The Study of Basics of Share Market with Special Reference to Sharekhan.

MAKING INVESTMENT EASIER GIVING CUSTOMER ADVICE MAKING THE MARKET MORE ASSESSIBLE â€Å"OUR AIM IS TO IMPOWER THE INVESTOR TO MAKE INVESTMENT DECISION THROUGH QUALITY ADVICE AND SUPERIOR SERVICE† Sharekhan limited Amravati branch. Tank Complex, Above Union Bank, Rajkamal Square, Amravati www. sharekhan. com COMPANY PROFILE Sharekhan is a firm which is working under SSKI (Shantilal, Shevantilal, Kantilal, Ishwarlal) Ltd. SSKI was founded in 1922. SSKI is one of India’s oldest brokerage houses having eight decades of experience into:- ? Institutional Broking ?Investment Banking Retail Broking It is one of the founding members of the Stock Exchange, Mumbai and Pioneer Institutional Broker. SSKI Entered into Retail Broking in 1985. Share khan is the Retail Broking Arm of the BIG 82 Years old organization i. e. of SSKI and â€Å"Sharekhan† is the Brand Name given to its Retail Business. SSKI carries out its Retail Broking Activities under Sharekhan Brand Name. Sharekh an is One of India’s Leading Broking Houses. They Provides you a Complete Life-Cycle of Investment Solutions in Equities, Derivatives, Commodities & Depository Services. Sharekhan Outlets act as Full Service Investment Solutions Provider, providing you wide range of services like – ? Equity & Derivatives Trading on NSE and BSE ?Online Trading ?Commodities Trading on MCX & NCDEX ?Portfolio Management Services ?Depository Services ?IPO Services ?Wide Range of Customized Research Products ?Uniform Service Standards Sharekhan Services:- Share khan is one of the India's leading brokerage houses & the retail arm of SSKI, with 340 branches in all over India. Offerings of the Sharekhan:- Sharekhan offers both offline and online trading account. But now a days it mostly concentrates on online trading account through which a customer can buy and sell shares in an instant from any part of the globe through website. It does not take into account any type of physical restriction of going to the broker for carrying out a transaction or any type of settlement of payment. It facilitates the customer a speedy and hassle free transaction. Share khan’s product consists of a 4-in-1 concept, which integrates:- ?D-mat Account ?Trading Account ?Bank Link ?Dial-N-Trade For doing a trading of shares everyone need D-mat A/C. In his D-mat A/C one can kept his shares. Then Sharekhan provides a Trading A/C through this trading account, a Sharekhan customer can directly transfer his funds from his savings account i. e. from bank account to Sharekhan to his trading account without any paper work. He can buy and sell shares from the website and also view the market prices of the shares he trades on the terminal. Sharekhan. com allows trading at present only on NSE. BSE trading will be shortly available. To open an account a customer requires filling up a form consisting of 12 agreements, a passport size photograph, a residential proof, a photo ID proof and a cheque drawn of respective amount in favour of S. S. Kantilal Ishwarlal securities Pvt. Ltd. & from 22 March, 2007 cheque is drawn in favour of Sharekhan LTD itself. After opening an account with Sharekhan, a customer will be given User ID, Membership password and trading password, which will enable him to access his account and trade. Bank Connection:- Sharekhan has affiliation with 11 banks, which allows its customers to enjoy the facility of instant credit and transfer of funds from his savings bank account to his Sharekhan trading account. The affiliated banks are as follows:- ? HDFC BANK ?AXIS BANK ?CITI BANK ?ICICI BANK OBC BANK ?UNION BANK ?INDUSIND BANK ?IDBI BANK ?BOI ?YES BANK ?DEUTSCHE BANK Dial-n-Trade:- It is also an exclusive service available to all Sharekhan customers for trading in shares via the telephone. On dialing the toll free number 1800-22-7500 the customer will be directed to a tele-broker who will buy or sell shares for him. Share Market: – Share market is an area which fascinates each and every indi vidual who is craving for more money. â€Å"In simple Words, a â€Å"share or stock† is a document issued by a company, which entitles its holder to be one of the owners of the company. A share is issued by a company or can be purchased from the stock market†. Securities & Exchange Board of India {SEBI}:- †¢Establishment of SEBI The Securities and Exchange Board of India was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992. The basic functions of SEBI is to protect the interests of investors in securities, to regulate the securities market & to promote its development. †¢Functions of SEBI †¢ To register & regulate the working of capital market intermediaries. †¢To regulate the working of mutual funds. To promote self-regulatory organizations. †¢To prohibit fraudulent & unfair trade practices in securities market. †¢To promote investor’s education of intermediaries. †¢To prohibit insider trading in securities. †¢To regulate acquisition of shares & takeovers of companies. Primary & Secondary Market:- a)Primary Market In primary markets securitie s are bought by way of public issue directly from the company. In simple words â€Å"A market is primary if the proceeds of sales go to the issuer of the securities sold. † This is part of the financial market where enterprises issue their new shares and bonds. It is characterized by being the only moment when the enterprise receives money in exchange for selling its financial assets. b)Secondary Market The market where securities are traded after they are initially offered in the primary market. Most trading is done in the secondary market. To explain further, it is trading in previously issued financial instruments. Examples are the New York Stock Exchange (NYSE), Bombay Stock Exchange (BSE), National Stock Exchange NSE, bond markets, over-the-counter markets, residential mortgage loans, governmental guaranteed loans etc. EQUITY:- †¢NSE (National Stock Exchange):- The National Stock Exchange of India Limited or S CNX NIFTY (NSE) is a Mumbai-based stock exchange. It is the largest stock exchange in India in of daily turnover and number of trades, for both equities and derivative trading. Mutually-owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India. NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities and second fastest growing stock exchange in the world with a recorded growth of 16. 6%. NSE of India was promoted by leading financial institutions at the best of the Government of India. The National Stock Exchange of India was promoted by leading financial institutions at the best of the Government of India, and was incorporated in November 1992 as a tax-paying company. †¢In April 1993, it was recognized as a stock exchange under the Securities Contracts (Regulation) Act, 1956. Currently, NSE has the following major segment of c apital markets:- ?EQUITY ?FUTURES & OPTIONS ?RETAIL DEBT MARKET ?WHOLESALE DEBT MARKET ?CURRENCY DEBT MARKET BSE (Bombay Stock Exchange):- BSE has the greatest number of listed companies in the world. The SENSEX also called the â€Å"BSE 30†, as it has the topmost performing 30 companies listed. BSE is the oldest stock exchange in Asia and has the greatest number of listed companies in the world. It is located at Dalal Street, Mumbai, India. BSE was established as â€Å"The Native Share & Stock Brokers' Association† in 1875. BSE is the first exchange in India and the second in the world to obtain an ISO 9001:2000 certifications. BSE is the first stock exchange in the country which obtained permanent recognition (in 1956) from the Government of India under the Securities Contracts (Regulation) Act 1956. BSE has two of world's best exchanges, Deutsche Bores and Singapore Exchange, as its strategic partners. Today, BSE is the world's number 1 exchange in terms of the number of listed companies and the world's 5th in transaction numbers. An investor can choose from more than 4,700 listed companies, which for easy reference, are classified into A, B, S, T and Z groups. Bull Market:- There are two classic market types used to characterize the general direction of the market. Bull markets are when the market is generally rising, typically the result of a strong economy. A bull market is typified by generally rising stock prices, high economic growth, and strong investor confidence in the economy. Simply put, bull markets are movements in the stock market in which prices are rising and the consensus is that prices will continue moving upward. During this time, economic production is high, jobs are plentiful and inflation is low. A key to successful investing during a bull market is to take advantage of the rising prices. Bear Market :- The opposite of a bull market is a bear market when prices are falling in a financial market for a prolonged period of time. A bear market tends to be accompanied by widespread pessimism. A bear market is slang for when stock prices have decreased for an extended period of time. If an investor is â€Å"bearish† they are referred to as a bear because they believe a particular company, industry, sector, or market in general is going to go down. Bear markets are the opposite–stock prices are falling, and the view is that they will continue falling. The economy will slow down, coupled with a rise in unemployment and inflation. Buy:- †¢We can buy the shares on market price. †¢We can also negotiate and buy the shares on lower price than the market price. Sell:- †¢We can sell the shares on market price. †¢We can also negotiate and sell the shares on higher rate than the market price. Short sell:- †¢Short selling starts with borrowing a stock from your broker †¢You sell the borrowed stock hoping to buy it back at a lower price and return (short cover) it to your broker for a profit †¢All rules for buying still apply Short cover:- †¢Must have already short sold the stock †¢May set a maximum price limit †¢All other rules for selling apply Derivative Market: – Derivative is a product whose value is derived from the value of one or more basic variables, called bases (underlying assets, index) in a contractual manner. The underlying assets can be Equity, Forex, commodity, Bullion or any other assets. The emergence of the market for derivative products, most notably forwards, Futures and Option, can be traced back to the willingness of risk adverse economic agents to guard themselves against uncertainties arising out of fluctuations in asset prices. By their very nature, the financial markets are marked by a very high degree of volatility. Through the use of derivatives products, it is possible to partially or fully transfer price risks by locking in asset price. For example, wheat farmers may wish to sell their harvest at a future date to eliminate the risk of a change in prices by that date. Such a transaction is an example of derivative. The price of this derivative is driven by the spot price of wheat, which is the â€Å"underlying†. Types of Derivatives:- The most commonly used derivatives contracts are forwards, futures and options. 1)Forwards: – A forward contract is a customized contract between two entities, where settlement takes place on a specified date in the future at today’s pre-agreed price. A Forward contract is an agreement to buy or sell an asset on a specified date for a specified price. The salient features of forward contracts are: – a)They are bilateral contracts and hence exposed to counter party risk. b)Each contract is custom designed, and hence is unique in terms of contract size, expiration date and the asset type and quality. c)The contract price is generally not available in public domain. d)On the expiration date, the contract has been settled by delivery of the assets. e)If the party wishers to reverse the contract, he has to compulsory go to the same counterparty, which often results in high prices being charged. )Futures: – A future contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Future contracts are special type’s forward contracts in the sense that the former are standardized exchange traded contracts. The futures markets were designed to solve the problems t hat exist in forward markets. A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. But unlike forward contracts, the futures contracts are standardized and exchange traded. To facilitate liquidity in the futures contracts the exchange specified certain standard features of the contract. It is a standardized contract with standard underlying instrument, a standard quantity and quality of the underlying instrument that can be delivered and a standard timing of such settlement. 3)Options:- Option is a legal contract in which the writer of the option grants to the buyer, the right to purchase from or sell to the writer a designated instrument or a scrip at a specified price within a specified period of time. There are basically two types of options a)Call Option:- An option contract that gives its holder the right (but not the obligation) to purchase a specified number of shares of the underlying stock at the given strike price, on or before the expiration date of the contract, regardless of the prevailing market price of the underlying asset. One buys a call option if one believes the price for the underlying asset will rise by the end of the contract. If the price does rise, the holder may buy and resell the underlying asset for a profit. If the price does not rise, the option expires and the holder's loss is limited to the price of buying the contract. Call options may be used on their own or in conjunction with put options to create an option spread in order to hedge risk. Buying a call option gives you, as owner, the right to buy a fixed quantity of the underlying product at a specified price, called the strike price, within a specified time period. For example, you might purchase a call option on 100 shares of a stock if you expect the stock price to increase but prefer not to tie up your investment principal by investing in the stock. If the price of the stock does go up, the call option will increase in value. You might choose to sell your option at a profit or exercise the option and buy the shares at the strike price. But if the stock price at expiration is less than the strike price, the option will be worthless. The amount you lose, in that case, is the premium you paid to buy the option plus any brokerage fees. In contrast, you can sell a call option, which is known as writing a call. That gives the buyer the right to buy the underlying investment from you at the strike price before the option expires. If you write a call, you are obliged to sell if the option is exercised and you are assigned to meet the call. b)Put Option:- A put option is a financial contract between two parties, the writer (seller) and the buyer of the option. The buyer acquires a short position by purchasing the right to sell the underlying instrument to the seller of the option for a specified price (the strike price) during a specified period of time. If the option buyer exercises their right, the seller is obligated to buy the underlying instrument from them at the agreed upon strike price, regardless of the current market price. In exchange for having this option, the buyer pays the seller or option writer a fee (the option premium). By providing a guaranteed buyer and price for an underlying instrument (for a specified span of time), put options offer insurance against excessive loss. Similarly, the seller of put options profits by selling options that are not exercised. Such is the case when the ongoing market value of the underlying instrument makes the option unnecessary; i. e. the market value of the instrument remains above the strike price during the option contract period. Purchasers of put options may also profit from the ability to sell the underlying instrument at an inflated price (relative to the current market value) and repurchase their position at the much reduced current market price. COMMODITY MARKET:- Commodity trading is an interesting option for those who wish to diversify from the traditional options like shares, bonds and portfolios. The Government has made almost all commodities entitled for futures trading. Three multi commodity exchanges have been set up in the country to facilitate this for the retail investors. The three national exchanges in India are: ? Multi Commodity Exchange (MCX) ?National Commodity