Labeling Theory Of Deviance Essay

Various theories have been put forward to explain the causes of crime and delinquency in society. The Labelling theory of crime argues that the tendency to perceive and treat people as offenders precipitates their engagement in crime. It is based on the hypothesis that people will assume the labels that they have been given to them by the society. Labelling in this case works to reinforce deviant behaviour as well as solidifying the deviant identities in the society. In other words labelling people as criminals plays a significant role in increasing or rather causing crime in the society. (Burke R,2005). As Tannenbaum, an early sociologist supporting the labelling theory of crime argued that the process of tagging, defining, identifying, segregating, describing and emphasizing that certain individuals as deserving special treatment is a way of stimulating, suggesting, suggesting and evoking the traits being complained of makes people become what they are described as being. Symbolic interactionalism is based on the agency analysis of deviance and social control. In this case deviance is viewed as a label which is imposed on the subjects who after rejecting or accepting the labels construct deviant identities as well as careers. To change such a situation the need for radical transformation is more of a necessity than a requirement. Labelling theory of crime can be blamed for the increased instances of crime as the criminal justice system tries to curb it. People who are arrested, prosecuted and punished are labelled as ‘criminals’ and the society deems them as such. A large proportion of the society also joins hands in labelling them as such and this increases their tendency to indulge in criminal behaviours. When people are labelled as criminals it is difficult for them to effectively adjust into the society and for instance they may fail to obtain legitimate employment, a factor that increases their likelihood to indulge in crime. (Burke R,2005). They may also face isolation from the mainstream society and this could trigger psychological problems which are highly correlated to criminality. When the labelled criminals internalize the self concept that they are criminals they tend to increase criminality behaviours as after all they are perceived as criminals and should behave as such. (Coser L, 2006). Offenders ought to be treated as sick characters to make it easier for the criminal justice system to offer best treatment for ease reintegration into the society. This way the stigmatization would be dealt with amicably. Labelling could occur from the society as a whole or the system, family, among peers as well as in schools from teachers. Labelling in crime tends to be more frequent or intense among the minority groups whose voice is almost insignificant in society. How a society reacts after it has labelled criminals is what determines if a crime is to dwindle or intensify. Societies that labels criminals and for a long term reject them in the society increases their likelihood to commit crime while the society that tries to assist the labelled criminals to effectively integrate into the society reduces the rates of crime that could have been attributed by labelling. Erving Goffman is among the sociologists whose ideologies could be useful in explaining the labeling theory of crime. He is popular for the notion of total institutions. He defined ‘total institutions’ as places of residence and work where a large number of like-situated individuals are cut off from the wider society for an appreciable period of time. Together these people lead an enclosed formally administered round of life. Goffman further highlighted the discrepancies between those who reside in the total institutions and those in the larger general population. In the larger population man works, plays and sleeps in varying places, with varying people, different authorities and in the absence of an overall rational plan. (Hawkins J and Kirkland F, 2001). This is contrary with the scenario in the total institutions where there are barriers between those three aspects. Life in the total institutions is clear or definite and this creates the notion that they exist for a good reason among the general population. There is no freedom in the total institutions as is experienced in the ‘home world’ or the general population. To Goffman the inmates being sent to prisons or total institutions already know the culture they are to expect though the reality is actually felt or experienced after admission. (Hawkins J and Kirkland F, 2001). Goffman identified three major phases in the life of an inmate. The first one is before they get into the total institutions that is when they are still in the ‘home world’, when they in the institutions and when they re enter the home world after release from the total institutions. He focused on the similarities that exist in the varying institutions. He argues that all aspects of life are conducted in the same place and under the same or a single authority. This means that all prisons will have similar experiences. All these aspects were carried on in the immediate company of a large batch of others all of whom were treated alike and needed to do the same things together. Another observation made was that all phases of a day’s activities were to be tightly scheduled and one activity led at a pre-arranged time to the next. (Willcocks D, Peace, S and Kellaher l, 1987)Notably, the whole sequence of activities was imposed from a higher system of explicit formal rulings and a body of officials a clear indication of alienation and dominance within the total institutions. The various enforced activities are brought together into a single rational plan which is designed to fulfill the official aims of the institution. The roles that are performed by the inmates in the total institutions serve interests or are for the aims of the institution rather than the individual. Goffman identified four major dimensions of institutional life ranging from the rigidity of the routine, block treatment of inmates, depersonalization of inmates and social distance between the staff and the inmates which Goffman termed as binary management. (Willcocks D, Peace, S and Kellaher l, 1987) Before one gets into prison they are from the ‘home world’ where they already have an established conception of themselves. Entrance into the ‘total institutions’ strips them off the benefits attached to the’ home world’. Here, they are subjected to a series of abasement, degradation and humiliation. The consequence of this is that their self becomes horrified. When in the institution an individual develops a moral career which is determined or influenced by his surrounding. The role of the significant other becomes critical at this point. Goffman observed further that in the total institutions the process by which individuals were mortified was rather standard across all of them. This is a clear