Plato and the Allegory of the Cave Essay

The son of a wealthy and noble family, Plato (427-347 B.C.) was preparing for a career in politics when the trial and eventual execution of Socrates (399 B.C.) changed the course of his life. He abandoned his political career and turned to philosophy, opening a school on the outskirts of Athens dedicated to the Socratic search for wisdom. Plato’s school, then known as the Academy, was the first university in western history and operated from 387 B.C. until A.D. 529, when it was closed by Justinian. Unlike his mentor Socrates, Plato was both a writer and a teacher. His writings are in the form of dialogues, with Socrates as the principal speaker. In the Allegory of the Cave, Plato described symbolically the predicament in which mankind finds itself and proposes a way of salvation. The Allegory presents, in brief form, most of Plato’s major philosophical assumptions: his belief that the world revealed by our senses is not the real world but only a poor copy of it, and that the real world can only be apprehended intellectually; his idea that knowledge cannot be transferred from teacher to student, but rather that education consists in directing student’s minds toward what is real and important and allowing them to apprehend it for themselves; his faith that the universe ultimately is good; his conviction that enlightened individuals have an obligation to the rest of society, and that a good society must be one in which the truly wise (the Philosopher-King) are the ru lers. The Allegory of the Cave can be found in Book VII of Plato’s best-known work, The Republic, a lengthy dialogue on the nature of justice. Often regarded as a utopian blueprint, The Republic is dedicated toward a discussion of the education required of a Philosopher-King. The following selection is taken from the Benjamin Jowett translation (Vintage, 1991), pp. 253-261. As you read the Allegory, try to make a mental picture of the cave Plato describes. Better yet, why not draw a picture of it and refer to it as you read the selection. In many ways, understanding Plato’s Allegory of the Cave will make your foray into the world of philosophical thought much less burdensome. * * * * * * [Socrates] And now, I said, let me show in a figure how far our nature is enlightened or unenlightened: –Behold! human beings living in a underground cave, which has a mouth open towards the light and reaching all along the cave; here they have been from their childhood, and have their legs and necks chained so that they cannot move, and can only see before them, being prevented by the chains from turning round their heads. Above and behind them a fire is blazing at a distance, and between the fire and the prisoners there is a raised way; and you will see, if you look, a low wall built along the way, like the screen which marionette players have in front of them, over which they show the puppets. [Glaucon] I see. [Socrates] And do you see, I said, men passing along the wall carrying all sorts of vessels, and statues and figures of animals made of wood and stone and various materials, which appear over the wall? Some of them are talking, others silent. [Glaucon] You have shown me a strange image, and they are strange prisoners. [Socrates] Like ourselves, I replied; and they see only their own shadows, or the shadows of one another, which the fire throws on the opposite wall of the cave? [Glaucon] True, he said; how could they see anything but the shadows if they were never allowed to move their heads? [Socrates] And of the objects which are being carried in like manner they would only see the shadows? [Glaucon] Yes, he said. [Socrates] And if they were able to converse with one another, would they not suppose that they were naming what was actually before them? [Glaucon] Very true. [Socrates] And suppose further that the prison had an echo which came from the other side, would they not be sure to fancy when one of the passers-by spoke that the voice which they heard came from the passing shadow? [Glaucon] No question, he replied. [Socrates] To them, I said, the truth would be literally nothing but the shadows of the images. [Glaucon] That is certain. [Socrates] And now look again, and see what will naturally follow if the prisoners are released and disabused of their error. At first, when any of them is liberated and compelled suddenly to stand up and turn his neck round and walk and look towards the light, he will suffer sharp pains; the glare will distress him, and he will be unable to see the realities of which in his former state he had seen the shadows; and then conceive some one saying to him, that what he saw before was an illusion, but that now, when he is approaching nearer to being and his eye is turned towards more real existence, he has a clearer vision, -what will be his reply? And you may further imagine that his instructor is pointing to the objects as they pass and requiring him to name them, -will he not be perplexed? Will he not fancy that the shadows which he formerly saw are truer than the objects which are now shown to him? [Glaucon] Far truer. [Socrates] And if he is compelled to look straight at the light, will he not have a pain in his eyes which will make him turn away to take and take in the objects of vision which he can see, and which he will conceive to be in reality clearer than the things which are now being shown to him? [Glaucon] True, he now. [Socrates] And suppose once more, that he is reluctantly dragged up a steep and rugged ascent, and held fast until he ‘s forced into the presence of the sun himself, is he not likely to be pained and irritated? When he approaches the light his eyes will be dazzled, and he will not be able to see anything at all of what are now called realities. [Glaucon] Not all in a moment, he said. [Socrates] He will require to grow accustomed to the sight of the upper world. And first he will see the shadows best, next the reflections of men and other objects in the water, and then the objects themselves; then he will gaze upon the light of the moon and the stars and the spangled heaven; and he will see the sky and the stars by night better than the sun or the light of the sun by day? [Glaucon] Certainly. [Socrates] Last of he will be able to see the sun, and not mere reflections of him in the water, but he will see him in his own proper place, and not in another; and he will contemplate him as he