and Derivatives Exchange (NCDEX) ?National Multi-Commodity Exchange (NMCE) Commodity trading in India is still at its early days and thus requires an aggressive growth plan with innovative ideas. Liberal policies in commodity trading will definitely boost the commodity trading. The commodities and future market in the country is regulated by Forward Markets commission (FMC). Offerings of the Sharekhan:- Sharekhan offers both offline and online trading account. But now a days it mostly concentrates on online trading account through which a customer can buy and sell shares in an instant from any part of the globe through website. It does not take into account any type of physical restriction of going to the broker for carrying out a transaction or any type of settlement of payment. It facilitates the customer a speedy and hassle free transaction. Share khan’s product consists of a 4-in-1 concept, which integrates:- ?D-mat Account ?Trading Account ?Bank Link ?Dial-N-Trade For doing a trading of shares everyone need D-mat A/C. In his D-mat A/C one can kept his shares. Then Sharekhan provides a Trading A/C through this trading account, a Sharekhan customer can directly transfer his funds from his savings account i. e. from bank account to Sharekhan to his trading account without any paper work. He can buy and sell shares from the website and also view the market prices of the shares he trades on the terminal. Sharekhan. com allows trading at present only on NSE. BSE trading will be shortly available. To open an account a customer requires filling up a form consisting of 12 agreements, a passport size photograph, a residential proof, a photo ID proof and a cheque drawn of respective amount in favour of S. S. Kantilal Ishwarlal securities Pvt. Ltd. & from 22 March, 2007 cheque is drawn in favour of Sharekhan LTD itself. After opening an account with Sharekhan, a customer will be given User ID, Membership password and trading password, which will enable him to access his account and trade. Bank Connection:- Sharekhan has affiliation with 11 banks, which allows its customers to enjoy the facility of instant credit and transfer of funds from his savings bank account to his Sharekhan trading account. The affiliated banks are as follows:- ? HDFC BANK ?AXIS BANK ?CITI BANK ?ICICI BANK OBC BANK ?UNION BANK ?INDUSIND BANK ?IDBI BANK ?BOI ?YES BANK ?DEUTSCHE BANK Dial-n-Trade:- It is also an exclusive service available to all Sharekhan customers for trading in shares via the telephone. On dialing the toll free number 1800-22-7500 the customer will be directed to a tele-broker who will buy or sell shares for him. Share Market: – Share market is an area which fascinates each and every indi vidual who is craving for more money. â€Å"In simple Words, a â€Å"share or stock† is a document issued by a company, which entitles its holder to be one of the owners of the company. A share is issued by a company or can be purchased from the stock market†. Securities & Exchange Board of India {SEBI}:- †¢Establishment of SEBI The Securities and Exchange Board of India was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992. The basic functions of SEBI is to protect the interests of investors in securities, to regulate the securities market & to promote its development. †¢Functions of SEBI †¢ To register & regulate the working of capital market intermediaries. †¢To regulate the working of mutual funds. To promote self-regulatory organizations. †¢To prohibit fraudulent & unfair trade practices in securities market. †¢To promote investor’s education of intermediaries. †¢To prohibit insider trading in securities. †¢To regulate acquisition of shares & takeovers of companies. Primary & Secondary Market:- a)Primary Market In primary markets securitie s are bought by way of public issue directly from the company. In simple words â€Å"A market is primary if the proceeds of sales go to the issuer of the securities sold. † This is part of the financial market where enterprises issue their new shares and bonds. It is characterized by being the only moment when the enterprise receives money in exchange for selling its financial assets. b)Secondary Market The market where securities are traded after they are initially offered in the primary market. Most trading is done in the secondary market. To explain further, it is trading in previously issued financial instruments. Examples are the New York Stock Exchange (NYSE), Bombay Stock Exchange (BSE), National Stock Exchange NSE, bond markets, over-the-counter markets, residential mortgage loans, governmental guaranteed loans etc. EQUITY:- †¢NSE (National Stock Exchange):- The National Stock Exchange of India Limited or S CNX NIFTY (NSE) is a Mumbai-based stock exchange. It is the largest stock exchange in India in of daily turnover and number of trades, for both equities and derivative trading. Mutually-owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India. NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities and second fastest growing stock exchange in the world with a recorded growth of 16. 6%. NSE of India was promoted by leading financial institutions at the best of the Government of India. The National Stock Exchange of India was promoted by leading financial institutions at the best of the Government of India, and was incorporated in November 1992 as a tax-paying company. †¢In April 1993, it was recognized as a stock exchange under the Securities Contracts (Regulation) Act, 1956. Currently, NSE has the following major segment of c apital markets:- ?EQUITY ?FUTURES & OPTIONS ?RETAIL DEBT MARKET ?WHOLESALE DEBT MARKET ?CURRENCY DEBT MARKET BSE (Bombay Stock Exchange):- BSE has the greatest number of listed companies in the world. The SENSEX also called the â€Å"BSE 30†, as it has the topmost performing 30 companies listed. BSE is the oldest stock exchange in Asia and has the greatest number of listed companies in the world. It is located at Dalal Street, Mumbai, India. BSE was established as â€Å"The Native Share & Stock Brokers' Association† in 1875. BSE is the first exchange in India and the second in the world to obtain an ISO 9001:2000 certifications. BSE is the first stock exchange in the country which obtained permanent recognition (in 1956) from the Government of India under the Securities Contracts (Regulation) Act 1956. BSE has two of world's best exchanges, Deutsche Bores and Singapore Exchange, as its strategic partners. Today, BSE is the world's number 1 exchange in terms of the number of listed companies and the world's 5th in transaction numbers. An investor can choose from more than 4,700 listed companies, which for easy reference, are classified into A, B, S, T and Z groups. Bull Market:- There are two classic market types used to characterize the general direction of the market. Bull markets are when the market is generally rising, typically the result of a strong economy. A bull market is typified by generally rising stock prices, high economic growth, and strong investor confidence in the economy. Simply put, bull markets are movements in the stock market in which prices are rising and the consensus is that prices will continue moving upward. During this time, economic production is high, jobs are plentiful and inflation is low. A key to successful investing during a bull market is to take advantage of the rising prices. Bear Market :- The opposite of a bull market is a bear market when prices are falling in a financial market for a prolonged period of time. A bear market tends to be accompanied by widespread pessimism. A bear market is slang for when stock prices have decreased for an extended period of time. If an investor is â€Å"bearish† they are referred to as a bear because they believe a particular company, industry, sector, or market in general is going to go down. Bear markets are the opposite–stock prices are falling, and the view is that they will continue falling. The economy will slow down, coupled with a rise in unemployment and inflation. Buy:- †¢We can buy the shares on market price. †¢We can also negotiate and buy the shares on lower price than the market price. Sell:- †¢We can sell the shares on market price. †¢We can also negotiate and sell the shares on higher rate than the market price. Short sell:- †¢Short selling starts with borrowing a stock from your broker †¢You sell the borrowed stock hoping to buy it back at a lower price and return (short cover) it to your broker for a profit †¢All rules for buying still apply Short cover:- †¢Must have already short sold the stock †¢May set a maximum price limit †¢All other rules for selling apply Derivative Market: – Derivative is a product whose value is derived from the value of one or more basic variables, called bases (underlying assets, index) in a contractual manner. The underlying assets can be Equity, Forex, commodity, Bullion or any other assets. The emergence of the market for derivative products, most notably forwards, Futures and Option, can be traced back to the willingness of risk adverse economic agents to guard themselves against uncertainties arising out of fluctuations in asset prices. By their very nature, the financial markets are marked by a very high degree of volatility. Through the use of derivatives products, it is possible to partially or fully transfer price risks by locking in asset price. For example, wheat farmers may wish to sell their harvest at a future date to eliminate the risk of a change in prices by that date. Such a transaction is an example of derivative. The price of this derivative is driven by the spot price of wheat, which is the â€Å"underlying†. Types of Derivatives:- The most commonly used derivatives contracts are forwards, futures and options. 1)Forwards: – A forward contract is a customized contract between two entities, where settlement takes place on a specified date in the future at today’s pre-agreed price. A Forward contract is an agreement to buy or sell an asset on a specified date for a specified price. The salient features of forward contracts are: – a)They are bilateral contracts and hence exposed to counter party risk. b)Each contract is custom designed, and hence is unique in terms of contract size, expiration date and the asset type and quality. c)The contract price is generally not available in public domain. d)On the expiration date, the contract has been settled by delivery of the assets. e)If the party wishers to reverse the contract, he has to compulsory go to the same counterparty, which often results in high prices being charged. )Futures: – A future contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. Future contracts are special type’s forward contracts in the sense that the former are standardized exchange traded contracts. The futures markets were designed to solve the problems t hat exist in forward markets. A futures contract is an agreement between two parties to buy or sell an asset at a certain time in the future at a certain price. But unlike forward contracts, the futures contracts are standardized and exchange traded. To facilitate liquidity in the futures contracts the exchange specified certain standard features of the contract. It is a standardized contract with standard underlying instrument, a standard quantity and quality of the underlying instrument that can be delivered and a standard timing of such settlement. 3)Options:- Option is a legal contract in which the writer of the option grants to the buyer, the right to purchase from or sell to the writer a designated instrument or a scrip at a specified price within a specified period of time. There are basically two types of options a)Call Option:- An option contract that gives its holder the right (but not the obligation) to purchase a specified number of shares of the underlying stock at the given strike price, on or before the expiration date of the contract, regardless of the prevailing market price of the underlying asset. One buys a call option if one believes the price for the underlying asset will rise by the end of the contract. If the price does rise, the holder may buy and resell the underlying asset for a profit. If the price does not rise, the option expires and the holder's loss is limited to the price of buying the contract. Call options may be used on their own or in conjunction with put options to create an option spread in order to hedge risk. Buying a call option gives you, as owner, the right to buy a fixed quantity of the underlying product at a specified price, called the strike price, within a specified time period. For example, you might purchase a call option on 100 shares of a stock if you expect the stock price to increase but prefer not to tie up your investment principal by investing in the stock. If the price of the stock does go up, the call option will increase in value. You might choose to sell your option at a profit or exercise the option and buy the shares at the strike price. But if the stock price at expiration is less than the strike price, the option will be worthless. The amount you lose, in that case, is the premium you paid to buy the option plus any brokerage fees. In contrast, you can sell a call option, which is known as writing a call. That gives the buyer the right to buy the underlying investment from you at the strike price before the option expires. If you write a call, you are obliged to sell if the option is exercised and you are assigned to meet the call. )Put Option:- A put option is a financial contract between two parties, the writer (seller) and the buyer of the option. The buyer acquires a short position by purchasing the right to sell the underlying instrument to the seller of the option for a specified price (the strike price) during a specified period of time. If the option buyer exercises their right, the seller is obli gated to buy the underlying instrument from them at the agreed upon strike price, regardless of the current market price. In exchange for having this option, the buyer pays the seller or option writer a fee (the option premium). By providing a guaranteed buyer and price for an underlying instrument (for a specified span of time), put options offer insurance against excessive loss. Similarly, the seller of put options profits by selling options that are not exercised. Such is the case when the ongoing market value of the underlying instrument makes the option unnecessary; i. e. the market value of the instrument remains above the strike price during the option contract period. Purchasers of put options may also profit from the ability to sell the underlying instrument at an inflated price (relative to the current arket value) and repurchase their position at the much reduced current market price. COMMODITY MARKET:- Commodity trading is an interesting option for those who wish to diversify from the traditional options like shares, bonds and portfolios. The Government has made almost all commodities entitled for futures trading. Three multi commodity exchanges have been set up in the country to facilitate this for the retail investors. The three national exchanges in India are: ? Multi Commodity Exchange (MCX) ?National Commodity and Derivatives Exchange (NCDEX) ?National Multi-Commodity Exchange (NMCE) Commodity trading in India is still at its early days and thus requires an aggressive growth plan with innovative ideas. Liberal policies in commodity trading will definitely boost the commodity trading. The commodities and future market in the country is regulated by Forward Markets commission (FMC). Knowledge Gained at Sharekhan:- †¢We have learned various aspects regarding to products of the Sharekhan ltd. †¢We have also gained a lot of knowledge about the schemes & policies of the company & also about its competitors. †¢We have learned about the various indices & their significance in market. We have also learned the impact of Sensex & Nifty on overall stock market. †¢We have learned about various fundamentals & technical aspects which affect the stock prices in short run & long run. †¢At Sharekhan we have also been taught to use the online terminal. †¢We also learned how to enhance communications & convincing skills & how to approach the customers. †¢We have learned a lot relating to finance. Bibliography:- †¢Websites: www. nseindia. com www. bseindia. com www. moneycontrol. com www. sharekhan. com †¢Books & Magazines: Business Today Business Standard