indication that life in these institutions is quite different from that which is experienced in the larger world and that it is a difficult task to have inmates maintain the same traits they had before they got there. (Willcocks D, Peace, S and Kellaher l, 1987). Again, since the conditions were similar across the total institutions they were likely to exhibit similar traits. The first restriction of the self for the inmates takes place when the total institutions act as a barrier between the inmate and the general population. In the civilian life one’s sequential roles are not in conflict with one another and so no roles hinders or rather blocks the performance of the others regardless of how frequent they were. Life in the institutions is in such a manner that role scheduling is disrupted as the inmates do not dictate what to do and when to do it. In other words they are denied the freedom to decide what role to perform and at what time. Instead there are round the clock surveillance where orders given are to be followed to the letter. In addition to the role scheduling being disrupted in the institution, role dispossession also takes place, Visitors are restricted and one is also restricted from frequenting places they initially did. Depending on whether the entrance into the total institution was voluntary or involuntary entry to such institutions somehow prepares the individual to withdraw from ‘home world’ or from the general population. (Willcocks D, Peace, S and Kellaher l, 1987). This preparation makes the adaptation in the new environment easier. Involuntary entry into the total institutions is however different as one may not be prepared for the new kind of life. Inmates may find themselves perform some roles that they learnt in the institutions on return to the general world. All the same there are certain houses that will have to be incurred or faced for instance the time for education or parenting. There is also the loss of legal privileges for instance one may not be in a position to attend to court proceedings on matters that affect them directly for instance adoption of a child. These privileges may be short term they maybe enjoyed on the completion of the term. However there are others with long term ramifications. The realization that one has not lost certain rights due to the barrier between him and the outside world may not auger well with him. There are other challenges that the inmate faces on return to the society. For instance there are the admission requirements where certain standards have to be followed or adhered to. On entrance to the total institutions various losses are incurred as for instance one may lose their hair, their identity as they are assigned numbers, they undress and change their clothes and are given institutional uniforms, they list their possessions, have to adhere to the rules and they are also assigned to certain quarters where they are to reside. According to Goffmann’s findings the society is to blame for deviance within it as it subjects people it terms as wrong doers into harsh conditions and expects them to reform. (Willcocks D, Peace, S and Kellaher l, 1987). In the book the ‘Myth of mental illness’ Thomas Szasz argued that mental illness was a myth. To him, the whole idea or notion of psychiatric illness could be termed as ‘scientifically worthless and socially harmful’. (Shorter E, 1997). There are similarities between goffman and szasz ideologies. Goffman backed Szasz when he made the conclusion that the mental health institution he studied could be defined as a ‘total institution’ where ‘the closed system infantilized the patients and restricted their lives’. Goffman noted that the clear difference between the staff and the patients and on entrance to the institutions the patients faced humiliation, degradation, abasement and profanations of the self’. Goffman rejected the idea of prisons and mental health institutions which according to him robbed off the inmates their time. The ‘sentence’ denied them living. The aspect of alienation is clear when the use of power is used by the staff members against the ‘patients’. He condemned the pretence by the staff members that they were out to assist the patients and dismissed it as a mere ’power grab’. (Shorter E, 1997). Szasz argued that although psychological disorders are real, defining them as diseases was a way of imposing coercion in the society. He argued that defining such disorders as illness when they had no correlation with physical sickness was untrue. The only relationship existing between mental disorders and physical illness was the fact that they both made the individual unable to handle their daily activities or duties. (www. mdx. ac. uk). The psychological disorders according to Szasz were brought about by man. He further noted that compulsory psychiatry is a crime against humanity and it undermines freedom in the society. He quoted Mill to justify his observation that ‘the only purpose for which power can be rightfully exercised over any member of a civilized community against his will is to prevent harm to others. His own good either physical or moral is not sufficiently warranty’. However unlike Mill, Szasz offered or rather provided no exception where power could be used forcefully. He advocated for freedom where all individuals are given the chance to choose what they find best for them. Although the compulsory psychiatry may not be harmful to the patients Szasz argues that it is not compatible with a free society. (www. mdx. ac. uk). He further advocates for the application of universal law which is not discriminative to anyone in the society. The same law applied to those termed as insane ought to be the same applied on those viewed as insane. Treating people otherwise is unfair as it implies that there is no equality and they are treated as special beings. Any form of special treatment on the allegations that one is mentally sick is unfortunate as it treats them as less human beings. (www. mdx. ac. uk). References: Anthony Clare and Peter Sedgwick. Mental Health and Civil Liberties. A theoretical contrast of Thomas Szasz. Retrieved on 5th march 2009 from http://www. mdx. ac. uk/WWW/STUDY/mhhlib. htm#SzaszMyth Dianne M. Willcocks, Sheila M. Peace, Leonie A. Kellaher. 1987. Private Lives in Public Places: A Research-based Critique of Residential Life in Local Authority Old People’s Homes. Taylor & Francis Publishers. Edward Shorter 1997. A History of Psychiatry: From the Era of the Asylum to the Age of Prozac. John Wiley and Sons Publishers John Palmer Hawkins and Faris Kirkland. 2001. Army of hope, army of alienation: culture and contradiction in the American Army communities of Cold War Germany. Greenwood Publishing Group Tim Jordan, Steve Pile, 2002. Open University Social Change. Blackwell Publishing, Lewis Coser. 2006. Crime Theories and the Field of Criminology. Retrieved on 4th march 2009 from http://www. apsu. edu/oconnort/1010/1010lect02. htm.