is. [Glaucon] Certainly. [Socrates] He will then proceed to argue that this is he who gives the season and the years, and is the guardian of all that is in the visible world, and in a certain way the cause of all things which he and his fellows have been accustomed to behold? [Glaucon] Clearly, he said, he would first see the sun and then reason about him. [Socrates] And when he remembered his old habitation, and the wisdom of the cave and his fellow-prisoners, do you not suppose that he would felicitate himself on the change, and pity them? [Glaucon] Certainly, he would. [Socrates] And if they were in the habit of conferring honors among themselves on those who were quickest to observe the passing shadows and to remark which of them went before, and which followed after, and which were together; and who were therefore best able to draw conclusions as to the future, do you think that he would care for such honors and glories, or envy the possessors of them? Would he not say with Homer, Better to be the poor servant of a poor master, and to endure anything, rather than think as they do and live after their manner? [Glaucon] Yes, he said, I think that he would rather suffer anything than entertain these false notions and live in this miserable manner. [Socrates] Imagine once more, I said, such an one coming suddenly out of the sun to be replaced in his old situation; would he not be certain to have his eyes full of darkness? [Glaucon] To be sure, he said. [Socrates] And if there were a contest, and he had to compete in measuring the shadows with the prisoners who had never moved out of the cave, while his sight was still weak, and before his eyes had become steady (and the time which would be needed to acquire this new habit of sight might be very considerable) would he not be ridiculous? Men would say of him that up he went and down he came without his eyes; and that it was better not even to think of ascending; and if any one tried to loose another and lead him up to the light, let them only catch the offender, and they would put him to death. [Glaucon] No question, he said. [Socrates] This entire allegory, I said, you may now append, dear Glaucon, to the previous argument; the prison-house is the world of sight, the light of the fire is the sun, and you will not misapprehend me if you interpret the journey upwards to be the ascent of the soul into the intellectual world according to my poor belief, which, at your desire, I have expressed whether rightly or wrongly God knows. But, whether true or false, my opinion is that in the world of knowledge the idea of good appears last of all, and is seen only with an effort; and, when seen, is also inferred to be the universal author of all things beautiful and right, parent of light and of the lord of light in this visible world, and the immediate source of reason and truth in the intellectual; and that this is the power upon which he who would act rationally, either in public or private life must have his eye fixed. [Glaucon] I agree, he said, as far as I am able to understand you. [Socrates] Moreover, I said, you must not wonder that those who attain to this beatific vision are unwilling to descend to human affairs; for their souls are ever hastening into the upper world where they desire to dwell; which desire of theirs is very natural, if our allegory may be trusted. [Glaucon] Yes, very natural. [Socrates] And is there anything surprising in one who passes from divine contemplations to the evil state of man, misbehaving himself in a ridiculous manner; if, while his eyes are blinking and before he has become accustomed to the surrounding darkness, he is compelled to fight in courts of law, or in other places, about the images or the shadows of images of justice, and is endeavoring to meet the conceptions of those who have never yet seen absolute justice? [Glaucon] Anything but surprising, he replied. [Socrates] Any one who has common sense will remember that the bewilderments of the eyes are of two kinds, and arise from two causes, either from coming out of the light or from going into the light, which is true of the mind’s eye, quite as much as of the bodily eye; and he who remembers this when he sees any one whose vision is perplexed and weak, will not be too ready to laugh; he will first ask whether that soul of man has come out of the brighter light, and is unable to see because unaccustomed to the dark, or having turned from darkness to the day is dazzled by excess of light. And he will count the one happy in his condition and state of being, and he will pity the other; or, if he have a mind to laugh at the soul which comes from below into the light, there will be more reason in this than in the laugh which greets him who returns from above out of the light into the cave. [Glaucon] That, he said, is a very just distinction. [Socrates] But then, if I am right, certain professors of education must be wrong when they say that they can put a knowledge into the soul which was not there before, like sight into blind eyes. [Glaucon] They undoubtedly say this, he replied. [Socrates] Whereas, our argument shows that the power and capacity of learning exists in the soul already; and that just as the eye was unable to turn from darkness to light without the whole body, so too the instrument of knowledge can only by the movement of the whole soul be turned from the world of becoming into that of being, and learn by degrees to endure the sight of being, and of the brightest and best of being, or in other words, of the good. [Glaucon] Very true. [Socrates] And must there not be some art which will effect conversion in the easiest and quickest manner; not implanting the faculty of sight, for that exists already, but has been turned in the wrong direction, and is looking away from the truth? [Glaucon] Yes, he said, such an art may be presumed. [Socrates] And whereas the other so-called virtues of the soul seem to be akin to bodily qualities, for even when they are not originally innate they can be implanted later by habit and exercise, the of wisdom more than anything else contains a divine element which always remains, and by this conversion is rendered useful and profitable; or, on the other hand, hurtful and useless. Did you never observe the narrow intelligence flashing from the keen eye of a clever rogue –how eager he is, how clearly his paltry soul sees the way to his end; he is the reverse of blind, but his keen eyesight