Frantz Fanon on “National Culture”

In â€Å"On National Culture,† an essay collected in The Wretched of the Earth, Frantz Fanon foregrounds the following paradox: â€Å"national identity,† while vital to the emergence of a Third World revolution, paradoxically limits such efforts at liberation because it re-inscribes an essentialist, totalizing, fetishized, often middle-class specific understanding of â€Å"nation† rather than encouraging a nuanced articulation of an oppressed people's cultural heterogeneity across class lines.In other words, although the concept of â€Å"nation† unfairly characterizes colonized subjects as historically unified in their primitiveness or exoticness, the term's promise of solidarity and unity often proves helpful nonetheless in their attempts at political amelioration. Fanon encourages a materialist conceptualization of the nation that is based not so much on collective cultural traditions or ancestor-worship as political agency and the collective attempt to dismantle the economic foundations of colonial rule.Colonialism, as Fanon argues, not only physically disarms the colonized subject but robs her of a â€Å"pre-colonial† cultural heritage. And yet, if colonialism in this sense galvanizes the native intellectual to â€Å"renew contact once more with the oldest and most pre-colonial spring of life of their people,† Fanon is careful to point out that these attempts at recovering national continuity throughout history are often contrived and ultimately self-defeating.â€Å"I am ready to concede,† he admits, â€Å"that on the plane of factual being the past existence of an Aztec civilization does not change anything very much in the diet of the Mexican peasant of today. † In the passage below, Fanon explains that â€Å"national identity† only carries meaning insofar as it reflects the combined revolutionary efforts of an oppressed people aiming at collective liberation: A national culture is not a folkl ore, not an abstract populism that believes it can discover the people's true nature.It is not made up of the inert dregs of gratuitous actions, that is to say actions which are less and less attached to the ever-present reality of the people. A national culture is the whole body of efforts made by a people in the sphere of thought to describe, justify, and praise the action through which that people has created itself and keeps itself in existence.

20 facts from Fracturing the Canon Essay

I attended the Clark Atlanta Art Gallery Tuesday, September 13, 2013 in Trevor-Arnett at 11:30 a.m. The instructor a couple others and I had was Cynthia .She carefully and thoroughly guided us along the tour. She was very fluent and intellectual in the art pieces being displayed. She really knew what she was talking about, and you could truly see her passion for her work and the art. To my surprise there were many other students with me taking the tour. The art gallery is offered to the entire AUC to come visit and lean the history. The Art Gallery is made up of African American art work collected from 1900-1980. It highlights the treasures with a series of six murals, titled Art of the Negro, painted to celebrated artists and teachers. The gallery was created to give an opportunity for the African Americans to exhibit their art work. Purchase Prizes were awarded in various categories and Atlanta University gradually came into possession of a considerable collection. The collection holds two hundred and ninety-one paintings, prints and sculptures by several artists such as: Charles White, Elizabeth Catlett, Hayward Oubre and many others. Students from the AUC also have paintings displayed in the gallery, which encourages other student who has a passion for art, to try to do the things other made possible plus more. When I went, I took a walk around to observe the collections. There were many classics throughout the gallery, which won prizes for the artwork that was done. There was an assortment of different styles of art, such as: oil paint canvas, wood cuts, photograph, serigraph, textiles, mix media and several more. It attributes to different important people around campus such as Hale Woodruff. It was also learned that the art gallery was started by Hale Woodruff himself in the 1900s. There were hand crafted masks, baskets, scripts and tools used during the industrial period. James Malone has an assortment of acrylic on canvas that reflected local and common factors of African American lifestyles called: â€Å"College Studies†, â€Å"All Sales†, â€Å"Elderly Neighbor† and â€Å"I Aint Got Nothing†. The most captivating part was seeing the artist work displaying not only the positive but also the negative images of African American’s. I would have to say the most absorbing picture was a young man demonstrating the negative vibe of today’s negative vibe with the young man sagging his jeans with gold teeth. The image describes how far as a whole we African Americans will continue to lower our standards to be accepted by everyone. It shows we really value what other think about us rather than how we feel about ourselves. I would truly recommend the art gallery to the AUC and others. That includes parents, peers, and senior citizens. I feel it is useful to African Americans as well as other races because it is always a beautiful experience to learn your history and sometimes others. You should always know where you come from and about the people who paved a way for you. You are never too young or too old to learn something you once did not know. The Art gallery opened my eyes to different things and has made me more appreciative for the thing I have and the things others have done for me. It showed me to be thankful for the people that made a way for me to be where I am today. Art Galleries can be useful not only for assignments but for entertainment, learning, and main attractions. I would attend the Art Gallery to continue my learning experience on the different art pieces I missed and the things I didn’t catch/learn the first time visiting. During this experience there was nothing negative about the event, only that it could have been more interactive so students would enjoy the experience and learn something new. It was an awesome event to attend, to learn about the history of our school and the African Americans who made a difference throughout the black community. It was beneficial to see the different paintings as a student to learn about my schools history and black heritage. Even though it is a requirement to attend the art gallery I think everyone should visit and understand the different art pieces as well as the differences the artists made for us all. It brings historical values to the growth of African American and our generation. Take the tour, learn, and enjoy!

The Relationship between Culture and Technology Research Paper

The Relationship between Culture and Technology - Research Paper Example The topic is based on the development and forms of old media which indicates the technological development in the old era. This will be compared with the temporary social network technologies such as the Facebook. This will be developed with the intention to observe the technological development along the time and the cultural change relied on the technological development. Furthermore, this paper will provide the understanding of cultural changes such as what individual’s daily life changes along with the technological development. This will examine the individual’s lifestyle in today’s world and what has changed and their relations with technologies. Thus, this current study will summarize the media development and the relationship between technological and cultural change. Overall, this present study is based on the relationship between old and new media technologies and their associated cultural practices. According to Mesch (2009), new media shapes many ways to communicate and interact with each other. It is identified that interactivity is considered as central to new media which include letters to the editor, radio and television talk shows, computer and technological programme and listener participation in such programs. In accordance of Pinchot, Paullet, and Rota (2010), it is identified that old media interactivity was less as radios, television and newspapers did not measure the preferences and opinions of people as communication was considered as conversation. Grossman (2008) argues that people were provided what the media idea and thought is right for them but in today’s world, the interactivity degree has enhanced that does not necessarily mean. This means that every media has few interactivity components or elements which mostly do as it is examined by computers which can converse back these days.

Recent Changes In Organisational Form And Personnel Strategies Essay

Recent Changes In Organisational Form And Personnel Strategies - Essay Example Differences between the connotations of the words "labor" and "work† suggest the reorienting effect that Braverman's formulation had on views regarding work, workers, and the workplace (Rowlinson, 2000, p.13-14). Labor is an economic commodity exchanged in the market. Braverman held that work had been degraded by capitalism thus turned into mere labor. Taylorism separated the hand from the brain and vested the brains in management and the hands in labor. Work became deskilled as technological and bureaucratic controls supplanted the self-direction of skilled workers. This process of deskilling standardized work activities robbed work of meaning, leveling skill distinctions among workers. It enlarged and homogenized the proletariat, which came to include clerical and semi-professional occupations. Braverman's focus on skills had the effect of conceptualizing the outcomes of the industrial transformation as technological, psychological, and economic rather than social. Harry Brav erman does not make clear the definition of skill but sees the degradation process as involving the separation of mental and physical activities. One might be concluded that Harry Braverman has identified skills as cognitive abilities of workers, then generalized beyond that point to make skills technical characteristics of jobs. Sociological conceptions of work based on workers' relations to each other, group control over activities, and normative definitions of technical relations are missing.