Imagery Foreshadowing

Creating Suspense In the short story, â€Å"Three Skeleton Key† by George Outdoes, imagery and foreshadowing are important literary devices used in this story. Outdoes use s these two devices to help create suspense in the acts of the three lighthouse workers being data eked by sea rats. Foreshadowing is a literary device used by authors to give hints what is to co me later in the story. Foreshadowing is a nonchalant warning for events that follow.Tout ouzo States, â€Å"Three Skeleton Key, the small rock on which the light stood, bore a bad reputation. † (peg 1) The author sees foreshadowing here to hint toward unfortunate events that happen later on. For example, the ship wrecks on the island. Eventually the rats take over the lighthouse, forcing the three men to be locked into one room of the lighthouse with no supplies. After the rat invasion ion, one of the men, Eel Glee, goes mad, another, Ithaca, dies from an infected rat bite.Too douse also states, â€Å"Watchi ng her sail dead for us, a white wave boiling her bows, Eel Glee cried 0 UT, â€Å"What's wrong with her crew? † (peg 2) The author uses foreshadowing here to hint tow arts the death of the crew from the ship, and the crew that worked on the lighthouse. The fate of the crew from the ship was that they had to abandon the ship because of the invasion of the shih p by sea rats. The crew had to abandon the ship, they were left for death in the middle of the co mean. The lighthouse crew was destined to a chaotic series of events dealing with the same sea rats .The crew is pretty much bound for death when trapped inside the room of the lighthouse with n o supplies. Foreshadowing is important in the act of creating the suspense in this story. Imagery is a literary device used by authors to visually describe their work. Im age rye helps reader to feel even close to the action in the story. Outdoes says, â€Å"If you u so much as harm one, his sharp cry will bring hordes of his fello ws to swarm over you, and not cease until your flesh has been stripped from your bones. (peg 4) He uses imagery in this case to show how vengeful the rats truly are. These lines make you visualize the rats swarming o very and striping your flesh from your bones.

Effect of Global Financial Crisis on Banks in Pakistan

CHAPTER #01 BACKGROUND OF SUBJECT AND STATEMENT OF PROBLEM |1. 1 |Introduction | |1. 2 |Evolution and Present Status | |1. 2. 1 |Pakistan’s Banking Sector and Foreign Banks | |1. 3 |Statement of Problem | |1. 4 |Significance of Study | |1. |Scope of the Study | |1. 6 |Delimitations | | | | 1. 1Introduction: The financial crisis, which has been developing at Wall Street, has got people worried in developing countries around the world. The stock exchanges, in developing countries have crashed and things look bleak for the financial markets.The people are drawing parallels with the Great Depression of 1929, but this time the world economy seems far more reliant and countries are far more intertwined with each other. Hit by an unprecedented series of multiple events and shocks, the Global Financial System is in a state of deep distress. One after another, large global banks have faced extensive losses, some were subjected to runs, others wrapped up their business, while yet oth ers went for bail outs, mergers or other forms of restructuring. Stock markets tumbled, indices declined and their market capitalization was severely eroded.The financial crisis, triggered by an isolated problem of subprime mortgages and other alternative investment vehicles which constituted only a small proportion of global financial assets, first hit one sector of the economy i. e. housing, and has now transmitted its contagion effect across all segments of financial markets and institutions, with spillover effects into the real sector. The global economy is now witnessing a significant slowdown after a sustained period of growth. What was perceived initially as purely liquidity? runch in advanced financial markets has now turned into a solvency crisis. The depth and breadth of the financial crisis is yet not known. The crisis has generated instability by speculative trade, which has far-reaching implications around the globe. The crisis has the potential to disrupt the very foun dations of the international monetary system. The situation is not limited to the meltdown of financial markets, the real economy at the national and international level, its institutions; and its productive structures are also in difficulty.This financial meltdown inevitably, backlashes on consumer markets, the housing market, and more broadly on the process of investment in the production of goods and services. 1. 2Evolution and Present Status Pakistan is living in a highly integrated world and a major turmoil of this magnitude and would definitely create certain implications for Pakistan’s economy. Pakistan already reeling from high food and fuel prices could face adverse consequences of the global financial crisis. The country’s economy is already confronted with worst kind of macroeconomic imbalances and obviously need financing desperately.Pakistan’s economic growth has slowed down and the ripple effects of this financial crisis may or may not hit with sam e intensity or severity as it is doing to the developed world, but still there are various channels through which the crisis may hit Pakistan economy. The crisis affected area, United States and Europe, hold a fundamental value for Pakistan’s economy. The financial turmoil is more then likely to affect Europe, Japan and North American countries with full intensity. Pakistan’s external sector comprised of trade, foreign investment, remittances, and capital flows is interwoven with these countries.All these indicators of external sector have more than 50 per cent of the stake in this region. The growth model being followed in Pakistan over the years is highly dependent on foreign capital inflows, mainly from these countries. More than one-half of Pakistan's external trade is dependent on these countries. The country could be hurt if demands for its export products dropped significantly, foreign investment declines substantially and if the terms of trade are affected. Pak istan has a very inelastic import structure and if exports are hit by a crisis than the current account deficit is likely to go beyond the sustainable limits.There is an agreement among analysts that countries with heavy external financing needs are potentially more vulnerable to a credit crunch. Pakistan’s current account deficit had already touched $14 billion which is 8. 