is forced into the service of evil, and he is mischievous in proportion to his cleverness. [Glaucon] Very true, he said. [Socrates] But what if there had been a circumcision of such natures in the days of their youth; and they had been severed from those sensual pleasures, such as eating and drinking, which, like leaden weights, were attached to them at their birth, and which drag them down and turn the vision of their souls upon the things that are below –if, I say, they had been released from these impediments and turned in the opposite direction, the very same faculty in them would have seen the truth as keenly as they see what their eyes are turned to now. [Glaucon] Very likely. [Socrates] Yes, I said; and there is another thing which is likely. or rather a necessary inference from what has preceded, that neither the uneducated and uninformed of the truth, nor yet those who never make an end of their education, will be able ministers of State; not the former, because they have no single aim of duty which is the rule of all their actions, private as well as public; nor the latter, because they will not act at all except upon compulsion, fancying that they are already dwelling apart in the islands of the blest. [Glaucon] Very true, he replied. [Socrates] Then, I said, the business of us who are the founders of the State will be to compel the best minds to attain that knowledge which we have already shown to be the greatest of all-they must continue to ascend until they arrive at the good; but when they have ascended and seen enough we must not allow them to do as they do now. [Glaucon] What do you mean? [Socrates] I mean that they remain in the upper world: but this must not be allowed; they must be made to descend again among the prisoners in the cave, and partake of their labors and honors, whether they are worth having or not. [Glaucon] But is not this unjust? he said; ought we to give them a worse life, when they might have a better? [Socrates] You have again forgotten, my friend, I said, the intention of the legislator, who did not aim at making any one class in the State happy above the rest; the happiness was to be in the whole State, and he held the citizens together by persuasion and necessity, making them benefactors of the State, and therefore benefactors of one another; to this end he created them, not to please themselves, but to be his instruments in binding up the State. [Glaucon] True, he said, I had forgotten. [Socrates] Observe, Glaucon, that there will be no injustice in compelling our philosophers to have a care and providence of others; we shall explain to them that in other States, men of their class are not obliged to share in the toils of politics: and this is reasonable, for they grow up at their own sweet will, and the government would rather not have them. Being self-taught, they cannot be expected to show any gratitude for a culture which they have never received. But we have brought you into the world to be rulers of the hive, kings of yourselves and of the other citizens, and have educated you far better and more perfectly than they have been educated, and you are better able to share in the double duty. Wherefore each of you, when his turn comes, must go down to the general underground abode, and get the habit of seeing in the dark. When you have acquired the habit, you will see ten thousand times better than the inhabitants of the cave, and you will know what the several images are, and what they represent, because you have seen the beautiful and just and good in their truth. And thus our State which is also yours will be a reality, and not a dream only, and will be administered in a spirit unlike that of other States, in which men fight with one another about shadows only and are distracted in the struggle for power, which in their eyes is a great good. Whereas the truth is that the State in which the rulers are most reluctant to govern is always the best and most quietly governed, and the State in which they are most eager, the worst. [Glaucon] Quite true, he replied. [Socrates] And will our pupils, when they hear this, refuse to take their turn at the toils of State, when they are allowed to spend the greater part of their time with one another in the heavenly light? [Glaucon] Impossible, he answered; for they are just men, and the commands which we impose upon them are just; there can be no doubt that every one of them will take office as a stern necessity, and not after the fashion of our present rulers of State. [Socrates] Yes, my friend, I said; and there lies the point. You must contrive for your future rulers another and a better life than that of a ruler, and then you may have a well-ordered State; for only in the State which offers this, will they rule who are truly rich, not in silver and gold, but in virtue and wisdom, which are the true blessings of life. Whereas if they go to the administration of public affairs, poor and hungering after the’ own private advantage, thinking that hence they are to snatch the chief good, order there can never be; for they will be fighting about office, and the civil and domestic broils which thus arise will be the ruin of the rulers themselves and of the whole State. [Glaucon] Most true, he replied. [Socrates] And the only life which looks down upon the life of political ambition is that of true philosophy. Do you know of any other? [Glaucon] Indeed, I do not, he said. [Socrates] And those who govern ought not to be lovers of the task? For, if they are, there will be rival lovers, and they will fight. [Glaucon] No question. [Socrates] Who then are those whom we shall compel to be guardians? Surely they will be the men who are wisest about affairs of State, and by whom the State is best administered, and who at the same time have other honors and another and a better life than that of politics? [Glaucon] They are the men, and I will choose them, he replied. [Socrates] And now shall we consider in what way such guardians will be produced, and how they are to be brought from darkness to light, — as some are said to have ascended from the world below to the gods? [Glaucon] By all means, he replied. [Socrates] The process, I said, is not the turning over of an oyster-shell, but the turning round of a soul passing from a day which is little better than night to the true day of being, that is, the ascent from below, which we affirm to be true philosophy? [Glaucon] Quite so.

