Financial Crisis During The Great Depression - 1847 Words

Chapter 1: Introduction It is clear that the most popular terms, which could be seen on media including the Internet, newspaper on the late of 2000s, are Global Financial Crisis (GFC), credit crunch, sub-prime crisis or bankruptcy. The financial crisis, started in the late of 2007 in the USA and quickly become international phenomenon, is seen to be the worst crisis since the Great Depression, 1929-1933 (Hull, 2012). GFC was a steel punch, which has probably destroyed the biggest and unbreakable economy in the world, the USA. It seems that the idiom â€Å"Too big to fail† may not true in all circumstances. There were some big financial institutions receiving bailout from the government and some announced go bankrupt such as 160-year-old bank and the forth-largest bank before the crisis, Lehman Bothers Bank . There were a lot of researches, books and journals discussing and debating every perspective the turmoil including causes, determinants and consequences. Further more, there were some researches of Lynch (2010:13) stated that, in 2007, while the world was being experienced so-called ‘the worst crisis’ in history, Canada appeared to be one outside of that crisis though the unemployment rate was increased (in Walks, 2014:256). Financial crisis in general here Chapter 2: Litterateur review For the purpose of this dissertation, I review the piece of researches discussing and examining the impact of securitization to subprime mortgage and broadly to financial crisis. Besides,Show MoreRelatedFinancial Crisis During The Great Depression1203 Words   |  5 PagesNow these financial markets have allowed many to become successful and live the â€Å"American Dream,† but have also caused many to suffer and lose everything. Back in 2007, the United States’ economy experienced a large financial crisis that almost paralleled the financial crisis during the Great Depression. Large financial institutions suffered a great deal and the stock market plummeted worldwide. The housing market took a huge hit as well, causing many foreclosures and evictions. This crisis stemmedRead MoreThe Global Financial Crisis During The Great Depression Of The 1930s1103 Words   |  5 PagesGLOBAL FINANCIAL CRISIS† A financial crisis is a situation in which the value of financial institutions or assets drops rapidly. A financial crisis is often associated with a panic or a run on the banks, in which investors sell off assets or withdraw money from savings accounts with the expectation that the value of those assets will drop if they remain at a financial institution. Contents: ïÆ' ¼ Introduction ïÆ' ¼ Causes of the Crisis ïÆ' ¼ Impact of financial crisis ïÆ' ¼ Solution of financial crisisRead MoreEconomic Growth During The Great Depression And The Recent Financial Crisis1562 Words   |  7 PagesThe government has been implementing policies in the improvement of the growth in the UK. Such as improving economic growth during the Great Depression and the recent financial crisis. A brief history by (Pettinger, 2016) on the use of fiscal policy, Keynes promoted the use of fiscal policy as a way of boosting growth. Moreover, during 1970-1980s the government switched to using monetary policy in influencing the economy. 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The Global Crisis on the other hand, was aRead MoreKeynesian Theory During The Great Depression949 Words   |  4 PagesSince the establishment of the Keynesian theory during the Great Depression, there was a continuous rivalry between Keynesians and monetarists. The ongoing debate was about which model can most accurately and correctly explain economic instability and which theory provides the best suggestions on how to achieve constant and steady economic growth. There are fundamental differences in these two approaches, for example over the usefulness of government intervention through fiscal policies , monetaryRead MoreThe Great Depression Of The 1930 S1476 Words   |  6 Pagesthe great depression of the 1930’s and the great recession in the United State of America. First, I’ll make a general overview of each of these two different periods and then focus on certain specific aspects during these different times. This will include the causes to the economic recessions witnessed, impacts of the economic recessions and the solutions that were introduced. When talking about any topic regarding American history, it would be hard not to mention the 1930’s great depression. AuthorsRead MoreFinancial Events Of The Great Depression Essay914 Words   |  4 PagesPiecing together the events of the Great Depression is like putting together a jigsaw puzzle. As Ben S. Bernanke expressed, The Depression was an incredibly dramatic episode-an era of stock market crashes, bread lines, bank runs, and wild currency speculation, with the storm clouds of war gathering ominously in the background all the while. Fascinating, and often tragic, characters abound during this period, from hapless policymakers trying to make sense of events for which their experienceRead MoreThe World Experienced A Tremendous Financial Crisis Essay1131 Words   |  5 Pagestremendous financial crisis which rooted from the U.S housing market; moreover, it is considered by many economists as one of the worst recession since the Great Depression in 1930s. After posing a huge effect on the U.S economy, the financial crisis expanded to Europe and the rest of the world. It brought governments down, ruined economies, crumble financial corporations and impoverish individual lives. For example, the financial crisis has resulted in the collapse of massive financial institutions