5 per cent of its GDP, in 2007-08. In the current fiscal year, the ambitious reduction in the CAD is planned but still need a financing of around $12 billion. If import compression measures fail than the financing needs would be more than that. Pakistan’s external inflows projections hinges upon inflows from GDR’s and sovereign bonds in the fiscal year 2008-09.In the current situation any inflows under these heads are most unlikely. Standard & Poor has downgraded its long-term credit rating for Pakistan to triple c plus and this is the third downgrading of this calendar year. This rating will heart some investment prospect as well. The current crisis is aggravated by rising cost of external borrowing on the one hand and scarcity of availability of external inflows coupled with volatility of oil prices in the international market on the other. Internal security situation is adding miseries to our external woes.Non-debt creating inflows like FDI and portfolio inflows had shown great resilience to external crisis last year but sustainability of this resilience is likely to be hurt. 1. 2. 1Pakistan’s Banking Sector & Foreign Banks The major area of the economy of any country is its financial sector, in recent times financial sector has received renewed focus in the world. And within the broad domain of the financial sector, it is the banking industry that has been the center of attraction for the government and policymakers, particularly in the landscape of the Universal Banking Model.Banking is one of the most sensitive businesses all over the world. Banks plays ver y important role in the economy of the country and Pakistan is no exception. Banks are not only the custodian of the assets of the general masses but also act as a major financial intermediary of the country. The banking sector influences many different but integrated economic activities like mobilization of resources, collection & distribution of public finance.Pakistan’s financial sector consists of Scheduled Commercial Banks which include nationalized, foreign, and private banks; and Non-banking Financial Institutions (NBFIs) which include Development Finance Institutions (DFIs), Investment Banks, leasing companies, modarabas, and housing finance companies. Scheduled Banks and NBFIs (excluding modaraba and leasing companies) are both regulated by the State Bank of Pakistan’s Prudential Regulations, albeit through different wings, and are subject to different SBP regulatory requirements such as capital and liquidity reserve requirements.The banking sector in Pakistan has been going through a comprehensive but complex and painful process of restructuring since 1997. It is aimed at making these institutions financially sound and forging their links firmly with the real sector for promotion of savings, investment and growth. Although a complete turnaround in banking sector performance is not expected till the completion of reforms, signs of improvement are visible. The almost simultaneous nature of various factors makes it difficult to disentangle signs of improvement and deterioration.The central bank has been following a supervisory framework, CAMEL, which involves the analysis of six indicators which reflect the financial health of financial institutions. These are: 1) Capital Adequacy, 2) Asset Quality, 3) Management Soundness, 4) Earnings and Profitability, 5) Liquidity and 6) Sensitivity to Market Risk. Pakistan’s banking sector is made up of 53 banks of which there are 30 commercial banks, four specialized banks, six Islamic banks, s even development financial institutions and six micro-finance banks.According to the State Bank of Pakistan’s (SBP) Financial Stability Review 2007-08, â€Å"Pakistan’s banking sector has remained remarkably strong and resilient, despite facing pressures emanating from weakening macroeconomic environment. According to Fitch Ratings, the international credit rating agency dual headquartered in New York and London, â€Å"the Pakistani banking system has, over the last decade, gradually evolved from a weak state-owned system to a slightly healthier and active private sector driven system. |BANKS IN PAKISTAN | |[pic] | |PUBLIC SECTOR BANKS | | | |First Women Bank Limited | |The Bank of Khyber | |National Bank of Pakistan | |The Bank of Punjab | |SINDH BANK | |ISLAMIC BANKS | | | |BankIslami Pakistan Limited | |Emirates Global Islamic Bank | |Dawood Islamic Bank Limited | |Meezan Bank Limited | |Dubai Islamic Bank Pakistan Limited | |PRIVATE BANKS | | |The Royal Ba nk of Scotland Limited | |JS Bank Limited | |Allied Bank Limited | |KASB Bank Limited | |Arif Habib Bank Limited | |MCB Bank Limited | |Askari Bank Limited | |Mybank Limited | |Atlas Bank Limited | |NIB Bank Limited | |Bank Alfalah Limited | |Saudi Pak Commercial Bank Limited | |Bank Al Habib Limited | |Soneri Bank Limited | |Crescent Commercial Bank Limited | |Standard Chartered Bank (Pakistan) Limited | |Faysal Bank Limited | |United Bank Limited | |Habib Bank Limited | |Habib Metropolitan Bank Limited | |FOREIGN BANKS | | | |Albaraka Islamic Bank B. S. C. (E. C. ), | |The Bank of Tokyo-Mitsubishi UFJ Limited – Pakistan Operations | |Citibank N. A. – Pakistan Operations | |HSBC Bank Middle East Limited – Pakistan | |Deutsche Bank AG – Pakistan Operations | |Barclays Bank PLC | |Oman International Bank S. A. O.G – Pakistan Operations | |DEVELOPMENT FINANCIAL INSTITUTIONS | | | |House Building Finance Corporation | |Pakistan Kuwai t Investment Company Limited | |Pak Brunei investment Company Limited | |Pak Oman Investment Company Limited | |Pak Iran Joint Investment Company | |Saudi Pak Industrial & Agricultural Investment Company Limited | |Pak Libya Holding Company Limited | |China Investment Company Limited | |SPECIALIZED BANKS | | | |Industrial Development Bank of Pakistan | |The Punjab Provincial Cooperative Bank Ltd | |SME Bank Limited | |Zarai Taraqiati Bank Limited | |MICRO FINANCE BANKS / INSTITUTIONS | | | |Khushhali Bank Limited | Rozgar Microfinance Bank Limited | |Network Microfinance Bank Limited | |Tameer Micro Finance Bank Limited | |Pak Oman Microfinance Bank Limited | |The First Micro Finance Bank Limited | As of end-2008, data from the banking sector confirms a slowdown (after a multi-year growth pattern). As of October 2008, total deposits fell from Rs3. 77 trillion in September to Rs3. 67 trillion. Provisions for losses over the same period went up from Rs173 billion in Sept ember to Rs178. 9 billion in October. In the meanwhile, the SBP has jacked up economy-wide rates of interest (the 3-month treasury bill auction has seen a jump from 9. 