Ownership in Foreign Direct Investment Essay Example | Topics and Well Written Essays - 750 words

Ownership in Foreign Direct Investment - Essay Example Some of these reasons are clearly envisioned in the case study on Genting International and includes the fact that transnational ownership give owners of companies the right and opportunity of benefiting from labor and investment laws that apply to both national companies and international companies. In the case of Genting International, because the company was based in Singapore, it had every right to participate in the bid if the bid had been opened to Singaporean companies alone. At the same time, the company was in position to undertake a foreign market entry as an international company. The reason that has made this situation possible in most cases is that the different owners who come from different countries have always registered parts of the company in their respective countries (Savior, 2009). When a bid for international companies arise therefore, it is the owner with registration in a different country who participants in the bid so as to create a foreign market entry. Ad vantages of the present Foreign Market Entry For Genting International and Las Vegas Sands who have own the two places available in the bid, there are several advantages that they are going to reap as foreign companies who have made investments in Singapore. The first of such benefits has to do with the fact that these companies are fortunate to be coming from an industry that could be described as relatively new in Singapore because of the ban on the operations of casinos that had been on the hospitality industry for a long time. Indeed, now that these companies are coming in with such a vast amount of investment, they are going to great a pioneering brand that would forever become a legacy in the casino industry in that country. If well monitored, this is going to be a major competitive advantage for future entrants into that sector of the economy. The reason for this assertion is that by the time new companies come in, these two companies might have had their names settling well with customers. They might have also created a very formidable organizational culture would be too familiar with their customer for the customers to change them. Without any doubt, tax moratorium that the two companies have ten years to benefit from because they are foreign companies is not something that can be overlooked as an important merit at all. In a recent research, it was discovered that 12% of companies that were liquidated in the United Kingdom from the year 1992 to 2002 suffered that fate because of their inability to grow beyond 2% a year (Gardener, 2007). Further investigations proofed that whereas these companies could not record 2% of growth over their total revenues, they were paying over 7% of taxes over their total revenues. In congruence, it could be said that these companies collapsed because of huge tax demands. This is certainly a situation that for the next ten years, the winning bidders are going to be exempted from. Clearly, the amounts of money that should have gone into the payment of taxes for all these ten years can be channeled to other sectors of growth, expansion and development. If for nothing at all, the companies can be investing these amounts in long term financial investment policies so that when they start paying taxes, they would not suffer any shocks in terms of decline of revenue. Challenges associated with the present Foreign Market Entry Genting International and

Funny Boy And Running In The Family | Analysis

Funny Boy And Running In The Family | Analysis Searching for identity is big theme in Postcolonial studies. Identity or the sense of belonging plays a major role in everyones lives. Identity tells us who we really are and where we have come from. Identity can be either positive or negative. It gives us the sense of pride in being who we are. If we do not identify ourselves with our surroundings or the people we come in contact with, we are lost. We feel as if we do not belong there and hence we feel as if we have lost our identity. Actually, the search for identity is an ongoing g process and there is no ending for it. Many would do anything to find their identity and to search for the place where they belong. In both Funny Boy and Running in the Family, the search for identity is the main theme. These novels bring forth the challenges that the main characters face in the search for identity. The setting of these two novels is in Sri Lanka. However, Funny Boys Arjie faced negative challenges thrown at him whereas Running in the Familys narrators (Ondaatje) journey of self-discovery is more towards the positive side. In this paper, I will the journey of self identification by the protagonists of the both novels that I mentioned above. In Funny Boy, we are exposed to the history of Sri Lanka, Arjies homeland. A country like Sri Lanka that has just gained independence from the colonizers strives to build and recapture its own identity which was stolen by the colonizing powers. However, to form a unitary identity is not easy because Sri Lanka is made up of different ethnicities and religious beliefs. The history of racial conflict between the Tamils and the Sinhalese in Sri Lanka plays an important role in Arjies life. The rivalry between Sinhalese (Buddhist) and Tamil (Hindu) inhabitants of Sri Lanka is caused by the differences in religion and custom. Salgado argues that the connection between language and ethnicity which substantiate the discrete ethnic markers of Sinhalese and Tamil, was very much the product of British orientalism, and was embraced by the Sinhalese who stood to gain from it (12-13). The Tamil minority from India migrated to Sri Lanka between the 3rd century BC and 13th century AD whereas the Indo-Aryan in who migrated in the 5th century BC created the Sinhalese population in Sri Lanka. Since, the Sinhalese are more in population compared to the Tamils; they hold much of the political power. For so long, Sri Lanka has been under the Western powers like Portuguese and British before it gained independence in 1948, with both Sinhalese and Tamils uniting their forces. Somehow, this unity did not last long because the Sinhalese immediately assumed power and began to marginalize the Tamils. They began to treat the Tamils so badly till the Tamils had to struggle to make their voice heard. The conflict reached its peak in 1956 when the Prime Minister Solomon Bandaranaike declared Sinhala as the national language and when Buddhism was declared as the official religion; the Tamils grew angry. Arjies father says in Funny Boy, when asked about the riots, Sinhalese wanted to make Sinhala the only national language, and the Tamils did not like this. So there was a riot and many Tamils were killed (61). The Tamils after much pain and suffering from denial of rights begin to fight to establish their own nation and this is evident in Funny Boy. There was a group in Jaffna called the Tamil Tigers. They wanted a separate country and the Sinhalese were very angry about this. Ammachi often talked about the Tigers. She was on their side and declared that if they did get a separate state, which they would call Eelam, she would be the first to go and live in it. Father told her she was mad. This made Ammachi even more angry and they had many disputes about the Tigers. (61) These political and racist power struggles heavily influence many chapters in this novel and especially when it reaches the climax in the last chapter, Riot Journal: An Epilogue. In Pigs Cant Fly, Arjie clashes with his cousin sister Tanuja and disagrees with the common social norm which forbids him from playing feminine games with girls. In Radha Aunty, Radhas and Anils love situation is almost similar to Romeo and Juliet love story. Radha is Tamil and Anil is a Sinhalese and they are forbidden to get married because they belong to different religion. In See No Evil, Hear No Evil, Daryl and Nalini endeavor to expose the corruption of the government, a fruitless effort in a corrupt and laden society. In Small Choices, Arjies father and Jegan had to battle against the racial stereotyping and violence, while in The Best School of All, Arjie and Shehan both defy the authority of the principal named Black Tie. At last, in the Epilogue the conflict between the Sinhalese and Tamils got wor st which is the beginning of the civil war. Furthermore, binary oppositions the self and the other exists in every chapter of this novel in a form of stereotyping every person in their own category. Ania Loomba says that, stereotyping involves a reduction of images and ideas to a simple manageable form; rather than simple ignorance or lack of real knowledge, it is a method of processing information. The function of stereotypes is to perpetuate an artificial sense of difference between self and other (55). In Funny Boy, Arjies grandmother Ammachi cannot accept Anil because she cannot see him beyond the stereotype. She cannot see Anil for more than just a Sinhalese. What did I tell you? She was getting a lit from a Sinhalese. Only a Sinhalese would be impertinent enough to offer an unmarried girl a lift (58). Society expects its people to choose sides and in return they will be protected accordingly. Conformity makes someone feel safe and it ensures ones survival. In a power struggle, when one party has the upper hand claim on the country and affirm other minorities will be marginalized. In the Empire Writes Back, Bill Ashcoft et al claims that in post-colonial societies, the participants are frozen into a hierarchical relationship in which the oppressed is locked into a position by the assumed moral superiority which is reinforced when necessary by the of physical force (172). In Small Choices Arjies father explained the things Tamils might get in trouble with in which the Sinhalese will face no problem. When my father had finished relating the incident, Amma said, You should have taken Jegans side. After all, he is more important than the peon. As Tamils we must tread carefully, my father replied. Jegan has to learn that. Even I have to circumspect when Im talking to the staff. If I was Sinhalese, like Sena, I could say and do whatever I liked. Amma sighed. Its so ridiculous, she said. What to do? One has to be realistic. (190). When the minorities do not have equal rights as the majority, this will lead to dislocation and alienation in their own country. This will result in vengeance and vendetta: You know, Sonali said, Sometimes I wish I was a Sinhalese or a foreigner. I dont, Diggy said. He glared at us again. Im proud to be Tamil. If those damn buggers come here, Illà ¢Ã¢â€š ¬Ã‚ ¦ (196) Diggys reaction is understandable and its called retaliation. His reaction is much similar to the reaction of the Tamil Tigers. Tamil Tigers are consists mostly of young people who are unable to put up with Sinhalese demands and discriminations. Society draws a line between us and them so that people must confirm to either side, no matter how ridiculous it may seem. This applies to gender stereotyping as well. When asked why Arjie cannot play with his cousin sisters, his mother replies, It doesnt matterà ¢Ã¢â€š ¬Ã‚ ¦Life is full of stupid things and sometimes we just have to do them (20). So what will become for those who refuse not to belong to just one category? What if they exist in a third space; in between? In Arjies case, he belongs to the Tamil minority as well as in gay community. Homosexuality is not tolerated in Sri Lanka and therefore Arjie is marginalized twice than an average Sri Lankan. Hence, it will be harder for Arjie to feel accepted and to have a sense of belonging. However, there many instance in Funny Boy where the characters try to defy the norm of life and social rules to live their life their own lives. This is evident in Arjies monologue below. How was it that some people got to decide what was correct or not, just or unjust? It had to do with who was in charge; everything had to do with who held power and who didnt. if you were powerful like Black Tie or my father you got to decide what was right or wrong. If you were like Shehan or me you had no choice but to follow what they said. But did we always have to obey? Was it not possible for people like Shehan and me to be powerful too? (274) Most of the time, the characters who decide not to follow the social rules or everyday