The Physics Of The Solar Flare - 1757 Words

The solar flare came at a very inopportune time, yet not unexpected considering the sun is currently at the peak of its 11 year sunspot cycle [11]. Somehow the station maintained all power and communications with the U.S., but the X-ray and radio waves from the flare impacted communications with Moscow, where their asteroid detection telescopes are located [11]. This is likely because the ionosphere above Moscow was affected the most by the flare’s x-rays, thereby disturbing its radio communications [11]. It is very hard to prepare for a solar flare though, considering it only takes around 8 minutes for the high energy photons to reach earth, which is why John was not surprised to have been caught unaware [11]. If it had happened at any other time, John wouldn’t have been too worried because the Planetary Defense Coordination Office branch of NASA is able to detect any imminent threats with at least a week or two advanced warning. This is plenty of warning for the high powered laser that obliterates smaller asteroids and alters the course of larger ones; however, the circumstances are different in this case. Just two days prior, John had received a transmission from the Russian base in Moscow that they had detected an incoming asteroid posed to strike Earth, but as they were about to transfer the coordinates of the asteroid to John, the solar flare’s radiation struck the Earth’s ionosphere and cut off the communication with Moscow. This asteroid was what people in John’sShow MoreRelatedAstronomy : The Field Of Study961 Words   |  4 Pageswhat in the solar system, galaxy, and universe (2) †¢ They study the evolution of planets and stars to more understand how our solar system works (2) †¢ Astronomers study physics at work throughout space (2) †¢ Astronomers study other stars and try to see what types of planets are around them (2) †¢ Solar astronomers study our sun to find cycles, holes, and other things that can help us understand the sun (2) †¢ Astronomers figure out the distance between our solar system and other solar systems, betweenRead More The Sun and Its Features Essay967 Words   |  4 Pagessun: sunspots, solar flares, and aurora borealis. At the beginning of the cycle, the magnetic field is weak and there are very few sunspots; later, at the peak of the cycle, the magnetic field is strong, and there are many sunspots. Sunspots are relatively cool areas that appear as dark patches on the face of the sun. They occur where magnetic field lines are twisted below the surface. The period of time when the magnetic field is strong and there are many sunspots is called a solar maximum. The sunRead MoreThe Effect Of Solar Flares On Our Future Essay1529 Words   |  7 Pagesevent that occurs within our solar system is the solar flare. Scientists have spent much time studying this solar phenomenon attempting to learn how to predict them. This in turn has caused a significant increase in understanding the anatomy of solar flares to include the phases of flares and what they emit. Bringing things closer to Earth, the emissions of solar flares can have a significant impact in today’s technological world. 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Quantitative understanding has been developed by the scientists to understand the ground systems with the tools by mathematics, physics, chronology, biology, chemistry alike that help to know how the universe is evolved. Deliberations According to a news release from NASA, coronal mass ejections caused by geomagnetic storms have been enhanced in strength; as from G1 to G5, theyRead MoreSolar Flares and Its Contribution to Global Warming3299 Words   |  13 Pagesï » ¿Abstract This paper talks about the solar flares and how they go on to cause global warming. Global warming has been an ongoing phenomenon and there are many reasons it has occurred. Apart from the green house effect, global warming could have been due to the solar flares that have occurred. Different researches and theories regarding this matter are discussed in the paper. Solar Flare Global warming is a phenomenon that has amazed and frightened everyone ever since it came into being. 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In a typical spacecraft astronauts can be protected from the radiation caused by solar flares with shields [5]. However, there are other forms of cosmic radiation that cannot be as easily blocked which are caused by particles which are highly charged and high in mass, known as HZE particles [9]. These particles are unlike the hydrogen protons produced in solar flares due to their high energy and can damage the spacecraft and can also harm the astronauts inside, especially