9 percent in January 2008 to 14 percent as of January 2009 and bank lending rates are as high as 20 percent). Overall, Pakistan’s banking sector hasn’t been as prone to external shocks as have been banks in Europe. To be certain, liquidity is tight but that has little to do with the Global Financial Crisis and more to do with heavy government borrowing from the banking sector and thus tight liquidity and the ‘crowding out’ of the private sector. Increased competition in the banking sector will force smaller banks to either sell out to other larger banks or merge. A small capital base will also restrict branch expansion of smaller banks, forcing them to focus on relatively smaller retail clients.Hence, it is foreseen that a major merger/acquisition potential in the banking sector. Competition would also spill over to other customer services such as provision of ATM machines and better banking facilities. Again, only the larger banks would be able to invest in automation technology and branch expansion necessary to improve efficiencies and mobilize cheaper funds. Foreign Banks (FB) comprises 24% of total advances and deposits within the banking system, but as a percentage of total profitability they are far ahead. A major constraint for foreign banks is the restrictions placed on branch expansion by the SBP. This should be according to liberalization policy to relax restrictions on foreign banks in emerging economies.Traditionally, the foreign banking focused on short term trade finance, targeting mainly low risk blue chip clients and high net worth individuals. More recently, foreign banks have also expanded into merchant banking, capital market operations, and consumer/retail banking. Foreign banks have been extremely successful in capturing a major market share of con sumer banking business, especially that of credit cards. Head office support in terms of international network and technology has enabled the foreign banks to become important players in the corporate and consumer banking arena. The deposits of foreign banks as ratio of total deposits increased to 27. 99 per cent in 1994-95 as compared to 21. 3 per cent in the preceding year. The advances of foreign banks as ratio of total advances have also shown an increase from 17. 64 per cent to 20. 38 per cent during the same period. Citibank earned a pretax profit of Rs. 1191. 82 million and thus it became the top profit earner among the foreign banks in Pakistan. The presence of foreign banks in Pakistan expands access to credit as well as financial services, which can spur efficiency and innovation in domestic banks, however, ripple effect of shocks from the credit squeeze in the US has impact on local financial markets through these banks. Pakistan has concentration of almost all foreign ba nks in the country.They account for one-tenth of deposits in the country in 2007-08. There are substantial changes taking place in the interrelation with the structure-forming elements in the global financial market which is seriously affecting the financial-credit mechanism in the developing countries, which have not yet developed the financial and economic structures. Countries like Pakistan sensitively react to the structural changes in the financial space. The banking and the entire financial system is much stronger now, after years of restructuring. Pakistan’s financial institutions had not invested in derivatives that had exposure to risky investment bankers.Moreover, better supervisory oversight and risk management practices introduced by the SBP have strengthened bank balance sheets while Bank asset quality, profitability, and capital adequacy have also improved remarkably in recent years. If the small size of the Pakistan’s financial market has traditionally b een a hindrance to a more efficient economy, it may actually prove to be an advantage in the current situation. There are deficiencies in the operations of the banking system, and it does not fulfill its function as finance intermediary. Hence the traditional channels of influence between financial market and real economy do not function in all respects. The banking system is on strong footing and has long term potential – a feature which has served to attract a substantial amount of FDI in the sector, with established global financial institutions now active participants in the domestic financial sector,† it has been well? governed and being in private hands under professional management, has witnessed outstanding financial performance during the last few years. With strong regulatory oversight, there has been a significant enhancement of capital and risk? weighted capital adequacy, supported by high provisioning requirements which were tightened in 2007. Stringent loa n provisioning requirement has built sufficient reserves against the NPLs’ portfolio.In contrast to the liberalized financial system in the west which took its toll in the form of the current global financial crisis, there are stringent regulations and adequate policies in place to help the banking system manage its risks. It is observed that aggregate financial soundness indicators have improved since early 2000, and continue to exhibit strong performance. â€Å"Tighter provisioning requirements may have reduced profits, but have positioned banks well,† and added ongoing consolidation and mergers have enabled a number of banks to position themselves better. The studies have shown that solvency profile has improved, and given the pressures from the macroeconomic environment, there is an indication of marginal deterioration in asset quality, which banks are well? equipped to handle. Stress tests conducted on June? 008 data indicate that the large banks are relatively ro bust, with the medium and small? sized banks positioning themselves in niche markets. Capital adequacy of the banking system is strong, 12. 1 percent at end? June 2008, well above the internationally acceptable minimum requirement of 8. 0 percent, it said and added core capital constitutes about 80. 0 percent of the total capital, and Tier 1 to risk weighted assets ratio of the banking system is at 9. 7 percent. â€Å"This strong capital base is accompanied by adequate reserves on the back of stringent provisioning requirements against classified assets – the net NPLs to net loans ratio is reasonably well? contained i. e. at 1. percent in June 2008, comparable to international best standards,† the Report pointed out. Profitability of the banking system continues to be impressive, largely emanating from the persistent growth in high? yield earning assets and expanded business volumes. Before? tax Return On Assets of the banking system remains strong at 2. 