norms are secluded and alienated by their family and country and people. For an example, Aunt Doris, the director of the stage play Arjie was involved in chose to go against her Burgher familys wishes and married a Tamil man. This of course ended her relationship with her family. Even Arjie, after thwarting his principal and realize who he is and who he wanted to be with, thought to himself, As I gazed at Amma, I felt a sudden sadness. What had happened between Shehan and me over the last few days had changed my relationship with her forever. I was no longer a part of my family in the same way. I now inhabited a world they didnt understand and into which they couldnt follow me. (285) Here Arjie is talking about his sexual awakening but his feelings also apply to those who made choices that alienate them from the people and places they belong to. However, to Homi Bhabha the third space gives people like Arjie a chance to create a new identity. This third space allows them to transcend their position and go against those suppress and oppress them. It gives them power and freedom to transcend boundaries society rules. They get the best of both worlds. It gives them self empowerment to move on in life and its a place where the can voice out their opinions. Most of all the third space gives them sense of belonging and identity. The third space is a mode of articulation, a way of describing a productive and not merely reflective, space that engenders new possibility. It is an interruptive, interrogative,and enunciative space of new forms of cultural meaning and productive blurring the limitation of existing boundaries and calling into question established categorizations of culture and identity (Bhabha, 1994) Before Arjie is even aware of his tendencies, his family would have makes sure that any un-stereotypical gender fondness would have been eradicated by his family. His father who was afraid that Arjie might turn out funny forbids him to play bride-bride with his cousin sisters. Well, on the other hand when Arjie plays with boys he was called a girlie boy. This separates him from the possibility of being a girl or a boy. Gender stereotypes are enforced by families and society to demarcate the separate worlds of boys and girls. This leaves Arjie caught between the boys and the girls worlds, not belonging or wanted either (39). His exclusion from both parties suggests us that he inhabits some third space between these two. This third space is addressed as funny and it has a shameful connotation. According to Gopinath, challenging gendered spaces in this novel which is portrayed by the main character. This is because he allows the inner space to be something more than a site of gender agr eement. He allows gender and fantasy play. And by doing this he reveal[s] how non heteronormative embodiments, desires, and pleasures surface within even the most heteronormative of spaces (170-171). Throughout the whole book, we follow Arjies journey growing up and attempting to search for his identity. Arjies search for identity is similar to Sri Lankas own research for identity amidst the warring ethnics. If the focus is just among the Tamils and Sinhalese, what about the homosexuals, Burghers and Muslims? Arent they part of Sri Lanka as well? Even though all of them are different in many ways, they yearn for a place to call home where they can be safe and live without persecution. Funny Boy also puts the story of the everyday people of Sri Lanka in the spotlight. It doesnt focus on one party but it focuses more on the struggle these people went through to live in a Sri Lanka they all own. It is not about finding a balance between your identities, or trying to define within a particular one, Selvadurai explained. Rather, he said it is about being open-minded and being accepting of how others define you (www.thecannon.ca//shyam_selvadurai_funny_boy_on_campus). In Running in the Family, Michael Ondaatje narrates the quest to search about his father by re-conceptualizing the past and patching up the fragments of his family history. Ondaatje searches for his identity by retracing back his familys past, especially his father in Sri Lanka. During certain hours, at a certain years in our lives, we see ourselves as remnants from the earlier generations that were destroyed. So our job becomes peace with enemy camps, eliminate the chaos at the end of Jacobean tragedies, and with the mercy of distance write histories(179). The framework that Ondaatje uses is a fictionalized memoir. This allows Ondaatje to create his own form of reality and his own truths. This enables him to challenge boundaries between fiction and reality. Besides that, Ondaatje explores the autobiographical self and in his case, the quest for Mervin Ondaatje is an important detour in his search for his own identity. He uses the technique of searching about the other (his father) so that he can find his own identity. As Marlene Kadar points out, writing about life is the site of the other, and this other is autobiographical in one sense, and not at all in another (153).When Ondaatje is searching deeply about his familys and fathers roots he begins to shape his own roots. At the end of the book it is revealed that Ondaatje is the mirror image of his father. One could certainly claim that the end of the narrative is just the beginning of the discovery of the other (i.e. the father) through the self (i.e. the narrator) (Speaking Ones Truth: Reading, 3). In Running in the Family, Ondaatje uses the infusion of family tragedies, their life dramas, warmth and love to connect the dots and construct his identity. He includes both the public and private when he researches about his family past. By doing so, he is able to see the connections between his family and his colonial inheritance. As Patricia Hampl remarks, the truth memoir has to offer is not neatly opposite from fictions truth. Its methods and habits are different, and it is perhaps a more perverse genre than novel: It seems to be about an individual self, but it is revealed as a minion of memory which belongs not only to the personal world but to public realm (205). Sri Lanka is a country consisting of a complex social network because it is a multinational country which has many national and cultural identities. Ondaatje acknowledges Sri Lankas identity as hybrid and creolized nature. This almost similar to Ondaatjes family background: Every one was vaguely related and had a Sinhalese, Tamil, Dutch, British and Burgher blood in them going in back many generations. There was a large social gap between this circle and the Europeans and English who were never part of Ceylonese community. The English were seen as transients, snobs, and racists and were quite separate from those who had intermarried and who lived permanently. My father always claimed to be a Ceylon Tamil, though that was probably more valid about three centuries earlier (41). However, there is a tension between Ondaatjes endeavour to reunite him with his family and to keep a distance from his family so that he is able to break through his familys history from different points of view. It is as if when Ondaatje runs in with his family, he is also running away from his family. The running aids the author in a more complex search for his identity because it allows him to discover his identity in different forms. Here, Ondaatje is creating history while collecting data, fragments of both Sri Lankas and familys histories. As to fill in the gaps in his identity, he uses myth to provide explanations and to be as closer to the truth of that time and closer to the truth of his family. By researching his country of birth, he sees it as the other that he is constantly searching for. He is both the insider and the outsider who speaks for both the marginal and the central: I am the foreigner. I am the prodigal who hates the foreigner (65). Here Ondaatje represents the immigrants, immigration and culture. The framework of fictionalized memoir allows both writers to speak their souls truth (cf.Hampl, 203). The search of identity is a process where there is a need to rely on the national identity and family identities. Its like you cannot runaway from where you belong because they somehow make you who you are. Arjie and his family had to leave Sri Lanka because Sri Lanka was no longer safe to be their home and it was no longer where they belong whereas, Ondaatje has to come back to Sri Lanka because that is where he can find his identity through his familys history. Even though, Arjie and his family had to run to Canada to survive, they are still Sri Lankans and are part of that country. Arjies father sent Arjie to a different school so that Arjie wont turn out funny, Arjie found Shehan who strengthen his sexuality. When it comes to Ondaatje, even though he is settled in Toronto, Canada, he has to go back to his birth place to find his identity. He even has dreams of going back to Sri Lanka. At last, one had to admit that the main part of their identity depends on where you are born and where you came from whether you are accepting it or not. This is evident in Shyam Selvadurais Funny Boy and Michael Ondaatjes Running in the Family. Work Cited Ashcroft, B., Griffiths, G. and Tiffin, H. The Empire Writes Back. New York: Routeledge, 1994. Bhabha, H.K.(1994). The Location of Culture. London.Routledge Gopinath, Gayatri. Impossible Desires: Queer Diasporas and South Asian Public Cultures.Durham: Duke UP, 2005. Hampl, Patricia. I Could Tell You Stories: Sojourns in the Land of Memory. New York; London: Norton, 1999. Kadar, Marlene. Whose Life Is It Anyway? Out of the Bathtub and into the Narrative. Essays on Life Writing: From Genre to Critical Practice. Ed. Marlene Kadar. Toronto: U of T Press, 1992. 152-161. Loomba, Ania. Colonialism/Postcolonialism. 2nd Edition. New York: Routeledge, 2005. Ondaatje, Michael. Running in the Family. 1982. NCL ed. Toronto: McClelland Stewart, 1993. Salgado, Minoli. Writing Sri Lanka, Reading Resistance: Shyam Selvadurais Funny Boy and A. Sivanandans When Memory Dies. The Journal of Commonwealth Literature 39:1 (2004): 5-18. Selvadurai, Shyam. Funny Boy. United States: Harcourt Brace, 1997 www.academon.com/Essay-Identity-in-PostTexts/54654 Cached Similar www.hichumanities.org/AHproceedings/Miriam%20Rothgerber.pdf Similar www.thecannon.ca//shyam_selvadurai_funny_boy_on_campus

Law and its system :: essays research papers

1.  Ã‚  Ã‚  Ã‚  Ã‚  The importance of a contract law to the private market system is vital for our private enterprise economy. It helps make buyers and sellers willing to do business together. Contract laws allows private agreements to be legally enforceable. Contract laws provides enormous flexibility and precision in business dealings. It provides flexibility in that you can agree to literally anything that is not illegal or against public policy. It gives precision in that with careful thinking you can make another agree to exactly the requirements that accomplish even a very complex business purpose. 2.  Ã‚  Ã‚  Ã‚  Ã‚   a.  Ã‚  Ã‚  Ã‚  Ã‚  Common law of contracts is understood to have many types of contracts. Another source is legislation. Various states have enacted the common law as a part of the state statues. b.  Ã‚  Ã‚  Ã‚  Ã‚  The UCC is the Uniform Commercial Code which is a state-based legislation. This covers the sale of goods. 3.  Ã‚  Ã‚  Ã‚  Ã‚   a.  Ã‚  Ã‚  Ã‚  Ã‚  The following phrases are important to the understanding of contract law because a bilateral contract is an agreement containing mutual promises. A bilateral agreement is whenever there is doubt about the form. The party making the promise can control the application of many concepts of contract law by understanding the distinction between bilateral and unilateral contracts. Unilateral contract is an agreement with only one promise. The maker of such a promise seeks an action rather than a promise in return. b.  Ã‚  Ã‚  Ã‚  Ã‚  When many contracts arise from discussions in which parties actually discuss the promised terms of their agreement are called express contracts. Implied-in-facts arise from the conduct of the parties rather than from words.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   c.  Ã‚  Ã‚  Ã‚  Ã‚  Implied-in-law contracts is when one party unjustly enriched at the expense of another, the law may imply a duty on the first party to pay the second even though there is no contract between the two parties.

