource Management Act as a tool for promoting sustainable management of the natural and physical resources of New Zealand. There are currently 12 regional councils in New Zealand. Generally, regional councils play some of the critical roles in the implementation of the Resource Management Act. During the assessment of the resource consents, regional councils often undertake a number of processes and considerations particularly the issuance of resource consents. The other roles of regional councils are preparation of regional plans and policy statements, carrying out enforcement actions and monitoring the actual state of the environment and the potential impact of their decisions under the

Research Paper of Philosophy Example | Topics and Well Written Essays - 2500 words

Of Philosophy - Research Paper Example These are called incompatibilists and are divided into two; metaphysical libertarianism and hard determinists. Metaphysical libertarianists claim that determinism does not exist and therefore free will is at least possible. On the other hand, hard determinists argue that determinist really exists and thus free will is not possible. There are also compatibilists who hold that determinism is inevitable for free will to exist because choice is guided by preferences. Where preferences are involved, one course of action is preferred over another and in this case some senses are involved on the way the choices will be made (Goodwin 11). In this case, compatibilists have considered the debate between libertarians and hard determinists over free will and determinism as a misguided and false dilemma (Richards 142). The views presented by compatibilists, that free will exist with determinism, is consistent with my own and in this paper I show their argument and the objections presented by incompatibilists. The first question to pose is; are we free? Is there such thing as free will or choice? Most scholars have deliberated on the issue of free will or choice and the big question has sought to answer the question as to whether we are really free (Jaworski, Chap 13). The fact that I choose to stand by compatibilists view that free will exists in this paper, and not the reverse position is already an indication that I am free to choose. Free will is that ability of an agent or agents to make choices without control of factors from within or from without. The factors that have been put on spot regarding control are many including physical, psychological, metaphysical, social, economic, and political among other possible constraints in making a free choice (Jaworski, Chap 13). In the analysis of Clark (1999: 280)Â  the principle of free choice is controlled by ethics, religion, science and law and the implications are viewed

Distribution and Retailing Essay Example | Topics and Well Written Essays - 2750 words

Distribution and Retailing - Essay Example Brief Overview of the Scenario The paper describes about the managerial issues faced by Katie Collins, the managing director of Fashion Wholesalers in relation to its distribution and retailing functions. Fashion Wholesalers is a clothing manufacturing company which principally targets women operating as the agents of UK with the networking comprising around 30 manufacturing Scandinavian and German clothing producers. It also supplies for approximately 120 small sized retailers. The products that are distributed through Fashion Wholesalers target primarily the housewives within the UK. The distribution activity of the company, i.e. Fashion Wholesalers, can be described on the following grounds. It has been observed that the buyers of Fashion Wholesalers, belonging to the age group of 30 to 60 years usually perform 4 trips for collecting the produced materials from the suppliers in the market. The process of ordering for the company is carried out in every season based on the scheduli ng of delivery of products by the buyers on a monthly basis. The produced products are then distributed to the warehouse located at Peterborough. The process of delivery in Fashion Wholesalers includes showrooms from where the buyers can directly make their purchases in person. Notably, the clothing products are manufactured all-round the year and the samples are distributed in all the seasons, along with the continuation of warehousing and dispatching activities. Contextually, it can be observed that the demands for the products are quite high attracting most of the targeted customers in the niche markets of retailing. It is worth mentioning in this context that most of the targeted customers depend on Fashion Wholesalers for supplying quality products at cheaper rates which has further accelerated the growth rate in the organisation. 1.2. Rise of Conflict in Fashion Wholesalers Channel conflict usually occurs if there are clashes of methods and goals between the members belonging to a channel of distribution. Notably, because the distribution channel of Fashion Wholesale is performed on the basis of multiple dimensions involving multiple layers such as the suppliers, the producers and the end users, which further continues throughout the year, there are high chances for Fashion Wholesalers to witness similar disruptions in their distribution process. Theoretically, distribution channel conflicts can be categorized into horizontal and vertical categories. Where horizontal channel conflicts signify gaps and limited cooperation among members belonging to similar level, the vertical channel conflict indicates dismissal among members belonging to different levels in the channel distribution (Jicheng, n.d). In the currently practiced distribution channel of Fashion Wholesalers, probability of both these conflicts to arise can be observed apparently. Additionally, resource scarcity can be determined as another significant aspect to cause conflicts in the channel of distribution. In the context of Fashion Wholesalers, it can be stated that owing to the complexity of the distribution channel framework, conflicts might occur among the members due to insufficiency of resources for manufacturing clothing products and/or due to their inefficiency to allocate the available resources efficiently so as to serve the retailers all around its target market in a time-efficient and cost-effective way. Moreover, if Fashion Wholesalers attempt to sell a proportion of the produced products by themselves directly