3 percent in J une 2008. The strengths built up over the years are now coming in handy in managing the recent financial strains. The Government’s and public sector organizations’ excessive borrowings from the banking system posed another challenge for the banking system. Notwithstanding, the liquidity strains were temporary and the inter? bank market is now functioning normally. Albeit going forward, the banking sector faces a significant challenge in maintaining its deposit base and in attracting new deposits, given the three rounds of increase in the rates of return on NSS instruments in the first few months of FY09. This will in a way force them to enhance the quality and returns on their liability products, and strengthen competition,† it pointed out. Liquidity position of banks also had an impact on the Non? Banking Finance Companies (NBFCs), whose main source of funding continues to be credit lines from banks. â€Å"A broader assessment of financial stability indicates t hat the financial sector is too bank? centric, and the outreach and growth of the Non?Bank Finance Companies and the Insurance sector have languished in recent years,† it said and added NBFCs face direct competition from banks and are not likely to grow significantly until their funding sources and costs are streamlined. An excessive dependence on the banking system to meet the financing needs of the economy, as well as other participants of the financial sector, is quite stark in comparison with other emerging economies, where in general, the growth in other components of the financial sector, such as capital markets, complements and supplements the financing capacity of the banking sector. While financial markets (money market and foreign exchange market) remained resilient to the developments in the macroeconomic environment and functioned well in maintaining financial stability.Despite several achievements of the financial sector in recent years, financial depth and penetr ation in Pakistan continues to be low, and SBP’s financial inclusion strategy are aimed at extending the net of financial services. A lack of confidence in banking system has also traditionally prevented a significant sector of households from keeping their savings in banks. Hence, the impact on households of a possible burst in bank insolvencies will be minimal. In addition, the majority of deposits are in the state-owned banks or banks with sizeable government presence. Indirect effects may thus become prominent in evaluating the consequences of the financial turmoil on the real economy.The tight liquidity situation particularly hampers the operations of small banks and banks with limited resources, so the possibility of insolvency and bankruptcy cannot be ignored for some banks. Pakistan is facing a gimmick of financing huge fiscal deficits in 2008-09 and if liquidity constraint remains intact with limitations on external financing, the demand for State Bank resources will grow at a faster pace. The unwillingness of the SBP to finance the deficit may have serious implications for fiscal operations. This will attract major cuts in growth enhancing development expenditure because current expenditure offers little room for adjustment. The development expenditure has crucial for job creation and interlink ages in the economy.The refinancing of fiscal deficit without SBP finances may prove to be difficult, and will further tighten liquidity conditions and could lead to insolvencies for banks as well as add further pressures on taxation options. 1. 3 – Statement of the Problem: This aim of this research is to analyse the working of foreign banks, their operations and situations after global financial crisis and the services they are providing. The benefits which they are providing to different financial and non financial organizations. The activities and practices of foreign banks operating particularly in Pakistan. Their importance in the economy a nd financial sector of Pakistan. The major reasons for their decline/incline nowadays, Problems faced by them in recent time and their tough competition from other financial institutions performing in the market.There are many risk factors that are blocking the performance of foreign banks, so in this research it is tried to get the deep understanding of impact of global financial crisis on the foreign banks and the following things: 1- The Factors involving the operations of foreign banks before and after global financial crisis. 2- The future opportunities of foreign banks operating in Pakistan. 3- What are the problems faced by foreign banks. 4- How are the risk factors hindering the performance of foreign banks. 5- What products should be focused by foreign banks for growth in future. 6- The strategies for the regulation and development of foreign banks in Pakistan 7- The Initiatives that should be taken to bolster foreign bank operations in Pakistan after global financial turmo il. So the statement of the problem can be: IMPACT OF GLOBAL FINANCIAL CRISIS ON THE FOREIGN BANKS OPERATING IN PAKISTAN†. 1. 4 – SIGNIFICANCE OF THE STUDY: This report is useful in deeply understanding the activities and services provided by the foreign banks operating in Pakistan . Their importance in the economy of Pakistan, this report will not only gives information about present status but also gives comprehensive information about the contribution and impact of foreign banks in the financial sector of Pakistan. This report is also useful for the students and teachers providing complete theoretical and practical information about foreign banks, their functions and operations with wider perspective.This research will be beneficial for the corporations, and researchers who are interested in knowing about the services of foreign banks that will be beneficial for them. This research will also be helpful for the foreign banks in getting information about their present status and future prospects, the opportunities and threats they are facing, and the risk faced by them in Pakistan and what new products and services they can indulge in to grow in the future. This research is also helpful for me to enhance my knowledge in understanding the operations and difficulties faced by the banks. 1. 5 – SCOPE OF STUDY: This study or analysis of the foreign banks will help in identifying the impact of global finacilal turmoil on foreign banks in the financial sector of Pakistan.It includes detailed study of top renowned foreign banks operating in Pakistan. The activities & services provided by them and performance and growth during the financial crisis. 1. 6 – Delimitations: The results are purely based on the information that is provided by the institutions, investors and from other secondary sources. The key factors that may hamper the present and future performance of investment banks are the economic conditions and government policies. This research is limited to the study of the impact of global financial turmoil on few of the foreign banks operating in Pakistan; these banks mainly include Standard Chartered Bank, Citi Bank, RBS Bank and HSBC Bank.