The Ethics of the American Invasion of Iraq Free Essays

The American invasion of Iraq in 2003 is certainly one of the more controversial foreign policy initiatives of the 21st century. The general facts surrounding this event are clear: on the 20th day of May 2003, the United States, with support from Great Britain and a host of other western nations, invaded Iraq in response to intelligence reports of weapons of mass destruction. Up until May 1, 2003, these forces fought to successfully topple the regime of Saddam Hussein and to usher in a new era for the Iraqi people and the Iraqi nation. We will write a custom essay sample on The Ethics of the American Invasion of Iraq or any similar topic only for you Order Now However, these facts were not the main source of tension that this military imperative created; instead, the ethical implications behind the invasion and the debates concerning the reasons for entering the war are what have sparked protest, of which most notably has been the record-breaking anti-war rally in Rome one month before the invasion. Unfortunately the debate is too often discussed in terms of consequences alone. On one side the pro-war supporters have cited the need to protect America from further attacks, to stave off nuclear holocaust and to remove a maniacal dictator from power, while on the other side anti-war protesters have argued that the invasion costs far too many innocent American as well as Iraqi lives. Of course, in our ethical discourse we cannot ignore consequences, but along with consequences we must also consider principles. Therefore, in this essay, I will look at the ethics of the American invasion of Iraq through the lens of Kantian ethics. I will begin with a discussion of Kant’s theory and move from this to argue against the invasion based on Kant’s first maxim of the categorical imperative. Kant’s ethical theory is deontological in that it does not focus primarily on consequences, but first and foremost on principles. These principles he forms from practical human reason and the moral principle that he names the categorical imperative. In its two forms this imperative offers a universal ethic that all rational human beings in all ages and from all cultural backgrounds should be able to recognize. The first maxim deals with the universalizing of human behaviour: â€Å"Act only on that maxim which you can at the same time will to be a universal law† (Kant, [1785] 1948, p. 421). The purpose of this maxim is simple in that it forces the moral agent to take his or her actions as implying a universal code. For example, if a moral agent is considering telling a lie because it will prove beneficial to him or her in that situation, he or she must consider that if all other moral agents told lies in the same situations then any society based on a basic level of trust and truth would inevitably collapse. One person’s ethic universalized would destroy an entire social structure. In other words, Kant challenges the ethical person not to make an exception of him or herself. The second maxim deals with the way in which other human beings are to relate to other human beings. Kant states, â€Å"treat humanity†¦never simply as a means, but always at the same time as an ends† (Kant, [1785] 1948, p. 429). People should always be treated as the final goal of our moral actions and not merely the way in which we realize other personal agendas. Although both of these maxims may lend important ethical insights to a discussion on the invasion in Iraq, the first maxim offers a far more concrete model in which to discuss the invasion and therefore we apply it alone. There are many criticisms against the invasion into Iraq, but I will focus on three specific criticisms: insufficient evidence for the invasion, going beyond the United Nations, and the use of military force over diplomacy. Firstly, as admitted by the C. I. A in 2005 and verified by the invasion itself, the claim that Saddam Hussein had weapons of mass destruction was a weak—or even false—reason for going to war. It seems, therefore, that the U. S. was simply taking far too drastic steps without proper research. If we were to universalize this practice, the world would be faced with a terrible increase in violence and war. Not only would enemies attack one another on good suspicions, but even allies would be lead to attack one another based on the weak suspicion that each country may have bad intentions toward the other. This type of global policy is not acceptable for a single nation, and this is made perfectly clear in the fact that it cannot be responsibly universalized. Secondly, the U. S. went above the recommendations of the U. N. and acted out of line with the U. N. ’s policy. In this respect, according to the definition of Kofi Annan and the U. N. Security Council, the invasion of Iraq