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Adrian Brendel developed a strong affection towards music while a student at Winchester College, Cambridge University.   At the college Frans Hermerson, one of his tutors at Cologne music Conservatoire, lectured him. Some of his contemporaries on master level include; Alban Berg quartet and Gyorgy Kurtag. He was also a member of the Chamber Music Society of Lincoln Center, one of the most prestigious young artist schemes from 2002. He is the brainchild of Music at Plush, musical season held yearly in summers in Southwest England. Andrian Brendel is a showman with a crooning voice that is clear and elaborate. He is oriented towards classical attunement, always with a comprehensive edge of the composer’s intentions. Andrian Brendel has earned himself an icon of a cellist musical vanguard in our contemporary generation. He has been staging dramatic solo musical concerts all over the world. 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Till Fellner Till Fellner was born in Vienna in 1970 and he went to further studies with Meira Farkas, Oleg Maisenberg, Claus-Christian Schuster and Alfred Brendel the father to Andrian Brendel. Till Fellner musical career has seen him perform in most cherished orchestras, this include; the St Martin in the Fields, BBC Symphony Orchestra, Camerata Salzburg, Chicago Symphony Orchestra, among others. He anchored his musical career on the international scenes when he won the first prize at the prestigious Clara Haskil International Competition in 1993. His chamber music constituted the Alban Berg Quartet, Lisa Batiashvili, Adrian Brendel, Mark Padmore and not forgetting heinrich Schiff. Till Fellner has greatly moved around the world pocking in most incredible musical centers in continental Europe, America, Australia and Far east. He has also featured in crucial world festivals, just but to name a few;   Scubertiade Schwarzenberg the Mozart festival New York and this where they teamed up with Andrain Brandel where they aroused the crowd. Felliner’s first performance was in 1995, he then featured mostly in New York with big time orchestras like the Chicago Symphony and the Los Angeles Philharmonic. Felliner has shared the honor of Tobey Maguire a Spider-Man movie star, its true that he doesn’t parallel Maguire in terms of screen persona though his has been persistent in his music that is unfailingly earnest. It is evident that most of Fellner teachers have complimented his musical ingredients that are inclined towards premiership. Kent Nagano a conductor upholds the notion that Fellner’s music has a special kind of truth and natural character. Brandel and Fellner Mr. Brendel and Feller met in 1990 at Vienna Conservatory School where Fellner was studying. At this juncture Brendel had an opportunity to listen to Fellner and it sounded fantastic for his music was agreeable to him. They have been meeting occasionally to discuss on repertory and playing on two pianos.   Mr Fellner and Adrian Brendel have since been performing in many concerts and even in birthdays. One summer they perfomed for Brendel senior, Adrian’s father in his 75th birthday. They performed ‘Lied’ during this occasion. Lied is dubbed from a British composer Harrison Birtwistle written as an honorary piece dedicated to the elderly Brandel. These duets have been complimenting each other and Brendel concur that Fellner is predominantly an intellectual player. Recently, Till Fellner and Adrian Brandel have featured in musical season was scheduled 2006-07. They perfomed in myriad places which included Montreal, Paris, London, Tokyo, New York among others. In New York they staged a duo tour with Adrian Brandel. Tell Fellner has recorded myriad prolific CDs that have been selling explicitly, the first book of Bach’s ‘The well tempered Klavier’ was realesed in 2004. Because of Tinnitus complication, an ear sickness, he had to terminate a musical concert that was held in Mozart festival at Lincoln in 2005. He however undergone treatment and he performs even better that before. Music mood Andrian and Fellner constitute a very magnificent duo; poetic, ingenious, coherent, dynamic and well matched musical artists. In the event that Brendel’s intonation is not realistic, both that duet could refine the music within its boundaries. The Duet brings out explicit melodies that rhyme with the aura of passion; their stage is typically formal precisely, and more so when they hinge on the outer-movement rewind. The guitar like paraphernalia is harmoniously employed in blending the melodies. Held between the knees and bowed it ushers a flowing and impish scenario. Lied’s piece of art comes out in a screaming tone that fill’s the room melancholically; the sound however is sepulchral, economic and spare, it portrays the oozing darkness. These variations were likened to the Chinese whispers. The Lied piece progress in a mood that was symbolic, with course dichotomies and outrageous declamations, that depict somber atmosphere perhaps more to those connotations in funeral. The performances evolve in splendid demonstration where the duet depict and eludes from the mythic archetypes. Persons in search of heroism would definitely seize the opportunity to dub a few magnificent traces in the sonatas played by the duet. Something close to the heroic Beethoven, the heaven-storming romantic. The music unfolds tentatively with hypnotizing tones that traverse across the rhythmic domains. They brake into elementary eccentric point that disappears in thin air leaving a polite silence. The chronological presentation of the sonatas F sharp and the E minor and E flat was an indication of predominant musical ingenuity that exposed the duet’s musical wit, vigor, power and vitality References: http://www.classicalsource.com/db_control/db_concert_review. http://www.query.nytimes.com/gst/fullpage http:// www.bach-cantatas.com/bio/brendel http:// www.chatelet-theatre.com/biographie.php http:// www.colbertartists.com/ArtistBio http:// en.wikipedia.org/wiki/Alfred