To what extent, and in what ways, has the constant process of Essay

To what extent, and in what ways, has the constant process of enlargement, impacted on the EU politics and policy process - Essay Example The above issue is discussed in this paper; emphasis is given on the value of enlargement as a tool for strengthening the political and economic position of EU; the impact of enlargement on various EU politics and processes is also examined taking into consideration the fact that enlargement is a demanding process requiring a long period of preparation and being related to certain risks – especially because of the different political, social and economic patterns of European countries. It is proved that the enlargement processes developed in the European Union up today have all affected, more or less, the EU politics and processes; however, among them, it is the fifth enlargement process which most influenced EU politics and policies. For the above reason, the fifth enlargement, which developed in two phases, in 2004 and 2007, is extensively discussed in this paper using the literature published in the particular field. When the European Union was first established – in itially, as a European Community – in 1957 (Treaty of Rome), no term was set regarding the development of a Community regional policy (Bache 31). The reference to economic activities, which would be initiated by the entire member states –jointly – could be possibly, regarded as such policy, even not clearly. Through the decades, it was made clear that the achievement of the targets of the Union would be a challenging task. For this reason, the need for its expansion was through to be unavoidable – a practice which was proved particularly helpful towards the development and the strengthening of European Union so that to become a major force in the global market. In its initial form, the European Union had 6 states – today, its members are estimated to 27, as a result of 5 enlargements. The specific processes have been used in order to increase the power of EU within the international community but also in order to promote integration across the Euro pean Union. Among these enlargements the one which is most important is the fifth one developed into two phases: the first phase took place in 2004 and the second in 2007. Through the fifth enlargement – a process that has been characterized as the most important strategic decision of the EU in the 21st century (Europa, Enlargement 2011) – the European Union was significantly expanded acquiring 12 new members (Europa, Enlargement 2011). The criteria and the terms of enlargement – as one of the European Union’s key processes – are included in the ‘article 49 of the Treaty of the European Union’ (Europa, Enlargement 2011). In accordance with the above article, the key priority of the enlargement process is to ensure that the applicant countries are adequately prepared so that to meet their obligations – as stated by the relevant EU rules; of course, the legislative, political and social characteristics of each candidate country ar e taken into consideration when these processes are developed. However, in any case, it needs to be ensured that the candidate countries will be able to respond to their obligations – as members of the Union – and to align their policies/ rules with those of the Union (Europa, Enlargement 2011). At this point, it would be necessary to refer briefly to the history of enlargements

African studies Essay Example | Topics and Well Written Essays - 500 words - 5

African studies - Essay Example Additionally, the trade also led to the adoption of Islam religion. The encounter of West Africans with the Arabs helped Northern Africa to become a part of the Islamic influence. The Trans-Saharan region had been prepared for acceptance Islam faith in 7th century. Islam was one of the influential factors in the civilization of West Africa where Europeans had refused to penetrate due to the desert conditions. The cultural transformation entailed value for human life, novelty, and social prestige. Powerful kingdoms arose in West Africa due to Trans-Saharan trade. Soninke of Ghana and Mandinka in Mali participated in the trade and accumulated enormous wealth (Shillington 88). Wealth gave the kingdoms the power to maintain rule and influence in the trade. However, the region was not safe and secure due to the gold and ivory trade. Kingdoms would attack each other when traversing the desert. Robbers attacked and hijacked caravans and charioteers. Additionally, kingdoms required slaves and led to a reduction of people. People fled and moved southwards to escape the mistreatment. The spread of Islam brought tension in Western Africa as traditionalist communities resisted the influence of the religion and created a balance. The interactions between Arabs in North Africa and the trading parties from Western Sudan led to the development of infrastructures such as trade roots, monuments, and schools. According to Shillington, the development of fundamental trade centers such as Taghaza, Fezzan, Gao, Tadmeka, Wakata, and Kumbi-Saleh brought commercial and administrative organs that were responsible for trade of goods (p. 92). Communities gained gold, ivory and slaves to boost their economic power in the trade. Local leaders use forced labor to collect goods and make profits from the inferior trading communities. The economic benefits of Trans-Saharan trade were felt in Mali, Songhay and Bornu due to participation in

Supervising Banks Liquidity Article Example | Topics and Well Written Essays - 500 words

Supervising Banks Liquidity - Article Example The committee in charge of outlining and preparing these regulations has decided that banks should easily have enough money on hand to last them for thirty days if their outside sources dried up, allowing them to finish business and become more prepared for what should happen after the money has run out entirely. The banking industry is none too thrilled about the new liquidity rules, which would have a questionable effect on how much it would cost them to raise money. Unfortunately, this does not cover some of the more major issues, such as the amount and depth of information banks are allowed to share with their investors and the public about how they go about raising money. However, regardless of the feelings felt by the banks, the rules that have been laid out by the committee are not going anywhere, nor are they to be altered unless something comes up that suggests they should be. As a sort of compromise for those that are against the new rules, the central bankers and regulators will be spending the time prior to the rules taking effect, which is in 2015, determining and evaluating the effect of the new rules. Other rules, such as those that will make sure that banks have reliable sources of long-term financing, will not be implemented until 2018. These additional rules would prevent what almost took place with Hypo Real Estate when it was unable to refinance long-term obligations and needed an emergency bail-out from the government.

Health care Information and resources Essay Example | Topics and Well Written Essays - 1000 words

Health care Information and resources - Essay Example mothers who may be at home with their young children, may go down this route as they have the time and resources to research for this alternative advice. Therefore, a 25 year old mother will have many other resources available to her if she is not satisfied with the treatment, or the results of the treatment that her 3 year old child is currently receiving from the family GP. The best way to obtain information on childhood eczema and to find out what different treatments are available if the individual is not satisfied with the treatment their child is receiving from their GP, in the World Wide Web. Here the parent can find numbers for helplines, such as the National Eczema Society (NES) and NHS direct and their official websites and suggestions for treatment, also on the internet the parent can find alternative treatments to those offered by their GP, from qualified complementary practitioners or advice from online forum from other parents, or natural alternative treatments. Â   The first two resources are from official websites, these are the National Eczema Society and NHS direct give medical advice given by dermatologists, GP’s who specialise in eczema and dermatology nurses (NES, 2009). However, the NES (2009) do also provide a fact sheet on complementary medicine. The NES (2009) is also written by people who have personal experience of eczema themselves, and is aimed sufferers and their carers. They advocate the use of emollients and topical corticosteroids, as the most effective treatments to control eczema, with advice on possible side-effects or adverse reactions to these treatments (NES, 2009). However, while they describe different types of eczema, it is then obviously down to the parent to try and understand what type of eczema their child may have. The NHS (2009) online advice is very similar to NES (2009) describing types of eczema and likely symptoms. They also give advice to treatments parents can use at home to help their child, and p ractical

Dyspareunia Essay Example | Topics and Well Written Essays - 2500 words

Dyspareunia - Essay Example Such sexual dysfunctions include sexual desire disorders, sexual pain disorders, and sexual arousal disorders. Thus, if a person has difficulty in some stage of the response cycle or experiences pain during sexual intercourse, he/she, according to Miller, is positive in having a sexual dysfunction. Sexual dysfunctions have many types. Sexual dysfunction is said to have a sexual dysfunction as early as ones sexual fantasies are increasing while the actual intercourse is decreasing and later on, the absence of it. This kind of sexual disorder is called as Hypoactive Sexual Desire Disorder. However, before any sexual difficulty was supposed to be called a disorder or dysfunction, an individual must be affected first. (Bornstein J, Shapiro S, Rahat M, Goldshmid N, Goldik Z, Abramovici H, et al., 1996) Furthermore, one rare sexual dysfunction is called as the Sexual Aversion Disorder, wherein the person involved is relentlessly avoiding having genitals contact with his/her partner and thus, having a great effect with the sexual relationship. Actually, there are so many kinds of sexual disorders, like Female Sexual Disorder, Male Erectile Disorder, Female and Male Orgasmic Disorder, Premature Ejaculation and of course the most popular among the categories of sexual disorders; dyspareunia. ... It is said that dyspareunia is sometimes chronic in nature. (Butcher J, 1999) On the other hand, Vertosick Frank (2000), discussed in his article in 'behave net' that if the presence of psychological factors played an important role in the pain felt by a person, like in the start, exactness, exacerbation or continuation of the pain, this is considered as a pain disorder. Thus, the pain is not caused deliberately nor created or mocked. Another thing to classify what is pain disorder; we can associate it with psychological factors and general medications. Diagnostic for the pain disorder is recognized as follows: pain in one or more anatomical parts is the principal focus of the clinical arrangement and is of strictly adequate to demand medical attention; what causes pain is basically misery or with mutilation in occupational, social or in other important areas of functioning; the pain is not faked nor intentionally produced and it is not associated with mood, anxiety or psychotic disorders; and lastly, psychological factors played a significant role in the beginning, rigorousness, exacerbation or in maintenance of the pain. (Binik, Y. M., 2005) Based on the definitions of sexual and pain disorder, we can clearly draw the line in categorizing dyspareunia. However, to make the arguments about the classification of dyspareunia more clearly and the information more accurately, lets define dyspareunia and what are the standards of DSM-IV-TR in labeling it as a sexual pain disorder. Dyspareunia, according to Steege and Ling, is the repeated and persistent genital pain related with sexual activity, in either the male or female. It may be due to emotional, organic and or psychogenic causes. However, some studies said that dyspareunia is associated with a more

Managament Style Essay Example | Topics and Well Written Essays - 1750 words

Managament Style - Essay Example There exist divergent types of management styles that includes democratic, autocratic, laissez-faire, paternalistic, informal, participatory and supervisory etc. Depending on organizational setting, a particular style may do well than another. All the above management styles have been summed up by Thepot in three types of leadership in the management literature as follows: the directive leadership, the transactional leadership as well as transformational leadership. It is acceptable that different managers exhibit different styles of leadership in the course of their duty. Authoritarian style This is a style of leadership also known as coercive style of management due to its uncontrollable ways. According to this style, a manager mostly demands compliance through intimidation which is basically where only the manager has a say and his demands goes un opposed. The managers give direction without asking the opinion of his juniors and convince them on how to follow his or her requirements. According to Efere, this method puts pressure on the employees which does not work well in modern business organizations as it attracts rebellion and demoralization of staff and might lead to legal redress for harassment at work place. Nevertheless, the suitability of authoritarian management style is applicable in a crises situation where a decisive measure must be taken. Democratic style A democratic manager seeks to attain his objectives through consulting his staff and coming to a compromise in decision making. When a manager involves and seeks the opinion of his or her staff on serious issues, they create a sense of responsibility and ownership among the staff who feels their contribution is valued. (Efere, 2003). As depicted by Efere (2003) such management style is likely to dispel rebellion within the staff. Nonetheless, this might be problematic in instances where the staffs are against the implementation of an important plan. In spite of this, effective communication is attainable, leading to reduced rebellion within an organization where this management style is applied. Laissez-Faire Style In this type of management style which is also known as permissive style, staff gets little direction or none at all from their managers, thus being allowed to perform their duties freely. This presents to the staff a great sense of empowerment making them feel proud of be ing in charge of their work and confident of working without supervision (Efere, 2003). However it is very advisable that this style of management be applicable where staffs are experienced and highly proficient, interested in working unmanned, trustworthy, and independent experts sourced from outside. The potential problems with this style are: first, feedback from the staff is limited if any, thus the manager is kept in the dark in regard to what is happening in his company. Secondly, it can lead to insecurity and uncertainty within the staff members should the staff be improperly trained and inexperienced. Thirdly, a situation may arise whereby the managers withhold compliments due to the staff since they are not well acquainted with the efficiency of the staff. Lastly, the responsibilities and the role played by the manager are gradually reduced and sometimes their presence is not felt by the staff. Bureaucratic style Efere (2003) argues that Bureaucratic style