Delayed Suprachoroidal Haemorrhage Article Example | Topics and Well Written Essays - 750 words

Delayed Suprachoroidal Haemorrhage - Article Example aphakia or anterior chamber intraocular lens. Few other predisposing factors have been identified. These are old age, diffuse arteriosclerosis, glaucoma itself, suprachoroidal haemorrhage in the fellow eye, and a very short axial length or high myopia. However, the most significant causal factors has been identified to be postoperative hypotony. This may result from sudden inordinate decompression of the eye on the face of glaucoma, particularly when the surgery is initiated when the intraocular pressure has yet not been stabilised (Howe, L.J. and Bloom, P., 1999(5)). Mechanism: The exact mechanism that triggers such complication is unknown. Since the bleeding occurs due to rupture of the choroidal blood vessels, an increase in the transmural pressures of the choroidal vascular arcade that can be precipitated by elevated blood pressure, low intraocular pressure, or combination of both may be the probable causal mechanism. Once blood accumulates in this space, mainly created by the accumulated blood itself, there is almost no way that it gets reabsorbed unless the underlying cause of hypotony is treated. There is associated breakdown of blood-aqueous barrier across the pigmented epithelium. Thus, this blood settles beneath the retina in the posterior segment of the eye. This reduces the visual acuity since this precipitates a retinal detachment (Berke, S.J., Bellows, A.R., and Shingleton, B.J., 1987(6)). Prognosis: Fortunately, delayed suprachoroidal hemorrhages following glaucoma surgery may go unnoticed in most of the cases as they are more subtle, anterior, and shallow. The most significant complication out of untreated suprachoroidal haemorrhage is loss of useful vision in about 40% of cases. On the other end of the... Caution should be exercised when operating on patients with known risk factors since with haemorrhage, there is decrease in the logarithm of the minimal angle of resolution visual acuity from 0.72 to 1.36 that was statistically significant compared with controls. 12. Syam, P.P., Hussain, B., and Anand, N., (2003). Delayed suprachoroidal hemorrhage after needle revision of trabeculectomy bleb in a patient with hairy cell leukemia. American Journal of Ophthalmology; 136(6): 1155-1157

Medical Emergency Team Essay Example | Topics and Well Written Essays - 4000 words

Medical Emergency Team - Essay Example Research across nations has shown that a risk management approach, leadership skills, and other criteria utilised in a teambuilding activity may prove to be very efficient in implementing such a team in teaching hospitals (Lee et al., 1995); however, although possibility and feasibility of advanced practice nurses as leaders of such teams have been explored in some studies (Jenkins and Lindsey, 2010), in reality there has been no such attempts in creating such a team in a District General Hospital. The introduction above is actually the background of a project proposal to introduce a Medical Emergency Team in the District Hospital where this author works. Since this concept is new and unknown, and the hospital infrastructure is not yet ready for that purpose, it would need extensive organizational changes and changes in attitudes of the healthcare professionals engaged in different aspects of care delivery in this hospital. Thus implementation of such a programme would need provisions for planning and execution of the different stages of the plan. By organisation, it means the policy, process, people, principles, and promoters, since launching a new service would need manipulations in all these areas at the organisational levels. Obviously, while planning this project, all key concepts at the background of such a service must be incorporated, although some local changes must be made to suit the local needs of the hospital at the district level, which would definitely vary from the needs of a tertiary care hospital in the same area. The project would be feasible only when it would be grounded on the key concepts and not principles derived from the prevalent national health and social care policies. However, only this could not achieve the objectives of such a team unless it works on the principles of team building and integrated effort towards building partnerships among the stakeholders through appropriate leadership skills that bring the best of team work and change management. This author is an advanced nurse practitioner for the last three and a half years in this hospital. As already known, this position allows independent, autonomous, and accountable practice in different clinical areas including 20 years of work in the Accident and Emergency. This position allowed sufficient exposure to different emergent clinical scenarios that may be encountered in practice, and rapid response was absolutely essential in such care deliveries. It is very important to note that such care is possible through teamwork only, and it is called Medical Emergency Team. The basic tenet of such a project would be very collaborative teamwork based on as recommended by Kerridge and Saul (2003) continuing education on recognition of acute illness and processes involving audit and education. They must recognise the areas where in-hospital response to acute and critical illness outside the ICU is suboptimal. This author's experience in working in team, which is used to work in the hospital in day/night teams may this become useful for such projects. In this proposed project, there will be a team of 20-plus advanced nurse