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Company law, study case - Essay Example 1 Thus, in Rolled Steel Products (Holdings) Ltd v British Steel Corporation the disputed transaction was not held to be void. The court came to this decision as the transaction was not wholly beyond the capacity of the company.2 The directors of a private company with just one class of shares are permitted to allot the same class of shares. In addition, they can convert securities into such shares. 3 Moreover, such directors can grant rights to subscribe to such shares. However, these share allotment activities are subject to the prohibitions of the Companies Act 2006. 4 In all other instances, share allotment is permitted to the directors of the company, only if there is specific authorisation to do so by the Articles of Association of the company or there is a company resolution to that effect. Such authorisation has to specify the maximum number of shares that can be allotted under the authorisation. 5 As such, directors are instrumental in decision making and other critical funct ions of the company. The law relating to conflict of interests is intricate, and the director of a company should seek legal advice in this regard. In addition, it is necessary to ensure that the company’s constitution provides the required authority to a director in a specific situation. 6 However, Section 175 of the Companies Act 2006 does not cover all the functions of the directors. For instance, it does not deal with instances, where a director intends to have transactions with his company. This should be permitted by the constitution of the company. Moreover, under the provisions of section 177, the director has to make proper disclose to the board of the company. 7 There should be proper flow of information to the directors of a company. This is indispensable for the proper and efficient functioning of the company. As such, it is obligator for the company board to ensure that the directors have a proper flow of information. This is essential, as there is a statutory ob ligation on directors to take into consideration particular matters at the time of taking decisions. 8 Companies formed prior to the enactment of the Companies Act 2006, can acquire the same status regarding the issue of shares, by resolving to excise the clause relating to authorised share capital from their articles of association. In addition, these companies should resolve to bestow upon their directors the powers granted under section 550 of the Companies Act 2006.9 Companies formed under the Companies Act 2006 are not limited with regard to the number of shares that they can issue. 10 Section 550 of this Act provides that in the absence of a specific prohibition in the articles of association, the directors of a company with only one class of shares are at liberty to allot shares without requiring the authorisation of the shareholders.11 In addition, section 550 of the Companies Act 2006 empowers the allotment of shares by the directors of a private company that has only one c lass of shares. Such allotment of shares does not require prior authority from the members of the company. Furthermore, this power can be precluded or restricted by the members, via the Articles of Association of the company.12 In our problem, Ben and Holly realized that the Kingdom Ltd company would not be in a position to grow without the obtention of further financing for

Econ 310 Sangkeun 1st assignment Essay Example | Topics and Well Written Essays - 500 words

Econ 310 Sangkeun 1st assignment - Essay Example The pleasure obtained from using a certain thing will differ from one person to another, depending on the perspective of the possessor or owner of that thing. This use value cannot be quantified in terms of how much pleasure one can obtain or not. Exchange - Value: As opposed to the use-value, exchange-value is a quantifiable worth of something. It determines what one can obtain in exchange for some other thing. In other words, it can be said it is the proportional quantity in which it can be bartered with all other commodities and things. Value: In Karl Marx's perspective, value is a social substance of an object, which renders use-value as entirely meaningless; and exchange value is traditionally the relative value of an object in relation with another. Although it does not mean to ignore the use-value and exchange-value, because it is the use value of a thing that forms the basis for determining the exchange-value; which determines its ultimate value. Karl Marx has defined commodity as 'an external object that satisfies wants or needs', these commodities differ from each other because of its use value and the exchange value. Whereas, Marx used the word fetish to describe some object or commodity that fascinates and blinds oneself from seeing the truth. Hence, coined the term 'commodity fetishism'.

Theoretical Writing Assignment Essay Example | Topics and Well Written Essays - 1500 words

Theoretical Writing Assignment - Essay Example Cultivation theory According to Gerbner (1969), television determines how a person looks at society. Television is broadly accessible to all people. Moreover, as Gerbner (1969) says, television is becoming very powerful because it is seen as a part of modern living and personal lifestyle. Unlike other types of media, television is one media of mass communication that is accessible to people right from childhood (Bryant & Zillmann, 2002). In this case, the television becomes the main way that people have acquired information, both general information and cultural reality. In this regard, as people grow old, television becomes a major part of determining how they view things. Reality is based on the general information that people gather while growing up. Because of this, it can be said that a person’s reality is based on the information they have gathered over time, whether in a formal or an informal way. A child in Africa who has no television may have a completely different v iew of reality from one in the United States. In the developed world, television has become the centre of cultural learning. Cultural artefacts are learnt through television. Television is a perfection of the society. Because most of the programs in television are fiction acted out by a well directed model, it creates the perfect world for individuals. The role of television in the modern developed world can be best understood by looking at the way culture was passed on before mass media. Cultural festivals were important in every society as a way to hand down important cultures. In this case, the cultural festivals and other cultural norms passed down from the older generation acted as a way to create a reality for the society. It is important to note that even in early days before the arrival of modern mass media most of the cultural reality was created with the intention to achieve something. Modern television may be geared towards cultivating a reality that will promote consumer ism to the benefit of the corporate world (Gerbner, et al., 1986). In the past, these perceived realities were created as a way to preserve the society and make people easy to govern. Looking at television, one can identify that television is just a modern extension of the tradition ways of passing on reality to the society. Before television, society created reality by telling specific stories which were told to children since they were young and this created a reality for them. There has not been much change about this due to a number of reasons. First, a look at television shows that deletions is used to tell (factious) stories which are bent towards changing the way an individual thinks about reality (Paisley & Stone). This is why over fifty percent of American believes that there are aliens who have visited this plant with UFOs despite there being no scientific evidence of such events. Violent TV shows There has been a greater debate ion how violent television shows affects an individual, especially young adults. This debate is very important because it has very serious implications. Most people still believe that the various grass incidences of mass shootings in public schools and other public places by young adults has been caused by violent video games. So the question that every person should be answering is whether these people who have