District Size And The Distribution Of Seats Essay Example for Free

District Size And The Distribution Of Seats Essay The size of the district or the district magnitude refers to the number of candidates to be elected from that district. Depending on this number of seats, they can either be referred to as single-member or multimember districts. A single member district has a single seat while the multimember districts have several seats with the minimum number being two; a two-member district. Electoral process formulas; plurality and majority formulas can be applied to both this type of districts while the proportional representation (PR) and the single non-transferable vote (SNTV) are applied to only multimember districts ranging from two-member districts to the whole nation where all the members of parliament are elected from (Lijphart, pg. 150). The district size has a strong effect on proportionality and the number of parties in two respects (Lijphart, pg. 50). Studies carried put by Horwill (1925) and, Taagepera and Shugarts (1989) have strongly supported this. First of all, it affects both plurality and PR systems but in a contradicting way. While increasing the size of the district will increase disproportionality by favoring the larger parties with the application of plurality and majority systems, it is vice versa with the PR systems as it leads to greater proportionally by favoring the smaller parties. A good example to illustrate this with regard to plurality is a contest between party A and B in an area where A enjoys a greater popularity than B. A is likely to take all the seats if the area is a three-member district which is unlikely to be the case if the area is divided into three single-member districts; B may be able to capture one. In most plurality cases, multimember districts are smaller than single-member districts with rare cases being seen in countries like Mauritius (Lijphart, pg. 151). It has twenty three-member districts and one two-member districts producing a total of sixty-two legislators. It should be noted that multimember districts have been on the decline due the fact that it increases disproportionality. However, it should be noted that in Mauritius that the three-member districts have improved another kind of proportionality by encouraging parties and party alliances to nominate ethnically and religiously balanced states (Lijphart, pg. 152) which has resulted in a better representation of the minority groups. Another point to note is that the size of the district varies greatly in the PR systems unlike in plurality and majority systems (Lijphart, pg. 152) making it impact greater on the proportionality being achieved. A party representing a 10 percent minority is likely to be successful in a ten-member district which may not be the case in a five-member district. A nationwide district therefore is optimal for a proportional translation of votes into seats (Lijphart, pg. 152) with Israel and Netherlands being the two examples with such PR systems. Two levels of districts are usually used by many of the list PR countries so as to enjoy the advantages of a closer voter-representative contact in small districts and the higher proportionality of large nationwide districts (Lijphart, pg. 152). Larger districts improve proportionality in the smaller districts as in the case of mixed member proportional (MMP) systems but they are less pronounced in the smaller multimember list PR districts than in the MMP single-member districts. Denmark, Norway and Sweden are examples of countries applying the two-tiered list PR systems with a nationwide district.