Management Essay Example | Topics and Well Written Essays - 1500 words - 4

Management - Essay Example The bank offers a wide range of banking services responding to the needs of individuals, businesses and corporations. The bank is going to enter the Brazilian market. A branch of the firm will open in Brazil. The relevant project will be completed by the end of the year. The employees will be mainly nationals who will be appropriately trained by Australians on the bank’s services and products. The aim of the organization is to continuously develop its customer relationships and its employee relationships (Westpac 2011). Moreover, the bank aims to ‘be a leader in the community’ (Westpac 2011). Current report aims to present the issues that managers in Westpac should take into consideration before the bank enters the Brazilian market. The Hofstede’s Cultural Dimensions model and a SWOT analysis have been employed for presenting the characteristics of the environment in which the specific initiative will be attempted. 2.0 Political Environment 2.1 Government s tability The current president of Brazil, Dilma Rousseff, has been the first woman president in Brazil ever. The last elections were held in October 2010. The country is characterized by political stability. During the presidency of the country’s previous president, President Lula, the quality of life of people in Brazil was improved (BBC News 2011). 2.2 Government and contribution The country’s government tries to keep good relations with other states; recently an agreement was developed between Brazil and Germany for the promotion of bilateral partnership and innovation (Federative Republic of Brazil 2011). The last years the Brazilian government tries to improve the quality of life of people and the limitation of poverty (BBC News 2011). 2.3 Analysis Local authorities will provide to Westpac the necessary support, a fact critical for the successful entrance of the bank in the Brazilian market. 3.0 Legal Environment 3.1 Regulatory framework The most important legisla tive text of the country is the Constitution. At the next level, supplementary laws have the power to regulate important issues; ordinary and delegated laws follow these laws. At the bottom of the hierarchy of laws in Brazil are the legislative decrees (Brazil Government 2011). 3.2 Business laws The Constitution of the country is used, along with the Taxation law, as described above, for regulating business activities across Brazil. The new Civil Code Law 10.406 is the main legislative text regulating the activities of businesses in Brazil (Nogueira 2004). The Law No. 9279/ 1996 is also used in cases that conflicts appear on Industrial property (Brazil Government 2011). 3.3 Labour laws The key legal texts regulating the labor in Brazil is the Federal Constitution of 1988 along with the Consolidation of Labor Laws (C.L.T.) (Brazil Government 2011). 3.4 Taxation laws Taxation in Brazil is regulated by the Federal Constitution (Title VI); additionally, the Law 5.172 (National Tax Code) is applied for any potential issue, which is not regulated by the Constitution (Brazil Governmen