The Most Important Events during the Period 1900-1940 Essay

The Most Important Events during the Period 1900-1940 - Essay Example World War I, women suffrage, mass production, and economic prosperity are among the most remarkable events which cause great worldwide disorder yet through them, human beings discovered the capacity to transform in character and hope to impact progress either by individual or collective means. In the past, even dating to the most ancient of ages, woman had constantly been perceived as a man’s unequal counterpart or more specifically, the type whose strengths and potentials were often underestimated compared with those of the dominant male opposite. Centuries prior to the 1900-1940 span had witnessed women under conditions of weakness and low self-worth having been subject to the rules and ways by which men desired to materialize their ideas of civilization and societies in which women were only allowed and expected to take a meager part of. This suppression which chiefly denied women of confidence and dues to express their preferences in the manner of living, by course of natu re, led to women suffrage which began as early as the 1820s by advocates of women in support of free secular education, abolition of slavery, birth control, and divorce laws that were more flexible in terms to favor both parties. As it proceeds for more than 100 years, women suffrage had met with success of being taken to a level where powerful men, like Pres. Woodrow Wilson in 1918 believed that the nation is of dire necessity of it during wars as â€Å"war measure† (USA History). Thus, the federal women suffrage required amendment in order to redefine and seek extension to the legal rights of women accordingly. At this stage, it is essential to note then that such event brought about a turning point wherein women were empowered to fight for their freedom of choice and raise arguments concerning equality with men so they eventually reached the extent of realizing that they could profess just as men did in fields such as of education, science, engineering, commerce, and medic ine besides or instead of sole confinement to domestic tasks. In the words of C. Eastman, an active campaigner: â€Å"The problem of women’s freedom is how to arrange the world so that women can be human beings, with a chance to exercise their infinitely varied gifts in infinitely many ways, instead of being destined by the accident of their sex to one field of activity – housework and child-raising.† Though the World War I followed a period of peace with extremely destructive measures by former world powers, its significance is greatly proven through the height of social and political awareness at the time as majority of people the world over exhibited a sense of nationalism, unified contempt against imperialism, advanced degree of militarism and ideals thereof, along with the notion that rival alliances would require another war prior to settlement (Zaide & Zaide 335). Apparently, these underlying grounds stirred the nations involved to action, thereby enablin g them to think critically and learn the essence of courage, national liberty, as well as suffering with

Education for Students with Exceptional Needs Essay Example for Free

Education for Students with Exceptional Needs Essay Education is a detrimental factor to one’s success. Through formal education an individual’s knowledge is maximized and nurtured. It is because formal education hones the human mind to think critically and helps human mind in improving its decision making ability. Education also allows individuals to learn about history that enable them to better understand the present and face the challenges of the future. Education helps individuals receive information from the external world. The things people learn through formal education are the very foundation that permits them to move up in the world and seek better jobs. While it is true that hands-on-experience is an important aspect to get to the top, formal education and training are also essential to be qualified for top positions. Raw talents are important but they also need honing and the best way to hone them is through experience and assistance through schooling. Education is a must for everyone. Individuals with exceptional needs should also be given equal opportunity to learn and gain knowledge. Teaching students with exceptional needs is indeed a challenge (Adams, 2006). Teachers who wish to impart their services to these individuals should be equipped, trained, and should posses great patience and care. I believe that the experiences and learning that I am gaining from the university would significantly help me to become a better teacher for these individuals. My major helps me understand that the field of special education is an evolving and changing discipline. It is based on philosophies and it involves studying evidence-based principles and theories, which could be complicated without the guidance of experienced professors. In addition, teachers must learn how to communicate effectively with students and parents so that students will have a more enriched learning experience. I have always been taught that sharing knowledge to others is one of the best ways to help people. Teachers are heroes, they say. I do not want to become a hero but I simply want to help others. Individuals with exceptional needs have to be helped so that they could also learn to stand on their own. Giving them education is one way to support these people. It will help the students reach their full potential and give them more confidence. This will also empower parents and give them less worry regarding their children. Sincerity is an important trait of a person working for individuals with exceptional needs. I sincerely want to help them that is why I chose this field as my career. I believe that pursuing a career on the field of special education would give me the opportunity to help others. As a rehabilitation service major, I know that I will be able to impart my knowledge to these individuals and help them in my own little way. Many teachers are not very enthusiastic in pursuing a career in special education since this is a very challenging task. On the contrary, I am one of those who enjoy facing challenges. Since there are only few who choose the path on special education, I decided that I will be one of the few who could make a difference to these individuals with exceptional needs. I also believe that all people could actually learn. However, since each person is unique, appropriate instructional support is needed especially for individuals with exceptional needs. Thus, training is needed to become a suitable teacher for these individuals. That is why I highly appreciate all the things that I learn in the university because I know that the knowledge will help me in my future career.