Islamic Economic System

INTRODUCTION Islam is a complete code of life which offers its own social, political and economic systems to guide human behavior in all spheres of life. History has recorded that the economic system of Islam, for the first time in the world had established social and economic justice during the period of al-Khilafah al-Rashidah. In any ideal Muslim society, socio-economic justice is considered as one of the most significant characteristics for the social, political, and economic as well as all realms of human interaction.Exploitation and any source of unjustified enrichment in Islam are prohibited. The Holy Qur’an has emphatically instructed Muslims not to acquire each other’s property wrongfully. Islam is not an ascetic religion. It takes a positive view of life as the natural outcome of the belief that human beings are the vicegerents of Allah (Swt). The conditions for interest/riba has been laid down as increase in principal amount and increase with respect to payme nt period, the more period causes more increase. Interest/riba has been categorized into two types.After describing interest/riba and its types, reasons have been sought for prohibition of interest/riba from Quran referring to Surah Al-Rum-39, Surah Al-Nisa-161, Surah Al-Imran 130-2 and Surah Al-Baqrah 275-281. Help from Hadith (Muslim, Ahmed, Tirmidhi and Ibn-e-Majah) has also been sought. Interest/riba generates various evils like moral evils, social evils and economic evils. The goals of socio-economic justice and equitable distribution of income and wealth are integral parts of the moral philosophy of Islam.However, one of the socio-economic reforms made by Islam was the prohibition of riba (interest). About the efficacy and usefulness of the prohibition of interest in Islam, Muslim economists have tried to provide the juridical clarity and support based on reason, as opposed to mere belief. The purpose of this paper is to spell out the meaning of riba or interest, its different kinds, and the social, moral, as well as economic rationale of its prohibition.The central feature of an Islamic financial system is the absolute prohibition of the payment and receipt of interest. Thus, countries that have chosen to bring their economic systems into closer accordance with the rules prescribed by Islamic law have had to restructure their banking Systems to conform to the restriction on interest based financial transactions. One of the main subjects in Islamic economy is study on ration of usury to currency devaluation compensation.In Iran which average inflation rate has been 20% during the last 30 years (that is prices have been averagely multiplied by 240 in the last 30 years) on the one hand and currency devaluation compensation is regarded usury on the basis of traditional definition of usury on the other hand, the fact that devaluation compensation is considered as usury causes the holders of interest free deposit to face continual and evident devaluation and then cause the holders of fixed salary and cash asset to have zero purchasing power over time and some will benefit (including government and then owners of estates) and some will lose.The incurred loss will be the same as the benefit of some beneficiaries leading to poverty of the poor and wealth of the rich and violation of rule of dominance in private ownership. On the basis of traditional jurisprudence, compensation for currency devaluation is regarded the same as inflation rate and non compensation will lead to undesirable consequences.In this article, this traditional attitude has been challenged and we can say that compensation for decrease of purchasing power which is the same as inflation rate is not only usury but also necessary with regard to economic changes in the current era and this is closer to justice recommended in religious law. With regard to the mentioned material, importance of currency devaluation compensation is made evident.In fact, this article seeks to ans wer this question whether currency devaluation compensation is one of the usury evidences or not and if it is necessary to compensate it in transaction (especially in term transaction)?. Substantive hypothesis of this research is that compensation for purchasing power decrease in transaction (especially in loan) is necessary. Much has been written on the interpretation of the term â€Å"interest/riba†, Interest on the wisdom underlying its prohibition, on its economic and social implications and on the practical aspects of the Islamic economy which is supposed to work without interest.It is explained that the people not conversant with principles of Islam and economic philosophy of Islam believe that elimination of interest/riba from banks and financial institutions makes them charitable, rather than commercial concerns which offer financial services without a return. This is their wrong assumption that interest free loan is meant for cooperative and charitable activities and not normally for commercial transactions. It is clear that elimination of interest from financial activities does not mean that lender cannot earn profit.If financing is made for commercial purpose, it can be based on the concept of Musharakah and Mudarabah. Islam animated novel systems which were beyond the reach and perception of human beings to think and develop. LITERATURE REVIEW Much has been written on Interest and its evils. Prohibition of interest in Islam is basically is an effort to prevent the society from the evils of interest. Interest free economy is an ideal economic system, model of which is presented by Islam through Qur’an and Hadith.Prophet Muhammad (S. A. W) laid down the basis of interest free economic system 1400 years ago and Khulfa-e-Rashidain carry that work and establish an economic model that is role model for today’s economists and for those who are contributing their efforts for establishing an Interest free economic system. Regarding subj ect matter in the present article which studies relationship between them, the related literature (except Qur’an & Hadith) relates to the recent 30 years.Islamic prohibited Interest as Qur’an Said: â€Å"Allah deprives riba of all blessing and develops charity† (Al-Baqara-276) â€Å"The interest that you give in order to increase the wealth of the people, does not increase in the sight of Allah† (Al-Rum-39) Basic concept of Interest/riba is explained by Qur’an, Hadith, Islamic and other scholars in an easy way. Fourth Revelation (Surah Al-Baqarah, verses 275-281) â€Å"Those who devour riba will not stand except as stands one whom the evil one by his touch hath driven to madness. That is because they say: â€Å"Trade is like riba†.But Allah hath permitted trade and forbidden riba. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge). But those who repeat (the offence ) are companions of the fire; they will abide therein (forever). †(275) Allah further said: â€Å"O you who believe, observe your duty to Allah and give up what remains (due) from interest, if you are believers. But if you do not do it, then be warned of war from Allah and His messenger; and if you repent, then you shall have your capital.Do not exploit and be not exploited. † (2:278-279). The Holy Prophet (S. A. W) has advised Muslims to avoid seven harmful things and the third among these is interest, He stated,' although interest brings increase, yet its end tends to scarcity’. From Jabir (RAA) The Prophet, (PBUH) may curse the receiver and the payer of interest, the one who records it and the two witnesses to the transaction and said: â€Å"They are all alike [in guilt]† (Muslim, Tirmidhi and Musnad Ahmad).From Abdullah Ibn Hanzalah (RAA) the Prophet (PBUH), said: â€Å"A dirham of riba which a man receives knowingly is worse than committing adultery thirty six times† (Mishkat al-Masabih, Kitab al Buyu, Bab al riba, on the authority of Ahmad and Daraqutni). Bayhaqi has also reported the above Hadith in Shu’ab al-imam with addition that â€Å"Hell befits him whose flesh has been nourished by the unlawful. † From Abu Hurayrah (RAA): The prophet, (PBUH), said: â€Å"There will certainly come a time for mankind when everyone will take riba and if he does not do so, its dust will reach him. Abu Dawud, Kitab al Buyu†, Bab fi ijtinabi al-shubuhat; also in Ibn Majah) From Abu Hurayrah (RAA): The Prophet, (PBUH), said: â€Å"God would be justified in not allowing four persons to enter paradise or to taste its blessings: he who drinks habitually, he who takes riba, he who usurps an orphan’s property without right, and he who is undutiful to his parents† (Mustadrak al-Hakim, Kitab al-Buyu) Above illustrated Verses from Holy Qur’an and Hadith explain the meanings and its status in Islam.Prohib ition of Riba Act 1997 states that riba is an stipulated payment over and above the principal amount lent in consideration of the time given for repayment, either on simple or compound basis or any discount given on assignment of debt or any financial paper representing money. Chapra (1985) explains that â€Å"Riba literally means increase, addition, expansion or growth†. Even among secular literature, one finds criticism on interest. Aristotle (384-322 BC) in his book â€Å"Politics† criticized interest in following words â€Å"Of all modes of getting wealth, this is the most unnatural†.In value neutral economics too, we find criticism on interest. Keynes (1936, p. 377) in his monumental work â€Å"General Theory of Income, Employment, Interest and Money† reasoned in following words: â€Å"Interest to-day rewards no genuine sacrifice, any more than does the rent of land. The owner of capital can obtain interest because capital is scarce, just as the own er of land can obtain rent because land is scarce. But whilst there may be intrinsic reasons for the scarcity of land, there are no intrinsic reasons for the scarcity of capital.An intrinsic reason for such scarcity, in the sense of a genuine sacrifice which could only be called forth by the offer of a reward in the shape of interest, would not exist, in the long run, except in the event of the individual propensity to consume proving to be of such a character that net saving in conditions of full employment comes to an end before capital has become sufficiently abundant. But even so, it will still be possible for communal saving through the agency of the State to be maintained at a level which will allow the growth of capital up to the point where it ceases to be scarce†.Tahir (1999) describes that riba is a discrepancy which results from the contractual obligations of a party in the context of a direct exchange of items of the same general kind (such as loan transaction) bet ween two parties. Encyclopedia American International Edition (1970) expresses the meaning of interest that it is a charge for the use of money. Interest has not always been considered legitimate or even moral payment. Until the end of middle ages, any charge for a loan was general considered to be usury.Teachings of Christian, Judaic and Islamic religion, all condemned in varying degrees, the taking of interest, in more recent times, however, usury has come to be regarded as only the charging of illegal rates of interest. â€Å"The interest that you give in order to increase the wealth of the people, does not increase in the sight of Allah; and the Zakat that you pay in order to win Allah’s approval, its payers do indeed increase their wealth† (Surah Al-Rome no. 39)(Shafi and Usmani, 1997, p. 67).It is beautiful and powerful statement from Quran which shows that interest is prohibited by God because it can only increase the wealth of individual not the society.  "Exclusion of interest from financial activities does not necessarily mean that the financier cannot earn a profit. If financing is meant for a commercial purpose, it can be based on concept of profit and loss sharing, for which Musharakah and Mudarabah have been designed since the very inception of Islamic commercial law† (Usmani, 2005, p. 10).It is wrong and confused concept in the society about the operation of the Islamic banking system but Islam provides an alternative system where everyone contributes their share of investment and earns profit. In case of losses all the parties of contract suffer according to their agreed terms and conditions. Islamic financial system is being only successful if all the financial activity will be performed according to Islamic financial law Islamic banking is a very strong sector of interest free economy; Islamic anking can be a true alternative of conventional banking. The Organization of Islamic Conference (OIC) defined an Islamic bank ing as â€Å"a financial institution whose statutes, rules and procedures expressly state its commitment to the Principles of Islamic Shariah and to the banning of the receipt and payment of interest on any of its operations† (Hassan, 1999, p. 60). According to this statement it is clear that interest is fully prohibited in Islamic law due to its bad effects on human being and more badly effects on overall society and economy.In an interest based economy a trend arises that rich people create the methods to increase their wealth through effecting the middle and lower classes. In interest based economy the middle class cannot contribute positively in economic system then gradually the economy travel toward financial crises such as credit crunch. An Islamic bank is an intermediary and trustee of other people’s money with the difference that it shares profit and loss with its depositors.In practice the most Islamic banks have an organizational set-up very matched and simi lar to their conventional counterpart banks (Dar and Presley, 2000). â€Å"Islamic banking is phenomenally profitable because, although its underlying funding mechanism is the same as conventional banking, its default experience is better, and its charges higher and less transparent† (Cook, 2006, p. 16). It is resulted from above statements that Islamic banking is not totally different from conventional banking.They are doing same practice such as saving deposits and consumer finances but there are some fundamental differences of its practice and objectives. Islamic banking is interest free and its main objectives are the equal distribution of wealth, decreasing the poverty and increasing the investment opportunities. It is very beneficiary for Muslim population who want to solve all their financial matter according to their religion. Because a number of Islamic and some high street commercial banks from all over the world offer products and services that are according to Sha riah compliant (www. tandardchartered. com). Islamic and traditional banking actually are not different. The both banking system has same objectives and practice the only difference of implementation of interest because interest is totally prohibited in Islam. Islamic banking falls into the realms of conventional banking; Islamic banking try to ensure that all their financial matters according to Islamic financial law as well as the rules and regulations of a articular state like the Financial Services Authority (FSA) in the United Kingdom (Shanmugam, Perumal and Ridzwa, 2004). Islamic banking almost provides same services as conventional banking such as current accounts, saving accounts, insurances, mortgages and investment opportunities in the society. Regarding usury or currency devaluation and its related issues, there are abundant economic literatures. Its reason is that this subject has not been raised as main and serious subject in the past.In Sunnite world, the above issue h as not been seriously raised. Perhaps, the main reason is that this issue becomes important in the country like Iran which usury free banking has been executed completely due to close relationship between currency devaluation compensation and usury free banking. In fact, by study on history of Islamic banking in world of Islam especially in literature of Sunnites, we notice that history of Islamic banking is divided into two periods: firstly, when it has been raised as an ideal form and secondly, when it has been realized.Principle of attention to usury free banking idea is found in book Anvar Eghbal Goreishi (1946) (Naem Sadighi 1948) and Mohammad Ahmad (1952) and consequently, professional elaboration of Mododi in 1950(1961) and writings of Mohammad Hamidollah in 1944, 1955, 1957 and 1967 are included in this group. In all of these works, bailment means participation on the basis of profit and loss was suggested as main mechanism for usury free banking idea (Abdul Ghafoor, 1955). In the next two decades, usury free banking attracted many attentions; efforts of researchers about this subject started in this period.The first works related to Mohammad Azir (1955) and afterward, Abdullah Arabi (1967), Nejatollah Sadighi (1961, 1969) and Alnajar (1971) and Sadr (1961, 1974) published works in this field in late 1960s and early 1970s (Sadighi 1997, P222). These governmental efforts and assistances led to application of theory in reality and the first usury free bank i. e. Islamic Development Bank was born out of this process in 1975. Afterward, different researches were published in the field of usury free banking.Works done by Mir Akhor (1989), Farokh Omar(1985), Khan (1986), Asif Ahmad (1997), Motahari(1403 AH), Mosaei(1998, 1999, 2001, 2003, 2004), Adib Soltani (1996, Bakhtiari (1996), Beheshti (1989), Taskhiri (1996), Tootonchian(2000) , Davoodi (1995), Marzban(1977), Mesbahi (1997), Hedayati (1996), Yousefi (1998), Arif Mohammad (1988) and Musai (1997, 2001) belong to this category. The first private usury free bank was Dubai Islamic bank which was established in 1975 by a group of Muslim merchants from many countries. Afterward, two other private banks called Feisal Islamic Bank was established in Egypt and Sudan.In the same year, Kuwait government established Kuwait Finance House. But before this date, usury free banking has been available in small and limit scale such as banking in Malaysia in the middle 1940s and another one in Pakistan in the late 1950s. With regard to these experiences, Naser Social Bank was established in 1972 which is available now and its goals are social rather than commercial. During the next 10 years, more than 50 usury free banks were formed out of establishment of the first private commercial bank in Dubai. Most of these banks are in Muslim countries.But many are available in West Europe in Denmark, Luxemburg, Switzerland and England. In 1983 and 1984, many banks were established but afterward, the number of these banks has decreased. METHODOLOGY Since this study was secondary data based, no primary data collection methods were followed. Data was collected from various scholarly articles related to studies. Books on Islamic economics were also consulted and considered for data collection. Data related to Zakat, usher, fidia, jizia and charity was collected from Qur’an and Hadith. And authenticity of data was confirmed by Ulma so that any misconception could be prevented.Scholarly articles and related studies were carefully studied and most related data was taken for report. After rigorous study of literature available, a comparative analysis of various sectors of economy was performed. Comparison of Zakat and tax, conventional and Islamic banking, monetary and fiscal policy and also a brief discussion of inflation is included. After comparative analysis and deep discussion of data collected an effort is made to develop an interest free economy model in Pakistan. COMPARATIVE AN ALYSIS Much has been written on the interpretation of the term â€Å"interest/riba.We have expand our discussion more and try to explain the meanings of interest, its implications in different sector of economy and also try to produce free model of economy, sector wise. INTEREST Interest is the money paid for the use of money lent, or for delaying the repayment of a debt. The economy today is based on the system of interest. It has its merits and demerits, but if we analyze it in accordance with the Islamic injunctions and teachings, then we come to realize that this system of interest is not viable for the Muslims, and it undermines the human and cultural values.Interest is the basis of modern capitalism. It is completely opposite to Zakat. Zakat channels wealth from the rich to the poor while interest takes away wealth from the poor and hands it over to the rich. Modern economics are so inter-linked with interest that people may think it is impossible to go without it. The situat ion is really very complex. But, we must aim at getting rid of interest. Unless people fight against the tyrant rulers and establish an Islamic state -the problems will still be there. Further, until Islamic state established, it will make us feel impossible to solve this riba (interest) problem.Allah SWT has not imposed on us something impossible. An interest-free economy will be a boon for all peoples of the world. INTEREST and ISLAM Interest (riba) has been vehemently disapproved in Islam. Islam prohibits all transactions involving interest. This prohibition is for all interest-based transactions, whether giving or receiving, whether dealing with Muslims or non-Muslims. It is reported that the Prophet Muhammad (peace be upon him) cursed those who pay interest, those who receive it, those who write a contract based on it, and those who witness such a contract. Interest is neither a trade nor a profit.It is a means of exploitation and concentration of wealth. PROHIBITION OF INTERES T IN QURAN AND SUNNA’H â€Å"They say, trade is like interest and Allah has allowed trade and prohibited interest. † (2:275). â€Å"Whatever you pay as interest, so that it may increase in the property of (other) men, it does not increase with Allah. â€Å"(30:39). â€Å"O you, who believe, do not take interest, doubling and quadrupling, and keep your duty to Allah, so that you may prosper. † (3:130). â€Å"O you, who believe, observe your duty to Allah and give up what remains (due) from interest, if you are believers.But if you do not do it, then be warned of war from Allah and His messenger; and if you repent, then you shall have your capital. Do not exploit and be not exploited. † (2:278-279). â€Å"Those who devour usury will not stand†¦. Allah has permitted trade and forbidden usury†¦. Allah will deprive usury of all blessing, but will give increase for deeds of charity†¦. † (Qur'an 2:275-6) The Holy Prophet of Islam has advi sed Muslims to avoid seven harmful things and the third among these is interest, He stated,' although interest brings increase, yet its end tends to scarcity’.In several verses of the Holy Qur’an, Allah (Swt) has mentioned the consequences of riba. The Qur’an did not declare the prohibition of riba in the early stage of revelation; rather we find that the complete prohibition of interest came sequentially. In the Qur’an Allah (Swt) says: â€Å"That which ye lay out for increase through the property of (other) people, will have no increase with Allah: But that which ye lay out for charity, seeking the countenance of Allah (will increase): it is these who will get a recompense multiplied†. 30:39) â€Å"That they took riba (usury), through they were forbidden and that they devoured men’s substance wrongfully – We have prepared for those among men who reject faith a grievous punishment. † (4:161) â€Å"O ye who believe! Devour not usury doubled and multiplied; but fear Allah, that ye may (really) prosper. † (3:140) â€Å"Those who devour usury will not stand except as stands one whom the evil one by his touch hath driven to madness. That is because they say: ‘Trade is like usury. ’ But Allah hath permitted trade and forbidden usury.Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for Allah (to judge). But those who repeat (the offence) are companions of the fire, they will abide therein (forever)† (2:275) â€Å"O you who have attained faith! Remain conscious of God, and give up all outstanding gains from Usury, if you are (truly) believers†. (2: 278) TYPES OF RIBA Although the Qur’an did not specify any particular kind of riba, it is generally held that the word al-riba in the Qur’an is that kind of dealing which had been in vogue during the pre-Islamic days.Muslim jurists have classified riba in two type s: 1. riba al-nasi’ah, and 2. riba al-fadal. Riba al- Nasi’ah The term nasi’ah means to postpone or to wait and it refers to the time period that is allowed for the borrower to repay the loan in return for the addition of the premium. Hence it refers to the interest on loans. The prohibition of riba al nasi’ah essentially implies that the fixing in advance of a positive return on a loan as a reward for waiting is not permitted by the Shari’ah. Hadith on Riba Al-Nasi’ah 1) From Usamah Ibn Zayd (RAA): The Prophet, (PBUH), said: â€Å"There is no riba except in Nasi’ah [waiting]. (Bukhari, Muslim and Musnad Ahmad) â€Å"There is no riba in hand to hand (spot) transactions: (Muslim, and Nasa’i). 