Conversation Analysis In A Real Conversation English Language Essay

Conversation Analysis In A Real Conversation English Language Essay In the previous chapter, discourse analysis has been discussed. In this chapter, we are going to talk about conversation analysis, which is one of the approaches to analyze discourse. 8.1.1 What is Conversation Analysis? People are interested in understanding how social interaction work. Linguists discover the ways in which how social interaction are organized, they tried to describe and analyze those features appeared in conversation; they use scientific methods to examine the phenomena. Conversation Analysis is a systematic study established by the American pioneers, Harvey Sacks, Emanuel A. Schegloff, and Gail Jefferson. According to Hutchby and Wooffitt (2008), how is a normal conversation organized, how do people arrange their conversation in daily social interaction, and what is the role of conversation in between each participants, are the major subject matter of this chapter. 8.1.2 Why do we need Conversation Analysis? Conversation analysis represents a methodological approach to the study of social communication (Psathas, 1995). At the fundamental level, conversation analysis is the study of talk. It studies the natural and authentic conversation in real life situations, especially to determine turn-taking organization, silence and repairing problem, sequence of utterances and transcription. The term interaction could apply to numbers of social encounters. For instance, a teacher chatting with students in a staff room is one kind of interaction; others included a doctor asking patient for the illnesses, a professor attending to a formal academic exchange meeting, or a woman chit-chat with the shop-keeper during she buys vegetables at the supermarket, and there are dozens of examples showing that people are involved in different contexts of conversation. 8.1.3 Maxims of Conversation In the field of linguistics, even more specifically in the area of pragmatics and discourse analysis, scholar introduced an important concept: maxims of conversation. It is the unwritten rules that govern people to make an appropriate conversation. The basic description of Grices cooperative principle govern how people ordinarily react in conversations: Be true, be brief, be relevant and be clear. 8.2.1 Turn-taking Organization in Conversation Turn-taking is one of the most critical and noticeable aspects of conversational structure. Harvey Sacks (1995), who the founder of the conversational analytic system, hold the view that the basic small unit of the conversation is turn. We are going to look at some fundamental features about turns (or floors) in order to discover how turns can be allocated. Furthermore, in a normal, polite, Western-styled conversation, participants do not keep on speaking all the time, as to demonstrates patience, cooperation, social etiquette in a conversation, they will wait for their turn to speak. Liddicoat (2007) indicated that speakers keep changing in a conversation: when A is finished, it is Bs turn to talk. Consequently when B has finished speaking, A take turn again. 8.2.2 How does turn-taking works? Schegloff, Sacks Jefferson (1974) introduced a set of turn-taking rules for people who involved in conversation can manage turn transition and turn allocation easily. The turn-taking rules are set for distinguishing who should take the turn at the next transition relevance place (TRP). A transition-relevance place (TRP) takes place at the completion of an utterance; it is the change-of-turn place (Wang, 2011). The turn-taking rules are ordered as the following: If a speaker is selected by the current speaker, then that speaker must take the turn at the next transition relevance place. Example Venus: Where should we go now, turn left or turn right?Winnie. Winnie: Erà ¢Ã¢â€š ¬Ã‚ ¦ I dont know, I am sorry. In this situation, A pass the turn to B by asking a question. If, however, no next speaker is selected, then any other participant in the conversation may self-select to take the role and start speaking. Example Venus: Where should we go now, turn left or turn right? Hailey: I know. Venus: Yes? Hailey. Hailey: uhà ¢Ã¢â€š ¬Ã‚ ¦I suppose we should turn left. If no other speaker self-selects to take the role, the current speaker may then continue to talk again. Example Venus: Which is the correct direction to go, left or right? Winnie, Joanna, Hailey: (Silence) Venus: No one knows? Venus: uhà ¢Ã¢â€š ¬Ã‚ ¦ Ok, turn right then. Speakers will indicate their willingness to stop by using signals, such as turning their gaze to someone in the conversation, or using body languages and gestures, in order to stop and let others continue. Also, they may soften their speech, lengthen the last syllable of a sentence or use some discourse markers e.g. you know, as you see or sort of things etc. If certain markers are showed by the current speaker, another participant will then take over the conversation. There are two types of signals or markers. Implicit markers Most of the time, people use body languages, sometimes prosodic features such as falling tone and rising tone can also be used. Example 1 Have you noticedà ¢Ã¢â‚¬  Ã¢â‚¬Ëœ that? Example 2 à ¢Ã¢â‚¬  Ã¢â‚¬Ëœ Cant you see the dolphin? Explicit markers These are different kinds of linguistic features to invite people give response. a) Suggestion Turn-taking by making some suggestions. Example Shall we go to Lamma Island on this Tuesday? b) Request Current speaker may make a request the others. Example Could you please tell me about your journey? c) Question Current speaker will asks question in order to draws people attention and encourage others to get involved. Example We go to Barcelona in the coming Easter, what do you think, darling? 8.2.3 Gaps and Overlaps in Turn-taking Jerfferson (1983) have proposed some of the organizational features of gaps and overlapping. As we mentioned before, turn-taking can be visibly signaled by using body languages and gestures, however, it can also be marked by overlapping (Hutchby Wooffitt, 1998; Schegloff, Sacks Jefferson, 1974). If two or more people are speaking at the same time, overlapping will occur when the next speaker start talking when the current speaker has just completed a thought only, but still decide to continue (Schegloff, Sacks Jefferson 1974). Gaps may be treated as signs of trouble, for example, that the upcoming turn such as disagreements and repairs (Levinson, 1983). Gaps in conversation occur very frequently, such as telephone conversation. Example 1 Joanna: Well, will you help me for these. Hailey: I certainly will give you a hand. Example 2 Hailey: Why dont you come and join me tonight at the party. Winnie: Sure, I would like to. When the next speaker self-selects at a transition-relevance place, but a current speaker would like to add additional information into the completed utterance, overlaps will also occur. Example 3 Hailey: That was a romantic weekend, uh..Ven- Venus. Venus: Im glad you enjoyed your time. Example 4 Winnie: The party should be around seven or so Venus: Well, do you have an extra bed at your place? 8.3 Repairs As Schegloff (1979) said, Repair is defined as the mechanism by which trouble in speaking, hearing, and understanding is claimed and resolved. 8.3.1 Different kinds of conversation repair Repair can be classified by who initiates repair, such as self or other, and by who solves them, such as self or other (Wikipedia: Conversation Analysis, n. d.). Repair therefore can be divided into four types. They are self-initiated self repair, other-initiated self repair, self-initiated other repair and other-initiated other repair. 8.3.1.1 Self-initiated self repair According to Wang (2011), the speaker initiates the mistake or something unknown in his conversation and he repairs it by himself, which is called self-initiated and self repair. Example Ruby: What have you done at the weekend? LiXun: I go toà ¢Ã¢â€š ¬Ã‚ ¦erà ¢Ã¢â€š ¬Ã‚ ¦have gone to see a movie. In the example, LiXun initiates that he uses the wrong tense so he changes go into have gone immediately. 8.3.1.2 Other-initiated self repair Not only the speaker himself can initiate his mistake, but other speakers also can do so. The speaker himself will repair it. This situation is called other-initiated self repair. The same situation as what mentioned above. The situation is changed. Ruby: What have you seen? LiXun: I go to see a movie. Ruby: (surprised) What do you mean? LiXun: I said I have gone to a movie. In this example, LiXun does not initiate that he uses the wrong tense. Ruby however dose. She reminds LiXun to repair. 8.3.1.3 Self-initiated other repair Self-initiated other repair is absolutely opposite to other-initiated self repair. The speaker himself initiates what should be repaired but he fails to repair it. The others help him to repair. Example Ruby is going on talking with LiXun. Ruby: Then what have you seen? LiXun: A movie, er, adapted from a magic fiction, er, so famous. I forget the nameà ¢Ã¢â€š ¬Ã‚ ¦ Its writer is J.K. Rowling. Ruby: Aha. I see. Its Harry Potter. LiXun: Yes, that is! Thanks. In this example, LiXun fails to remember the name of the movie in the conversation. Even though he knows the detail of the movie, he still cannot tell Ruby what he has seen. The detail which he gives however reminds Ruby of the name of the movie. This situation is defined as self-initiated other repair. 8.3.1.4 Other-initiated other repair In other-initiated other repair, the speaker even does not initiate what he has to repair. Others initiate it and repair for the speaker. You can learn from the following example. Example LiXun wants to go on their conversation. LiXun: What about you, Ruby? Ruby: Er, I think we have to go to the lecture room. Otherwise, we will be late for the lecture. LiXun: Lets go to D1-LP-02. Ruby: No, we are going to D1-LP-04. Ruby initiates what LiXun says is wrong in the conversation and repairs what he fails to say. 8.4 Attributable silences Silence plays an important role in our speech. As stated by Jaworski (1993, p.3), The main common link between speech and silence is that the same interpretive processes apply to someones remaining meaningfully silent in discourse as to their speaking. Jaworski (1993) also suggests that silence has positive and negative value in a speech. His words indicated various silences of different situation perform different functions. 8.4.1 Function of silence Jeasen (1973) suggested that there are five function of silence in speech. The functions he points out are the following: a judgmental function, a linkage function, an affecting function, a revelation function and an activating function. All of the five functions are what we are going to focus on. 8.4.1.1 Judgmental silence According to Jeasen (1973), silence may indicate ones attitude towards the topic he is talking about. Silence can tell whether he supports or he objects the idea. Example LiXun is talking a boring topic with Ruby. LiXun: I think chemistry is so amazing! Ruby: à ¢Ã¢â€š ¬Ã‚ ¦ (Smiles and says nothing) LiXun: Wow! You see the chemistry formulaà ¢Ã¢â€š ¬Ã‚ ¦ (He goes on talking excitedly.) Ruby: à ¢Ã¢â€š ¬Ã‚ ¦ (Still keeps silent) Its apparent that Ruby holds opposite attitude to what LiXun is talking about. So she keeps silent for politeness. 8.4.1.2 Linkage silence Jeasen (1973) stated that silence is able to bring two or more people together or to separate them. It brings further effects on the speakers in the speech. We are familiar with the following situation. Two good friends misunderstood each other. Every time when they see each other they just keep silent. They, sooner or later, will become strangers. Because of silence, they fail to know what the other thinks. As the time goes by, they are separated by silence. This kind of silence separates people. 8.4.1.3 Affective silence Jeansen (1973) holds the opinion that silence can heal or wound someone. It is believed that silence shows your attitude towards the topic of the conversation, as well as your attitude towards the speakers. For example, people always keep silence when they are talking to someone they dislike. The silence usually wound the speakers. 8.4.1.4 Revelatory silence Revelatory silence is an interesting one. Jeasen (1973) said that there may be some information behind the silence. It, meanwhile, may be known to the speakers or the listeners. What the silence actually means depends on the relationship between the speakers. You can see in the following example. If two closed friends, especially girls, are gossiping, they will keep silence when they are met someone who they are talking about. In this example, the silence conveys a warning. 