Learning Theories Essay Example for Free

Learning Theories Essay This chapter takes a brief look at the two major categories of learning theories (behaviorism and constructivism), the major theorists within those categories, and the implications of those theories for the use of multimedia and communications and information technology for learning purposes. A separate section within the chapter provides a brief overview of learning based upon neuroscience and recent discoveries about the functioning of the brain. A series of links are provided to further resources on learning theory, neuroscience, and the brain. pic] Our Technological Revolution and the Implications for the Way We Learn We have all experienced a learning moment when we were so focussed or engulfed in the learning, that everything else did not matter. Candidly, the raison detre or motivation for our focus may have been that we had a boss or teacher breathing down our neck or an impending exam was to quantify our level of knowledge or intelligence or a particular moment necessitated that a skill be learned very quickly. Regardless of the motivating factors for this moment of focussed learning, the experience is what psychologists Mihaly Czikszentmihalyi and Ellen Langer label in their respective theories, as moments of optimum flow or mindfulness. According to psychologist Mihaly Czikszentmihalyi, optimum flow occurs when: Alientation gives way to involvement, enjoyment replaces boredom, helplessness turns into a feeling of control, and psychic energy works to reinforce the sense of self, instead of being lost in the service of external goals. (Czikszentmihalyi, 1990, p. 9) Replicating such moments of optimum flow is the job of educators regardless of the domain, whether it be school, the workplace in job training, or the military, etc. Moreover, certain learning theorists are advocating the greater use of technology, namely computers, in learning situations because they see enormous potential of computer technology to replicate these optimum moments of flow. Learning is a personal act. We each plac e our own personal stamp on how we learn, what we learn and when we learn. We in effect have our own learning style. Howard Gardners theory of multiple intelligences which acknowledges learning as an holistic experience is, at present, one of the most well known descriptors of human cognitive profiles. The act of learning is paradoxical in nature. It can at times appear to be a very simple act. So simple, that we do not question its presence in how we go about our daily activities, for it is natural to our existence as learning organisms. Yet, when we encounter difficulties in learning something, we no longer take the learning process for granted. It is only then that our metacognition or awareness of how we learn is heightened. Learning is taken for granted as a natural process. As simple a process it may seem, the root of understanding how we learn is not as straight forward. The existence of numerous definitions and theories of learning attest to the complexity of this process. A random sampling of any educational psychology text will illustrate the variance in views to what exactly is learning and how we do learn. In Educational Psychology: An Introduction, for example, the authors write, Learning implies a change in the individual as a result of some intervention. It may be viewed as an outcome or as a process. (Belkin and Gray, 1977, p. 211) While this definition reflects a behaviorist view of learning, for it equates learning as an outcome, it is a starting point for the authors to expand their description of learning into many other realms, namely the different theories of learning. They in effect, devote a whole chapter of their text just to describe the many ways of defining learning. While it may seem somewhat premature to evaluate the aforementioned definition of learning and to equate it with a specific theory, it is important to recognize that intervention in the learning process can imply many different things. The degree of intervention, by who or what and how, are the defining factors of a learning theory. These factors help distinguish the many different theories. As you will see these theories are not stagnant. They are evolving and changing as we discover new ways of viewing human cognition. The mechanistic model of the mind of the behavior era has given way to the logical-computational model favored by artificial intelligence and cognitive science theorists (McLellan, 1996, p. 6). Don Tapscott, in his book Growing Up Digital: The Rise of the Net Generation, argues that we are now in a digital era of learning. According to Tapscott, a transformation in learning is taking place from what he labels broadcast learning to interactive learning. No longer are todays generation of learners satisfied in being the passive recipients of the traditional teaching process, rather, they want to discover it for themselves by becoming interactive with the learning. The net generation children using GlobaLearn [a web site], are beginning to process information and learn differently than the boomers before them. New media tools offer great promise for a new model of learning one based on discovery and participation. (Tapscott, 1998, p. 127) Tapscotts thesis that the technological revolution is permeating every aspect of our lives forces us to examine the use of computer technology as learning devices. Such rapid social, economic and general lifestyle change, due in essence to the technological revolution, begs the question based on learning theory, why does the use of computers as a learning tool make sense? This chapter will answer this question by profiling the many learning theories. [pic] The Spectrum of Learning Theories As a review of the literature of learning theories will illustrate there are many labels being used to describe the many theories. Moreover, there are many theorists associated with each approach. A categorization of these labels and theorists will help in understanding these fundamental theories. The spectrum of learning theories consists of many approaches or ways of explaining how humans learn. A description of each of these theories will suffice in providing you with enough knowledge to critically examine the use of computer technology as a learning device. The resume of each theory will consist of: †¢ the associated names of the theory †¢ a description of the theory †¢ theorists associated with the theory †¢ hyperlinks on the World Wide Web Diagram #1: The two extremes Behaviorism   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Constructivism The extremes of this learning theory spectrum are represented by