Why Teachers Deserve a Better Pay Essay Example | Topics and Well Written Essays - 1000 words

Why Teachers Deserve a Better Pay - Essay Example A question of budget cut Teacher’s pay freeze is right for times, read the Star Tribune’s Jan.22, 2011 editorial (Editorial, Star Tribune, 2011). Well, it is not a right time and it will never ever find a right time. The facts are clear, the US economy is still reeling from the woes of an economic recession and grappling with a $6.2 billion budget deficit (Editorial, Star Tribune, 2011). Consequently, there is diminishing subsidy to the whole US educational system , which leave school district’s no better option than either to freeze the salary of public school teacher’s or to distribute another round of pink slips amongst public school teachers. It is unfortunate that a salary freeze is proposed by no less than Sen. Thompson, Representative of ,Lakeville and were favoured by school superintendent’s. The group favouring a salary freeze argues that the current compensation system which provides an automatic salary increase to teacher’s who hav e been in service for a number of years and have taken additional college credits is the culprit for their school districts ‘overspending’ on salaries ( Editorial, Star Tribune, 2011).This is absurd and totally unjust. T... The real question at hand is why can’t the local and national government increase the funding on education? Why does the teacher’s and the students have to shoulder for the budget deficit that they did not create in the first place? It is unjust to ask the teacher’s to carry the burden of the country’s economic problems for the so called greater good. When big and private businesses fold up in the face of recession, government readily bails them out of people’s taxes and tells us that if it’s not bailed out, the economy would further shrink into recession and crisis. Education is a basic social service that government need to put its priority funding, why can’t the lawmakers shells out some more budget for the education. I believe these whole debate on teacher’s pay is a mere ploy to cover the real issue of budget cut which is unjust and uncalled for. Salary Freeze is not good for recession A better option for an economy sufferi ng from a recession is a salary increase not a salary freeze and much more not a salary cut and laying off of teachers. I don’t know why the lawmakers are finding it hard to comprehend that people need to spend more , so the economy would keep on moving. A salary freeze will definitely hinder teacher’s to get that next travel ticket for a much needed vacation. Salary freeze and cuts may result to teacher’s inability to pay for their house mortgages which in turn would hurt further the economy. On the other hand, laying off teachers would mean a dramatic decrease in the teacher’s ability to buy and afford commodities and services, which would further slows down the economy. Salary Freeze ,Cuts and Lay off would hurt the quality of education Salary freeze and cuts creates

Jeffrey Eugenindes's Middlesex Essay Example | Topics and Well Written Essays - 1500 words

Jeffrey Eugenindes's Middlesex - Essay Example This novel showcases Eugenides mastery of imagination as he weaves together the different aspects of this family's history presenting them in an eye opening coming of age tale perfectly fitting for today's modern age. The story does a great job of melding self-conscious artifice and real-world history. Perhaps what is most surprising about Eugenides novel is how he effortlessly establishes the credibility in his narrator in the opening statement, " I was born twice: first, as a baby girl, on a remarkably smogless Detroit day in January of 1960; and then again, as a teenage boy, in an emergency room near Petoskey Michigan, in August of 1974" (Eugenides 3). Here the narrator introduces himself and his sordid history, explaining his grandparent's incestuous marriage and how they vowed to keep it a secret. The center of the story surrounds Cal and his struggles with his sexuality. He says, "I've got a male brain. But I was raised as a girl" (Eugenides). While Cal struggles with this dilemma his entire life, Eugenides fights to prove through these struggles that Cal is really no different than any other American teenager. The novel covers all of Cal's childhood and adolescent obstacles in the hope of normalizing Cal's very un-normal condition. What makes these descriptions interesting is that Cal does not provide any emotion, leaving it up to the reader to judge how Cal must have felt as a result. For instance, when Cal tells of his close encounter in the San Francisco park and how he is nearly raped, the descriptions are virtually devoid of any emotion. Cal says the men in the park tell him "Crawl back into the hole you came out of freak" (Eugenides), but the reader is left on their own to decide how Cal must have felt. The closest description to anything emotional is when Cal says, "I had seventy-five cents to my name. I wished more anything that I could call home" (Eugenides). It seems that Eugenides chose to make Cal's descriptions devoid of any true emotion because he hoped the reader would feel for Cal and understand the emotions he must have been feeling through their own. These emotionless descriptions can be seen again in Cal's pursuit of love where his limited manhood most manifests itself, because Cal is afraid of revealing his body. He says very matte r of factly without expressing how this makes him feel, "And so, without permanence, I have fallen into the routine of my incomplete seductions," (Eugenides). It is evident that the overall goal of this story is paint a picture of American life and the decisions of one particular family in history. Eugenides takes the reader through the minds of each family member, allowing them a peek inside the windows into their souls. He begins with the grandmother, Desdemona, and her escape from her Greek island home and how she first fell in love with her brother lefty. Through the eyes of Desdemona the reader can begin to understand the reasoning behind her incestuous relationship with her brother Lefty. He makes it easy for the reader to understand why the family members decide to do the things that they do, and why they have made specific