8.4.1.5 Activating silence Jeasen (1973) indicated that this kind of silence may bring some deep thoughtful signal. It also may bring mental inactive signal. While we are talking, our mind keeps on thinking. A silence is able to show the deep mind of the speakers. As you can see, when we are consulting with the professors, they usually lead us to thinking deeply. The professors, therefore, choose to be silence when we are talking our ideas. The silence can be considered as an encouragement, an agreement or an appreciation. 8.5 Sequence of Conversation 8.5.1 Adjacency Pairs Adjacency pair is the sequence of conversation. It includes two parts which are produced near another (Hutchby Wooffitt, 1998) and is the smallest unit of conversational exchange. Basic form of adjacency pair (Schegloff, 2007): First, adjacency pair involves two utterances. Once the first utterance is spoken, the second is required. Second, each utterance is produced by two different speakers. Third, pairs are adjacently placed. Fourth, pairs of utterances are ordered. They are separated into two parts. They are the first pair parts (FPPs) and the second pair parts (SFFs). For instance, given a question is followed by an answer, then the question is the FPPs and the answer is the SPPs. Lastly, they are pair-type related. Here are some example of some types of adjacency pairs (Wang, 2011): Question à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ answer [At the supermarket] Hailey: Can I get some help over here? I cant get that tin of sardines. Shop-keeper: Ill be right here to help you. Invitation / request à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ acceptance / declination [In Winnies birthday] Joanna: Would you like to dance with me, please? Winnie: Yes. Greeting à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ return greeting Hailey: Good morning. Joanna: Morning. Offer à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ acceptance / rejection [In the library] Liberian: May I help you find something? Venus: No thanks, I can find it by myself. Compliment à ¢Ã¢â‚¬  Ã¢â‚¬â„¢ acceptance Venus: Your dress looks very lovely. Winnie: Thank you. I just brought it from HM. 8.5.1.2 Transition of sequence There are different types of transition of sequence. 8.5.1.2.1 Adjacency/ Nextness To verbalize a turn-constructional unit, every word ought to be placed one by one (Schegloff, 2007). (8.5.1.2.1.a) Ben : Good morning. Bob : Good morning. In the above conversation, Ben greets Bob and then Bob returns the greeting to Ben immediately. (8.5.1.2.1.b) Ben :Would you like to have a lunch? Bob : No, thanks. Ben : How about a drink? The above conversation is called exchange as it includes three utterances. The IRF pattern are initiation, response and follow-up (Wang, 2011). 8.5.1.2.2 Counters Counter means one does not answer SPP directly after one asks a FPP, instead he/she direct the FPP back to the asker (Schegloff, 2007). In this case, SSP given is being delayed. (8.5.1.2.2.a) (Tarpee, 1991:1) 1 Kate : F Æ’Â   What is it? 2 Emily : F Æ’Â   You guess what it is first. 3 (0.2) 4 Kate : S Æ’Â   Pumpkin. 5 Emily : Yes, it is. In the conversation, Kate asks a question (FFP) in line 1, however, Emily does not answer it in return, and instead she redirects the question back to Kate (the asker) to answer. (line2) (8.5.1.2.2.b) (Scheflen, 1961:114, as adapted in Peyrot, 1994:17) 1 Seth : F Æ’Â   Do you love me? 2 Candy : F Æ’Â   Do you think so? 3 Seth : Sure. 4 Candy : But I dont. In the conversation, Candy does not answer Seths question directly. Instead, she answers the question with an insertion of a question-answer exchange. 8.5.2 Pre-expansion Pre-expansion means adding a part before an exchange (FPs and SPs). According to Schegloffs, pre-expansion is expanding the conversation by adding preliminary question in front of the FFP (Schegloffs, 2007). 8.5.2.1 Pre-invitation Before giving an invitation, you need to be sure that he or she is available or not. So, you need to ask some preliminary questions. For example, by asking What are you doing?, if you want one to accept your invitation, you expect the answer to be no; vice versa. (8.5.2.1) (Jefferson G.3:1) (Arthur is the caller; Sylvia is answering to the phone) 1 Sylvia : Hello. 2 Arthur : Hello, how are you? 3 Sylvia : Fine, thanks. 4 Arthur : F(pre)Æ’Â   What are you doing? 5 Sylvia : S(pre)Æ’Â   Nothing. 6 Arthur : F(b) Æ’Â   Do you want a drink? 7 Sylvia : S(b) Æ’Â   Yes, why not? Arthur asks what Sylvia is doing to see if she is free or not. With the go-ahead response of Sylvia (line 5) indicating she is free, Arthur continues to invite her as he knows she is free with the pre-sequence asked at line 4. Finally, Sylvia accepts his invitation. 8.5.2.1 Pre-offer Pre-offer is similar to pre-invitation. It aims to provide the need to someone beforehand. (8.5.2.2.a) 1 Sylvia : Oh, I tear the sheet mistakenly. 2 Arthur : 3 Sylvia : I think I need to buy a tape. 4 Arthur : I have one. 5 Sylvia : Really? 6 Arthur : Do you want it? 7 Sylvia : Sure. From the example, Arthur gives the pre-offer (line 4) to Sylvia after knowing she needs a tape. At line5, when she says Really?, it is a go-ahead response to pre-sequence. Lastly, when Arthur makes the offer, she accepts. 8.5.3 Preference There are different types of responses during exchanges. For instance, when greeting, one says hello to you and you are supposed to reply with a greeting too. Nevertheless, when one asks you a question, you may have different answers which can be preferred or dispreferred by the asker. Like an invitation, the reply can be positive or negative. Nonetheless, an answer with yes does not mean it is a prefered response. According to Schegloff, If the question is built to prefer yes, then no is a dispreferred response, even if delivered without delay and in turn-initial position, vise versa (Schegloff, 1988 c:453). 8.5.3.1 Types of responses There are two types of responses. The first one is preferred responses, which means answers are given positively. Another is dispreferred responses, which means answers are given negatively. In fact, there are some hints indicating the preferred status of a turn. When answering directly and without any delay: Example: Janice : Do you want to go swimming Jill : Yes, I do. Moreover, there are some other hints indicating the dispreferred status of a turn. a) When answering indirectly: Example: Janice : Are you free on Monday? Jill : Well, I need to do my homework, and b) When answering with delay: Example: Hesitation such as Well, Um, Erà ¢Ã¢â€š ¬Ã‚ ¦ 8.6 Conversation Transcription Transcription of conversation is very essential for analyzing conversation .It should be produced preceding conversation analysis, because it is used as a referential tool for the analysis of conversation (Psathas, 1995). 8.6.1 Tools used for recording A naturally occurring conversation is usually recorded by video recorders these days. Hence, apart from recording the conversation, body languages, gestures as well as facial expressions can also be recorded. These features are very crucial as they allow the relationship between speech and body movement to be observed (Psathas, 1995). 8.6.2 Procedures involved in transcription In fact, the recordings mentioned in 8.6.1 are done by analysts themselves. After producing the recordings, analysts listen to the recordings repeatedly by themselves. Once analysts repeatedly listen to the tape, they can focus on the phenomena that are very crucial for conversation analysis (Hutchby, Wooffitt, 2008). 8.6.3 Characteristics of conversation transcription Conversation transcription is not simply a piece of writing with words and sentences exchanged by the speakers. However, it includes many other different features as well. The information listed below should be included in a transcript (Wang, 2011). Information about the participants Words spoken Sound uttered Inaudible sound Overlapping speech Stretch, stresses, volume Different transcription symbols will be introduced as follows: 1. Latching When latching occurs in a conversation between two people, two = will be placed in the transcript when the second speaker speaks just after the first speaker speaks. The first = will be placed right behind the transcription of the first speaker, while the second one is placed in front of the transcript of the second speaker (Psathas, 1995). Example Mary: Im hungry= Peter: =You never feel full Latching by more than one speaker is represented similarly to latching by two speakers. A = is put after the transcription of the first speaker, but a =[[ is placed in front of the transcription of two speakers instead of = (Psathas, 1995). Example Hailey: Im hungry= Joanna: =[[You never feel full Venus: =[[So do I Latching by more than one speaker can also occur in a way that two speakers end their conversation at the same time and immediately the third speaker speaks. (Psathas, 1995) Example Venus: Im very very [hungry]= Hailey: [hungry] Joanna: =So do I. In this case, the Mary and Peter end their conversation at the same time and then Paul immediately speaks. 2. Audible breathing Exhalations are represented by an h or more than one h while inhalations are represented by .h or more than one .h (Psathas, 1995). Usually, exhalation expresses tiredness or sadness. Example Joanna: I havent finished my Wiki-book project yet hhhh! As for inhalation, it usually indicates surprise or nervousness. Example Venus: .hhh Im going to have my linguistics exam tomorrow. Sound stretch Sound stretch means lengthening the sound. When speakers would like to strengthen their tone, sound stretch occurs. One colon denotes that the precedent sound is lengthened, while more than 1 colon means a more lengthened sound (Psathas, 1995). Example Hailey: I am so:::: hungry Venus: I know (.) I can hear that some sounds coming out from your stomach. Intonation Throughout a conversation, there must be rises and falls in the intonation of speakers (Psathas, 1995). A rise in intonation An arrow pointing upwards is put just prior to the rise in intonation (Psathas, 1995). Example Joanna: Would you like to have dinner with me? Venus: à ¢Ã¢â‚¬  Ã¢â‚¬ËœYes, sure. A fall in intonation An arrow pointing downwards is put just behind the fall in intonation (Psathas, 1995). Example Hailey: Would you like to have dinner with me? ((gap)) Venus:à ¢Ã¢â‚¬  Ã¢â‚¬Å"Yes(0.9)if Im free tonight. Stress When speakers want to emphasize something, they will speak the words more loudly and lengthen the words. The emphasized word is underlined (Psathas, 1995). Example Hailey: I almost got full marks for my linguistics exam, will I be awarded something, Mum? Venus: Sure (0.9) Ill buy a reference book for you to study so that you can get full marks next time. Pitch A Fall in pitch To show a fall in pitch, the vowel of the word should be underlined, and a colon is added just behind the underlined vowel (Psathas, 1995). Example Hailey: I was awarded a reference boo:k(0.8) for having good results in the exam.. Joanna: If you were awarded the newly released photo album of Rain, you would have been much happier. A rise in pitch To show a rise in pitch, the stress is marked on the prolongation (Psathas, 1995). Example Joanna: My mother gave me a big surprise:::! Hailey: Buying you the photo album of Rain? Joanna: Yes:: Volume Increased Volume is indicated by capital letters (Wang, 2011). Example When Joanna is talking to Hailey, suddenly a dog appears. Joanna: Have you finished the wiki-book project? (.) A DOGS RUNNING TOWARDS US! Hailey: Calm down, Joanna. Decreased volume is indicated by degree marks (Wang, 2011). Example When Venus is telling Hailey something bad about Paul, suddenly Paul approaches. Venus: Paul never hands in his homework on time. Hailey: ËÅ ¡Pauls approachingËÅ ¡ 8. Sound uttered There are not only words within a conversation. Sometimes, when the speakers produce some sounds, they are also recorded. Example Hailey: Oh! Ive dropped my mobile phone into the toilet! Venus:(laugh) Why are you so careless? 8.7 Conclusion Conversation is an exchange of information between people in real-life situations. The aim of conversation analysis is to give an analytic description of the organization of interaction. We can understand how people carry out conversation in the society. In addition, we know more about the secrets behind the conversation, such as silence and preference.