2) From Ibn Masud (RAA): The Prophet, (PBUH), said: â€Å"Even when interest is much, it is bound to end up into paltriness. † (Ibn Majah and Musnad Ahmad) 3) From Anas Ibn Malik (RAA): The Prophet, (PBUH), said: â€Å"when one of you grants a loan and the borrower offers him a dish, he should not accept it; and if the borrower offers a ride on an animal, he should not ride, unless the two of them have been previously accustomed to exchanging such favors mutually. (Sunan al-Bayhaqi) 4) From Anas Ibn Malik (RAA): The Prophet, (PBUH), said: â€Å"if a man extends a loan to someone he should not accept a gift. † (Mishkat, on the authority of Bukhara’s Tarikh and Ibn Taymiyyah’s al Muntaqa) Riba al-Fadal Islam, however, wishes to eliminate not merely the exploitation that is intrinsic in the institution of interest, but also that which is inherent in all forms of unjust exchange in business transactions. Riba al-fadal is the excess over and above the loan paid in kind.It lies in the payment of an addition by the debtor to the creditor in exchange of commodities of the same kind. The following tradition of the Prophet Muhammad (saw) is cited as evidence. It is related that Abu Said al-Khurdi said: â€Å"the Prophet Muhammad (saw) has said that gold in return for gold, silver for silver, wheat for wheat, barley for barley, dates for dates and salt for salt, can be traded if and only if they are in the same quantity and that is should be hand to hand. If someone gives more or takes, then he is engaged in riba and accordingly has committed a sin. Islam is a complete code of life which offers its own social, political and economic systems to guide human behavior in all spheres of life. History has recorded that the economic system of Islam, for the first time in the world had established social and economic justice during the period of al-Khilafah al-Rashidah. In any ideal Muslim society, socio-economic justice is considered as one of the most significant characteristics for the social, political, and economic as well as all realms of human interaction. Exploitation and any source of unjustified enrichment in Islam are prohibited.The Holy Qur’an has emphatically ins tructed Muslims not to acquire each other’s property wrongfully. Islam is not an ascetic religion. It takes a positive view of life as the natural outcome of the belief that human beings are the vicegerents of Allah (SWT). Hadith on Riba Al-Fadal 1) From Umar Ibn al-Khattab (RAA). The last verse to be revealed was on riba and the Prophet, (PBUH), was taken without explaining it to us; so give up not only riba but also raibah [whatever raises doubts in the mind about its rightfulness]. (Ibn Majah,) International Journal of Humanities and Social Science Vol. No. 6 [Special Issue – March 2012] 149 2) The Prophet, (PBUH) said, â€Å"Sell gold in exchange of equivalent gold, sell silver in exchange of equivalent silver, sell dates in exchange of equivalent dates, sell wheat in exchange of equivalent wheat, sell salt in exchange of equivalent salt, sell barely in exchange of equivalent barley, but if a person transacts in excess, it will be usury (riba). However, sell gold for silver anyway you please on the condition it is hand to hand (spot) and sell barley for date anyway you please on the condition it is hand to hand (spot)†. ) From Abu Sa’id al-Khudri (RAA): The Prophet, (PBUH) said, â€Å"Do not sell gold for gold except when it is like for like, and do not increase one over the other; do not sell silver for silver except when it is like for like, and do no increase one over the other; and do not sell what is away (from among these) for what is ready. † (Bukhari, Muslim, Tirmidhi, Nasa’i and Musnad Ahmad) 4) From „Ubada Ibn al-Samit (RAA): The Prophet, (PBUH), said: â€Å"Gold for gold, silver for silver, wheat for wheat, barely for barely, ates for dates, and salt for salt-like for like, equal for equal, and hand to hand; if the commodities differ, then you may sell as you wish, provided that the exchange is hand to hand. â€Å"(Muslim and Tirmidhi) Impacts of Interest on Economic System The present money syst em, based on the payment of interest, is unsustainable. Compound interest leads to exponential growth, which can be seen as a cancer on our social and economic system, a pathological growth pattern leading towards either economic or ecological collapse of unprecedented proportions.Inflation is generally seen as a given and interest as a natural antidote to counteract it, while in fact interest is the major cause of inflation. Economic growth is needed at any cost, by continually increasing public and private debts. The interest system leads to an uneven growth of different sectors of the economy, indicating a severe sickness in the economic system. While the Net Income in Wages and Salaries rose 18 times between 1950 and 1995 in Germany, for instance, the Monetary Assets increased 461 times and the Gross National Product 141 times.The global volume of speculative monetary transactions, arbitrating on the variability of currency values, amounts 97 % of all transactions, with a mere 3 % being in real goods and services. The daily volume of trading exceeds $ 2,000 billion; all the currency and gold reserves in the world would only amount to the volume of seven to eight hours of trading! The interest system has devastating effects on the culture, ecology and society. It sucks up resources from regions with lower returns and redistributes them to the regions with high returns. EVILS OF INTEREST (RIBA)The following evils are explained below which are happened due to interest in the economy. Moral Evils Interest generates such vices as miserliness, selfishness and petty-mindedness. Charity on the other hand develops such virtues as self-sacrifice, sympathy and magnanimity. The former are certainly a form of regression and the latter are signs of progress. Social Evils A society in which selfishness and self-interest are the prime values and people instead of dealing with one another on the basis of consideration are bent upon taking advantage of the pressing needs of each other will always remain victim of chaos and disunity.In contrast, if members of a society are considerate and wish each other well, the society will make rapid progress. Economic Evils From an economic point of view interest results in even more serious losses. Following are some of the highlighted areas: I) Interest and Investment According to Lord Keynes capital investment depends on the one hand on the rate of interest and on the other on MEC (Marginal Efficiency of Capital). The process of investment in a country will continue as long as MEC is higher than the interest rate or at least at par with it.As soon as MEC falls below the interest rate, the process of investment will come to a halt. This phenomenon may be illustrated by the following table: Investment| MEC| Interest Rate| 10 Million| 24%| 18%| 20 Million| 22%| 18%| 30 Million| 20%| 18%| 40 Million| 18%| 18%| Suppose the interest rate is 18% and an investment of Rs. 10 million is made on which the MEC is 24%. Sinc e MEC is higher than the interest rate, investment is profitable. So the process of investment will continue. Now an additional investment of Rs. 10. 00 million is made on which the MEC declines from 24% to 22%. Investment is still profitable.So the process of investment will continue until MEC is equal to interest rate. As the above table shows at an investment of Rs. 40 million the MEC is at par with the 18% interest rate. After that the process of investment will stop because MEC will fall below the 18% rate of interest. The investment will then be non profitable. At this point the only hurdle in the way of investment is the interest rate. Further investment will continue only if the interest rate is reduced. If the interest rate is decreased to zero, the process of investment will continue till the level of full employment is achieved.II) Interest and Price When interest (as compensation for capital) is used as a factor of production it becomes part of the cost of production. It s burden is consequently shifted to the consumer. Moreover, interest is not added to the price once only, but it continues to be added to the price at several stages. Take the case of manufacturing of cloth. In the first place, the farmer will add interest to the price of cotton. Interest will again be added to the cost of production of yarn. It will be added to the cost of weaving, then to the cost of dyeing and finally to the price of finished cloth.Thus at every stage of production, interest enhances the price of goods which is totally unjustified. Interest by increasing the real price manifold causes inflation. III) Interest and Distribution of Wealth The distribution of wealth in a society becomes inequitable due to interest. Interest is an overhead charge which does not form part of any factor of production. Interest is received by the capitalist who continues the use his wealth to earn more wealth. Hence instead of circulating in the society, wealth is concentrated in the han d of the capitalist class.This causes an unjust distribution of wealth in the society. In this way due mainly to interest the rich in the society get richer and the poor, poorer. In regard to the distribution of Wealth, Abdul Qadir Salim writes in the October 1997 issue of the Tarjuman-ul-Quran: â€Å"Now when there is no significant rival to the capitalist system, what is the situation in the world? In this age of free economy and privatization twenty per cent of total world population is still living below the poverty line and its share in the gross wealth of the world is only 1. 5%. The poor are getting poorer.Growing poverty is not the problem of the third world alone. The advanced countries face this problem too. Sixty per cent of world’s resources are controlled and consumed by the twenty per cent rich. The prestigious journal â€Å"The Economist dated 5th Nov. 1996† complains: Never during the last fifty years has there been such as large gap in incomes in Brit ain as there is today. In other industrialized countries also the gulf between the rich and poor has widened. International Journal of Humanities and Social Science Vol. 2 No. 6 [Special Issue – March 2012] 151 IV) Trade Cycle and InterestInterest creates trade cycles also. It plays a special role in bringing about a slump in the market. According to Hawtray’s Monetary Theory, the Banks issue loans with a free hand when the trade is brisk but as soon as signs of a slump appear they start of trade cycles recovery of the loans. In this way capital shrinks and the slump starts declining to its lowest level. V) Interest and Allocation of Resources Chapra (2000) expresses in Tarjuman-ul-Quran: Financial institutions operating on the basis of interest evaluate the resources of the applicants for a loan.They demand proper security to ensure that the borrower will not only return their capital but also an additional charge. How will the financial resources be utilized? This qu estion is not the basic and decisive factor in extending a loan. In this way financial resources flow either to the rich who can provide the requisite securities or to the Government which is considered to be immune to insolvency. Bank deposits are largely provided by various sections of the society. (It is estimated that eighty percent bank deposits in Pakistan are received from middle class and low income groups of the society).However, its advantages are largely monopolized by the rich class. The MEC varies according to the sector of investment. So, projects vital to national interest in which MEC is lower than interest rate will not attract investment. A society run on interest will shy away from investing money in those projects in which MEC is low. If interest is abolished investment will be available for every sector and project without discrimination. VI) Interest and Business The capitalist fixes his share (interest rate) at the time of investment in business.Since his prof it is guaranteed under all circumstances, he has no active interest in the business. He does not care if the business earns profit or incurs a loss. The running of business is entirely the responsibility of the management. A class of financiers thus comes into existence who supplies money and then sits idle. If interests are abolished, the financier class will take an active part in the economic struggle and the pace of economic development in the country will be accelerated. VII) Interest and Efficiency Interest has ill-effects on the efficiency of the people in general.The people who take loans to fulfill private needs are especially burdened with constant anxiety and mental depression. This condition has an adverse effect on their efficiency. Their interest in work is half-hearted because they are constantly nagged by the thought that a major portion of their earnings will got to pay the interest. Worry and depression weaken their physical health and their efficiency progressivel y deteriorates. VIII) Interest