Deciphering Organizational Culture through Artifacts Term Paper

Deciphering Organizational Culture through Artifacts - Term Paper Example Organisational culture is evidenced in the manner in which the business conducts its activities such as interactions with stakeholders like customers, employees and the wider society (Mukherjee, 2005). It is also manifested by extend in which creativity and individual imitativeness are tolerated in the organisation (Mukherjee, 2005). In addition, culture is evidenced in the levels of the organisational structure and the chain of command that influences the channels of information flow in the organisation. Proper organisational culture enhances employee commitment to the shared mission and objectives of the organisation (Mukherjee, 2005). The culture will also enhance or hinder the productivity and performance of each individual employee in the organisation. Shared organisational culture unites multicultural workforce thus leading to a sense of unity and appreciation of the differences in their cultural backgrounds (Brown, 1998). In this case, the culture will foster conflict resoluti on and efficient communication thus leading to perceptions of equality among the diverse workforce. Organisational culture also enables the organisation to retain and attract highly qualified skilled manpower since the right culture enables employees have a sense of higher personal accomplishment by being part of the organisational workforce (Mohanty & Rath, 72). Organisational culture enables employees increase their productivity since they expect to earn appreciation and recognition from the top management. (Brown, 1998). The culture facilitates achievement of the mission of the organisation through enabling employees take responsibility for their roles and responsibilities in the organisation (Brown, 1998). The culture affects the organisation in several ways. The culture acts as the organisational identity and contributes to brand image formation (Brown, 1998). Culture enables the organisations create energy and momentum for future success through outlining the employee attribut es and behaviours that are essential for the attainment of the mission of the organisation. The culture promotes healthy relationships in the organisation thus limiting the chances of employee grievances and go-slows that may negatively impact on the continuance of operations and productivity in the organisation (Brown, 1998). The culture influences the rate of innovation and new product development in the organisation (Brown, 1998). A culture that tolerates risk will encourage employees to experiment news ideas without fear of making mistakes thus contributing to higher chances of implementation of innovative working processes

Criminal Justice Authority Evaluation Essay Example | Topics and Well Written Essays - 1000 words

Criminal Justice Authority Evaluation - Essay Example Discretionary authority refers to the power to act in accordance with one judgment or discretion. Before a judge or any other person in power in the criminal justice, he or she ought to apply values and principles to facts. Exercise of discretion occurs in different ways, depending on each criminal justice system. Discretionary authority is practiced and exercised in various fields of criminal justice. For instance, discretion occurs when reporting crimes. Some criminal justice systems do not respond to little crimes, like the theft of an item that is of little or no value. The victim of such a minor crime has the discretion to report or not report such a crime to the authority. If there was no witness, when such a crime was committed, then, it would be futile reporting such a crime; hence, most of such crimes go unreported. Police use discretion, in response to reported crimes or cases. Police officers have some discretion, even though they are required to act according to the law a nd professional ethics. For instance, in youth justice such police officers have the authority to hold a youth justice conference, proceed by administering a caution, or proceed by charge in the Children’s Court. Discretion is again practiced in investigation, arrest and charge; police officers may either investigate or fail to investigate an officially reported crime. For example, some criminal justice systems do not require investigation of fraud allegations, unless such frauds are immensely high.... Police officers have some discretion, even though they are required to act according to the law and professional ethics. For instance, in youth justice such police officers have the authority to hold a youth justice conference, proceed by administering a caution, or proceed by charge in the Children’s Court. Discretion is again practiced in investigation, arrest and charge; police officers may either investigate or fail to investigate an officially reported crime. For example, some criminal justice systems do not require investigation of fraud (below $10, 000) allegations, unless such frauds are immensely high (Raines, 2011). However, not all people, in such criminal justice systems, agree to the lack of investigation of such fraud, even though police officers have the discretion to act in such a manner. This is a clear indication of controversial exercise of discretion by some criminal justice systems. When an investigation is carried out, police officers have the power to de cide where such an investigation should be carried out, and the people to be contacted. Police officers have the obligation to make the right decision in approaching a suspect. They may decide to arrest or issue a Court Attendance Notice to such a suspect. Such decision affects both the offender and the community at large; the community may be exposed to further offending, and the offender’s liberty may be put at a risk. Discretionary considerations are exercised when police officers seek advice from prosecutor to establish criminal charges. The community exercise its discretion since some people, in the community, act as witness during a court proceeding. The offender exercise judgment at some stages, during the case proceeding; for instance, he or she may apply for bail.