International Law and International Organization

International Law and International Organization Introduction Generally public international law primarily is the laws of states, in all its forms. This includes the many international dealings of states with each other. The purview of international law includes the institutions which operate under its broad coverage.[1] International law is presupposed on the concept of equality of states, which are subject to international laws, subject to their recognition of any rule of law as binding upon them, with the same principle applying to the courts. Hence for the system of international law to be further recognizable, there comes the need for international organizations or institutions. Thus, if there is no identifiable institution either to establish rules, or to clarify them or see that those who break them are punished, how what can is called international law be law.[2] The role of force in international law has been largely misinterpreted to favor powerful states, hence the equality of states in international law, but without a unified system of sanction in international law, the use of indiscriminate force by nation-states would be almost inevitable.[3] The inability of the structure of international law to properly deter any aggressor country would continually breed new levels of aggression amongst states, hence the need for international organization.[4] History of Relationship between International Law and International Organization. International law has been developing steadily since the Second World War, and forces have been consistently playing a critical role in the international scene, as this include international organizations. As the complexities of life has multiplied so has the response of international law. International organizations are product of the ingenuity of corporate international to spread its globalization and promote international law. Meanwhile, among many international organizations, the United Nations facilitates international diplomacy, the World Health Organization coordinates international public health and protection, and the International Labor Organization monitors and fosters workers rights around the world.[5] Historically, international law addressed only relations between states, and war was the major reason for international diplomacy between countries, but today international organization have a major part to play in the executing of international goals. Treaties are the foundation for the establishment for international organization, and usually the establishment treaty or agreement is what determines the limit and extent of the powers of the organization. International organizations have a limited degree of international personality, especially vis-à  -vis member States. They can enter into international agreements and their representatives have certain privileges and immunities. The United Nations gets its power from the charter of the United Nations 1945, and in the dispensing of its functions it is divided into different arms. History of international organization in world politics today The idea of nations-states having and establishing bodies to secure its interest in another country or promote a certain cause around the world is not new to international legal system. Without going back into medieval Europe where countries had consuls which represented the interest of their mother nation. The private International associations sprang from the realization by non-governmental bodies, whether private individuals or corporate associations, that their interests had an international character which demanded the furtherance of those interests via a permanent international association with like bodies in other countries. In those fields where co-operation between governments became imperative, there developed the public international unions; these were, in fact, an essay into international organization in the administrative sphere. There developed a gradual transition from the private corporate unions to international organization.[6] Thus, in 1840, the world Anti-Slavery Convention was established, and in 1863 a Swiss philanthropist, Henry Dunant, Created the Red Cross.[7] Modern international organizations The need for increased international participations and cooperation fostered the need to developed more stable organizations to checkmate the politics of the nation-states hence acting independent of the states i.e. subject only to the agreement creating them. The powerful nature of states and sovereignty of these states led to the private international charter companies becoming an extension of their home countries, hence a need to bring more independent organization. In 1903 the International Office of Public Health was created, and in the field of economics the establishment of the Metric Union (1875), the International Copyright Union (1886), the International Sugar Union (1902) and the International Institute for Agriculture (1905) may be mentioned as early forerunners of present-day international organization. A major breakthrough for modern international organization was in the year 1919 and the Versailles peace Settlement which followed the First World War, American president advocated for a general association of nations.[8] The League of Nations was the first international organization which was designed just to organization operation between states as a result of the war, its specific aims was to guarantee peace and the establishment of a system of collective security, following which an attack against one of the member-states of the League would give the rest the right to come to the attacked states rescue, but sadly the league of nations failed in preventing war, which was its major objective. In 1945, the United Nations was established as a successor to the League of Nations. Since the creation of the UN, much of international law and diplomacy has been developed, shaped, implemented, and enforced through U.N. bodies and related international organizations. International organizations both make international law and are governed by it.[9] Functions and Structures of International Law and Organizations In an attempt to discuss the structure of international law and international organizations, to highlight the sources of international law and its enforcement mechanisms. It is of general knowledge that the main function of international law is to promote peace and cooperation among nations-states, any other function would be specific to an arm or organization operating in the international sphere. A vast network of international laws and dozens of international organizations make globalization possible, the scope and authority of international law have thus expanded dramatically during the era of globalization. Historically, international law addressed only relations between states, but globalization has changed international law in numerous ways. For example, as globalization has accelerated, international law has become a vehicle for states to cooperate regarding new areas of international relations (such as the environment and human rights).[10] Because of the need for enhanced international cooperation, age hold topics of sovereignty are becoming malleable.[11] The structure of international law involves, Public International Law (The relationship between sovereign states and international entities such as International Criminal Court and international criminal courts), Private international law, this involves jurisdictional conflict in resolving transnational issues. Since there is no parliament to make international law the way domestic Legislatures create laws for one country, the major source of international is treaties between states, also the customary state practice, general principles of law common to many countries, domestic judicial decisions, and the legal scholarship.[12] Enforcement of International Law and Structure of Organisation Within International Law In an international system where there is no overarching authoritative enforcer, punishment for non-compliance with the rules of public international law rules, hence the deriding insinuations that it is not law. Some of the enforcement mechanism in the international legal system include Reciprocity is a type of enforcement by which states are assured that if they offend another state, where the other state is primed to respond in the same measure. There is mutuality of response, as was witnessed in the cold war, between geopolitical powers of the era. The fear of reprisal or reciprocal action act as a form of deterrence, to prevent a state from committing acts against another state which it may not itself be able to withstand. The killing of prisoners of war or the imposition of heavy tariffs on products from a certain country to limit the imports. Guarantees of reciprocal reactions encourage states to think twice about which of their actions they would like imposed upon them. Collective action: several states act together against one state to produce what is usually a punitive result, in a bid to force such state from refraining from an act or from continuing with an action. Example is the commonwealth sanction of South Africa during the apartheid regime. Similarly, the United Nations imposed joint economic sanctions, such as restrictions on trade, on South Africa in the 1980s to force that country to end the practice of racial segregation known as apartheid. Name and shame:[13]Most states dislike negative publicity and will actively try to avoid it, so the threat of shaming a state with public statements regarding their offending behavior is often an effective enforcement mechanism. This method is particularly effective in the field of human rights where states, not wanting to intervene directly into the domestic affairs of another state, may use media attention to highlight violations of international law. In turn, negative public attention may serve as a catalyst o having an international organization address the issue; it may align international grassroots movements on an issue; or it may give a state the political will needed from its populace to authorize further action. A recent example of this strategic tactic was seen in May 2010, when the U.N. named the groups most persistently associated with using child soldiers in Asia, Africa, and Latin America[14] However since international organizations are established under international law, law serves two important purposes in relation to international organizations. On the one hand international organizations rely upon law and legal technique as the primary means of their protection[15]. On the other hand one of the major claims to legitimacy of international organizations is their rational-legal foundation. It is therefore important to provide a legally coherent account of the relations between international organizations and national legal systems, particularly where the rights of individuals are concerned.[16] The constituent instrument establishing the organization will set out the functions and goals of the organization and the structures and powers through which these are to be achieved. In particular international organizations are usually endowed with organs of their own, including an assembly or council, at which the membership is represented in plenary, to determine the direction and policy of the organization, and a permanent staff employed by the organisation which will at very least service the representative organ, but also will often carry out the policies of the organization or assist, supervise or coordinate their execution by others. Some organizations, or course, have more sophisticated organic structures requiring more clearly defined separation of powers. Political and Economic Interdependency Within The Organisation and The States International organizations, otherwise known as intergovernmental organizations, or IGOs, are formed between two or more state governments. Some IGOs operate by making decisions on the basis of one vote for each member-state, some make decisions on a consensus or unanimity basis, while still others have weighted voting structures based on security interests or monetary donations. In the General Assembly of UN, each state has one vote, while in the Security Council, five states are permanent members and have a veto over any action. The World Bank arranges its voting according to the Member States shareholding status, which is roughly based on the size of the states economy. This is often thought of as the one dollar = one vote approach to representation. There are nearly 2,000 international organizations that deal with a wide variety of topics requiring international cooperation, such as the International Civil Aviation Organization, the Universal Postal Union, the International Organ ization for Standardization, and the International Organization for Migration (United Nations, 2003). The relationship of an organisation to its member States is complex and multi ­faceted, On the one hand the organisation is the servant of the member States, in that the member States as a collectivity establish the organisation, fund it and determine its direction and policy.[17] However once the organisation is established individual members owe numerous duties to the collectivity, including not only the specific duties contained in the constituent instrument such as to contribute to the funding of the organisation, but also duties of good faith and cooperation[18] It follows that where the membership has collectively empowered an organisation to act, each member States must respect the rights of an organisation to act accordingly, and must eschew any interference which would amount to an undue unilateral attempt to modify the collective will. The United Nations Charter 1945 Article 100 provides: In the performance of their duties the Secretary General and the staff shall not seek or receive instructions from any Government or from any other authority external to the Organisation. They shall refrain from action which might reflect upon their position as international officials responsible only to the Organisation. The implication of the above is that the United Nations in the charter was trying to forged an isolated relationship and freedom from interference from states and hence the United Nations is not an extension of any country and the principle of equality of states is enshrined in Articles 2 of the charter 1945, and this was departure from the position under the league of nations where governments were responsible for their national in the league civil service, hence one of the many factors that contributed to the failure of the league of nation was the inability to secure freedom from the nation states. Article 105(2) of the charter provides for independence and immunities to necessarily exercise independent functions. A key feature of the united nation which highlights the interdependence between the organization and the states is the Charter also provides that, in the territory of each of its members, the Organisation shall have such legal capacity as may be necessary for the exercise of its functions and the fulfilment of its purposes (Art. 104). This has been interpreted to confer on the United Nations organisation legal personality subject to the laws of the nation states, i.e. to enable it to contract, hold and dispose of property and to be party to legal proceedings.[19] In the reparations case that the Organisation had the capacity to bring an international claim against both a government (de jure or de facto) of a Member State and of a non-Member State, responsible for injuries to an agent of the Organisation in the performance of his duties, with a view to obtaining reparation in respect of damage caused to the Organisation[20] Finally the interdependence of the UN, for its enforcing of international obligations on members states is the bane on the organisation. In the quest not to create a super state superior to all states which a members of it are. The fear by the states was not surrender their sovereignty to the UN, and hence the UN is more of a cajoling organisation. Until the UN, can enforce international obligations without the help of the strong state, the UN may not be said to be fairly balanced to handle international aggression. International Law and the Need for Multilateral Intervention State sovereignty is the concept that states are in complete and exclusive control of all the people and property within their territory. State sovereignty also includes the idea that all states are equal as states, since all states are equal in this sense, one State does not have the right to interfere with the internal affairs of another state. Practically, sovereignty means that one state cannot demand that another state take any particular internal action. Under the concept of state sovereignty, no state has the authority to tell another state how to control its internal affairs. Sovereignty both grants and limits power: it gives states complete control over their own territory while restricting the influence that states have on one another. Globalization is changing this view of sovereignty Similarly, states no longer view the treatment of citizens of one state as only the exclusive concern of that state. International human rights law is based on the idea that the entire global community is responsible for the rights of every individuals.[21] Multilateral intervention by a 3rd party state maybe views as any form of external force which attempt to limit the external sovereignty of a state. This may be the imposition of sanctions by the UN, acting as a front for the powerful member states to secure their own national interest. Otherwise multilateral intervention may be the intervention of a state in another to protect the former national interest through war. The law of armed conflict (also called the law of war) can be divided into two categories. The first concerns the legitimate reasons for starting a war, known by its Latin terminology, jus ad bellum (Right to Wage War). The laws during war, jus in bello (Justice in War), are also called international humanitarian law. Article 2(4) UN Charter All Members shall refrain in their international relations from the threat or use of force against the territorial integrity or political independence of any state, or in any other manner inconsistent with the Purposes of the United Nations.(United Nations, 1945). Some regard this as the prohibition of the use of force outside of UN-approved actions. On the other hand, others consider this clause only non-binding rhetoric, especially considering the history of armed conflict since the UNs birth in 1945. In my opinion the UN Charter and CIL do recognize that a state is entitled to use force without international approval when it is acting in self-defense. However, the events that trigger this right to self-defense are subject to debate. Most international lawyers agree that self-defense actions must be immediately necessary and proportional to the attack the state is trying to repel. Russian aggression against Georgia in 2005. The applicability of Art. 2.4 In this era of terrorism and weapons of mass destruction, some contend that legal self-defense also extends to pre-emptive attacks to prevent the development of a military threat. Geneva Conventions of 1949 (ICRC,1949 Some of the most important principles of jus in bello are that there must be a valid military purpose to every attack (military necessity), that attackers must try to avoid killing non-combatants (the principle of distinction between military and non-military targets), and that if non-combatants are killed, their deaths must be in proportion to the military necessity of the attack (proportionality). Once armed conflict has begun, international humanitarian laws begin to apply.[22] New directions in international law and organization interdependency This is the new world order, to create a more central world, as certain challenges are global in nature and there may be need to act swiftly irrespective of territorial sovereignty. International Human Rights Law International human rights law is different from most areas of international law because, rather than governing relations between states, human rights law governs a states relations with its own citizens. The modern human rights law movement has its roots in the post-WWII trials of Nazi leaders at Nuremburg. The world community recognized that the mass atrocities committed during WWII were too serious to be handled under domestic laws because the crimes committed were crimes against all of humanity. Subsequently, the creators of the UN recognized the reaffirmation of fundamental human rights as one of its most important purposes, and in the first year of its existence, set out to ensure that goal. The first step took place when The Human Rights Commission-at the time the lead UN body of human rightsproduced the International Bill of Human Rights, which is composed of the Universal Declaration of Human Rights and two binding treaties, the International Convention on Civil and Politica l Rights (ICCPR) and the International Covenant on Economic, Social and Cultural Rights (ICESCR). On March 15, 2006, recognizing the need to update its human rights organizations, the General Assembly of the UN created the Human Rights Council. The Human Rights Council was created with the specific intention to address the heavy criticism that The Human Rights Commission had received for allowing far too many states with poor human rights records into the delegation (BBC, 2006). This new body is responsible for further strengthening and promoting human rights around the world. One of the Councils many tools for protecting human rights is the innovative Universal Periodic Review, which allows for the examination of the status of human rights within all member states. Less than two weeks after the formation of the Human Rights Council, on March 27, 2006, the Commission on Human Rights met for its sixty-second and final session A sophisticated system of agreements and monitoring organizations exists to promote respect for the rights enshrined in these documents, both on international and regional levels, as with the European Convention on Human Rights and its Court of Human Rights, and the American Declaration and American Convention on Human Rights and their Inter-American Commission and Inter-American Court on Human Rights International Environmental Law Environmental law revolves around a core theory that the earth has limited resources that must be jointly enjoyed and cared for, regardless of their physical presence in the territory of one state as opposed to another. Environmental law attempts to bring states into agreement on issues such as desertification, sustainable development, biodiversity, endangered species, hazardous materials, climate change, and trans-boundary pollution, all of which have been the subject of major international treaties, such as the United Nations Convention on Biological Diversity (CBD), the United Nations Convention to Combat Desertification, and the Convention on International Trade in Endangered Species. Conclusion As noted earlier, there are nearly 2,000 international organizations that deal with a wide variety of topics requiring international cooperation, including diplomacy, trade, aviation, migration, development, and many, many others. As with international law in general, these organizations are crucial to managing globalization, but are controversial because of their impact on state sovereignty. The United Nations is a complex network of organizations. Just as any government may be divided into branches, such as the judiciary, legislative, and executive, the UN also has various bodies with different functions. The overarching framework of the United Nations incorporates five principal organs, but a vast array of underlying specialized agencies, programs, funds, and related organizations maintain ties with the UN while operating under differing levels of independence. Article 24 of the UN Charter confers upon the Security Council the primary responsibility for the maintenance of international peace and security. As such, the Security Council is the only UN body that can pass resolution that the member states are legally committed to obey. The Security Council is also the only part of the UN that can authorize the use of force and there by physically enforce its resolutions, hence it is the arm twister of the organisation. The Security Council has 15 members, including five permanent members, China, France, Russia, the U.K., and the U.S., and ten non-permanent members selected on a regional basis by the GA. The five permanent members have the authority to veto any substantive issue. The Security Council can meet at any time and has previously established peacekeeping operations, international tribunals, and sanctions [1] J. Bentham, Introduction to the Principles of Morals and Legislation, London, 1780. [2] H. L. A .Hart, The Concept of Law, Oxford, 1961. [3] L. Henkin, International Law: Politics and Values, Dordrecht, 1995 [4] Security Council resolution 221 (1966). Note also Security Council resolution 418 (1977) imposing a mandatory arms embargo on South Africa but couldnt deter the continuation of the Rhodesia killings, and even after the aggression by south Africa, there was insufficient response by the international law structure. [5] A. Nussbaum, A Concise History of the Law of Nations, revised edition, New York, 1954 [6] Rhine Commission, in order to deal with issues of navigation, or issues of pollution, on a regular basis. Following the establishment of the Rhine Commission in 1915, a number of other river commissions were established -managing the Elbe (1821), the Douro (1835) the Po (1849) and, after the end of the Crimean War, the European Commission for the Danube in 1856 [7] C. Cheshire and P. North, Private International Law, 13th edn, London, 1999. [8] L. Henkin, International Law: Politics and Values, Dordrecht, 1995 [9] Fr. Robert J. Araujo, S.J., Implementation of the ICJ Advisory Opinion Legal Consequences of a Wall in the Occupied Palestinian Territory: Fences [Do Not]Make Good Neighbors?, 22 B.U. Intl L.J. 349 (2004 [10] Newman and Weisbrodt ,International Human Rights(1st ed. 1994), pp.182-213, 13-19, 91-97, 130-141 [11] United Nations. (1969, May). Vienna Convention on the Law of Treaties, Vienna. Retrieved from: http://untreaty.un.org/ilc/texts/instruments/english/conventions/1_1_1969.pdf [12] Dinstein, Y. (2004). The conduct of hostilities under law of international armed conflict. Cambridge: Cambridge University Press [13] United Nations. (2010, May 21). UN identifies most persistent users of child soldiers in armed conflicts. Retrieved from: http://www.un.org/apps/news/story.asp?NewsID=34778Cr=coomaraswamyCr1 [14] Greenhill, S. (2011, October 29). Gaddafis killers will be puton trial over mob execution, vow Libyas new rulers. Daily MailRetrieved from: http://www.dailymail.co.uk/news/article-2054344/Gaddafi-dead-Mob-killers-trial-vow-Libyas-new-rulers.html [15] Bekker, The Legal Position of Intergovernmental Organizations. A functional necessity analysis of their Legal Status and Immunities (Kulwer, The Hague, 1994) pp.39- 42 [16] Reinisch International Organizations before National Courts(CUP, Cambridge,2000) at pp.5-10; [17] Nicholas Rostow, Before and After: The Changed UN Response to Terrorism Since September 11th.35 Cornell Intl L.J. 475 [18] ICJ Advisory Opinion on the Interpretation of the Agreement of 25 March1951 between the WHO and Egypt -1980 ICJ Rep. 73 esp. pp.94-96