was technically illegal. If we again apply Kant’s universalizing maxim to the U. S. ’s behavior we have another strong criticism of the invasion. The U. N. was expressly created by the consent of most of the countries of the world as a sovereign power that would be allowed to resolved global conflict between nations. As Thomas Hobbes points out in his Leviathan, any individual or group that submits to a sovereign has the responsibility to accept the judgments of that power. The U. S. , in its flagrant disregard of the U. N. ’s policy, clearly did not respect the power of the sovereign and in this way set a dangerous precedent for unilateral military action. If the entire world were to universalize this ethic there would remain no authority in the world and all nations would return to the brutal Hobbesian state of nature. Lastly, the U. S. ’s decision to invade made a clear statement that military action is preferable to the diplomatic option. For any civilized society, war must always be the last option, if it is to be used at all. Many supporters of the invasion may claim that the Bush administration had no other option, but it is clear that the administration did not do nearly as much diplomacy as it could have. Other nations should have been included in the process and negotiations should have been more controlled within the influence of the U. N. If we universalize the U. S. ’s action to go to war before pushing for diplomacy, the diplomatic option in the world would collapse. In this sense, there would be little hope of peaceful solutions to inter-national conflicts, but instead a future of pre-empted strikes and quick invasions. If this would indeed become the case, the world would need far more than Kantian ethics to save it from its inevitable decline. References Hobbes, Thomas (2006). Leviathan. New York: Dover Publications, Incorporated. Kant, Immanuel (1948). Groundwork of the Metaphysics of Morals. (H. J. Paton, Trans. ). London: Hutchinson. (Original work published 1785, and published in a collection in 1903; page references to this edition). Kant, Immanuel (1836). The Metaphysics of Ethics. (John William Semple, Trans. ). Edinburgh: Thomas Clark. (Original work published 1785). Paton, Herbert James. (1971). The Categorical Imperative: A Study in Kant’s Moral Philosophy. Philadelphia: University of Pennsylvania Press. Ross, Dennis. (2008). Statecraft: And How to Restore America’s Standing in the World. New York: Farrar, Straus, and Giroux. Steel, Jonathan. (2008). Defeat: Why America and Britain Lost Iraq. Berkeley: Counterpoint. How to cite The Ethics of the American Invasion of Iraq, Papers

Mens Rea In International Criminal Law

Question: Describe about The Concept of Mens Rea In International Criminal Law ? Answer: Introduction Since long, it had been recommended by many leading academicians as well as by lawyers that the existing legislation known as the Non-Fatal Offences against Person, 1861 was something that demanded immediate amendments. This recommendation was based on three main issues. Firstly, the language that is used in the legislation is very complicated, outdated and obscure. Secondly, the structure in which the offences are arranged is very ambiguous. Thirdly, the effectiveness of the piece of legislation was criticized by the Law Commission as well. It was proposed by the Law Commission to repeal Section 18, 20 and 47 of the Act and replace them with new provisions which would be appropriately worded. Discussion The various criticisms of the legislation are being discussed in the following paragraphs. The language that is used in the Legislation is particularly outdated. For instance, there are certain words like malicious and grievous which are not used on a regular basis these days. Hence, these terms require interpretation by the courts on a regular basis. While on one hand, in general terms, the word malicious means something that is related to evil or haughtiness, on the opposite end, the same in legal parlance means having an intention or being reckless. In the matter of DPP v Smith, the term grievous was interpreted as to mean something very serious. There are also other terms like assault that have been found to be very misleading. Ordinarily, to constitute the offence of assault, one generally gets a notion that there has to an image of actual physical attack while under the existing legal system, to constitute the offence of assault, no physical contact is required. Similar ambigui ty is also prevalent as far as the term battery is concerned. Considering the legislative history, it is very ambiguous to believe that the Victorian Draftsmen actually wished to include any psychiatric harm in the definition of the word bodily harm. However, the Courts have included the same in the said category in the matters of R v Ireland, R v Constanza and R v Burstow. There is equal ambiguity in understanding the word inflict. In the matter of R v Clarence, it meant requirement of proof that an assault or battery was actually done. In the matter of R v Wilson, the Court ruled