and Economic Instability Chapra (2000) states in Tarjuman-ul-Quran that interest destabilize the economy.The well-known American Economist Milton Friedman relates economic ups and downs to rise and fall in interest rate. A high rate of interest creates conditions of extreme uncertainty in investment market. It causes constant ups and downs in the gross profit (interest + profit) on total investment and makes it very difficult to take reliable decisions about long term investment. IX) Interest and International Loans The capitalist economy is virtually based on loans. So we can call it debt based economy. Individual or home consumption, private or public sector, economic activities in all spheres revolve round interest-based credit.The Special Issue on Behavioral and Social Science  © Centre for Promoting Ideas, USA www. ijhssnet. com 152 During the past two hundred years policies for economic development have used loans not only for physical developm ent but also as instruments for financial expansion. So through credit creation financial expansion has not only been made the most dynamic factor for the economy but has been accorded the greatest importance for achieving economic stability. The developing countries suffer heavy loss due to the dominance of interest-based economic order in the world.As debtors the developing countries have to tolerate the interference of the advanced countries in their internal affairs. Economically also the developing countries undergo a great loss because a large portion of their meager resources is utilized in returning loans with interest. ALTERNATIVES TO INTEREST Islam not only prohibits interest but also provides alternatives to it for doing business and transactions. These include the Mudarabah and Musharakah as explained ahead. MUDARABAH â€Å"Mudarabah† is a special kind of partnership where one partner gives money to another for investing it in a commercial enterprise.The investmen t comes from the first partner who is called â€Å"rabb-ul-mal†, while the management and work is an exclusive responsibility of the other, who is called â€Å"mudarib†. Business of Mudarabah The rabb-ul-mal may specify a particular business for the mudarib, in which case he shall invest the money in that particular business only. This is called al-Mudarabah-al-muqayyadah (restricted Mudarabah). But if he has left it open for the mudarib to undertake whatever business he wishes, the mudarib shall be authorized to invest the money in any business he deems fit.This type of Mudarabah is called ‘al-Mudarabah-al-mutlaqah’ (unrestricted Mudarabah) A rabb-ul-mal can contract Mudarabah with more than one person through a single transaction. It means that he can offer his money to A and B both, so that each one of them can act for him as mudarib and the capital of the Mudarabah shall be utilized by both of them jointly, and the share of the mudarib shall be distrib uted between them according to the agreed proportion . In this case both the mudaribs shall run the business as if they were partners inter se.The mudarib or mudaribs, as the case may be, are authorized to do anything which is normally done in a course of business. However, if they want to do an extraordinary work, which is beyond the normal routine of the traders, they cannot do so without express permission from the rabb-ul-mal. Distribution of the Profit It is necessary for the validity of Mudarabah that the parties agree, right at the beginning, on a definite proportion of the actual profit to which each of them is entitled. No particular proportion has been prescribed by the Shari’ah; rather, it has been left to their mutual consent.They can share the profit in equal proportions, and they can also allocate different proportions for the rub-ul-mal and the mudarib. However, they cannot allocate a lump sum amount of profit for any party, nor can they determine the share of any party at a specific rate tied up with the capital. For example, if the capital is Rs. 100000/- they cannot agree on a condition that Rs. 10000/- out of the profit shall be the share of the mudarib, nor can they say that 20% of the capital shall be given to rabb-ul-mal. However, they can agree on that 40% of the actual profit shall go to the mudarib and 60% to the rabb-ul-maal or vice versa.It is also allowed that different proportions are agreed in different situations. For example the rabb-ul-mal may say to the mudarib, â€Å"If you trade in wheat, you will get 50% of the profit and if you trade in flour, you will have 33% of the profit†. Similarly, he can say â€Å"If you do the business in your town, you will be entitled to 30% of the profit, and if you do it in another town, your share will be 50% of the profit. † Apart from the agreed proportion of the profit, as determined in the above manner, the mudarib cannot claim any periodical salary or a fee or remuner ation for the work done for him by the Mudarabah.All the schools of the Islamic Fiqh are unanimous on this point. However, Imam Ahmad has allowed for the mudarib drawing his daily expenses of food only from the Mudarabah account. The Hanafi jurists restrict this right of the mudarib only to a situation where he is on a business trip outside his own city. In this case he can claim his personal expenses, accommodation, food etc. , but he is not entitled to get anything as daily allowances when he is in his own city.If the business has incurred loss in some transactions and has gained profit in some others, the profit shall be used to offset the loss at the first instance, and then the remainder, if any, shall be distributed between the parties according to the agreed ratio. Termination of Mudarabah The contract of the Mudarabah can be terminated at any time by either of the two parties. The only condition is to give a notice to the other party. If all assets of the Mudarabah are in ca sh form at the time of termination, and some profit has been earned on the principle amount, it shall be distributed between the parties according to the agreed ratio.However, if the assets of the Mudarabah are not in the cash form, the mudarib shall be given an opportunity to sell or liquidate them, so that the actual profit may be determined. There is a difference of opinion among the Muslim jurists about the question whether the contract of Mudarabah can be affected for a specified period after which it terminates automatically. The Hanafi and Hanbali schools are of view that the Mudarabah can be restricted to a particular term, like one year, six months, etc, after which it will come to an end without a notice.On the contrary, Shafi’i and Maliki schools are of the opinion that the Mudarabah cannot be restricted to a particular time. However, this difference of opinion relates only to the maximum time limit of the Mudarabah. Can a minimum time limit also be fixed by the pa rties before which Mudarabah cannot be terminated? No express answer to this question is found in the books of the Islamic Fiqh, but it appears from the general principles numerated therein that no such limit can be fixed, and each party is at liberty to terminate the contract whenever he wishes.This unlimited power of the parties to terminate the Mudarabah at their pleasure may create some difficulties in the context of the present circumstances, because most of the commercial enterprises today need time to bring fruits. They also demand constant and complex efforts. Therefore, it may be disastrous to the project, if the rabb-ul-mal terminates the Mudarabah right in the beginning of the enterprise. Specially, it may bring a severe setback to a mudarib who will earn nothing despite all his efforts.Therefore, if the parties agree, when entering into the Mudarabah, that no party shall terminate it during a specified period, except in specified circumstances it does not seem to violate any principle of Shari’ah, particularly in the light of the famous Hadith, already quoted which says: â€Å"All the conditions agreed upon by the Muslims are upheld, except a condition which allows what is prohibited or prohibits what is lawful. † COMBINATION OF MUSHARKAH AND MUDARABAH A contract of Mudarabah normally presumes that the mudarib has not invested anything to the Mudarabah.He is responsible for the management only, while all the investment comes from rabb-ul-mal. But there may be situations where the mudarib also wants to invest some of his money into the business of Mudarabah. In such cases Musharakah and Mudarabah are combined together. For example, A gave to B Rs. 100000/- in a contract of Mudarabah. B added Rs. 50000/- from his own pocket with the permission of A. This type of partnership will be treated as a combination of Musharakah and Mudarabah.Here the mudarib may allocate for himself a certain percentage of profit on account of his investment as a sharik, and at the same time he may allocate another percentage for his management and work as a mudarib. The normal basis for allocation of the profit in the above example would be that B shall secure one third of the actual profit on account of his investment, and the remaining two thirds of the profit shall be distributed between them equally. However, the parties may agree on any other proportion.The only condition is that the sleeping partner should not get more percentage than the proportion of the investment. Now let’s see economy sector vise and analyze both interest based and interest free models. ISLAMIC TAXATION SYSTEM Zakat and Tax Zakat and tax are two systems that are used for the monetary benefits of the people. In this topic we will compare the two systems. Zakat Zakat is one of the five pillars of Islam. The word Zakat means both ‘purification' and ‘growth'. Zakat occupies a central position in the economic system of Islam.One of the most impor tant principles of Islam is that all things belong to God, and that wealth is therefore held by human beings in trust. Our possessions are purified by setting aside a proportion for those in need, and, like the pruning of plants, this cutting back balances and encourages new growth. Zakat does not only purify the property of the contributor but also purifies his heart from selfishness and greed. It also purifies the heart of the recipient from envy and jealousy, from hatred and uneasiness and it fosters instead good-will and warm wishes for the contributors.As Muslims pay the Zakat they have the genuine feeling that it is an investment and not a debit helping to establish economic balance and social justice in the society. Compulsory payment of Zakat is one of the main principles of an Islamic economy. Every Muslim who owns wealth more than his needs must pay the fixed rate of Zakat to the Islamic state. Zakat is a means of narrowing the gap between the rich and the poor. It helps t he fair distribution of wealth. It is a form of social security.The Islamic state is responsible for providing the basic necessities of food, clothing, housing, medicine and education to every citizen. No-one should have any fear of insecurity or poverty (9:69, 103, 98:5). Primarily the root denotes an increase or augmentation (particularly of a positive, favorable or auspicious thing or virtue). Some also say that it means â€Å"to purify†. However, in the Quran AZKA has been used along with ATHAR in 2:232. The root, T-H-R (ta-ha-ra) from which the word ATHAR is derived, has the meanings â€Å"to purify† but the meanings â€Å"to increase, grow, thrive, augment etc. are the primary significations of the root Z-K-W. TAHARA is a negative virtue which signifies being free from dirt, filth or derogatory things. ZAKA is a positive virtue which signifies positive growth and development. The following phrases further clarify the signification of the root Z-K-W. * Zakat-il-a rdh means the land throve or yielded increase * Zakat-al-ghulam means the boy grew or throve * Al-ilmo yazkoo Alal infaaq means the knowledge increases by spending * Zukkoo means he enjoyed or led a plentiful and a pleasant or an easy, and a soft or delicate life.OR he was in a state of abundance of the goods, conveniences or comforts of life OR he enjoyed a life of increase or plenty. * Zaka means increase or augmentation or growth or development. The term aatozakaat appears in the following verses: 2:43; 2:83; 2:110; 2:277; 4:77; 9:5; 9:11; 22:41; 22:78; 24:56; 58:13; 73:20; The root of the word Aatoo is A-T-Y (alif-ta-ya), which has the following meanings (depending upon what word or preposition follows this word): †¢ To come (to or over someone) †¢ To arrive (at) To bring, bring forward, produce, accomplish or achieve (something) †¢ To bring, give or offer or provide (someone, something) †¢ To do or perform (a deed) †¢ To carry out or execute (e. g. a mo vement) †¢ To commit or perpetrate (e. g. a sin or crime) The term aatozakaat is usually taken to mean â€Å"give the poor rate† where â€Å"poor rate† means† the local tax for the relief of the poor†. This definition of the term aatozakaat is not correct and does not bring forth the true and complete concept of the term ZAKA.The term aatozakaat does not mean JUST to give some fixed sum from the money to the poor,(although it may be a means of accomplishing ZAKA). It is much more than that. Please see the verse 2:177 in which giving some of the wealth to the near of kin and the orphans and the needy and the wayfarer and the beggars and for (the emancipation of) the captives has been differentiated from the term aatozakaat. Zakat is more than just giving from one's wealth to the poor.See the following: (2:177) It is not righteousness that you turn your faces towards the East and the West, but righteousness is this that one should believe in Allah and th e last day and the angels and the Book and the prophets, and give away wealth out of love for Him to the near of kin and the orphans and the needy and the wayfarer and the beggars and for (the emancipation of) the captives, and establish SALAT and provide UZAKAU; and the performers of their promise when they make a promise, and the patient in distress and affliction and in time of conflicts– these are they who are true (to themselves) and these are they who guard (against the inevitable consequences of violating Allah's Commands). Even from the language point of view the term aatozakaat cannot be translated as â€Å"give the poor rate†. Although Aatoo has one of the meanings â€Å"give† but Zakat does not mean â€Å"poor rate†.Zakat means increase or augmentation or growth or development. The term aatozakaat is very comprehensive. It signifies â€Å"(to) Do whatever it takes to provide the means for the development and growth of all†, i. e. â€Å" (to) Do whatever is necessary to accomplish the physical and personal growth and development of all†. [See the meanings, â€Å"do†, â€Å"accomplish†, provide and â€Å"achieve† for the word Aatoo given above]. The purpose of Aatozakaat is to provide the means of development for all. It includes physical development and nourishment as well as development of the human personality i. e. mental/intellectual/personal development or development of the â€Å"self†.Development of human hardware as well as human software It involves development, increase and augmentation in the produce and resources to provide abundance of goods, conveniences and comforts to people as well as their self-actualization or development of their personalities. It is a complete economic system that ensures the provision of all the requisite resources for the physical and personal development of people. In order to establish such a system you have to have authority, power, dominio n and government. If you already have such an authority and you are an Islamic Government, your primary task is to establish such a system. Please see 22:41. 22:41 (Believers are} those who, if We establish them in the land, establish SALAT and provide ZAKA and enjoin good and forbid evil: †¦Notice in the above verse, the establishment in the land has been described as a prerequisite for the system of ZAKA. As has been mentioned above that growth and development is of two types: Physical (i. e. of the human hardware or body) and Personal (i. e. of the human software or the self or the personality). For physical development you have to have something added to your body as nourishment but for the development of the self or self-actualization, you need to give something out of your wealth or resources for others. See the following verses (which state that TAZKIYA or personal development is achieved by giving from your wealth to others: 9:103 accept their contribution for the commu nity.Purify their thoughts with proper education and training so that their â€Å"Self† may grow. Appreciate and Help them! Your appreciation and support is a great source of peace in their hearts. Allah is Hearer, Knower 92:18 Who gives his wealth (for the benefits of others) so that he may attain self-development (and grow in goodness). FUNDAMENTALS AND CONCEPT OF ZAKAT Zakat â€Å"alms for the poor† is the Islamic principle of giving a percentage of one's income to charity. It is often compared to the system of tithing and alms, but it serves principally as the welfare contribution to poor and deprived people in the Muslim lands, although others may have a rightful share.Zakat's similar-sounding, Arabic language analog is the Hebrew word Tzedakah, the charitable obligation in ancient Israel through to present day Judaism. It is the duty of the Islamic state not just to collect Zakat, but to distribute it fairly as well. Zakat is one of the Five Pillars of Islam. Bel ievers in Islam are aware that by giving a fixed percentage of their surplus wealth, they are fulfilling this religious obligation. Muslims see this process also as a way of purifying themselves from their greed and selfishness. In addition Zakat purifies the person who receives it because it saves him from the humiliation of begging and prevents him from envying the rich.Causes & Beneficiaries The Qur'an states that God revealed the beneficiaries of Zakat:†Alms are only for the poor and the needy, and the officials (appointed) over them, and those whose hearts are made to incline (to truth) and the (ransoming of) captives and those in debts and in the way of Allah and the wayfarer; an ordinance from Allah; and Allah is knowing, Wise. † [Qur'an 9:60] The people whose hearts are to be reconciled include (normally new Muslims or those close to becoming Muslim. Non Muslims cannot be included): †¢ Freed slaves †¢ Those heavily burdened with paying their debts †¢ Travelers who find themselves in difficult circumstancesThere have been cases where you can't pay to the Zakat for †¢ Traditional Zakat laws generally do not cover trade. †¢ It is not permissible to pay Zakat to some members of the family (i. e. grandparents, parents, spouses, children), for if they were needy or poor, they are under the custody of the eligible man, while Zakat is intended for public welfare. †¢Zakat doesn't become obligatory on a Muslim if he doesn't have a minimum amount in his possession that has remained unchanged for a whole lunar year; any increase in that money during the year waits for the following year and any decrease as long as the total amount is still above the minimum amount is exempted.In all the four recognized madhhabs the Fiqh of Zakat is very much the same with the key elements that make Zakat compulsory for an individual being: Islam, Freedom, the Nisab, Ownership and a Year's Possession. Zakat is a form of payment, which has t he spiritual development of the believer. Therefore, it should not be looked at as being only an economic duty. On Whom Zakat Is Compulsory Zakat is the amount of money that every adult, mentally stable, free, and financially able Muslim, male and female, has to pay to support specific categories people. This category of people has been defined above. MINIMUMS AND AMOUNTS 1. Passage of One Lunar YearZakat is obligatory after a time span of one lunar year passes with the money in the control of its owner. Then the owner needs to pay 2. 5% (or 1/40) of the money as Zakat. (A lunar year is approximately 355 days). 2. Deduction of Debts The owner should deduct any amount of money he or she borrowed from others; then check if the rest reaches the necessary Nisab, then pays Zakat for it. Nisab for Zakat If the owner had enough money to satisfy the Nisab at the beginning of the year, then the money increased (in profits, salaries, inheritance, grants†¦ etc. ), the owner needs to add t he increase to the Nisab amount owned at the beginning of the year; then pay Zakat, 2. %, of the total at the end of the lunar year (there are small differences in the Fiqh schools here). Zakat is not mandatory on harvest if the total did not reach the minimum limit of about 653 kilograms, nor on gold amounts if the owner has less than 85 grams of gold or less than 595 grams of silver. Calculation of Zakat Each Muslim calculates his or her own Zakat individually. For most purposes this involves the payment each year of two and a half percent of one's capital. Zakat in the Qur’an and Sunnah A. The root of the word Zaka(t) is Z-K-W (za-kaf-waw), which leads to the following meanings: †¢ To increase †¢ To grow †¢ To thrive †¢ To augment †¢ To increase in the purity of heart; to increase in integrity †¢ To befitThe following points will explain calculation methods of Zakat in different situations: B. There are different opinions about this. However, the general opinion is that jewelry, whether it is normally in use, or stored for occasional use, must all be included in calculating Zakat. The value of the gold or silver content in the jewelry should be included in the category of â€Å"Personal wealth†. Precious stones (diamonds, ruby, pearls, etc) are not to be included neither the labor cost of making the jewelry is to be included. Zakat on precious stones, however, is due if they are items of trade and should be included in Item 6, business inventory. C.Though owning a share of stock of any business is like having a share in the ownership of the business; we have categorized it as â€Å"Personal wealth†. Therefore, the lower of the value of stock at the beginning and the end of the year should be added in the category of â€Å"Personal wealth†. This is categorized as â€Å"Personal wealth† because of two reasons. 1. For the most people who own stock it is held as a saving with expectations that it will grow in value over time. In fact it is readily traded for money. Considering it as a readily redeemable asset, we have treated it as another form of saving. Therefore, we suggest using its fair market value in calculating Zakat. 2. Calculating Zakat on stock treating it as a share in ownership is normally not very convenient.There are literally millions of shares owned by general public. A stockholder will need to know his/her share of cash on hand, profit, and inventory, in order to use those values in the calculation of Zakat. This information is ordinarily very difficult to obtain, unless it is a partnership of a few people. Therefore, we did not treat stocks as a business partnership. D. If this amount is available to the individual at any time without any restrictions, then Zakat should be calculated for this amount through the category of â€Å"Personal wealth† because its nature will be that of savings. If the plan is restrictive and involves penalty and/or taxes, opinions differ on the payment of Zakat. 1.One opinion is that an

Albert Einstein Speech