Macroeconomics Essay Example | Topics and Well Written Essays - 1750 words - 2

Macroeconomics - Essay Example Checkable deposits in banks reduced in the period, but checkable deposits in thrift institutions increased. Hence, there was an increase in overall M1 level between the periods of one year from Nov 2010 to Nov 2011. In terms of M2, only M1 and saving deposits showed an increased. There was a fall in retail funds and small denomination of time deposits. But the increase in M1 and saving deposits was higher than the decrease in other components and hence M2 showed an increase over a period of one year from November 2010 to November 2011. a) There won’t be any change to M1 since both the currency in circulation and checking account are part of M1. Hence shifting money from one head to another won’t have any impact on the total size of M1 and it will remain unchanged. b) There won’t be any change to M1 since the money is simply being transferred from one head of the M1 to another. Since M1 is part of M2 and there isn’t any change to M1, therefore M1 and M2 both will remain unchanged. c) There won’t be any change to M2. Since the money has been transferred to M1 base, but since M1 is part of M2, there won’t be any change to M2. However, M1 will rise by the amount of purchases since the money has been converted from saving account to money and notes in circulation. d) When Fed buys Treasury bills from the banks its liabilities and assets accounts both are being reduced. Since Treasury Bills represents the money that the Fed owes to commercial banks, therefore the reduction in Treasury Bills or purchase of Treasury Bills by the Fed is going to reduce the bank’s liability. At the same time, the Fed will have to pay cash to commercials banks as a settlement for purchase of Treasury Bills and therefore there will be a reduction in Fed’s assets as well. Therefore both the assets and liabilities sides of the balance sheet will get affected