that to satisfy the ingredients of this particular word, force should be applied directly. On the other hand, the same court in the matter of R v Martin ruled that even indirect application of the force would satisfy the section. Let us know have a look at the ambiguous structure of the offences. The offences of assault and battery are not defined coherently and hence, there is no boundary line that would differentiate the two from each other. In Faulkner v Talbot, it was ruled that battery would be said to have done if there is any intentional touching while, ABH would be constituted if the intentional touching would interfere with the comfort of the individual. Apart from the element of comfort there seems to be no difference between these two offences, yet, the punishment prescribed for both of them is miles apart. While battery is punishable with a maximum penalty of 6 months, ABH might be punishable for 5 years. The different jury would interpret ABH and GBH n grossly different terms. There is no boundary to compartmentalize the two. It is beyond doubt that ABH and GBH are offences with different levels of severity in terms of injury. Even then, under Section 20, an offence of GBH has the same level of p enalty as an offence under Section 47, dealing with ABH. There seems to be no validity as to why would the offence of wounding is kept in an entirely different section. The same can be interpreted along the terms of GBH. In the matter of Moriarty v Brookes, it was held by the Court that breaking the seven layers of the skin would be said to constitute the offence of wound. This means that a pin prick would be considered to be a wound and also a head breaking with skin rupture will also be wound. It is dismal to see this situation. Further, as far as the effectiveness of the offences is concerned, there are further criticisms there as well. It is likely that many of the non fatal offences against persons would go unpunished. There are high chances that many of them would not be reported and even if they are reported, they may not be prosecuted. Law Commission Recommendations Keeping these in mind, the Law Commission, published the report titled Legislating the Criminal Code: Offences Against the Person and General Principles. This came in inclusion of a bill that intended to repeal Section 18, 20 and 47 on the grounds that the language was old fashioned, the three sections in question are complicated and have technical errors associated and that in the interpretation of these sections, it is very likely that lawyers would make mistakes and there would be total unintelligibility as far as the common men are concerned. We shall now look into the amendments which the proposed bill intended to provide. The same is being presented in the given tabular form: Present Offences Proposed New Offences Definitions Maximum Penalty S. 18: Wounding or causing Grievous Bodily Hurt with intent A person would remain guilty of an offence under the section if he intentionally causes an injury that is serious to any other person Injury would mean any physical injury or mental injury. Physical injury would mean anything that is caused by disease and would include any pain, unconsciousness or any other impairment of the physical condition of a person. Mental injury would mean anything that causes an impairment of the mental health of a person. Imprisonment for life. S. 20: Wounding or causing Grievous Bodily Hurt A person would remain guilty of an offence under the section if serious injury is caused to another person by his reckless act. Injury would have the same definition as stated above with the only difference that it would not include anything that is caused by diseases. Seven years on condemnation or six months; this may or may not be associated with a fine summarily. S. 47: Assault that results in ABH A person would remain guilty of an offence under this section if an injury is caused to another person either with intent or out of recklessness. Injury would have the same definition as stated above with the only difference that it would not include anything that is caused by diseases. Five years on condemnation or six months; this may or may not be associated with a fine summarily. Common Law Assault and Battery A person remains guilty of an offence under this section if he with intent applies force on another person and he believes that such an impact would be imminent. Generally, the fine amounts to an amount not more than $ 5000 along with imprisonment for a term which may extend to six months. Evaluation The key aspects of the changed reform suggest that the following three should be kept in mind An assault that is inclusive of a battery which results in any harm which happens to be an ABH in contrast to Section 47 should be charged as a common assault in contrast to section 39 of the Criminal Justice Act where injury constitutes nothing more than a graze or a scratch or an abrasion. The offences that would be charged under section 47 are loss or breaking of tooth or teeth, cuts that require stitches, extensive