Albert Einstein the Menace of Mass Destruction Speech On November 11th 1947 the renowned scientist, Albert Einstein, presented his case against nuclear warfare and the real dangers that come with it. He was able to grab his audience’s attention by great use of literary devices and rhetoric techniques. The argument delivered in this speech proved to be effective because till this day a nuclear bomb has yet to be dropped. Albert Einstein was one of the scientists assigned to the Manhattan projected during the 2nd world war. The project was a success as the United States effectively dropped the only two nuclear bombs ever in history.The decision was made because the Japanese refused to surrender with defeat looking them in the eyes. In order to end the war quickly and save many American soldiers’ lives the bombs were dropped on two Japanese cities, Hiroshima and Nagasaki, causing devastating damage to each. After seeing the results of his creation, Einstein made it his mis sion to deliver a speech to the General Assembly and Security Council of the United Nations in hope for a peaceful future for all of mankind. Albert Einstein uses the rhetoric device logos to make his argument much more effective to his audience.For example â€Å" General fear and anxiety creates hatred and aggressiveness. † Using diction he is able to better describe an often seen human reaction. The words â€Å" anxiety† and â€Å"aggressiveness† are used effectively and really allows the audience to see and make the connection of the logic used in the argument presented. Also the use of foreshadowing can be seen as he uses this quote to setup for the important, bigger picture later in the speech. Einstein’s use of logos through diction provides an excellent use of rhetoric. Later in the speech Einstein has another outstanding use logos with the help of syntax.He states â€Å" The adaptation to warlike aims and activities has corrupted the mentality of man; as a result, intelligence, objective and humane thinking has hardly any effect and is even suspected and persecuted as unpatriotic. † Einstein does a perfect job of ordering the sentence for cause and effect. In doing this he presents a problem with humanity and he then directly delivers the negative results that follow. In using the cause and effect approach he amplifies the logic used in the sentences. Overall this grabs the audience’s attention and allows them to better understand the argument and connect to it.Einstein wraps up his speech effectively using the rhetoric device ethos. He does this to help prove his over all argument and to support his logical statements. He begins saying â€Å" We scientist believe that what we and our fellow men do or fail to do within the next few years will determine the fate of our civilization. † The audience will take note and appeal to his authority because he is one of the most intelligent men that have ever lived . Also by using foreshadowing when he says, â€Å"within the next few years will determine the fate of our civilization† he is able to make the audience entice to his argument with the help of ethos.As one can see with the help of the rhetoric devices used along side with the literary terms Albert Einstein was able to deliver a powerful speech about mankind’s nature and how it must change in order for life, as we know it to survive. Throughout the speech he continues to use logos and pathos to help persuade his audience to agree with his argument. One can see the effectiveness of this speech because there has yet to be another nuclear bomb dropped since that day in Hiroshima and Nagasaki. Albert Einstein Speech Albert Einstein the Menace of Mass Destruction Speech On November 11th 1947 the renowned scientist, Albert Einstein, presented his case against nuclear warfare and the real dangers that come with it. He was able to grab his audience’s attention by great use of literary devices and rhetoric techniques. The argument delivered in this speech proved to be effective because till this day a nuclear bomb has yet to be dropped. Albert Einstein was one of the scientists assigned to the Manhattan projected during the 2nd world war. The project was a success as the United States effectively dropped the only two nuclear bombs ever in history.The decision was made because the Japanese refused to surrender with defeat looking them in the eyes. In order to end the war quickly and save many American soldiers’ lives the bombs were dropped on two Japanese cities, Hiroshima and Nagasaki, causing devastating damage to each. After seeing the results of his creation, Einstein made it his mis sion to deliver a speech to the General Assembly and Security Council of the United Nations in hope for a peaceful future for all of mankind. Albert Einstein uses the rhetoric device logos to make his argument much more effective to his audience.For example â€Å" General fear and anxiety creates hatred and aggressiveness. † Using diction he is able to better describe an often seen human reaction. The words â€Å" anxiety† and â€Å"aggressiveness† are used effectively and really allows the audience to see and make the connection of the logic used in the argument presented. Also the use of foreshadowing can be seen as he uses this quote to setup for the important, bigger picture later in the speech. Einstein’s use of logos through diction provides an excellent use of rhetoric. Later in the speech Einstein has another outstanding use logos with the help of syntax.He states â€Å" The adaptation to warlike aims and activities has corrupted the mentality of man; as a result, intelligence, objective and humane thinking has hardly any effect and is even suspected and persecuted as unpatriotic. † Einstein does a perfect job of ordering the sentence for cause and effect. In doing this he presents a problem with humanity and he then directly delivers the negative results that follow. In using the cause and effect approach he amplifies the logic used in the sentences. Overall this grabs the audience’s attention and allows them to better understand the argument and connect to it.Einstein wraps up his speech effectively using the rhetoric device ethos. He does this to help prove his over all argument and to support his logical statements. He begins saying â€Å" We scientist believe that what we and our fellow men do or fail to do within the next few years will determine the fate of our civilization. † The audience will take note and appeal to his authority because he is one of the most intelligent men that have ever lived . Also by using foreshadowing when he says, â€Å"within the next few years will determine the fate of our civilization† he is able to make the audience entice to his argument with the help of ethos.As one can see with the help of the rhetoric devices used along side with the literary terms Albert Einstein was able to deliver a powerful speech about mankind’s nature and how it must change in order for life, as we know it to survive. Throughout the speech he continues to use logos and pathos to help persuade his audience to agree with his argument. One can see the effectiveness of this speech because there has yet to be another nuclear bomb dropped since that day in Hiroshima and Nagasaki.

6 Tips to Boost Your Energy Levels While Writing a Paper

6 Tips to Boost Your Energy Levels While Writing a Paper 6 Tips to Boost Your Energy Levels While Writing a Paper One nationwide study found almost 40% of respondents admitting that workplace fatigue impacts negatively on their productivity. This is just as much a problem for college students as elsewhere, so it’s important to keep your energy levels high when writing a paper. There are lots of ways you can do this, including both quick-fixes and longer-term solutions. 1. Fuel Up Make sure to give your body the fuel it needs. While writing, this might include having snacks and a drink to hand as well as stopping to eat regular meals. More generally, eating a healthy, balanced diet can improve your overall energy levels. It’s also important to drink plenty of water during the day, not just coffee! 2. Have a Plan As well as planning your essay to ensure efficiency, having a regular work routine and taking a structured approach to the day can boost productivity in the long run. 3. Soak Up Some Sunshine Spending too much time indoors can leave you drained, partly due to a lack of vitamin D. Exposure to natural sunlight boosts your body’s vitamin D production, so getting outside regularly can help if you’re feeling run down. If youre not sure how to sunbathe, just copy this lemur. 4. Get Active Even in the short-term, getting up and going for a walk is a great way of refreshing if you’re struggling for energy while writing a paper. In the long-term, regular exercise has been shown to increase energy levels and reduce vulnerability to fatigue, so staying active will ensure you’re always at your best. 5. De-Stress Another common reason we feel run down is stress, which can lead to physical and mental exhaustion. It’s therefore important to know the symptoms of stress, as then you can take action before it affects your productivity. 6. Rest Easy (And Well) The amount of sleep you get also influences your energy levels and you may struggle to concentrate on your work if you don’t get enough. Eating healthily and exercising regularly will help, as will foregoing caffeine and electronic products (TV, computers, phones, etc.) immediately before bed. On another note, napping has been shown to enhance energy levels and concentration among students. So, if all else fails, a quick snooze may be just what the doctor ordered!

John Donne Poetry Essay Example

John Donne Poetry Essay Example John Donne Poetry Essay John Donne Poetry Essay Essay Topic: Donne Poems JOHN DONNE, we sometimes forget, was an Elizabethan. Scholars do well to warn us against over-simplifying the pattern of literary change into a simple succession ofmovements and reactions, and to remind us that in periods of heightened vitality developments in different directions often exist side by side. 1 By no means all of what we now consider typically Elizabethan poetry was in existence when Donne began to write. It remains true, nevertheless, that Donne chose to do something different from his predecessors and from those of his contemporaries who were still exploiting and developing the existing modes; and younger followers like. Carew looked back on this choice as revolt or form: The Muses garden with Pedantique weedes Orspred, was purgd by thee; The lazie seeds Ofservile imitation throwne away And fresh invention planted . An Elegit upon the death of the Deane of Pauls, DrJohn Donne Modem students ofrhetoric have argued that Donnes innovations did not run counter to contemporary rules,2 but even if he is to be regarded as implementing existing theoretical possibilities, his practice remains the kind ofnew departure which marks a decisive alteration in the course of literary history. In considering the nature of Donnes poetic originality, it is common to begin with his development of the metaphysical conceit. Yet there is a great deal to say on the subject ofhis verse style before broaching the topic of imagery at all. The first point likely to strike the reader who comes to Donne from the smooth fluency of the average Elizabethan lyric or sonnet is the surprising directness of the speaking voice conveyed by his rhythms and diction: For Godsake hold your tongue, and let me love, Or chide my palsie, or my gout, My five gray haires, or ruind fortune ? lout, 98 THE POEMS OF JOHN DONNE With wealth your state, your minde with Arts improve. Take you a course, get you a place, Observe his honour, or his grace, Or the Kings reall, or his stamped face Contemplate, what you will, approve, So you will let me love. The Canonization Here the occasional inversions of normal speeeh-order and the fact that line 4 by itself might come from an eighteenth-century couplet hardly affect our general impression that technique and conception are essentially dramatic; the colloquial outburst of line I, the heavy stresses on palsie and gout, the contemptuous alliteration ofline 3, above all the play of an exasperated splutter of short phrases across the intricate stanza form, all impose on the reader the desired emphasis, tone, and mood. Plainly the aim here is not sweetness, grace, or verbal melody, either for its own sake or to accommodate any pQSoO sible musician who, as Donne complains in The Triple Poole, his art and voice to show Doth Set and sing my paine. It is rather a realistic expressiveness of the kind developed in the I590S by the dramatists, above all by Shakespeare, and nothing quite like it had previously appeared in lyric poetry,s in spite of certain foreshadowings in Wyatt. As in dramatic verse, the aim of realism is, of course, not absolute; whatever metrical licences are taken, the pattern ofline and stanza remains, to reinforce, modify, or generally play against the rhythms of speech with the effects of heightened intensity and concentration proper to poetry. When we speak of realistic expressiveness we use a shorthand term for the maximum of realistic expressiveness compatible with a sense of artistic form. Donnes lyrics have a music of their own, though the immediate effect is of vivid speech rather than song: Deare love, for nothing lesse than thee Would I have broke this happy dreame, It was a theame For reason, much too strong for phantasie, Therefore thou wakdst me wisely; yet 99 PART THRBB My Dreame thou brokst not, but continuedst it, Thou art so truth, that thoughts of thee suffice, To make dreams truths; and fables histories; Enter these armes, for since thou thoughtst it best, Not to dreame all my dreame, lets act the rest. The Dreame That Donne could write with a simple lyrical sweetness when he chose is shown by one or two songs to existing airs, especially Sweetest love, I do not goe, For weariness of thee, though even here his originality comes out in the careful subtlety of the poems argument. He was a conscious artist, and his avoidance of conventional fluency of movement and courtliness of diction must be assumed to be deliberate. As with the lyric stanza, so in his satires and degies with the couplet, Donne makes use oflicences similar to those ofdramatic blank verse. Always the formal devices ofpoetry metre, rhyme, alliteration, and other effects of sound are made to serve an expressive purpose; a constant control of pause, stress, and tempo works to the same end.