Communication Practices at Abellio ScotRail

Communication Practices at Abellio ScotRail Aim To investigate and establish the impact of internal communication practices on employee engagement and performance at Abellio ScotRail Ltd. Objectives In order to achieve the above aim, the below research objectives have equally been set out as: To critically review the literature on both concepts to enhance the understanding of the concepts and associated theories, and their interaction by exploring the meaning and drivers of employee engagement, as well as internal communications meaning and role as a vehicle to support organisation performance. To adopt a case study strategy, this will facilitate the collection and analysis of both primary and secondary information necessary for the baseline of this research. To critically examine the existing internal communication policy, and practices at Abellio ScotRail Ltd and their contribution to employee engagement. To critically analyse employees and managers perspectives of internal communication and employee engagement at Abellio ScotRail Ltd. To present and then discuss primary research findings through comparison with the literature to date. To draw conclusions from primary and secondary research before providing recommendations where appropriate. Literature Review Employee engagement is recognised as an important factor affecting organisational effectiveness, innovation, and competitiveness (Goodman et al, 2009). Consequently, several authors and professionals have made an empirical contribution towards establishing an explicit meaning and understanding of the concept, however, there are many definitions of the employee engagement as there are authors without any consensus on the subject. This paper aims to make a brief contribution by considering the role of communication in enhancing employee engagement. Goodman et al, (2009) research study identified employee engagement as one of the three top trends facing organisations and the term has its roots more in an academic exercise. Given a global leadership concern about employee engagement, human resources and communication professionals involved in internal communication management need an in-depth understanding of the concept so that they can develop strategies and tactics which would contrib ute to building engagement in the workplace. Additionally, internal communication has been suggested to be an important factor in the development of employment engagement. This study now intends to tackle the gap in the literature with a proposed model of the role of internal corporate communication in enhancing employee engagement. This section intends to firstly provide an overview of the evolution of the employee engagement concept, discussing definitional approaches, and highlighting components of engagement. Secondly, it discusses issues arising from the review concerning the nature of the concept, including its relationship with overlapping and related constructs such as commitment and motivation; and finally, it develops a corporate communication perspective of employee engagement. The Development of employee engagement Analysis of employee engagement literature has enabled the identification of stages in the development of the employee engagement concept, conceptualised here as a series of waves. Wave 1 (1990-1999) The wave begins in the 1990s with academic work on personal engagement been led by Kahn. His work has a significant impact without the direct use of employee engagement as concept in his qualitative research nevertheless, by using personal work engagement, he defined it as the harnessing of organisational members selves to their work roles; in engagement, people employ and express themselves physically, cognitively, and emotionally during role performance Kahn, (1990 p. 694) He further postulate the necessity of three psychological engagement conditions for an employee to engage themselves in their work role performance. Wave 2 (2000-2005) This second wave is characterised by professional consultancy firms that associated high engagement to increase corporate performance. Harter et al. (2003); Harter and Schmidt, (2008) made a report to Gallup Workplace Audit (GWA) questionnaire designed to measure series of elements that are called employee engagement. Consequently, they define employee engagement as a combination of cognitive and emotional antecedent variables in a work environment. Wave 3 (2006-2010) Taking the lead in the third wave of employee engagement work, Saks (2006) regards employee engagement as a concept more rooted in practitioner literature than academic literature. He is in agreement with Kahns view of employee engagement been consists of cognitive, emotional, and behavioural components. Equally in this league is the work of professional body such as the Chartered Institute of Personnel and Development (CIPD, 2006) as well as Bakker and Leiter, (2010) published work that throws more light on work engagement as it was then called William A. Kahn (1990) regard the concept of engagement in a workplace as the harnessing of organisational members selves to their work roles in his research study through which he identified three dimensions of engagement as emotional, physical and cognitive. Kahn (1990) developed the concepts of personal engagement and disengagement which are used in describing the behaviours by which people bring in or leave out their personal selves during work role performances. He defined personal engagement as the harnessing of organisation members selves to their work roles; in engagement, people employ and express themselves physically, cognitively, and emotionally during role performances. Personal disengagement was defined as the extrication of oneself from work roles; that is, people pull out and shield themselves physically, cognitively, or emotionally during work role performances. Kahn (1990, 1992), stated that employees can be engaged on one dimension and not the other. But, the more an employee is engaged on each dimension, the higher his personal engagement. In consequence of this, Kahn concentrated on the emotional, cognitive and physical aspect of engagement in his research study. In the work of Macey and Schneider (2008) engagement is defined along the line of the psychological state, trait, and behavioural engagement which is characterized by feelings of passion, energy, enthusiasm, and activation. Behavioural engagement is described as an adaptive behaviour; Trait engagement as a number of interconnected personalities while attributes relate to state engagement whether directly or indirectly to behavioural engagement. A different definition of employee engagement stems from the positive psychology champion by Maslach and Jackson (1981) with its centre of attention on the positive as against the negative aspects of work described as a burnout. They conducted a research on employee burnout and developed what is now known as the Maslach Burnout Inventory (MBI). According to Maslach and Jackson (1981), burnout is a psychological condition that ensues from persistent interpersonal relations at work. In addition, Schaufeli and Bakker (2004) in their view regard engagement as the exact positive diametric of workplace burnout. This is a reversal model score of the Maslach Burnout Inventory measurement of engagement, Maslach, et al, (2001). This indicated a low score on job fatigue and a high score on professional efficiency are indicators of engagement. Furthermore, Theresa M. Welbourne (2007) defined engagement in relation to the behaviour of the managers when she posits that engaged employees are those that work and prosper in the noncore job roles using a performance model she developed. The model identified six major roles that employees engage at work. These are (i) Core job-holder role, (ii) Entrepreneur/ innovator role, (iii) coming up with new ideas, participating in others innovations, (iv) Team member role, (v) Career role, and (vi) Organizational member role or citizenship role. Going by Saks, (2006) term, employee engagement is job and organisation engagements which are related but distinct constructs. They attributed the rationale for Employee engagement to Social exchange theory explaining that employees will choose to engage themselves to varying degrees and in response to the resources they receive from their organization. The two most dominant roles for most organizational members are their work role and their role as a member of an organization. In the opinion of Robinson et al (2004) employee engagement is an inspirational disposition held by the employee towards the organisation and its values. Gallup, as reported by Dernovsek (2008), compares employee engagement to the employees positive emotional sentimental attachment and commitment to the organisation. The CIPD (2016) recognises employee communication, better known as internal communication, as an essential part of the business and the HR function. It continues that effective internal communication is important for developing trust within an organisation and it is shown to have a significant impact on employee engagement, organisational culture and, ultimately, productivity (CIPD, 2016). This collaborates Boynton and Mishras (2014) earlier research study that examined the role of communication in the public relations (PR) industry and suggested that internal communication can play an important role in building trust and behaviour as shown by public relations professionals in the industry.