bruises, psychiatric injury going beyond fear, loss of sensory functions etc. Section 20 of the Act should only be kept for those wounds that are at equivalence with GBH. Such offences include permanent disability, visible disfigurement of any organ, broken or misplaced bones and limbs, or any other injury that causes a substantial loss of blood. Conclusion As far as the success of the new provisions is concerned, it appears that the recommendations of the Law Commission have been followed. If the Bill is implemented, it is likely that the ambiguities that were present in the legislation would be mended to a great extent. The Law Commission has recommended these changes that are very vital for the criminal justice system to stand on strong grounds. But at the same time, it also cannot be denied that the scope for improvement still lies. There are certain areas that can be mended again. As for instance, the definition of assault and battery can be brought under one head so that the difference of borderline between the two can be understood. Further, the sections can also be updated as far as parlance with Section 39 of Criminal Justice Act is concerned. This will provide a more coherent criminal law framework. But a reading of the present situation clearly points that the recommended changes are particularly helpful in deciphering the am biguous situation that was present formerly. References Allen, M,Textbook on criminal law. in , Oxford, Oxford university press, 2015. Badar, M,The Concept Of Mens Rea In International Criminal Law. in , Oxford University Press, 2014. DPP v Smith. in , , 1961, p. 290. Dubber, M,Foundational texts in modern criminal law. in , Oxford University Press, 2015. E-lawresources.co.uk, 'Criticisms of non-fatal offences against the person'. in , , 2015, https://e-lawresources.co.uk/Non-Fatal-Offences-Against-the-Person---Criticisms.php [accessed 24 July 2015]. Faulkner v Talbot [1981] 3 All ER 468. in , , 1981, p. 468. HORDER, J, 'Rethinking Non-Fatal Offences against the Person'. inOxford Journal of Legal Studies, 14, 1994, 335-351. Jefferson, M, 'Offences against the Person: Into the 21st Century'. inThe Journal of Criminal Law, 76, 2012, 472-492. Jones-Brown, D, B Frazier, M Brooks,African Americans and criminal justice. in , Oxford University Press, 2014. Kymlicka, W, C Lernestedt, M Matravers,Criminal law and cultural diversity. in , Oxford University Press, 2015. Law, H, 'Offences against the Person: Reckless Transmission of HIV'. inThe Journal of Criminal Law, 69, 2005, 389-393. Lawteacher.net, 'Non Fatal Offences Against The Person | Criminal Lecture Notes | Law Teacher'. in , , 2015, https://www.lawteacher.net/lecture-notes/criminal-law/assaults-lecture.php [accessed 24 July 2015]. Lee, C, Audah Hassan,Offences against persons and property. in , Petaling Jaya, Selangor Darul Ehsan, Malaysia, LexisNexis, 2009. Moriarty v Brookes. in , , 1834, p. 79. R v Burstow. in , , 1997, p. 34. R v Clarence. in , , 1889, , 23. R v Constanza. in , , 1997, p. 576. R v Ireland. in , , 1997, , 534. R v Martin. in , , 1989, , 343. R v Wilson. in , , 1996, p. 573. Virgo, G, 'Offences Against the PersonDo-It-Yourself Law Reform'. inCam. Law. J., 56, 1997, 251. M Allen,Textbook on criminal law, in , Oxford, Oxford university press, 2015. W Kymlicka, C Lernestedt M Matravers,Criminal law and cultural diversity, in , Oxford University Press, 2015. DPP v Smith, inAC, , 1961, p. 290. R v Ireland, inWLR, , 1997, , 534. R v Constanza, inCrim L R, , 1997, p. 576. R v Burstow, inUKHL, , 1997, p. 34. R v Clarence, inQB, , 1889, , 23. R v Wilson, inCrim L R, , 1996, p. 573. R v Martin, inCr App R, , 1989, , 343. D Jones-Brown, B Frazier M Brooks,African Americans and criminal justice, in , Oxford University Press, 2014. Faulkner v Talbot [1981] 3 All ER 468, inAll E R, , 1981, p. 468. M Badar,The concept of Mens Rea in international criminal law, in . Oxford University Press, 2015. C Lee Audah Hassan,Offences against persons and property, in , Petaling Jaya, Selangor Darul Ehsan, Malaysia, LexisNexis, 2009. Moriarty v Brookes, inEWHC Exch J, , 1834, p. 79. Lawteacher.net, 'Non Fatal Offences Against The Person | Criminal Lecture Notes | Law Teacher', in , , 2015, https://www.lawteacher.net/lecture-notes/criminal-law/assaults-lecture.php [accessed 24 July 2015]. G Virgo, 'Offences Against the PersonDo-It-Yourself Law Reform', inCam. Law. J., vol. 56, 1997, 251. H Law, 'Offences against the Person: Reckless Transmission of HIV', inThe Journal of Criminal Law, vol. 69, 2005, 389-393. M Dubber,Foundational texts in modern criminal law, in . Oxford University Press, 2015. E-lawresources.co.uk, 'Criticisms of non-fatal offences against the person', in , , 2015, https://e-lawresources.co.uk/Non-Fatal-Offences-Against-the-Person---Criticisms.php [accessed 24 July 2015]. M Jefferson, 'Offences against the Person: Into the 21st Century', inThe Journal of Criminal Law, vol. 76, 2012, 472-492. J HORDER, 'Rethinking Non-Fatal Offences against the Person', inOxford Journal of Legal Studies, vol. 14, 1994, 335-351.