respectively, the Behaviorist and Constructivist theories of learning. As theories trying to explain the same thing, they are bipolar based on their respective views of how knowledge is acquired and the intervention of tools of learning (teachers or instructors). As a context to better understand all of the theories of learning presented in this chapter, examine these two extremes first and then place the remaining theories onto the spectrum. [pic] Behaviorism The Associated Names of this Theory: Behaviorism labelled as a teaching approach is often referred to as directed instruction. As you compare this theory with the Constructivist view of learning, this label will become self-evident. Also in contrast to Constructivism, it has been labelled an objectivist theory of learning. Theorists associated with Behaviorism: J. B Watson E. L Thorndike B. F Skinner A Description of Behaviorism: The concern or emphasis of Behaviorism is observable indicators that learning is taking place. Contrasting this view of learning is the emphasis of cognitive psychologists who equate learning with the mental processes of the mind. Behaviorists do not deny the existence of these mental processes. In fact, they acknowledge their existence as an unobservable indication of learning. The focus of Behaviorism is on the conditioning of observable human behavior. J. B Watson, the father of Behaviorism, defined learning as a sequence of stimulus and response actions in observable cause and effect relationships. The behaviorists example of classical conditioning demonstrates the process whereby a human learns to respond to a neutral stimulus in such a manner that would normally be associated with an unconditioned stimulus. The supporting example often cited with classical conditioning is the case of Pavlovs dog. The focus of Pavlovs experiment was the digestive process in animals. In conducting the experiment, Pavlov noticed that the dog would salivate (response), upon hearing the ringing of a bell. This occurred because the dog had learned to associate its unconditional stimuli (normally feeding), with the neutral stimuli of the bell ringing simultaneously with the feeding process. Watson, believed that the stimuli that humans receive may be generated internally (for example hunger), or externally (for example, a loud noise). B. F. Skinner expanded on the foundation of Behaviorism, established by Watson, and on the work of Edward Thorndike, by focussing on operant conditioning. According to Skinner, voluntary or automatic behavior is either strengthened or weakened by the immediate presence of a reward or a punishment. The learning principle behind operant conditioning is that new learning occurs as a result of positive reinforcement, and old patterns are abandoned as a result of negative reinforcement. (Belkin and Gray, 1977, p. 9) In his book entitled, The Technology of Teaching, Skinner wrote: The application of operant conditioning to education is simple and direct. Teaching is the arrangement of contingencies of reinforcement under which students learn. They learn without teaching in their natural environments, but teachers arrange special contingencies which expedite learning, hastening the appearance of behavior which would otherwise be acquired slowly or making sure of the appearance of behavior which otherwise never occur. (Skinner, 1968, p. 4) Skinner believed that more complex learning could be achieved by this process of contingencies and reinforcement through successive stages in the shaping process, the contingencies of reinforcement being changed progressively in the direction of the required behavior. (Skinner, 1968, p. 10) Applying the theoretical principles of Behaviorism to learning environments, it is easy to recognize that we have many behaviorist artifacts in our learning world. A dissection of the traditional teaching approaches used for years would reveal the powerful influence that Behaviorists have had on learning. The concept of directed instruction, whereby a teacher is providing the knowledge to the students either directly or through the set up of contingencies, is an excellent example of the Behaviorist model of learning. The use of exams to measure observable behavior of learning, the use of rewards and punishments in our school systems, and the breaking down of the instruction process into conditions of learning (as developed by Robert Gagne), are all further examples of the Behaviorist influence. With the advent of the computer in school, C. A. I. , or computer-assisted instruction has become a prominent tool for teaching, because from a Behaviorist perspective, it is an effective way of learning. CAI uses the drill and practice approach to learning new concepts or skills. The question acting as the stimulus, elicits a response from the user. Based on the response a reward may be provided. The contingencies of learning are translated into different levels of the program. Rewarding the user to a different level for correct responses follows exactly the approach of operant conditioning. Educators have espoused CAI as an effective teaching approach because it allows for self-paced instruction and it liberates them from the direct instruction of all their students so as to focus on those students with particular needs. Hyperlinks to Behaviorist Web Pages: http://www. coe. uh. edu/~srmehall/theory/theory. html http://tecfa. unige. ch/edu-comp/edu-s94/contrib/schneider/learn. fm. html#REF13085 http://www. sil. org/lingualinks/library/literacy/fre371/vao443/TKS2569/tks347/tks734/ http://mse. byu. edu/ipt301/jordan/learnterm_b. html [pic] Constructivism: The Associated Names of this Theory: Constructivsm is recognized as a unique learning theory in itself. It however, may be associated with cognitive psychology because as a theory of learning it focuses on a learners ability to mentally construct meaning of their own environment and to create their own learning. As a teaching practice it is associated with different degrees of non-directed learning. The term constructivsm is linked to Cognitive and Social Constructivsm. Theorists associated with Constuctivism: John Dewey Lev Vygotsky Jean Piaget Jerome Bruner Seymour Papert Mitchell Resnick A Description of Constructivism: The merits of Behaviorist learning theory and of their teaching practices are well documented. They have served well in teaching a growing North American population over the past six decades. Behavioral learning theory manifested itself in creating a systematic approach to teaching. Robert Gagne and Leslie Briggs, in their book, Principles of Instructional Design, combined Behaviorist principles of learning with a cognitive theory of learning named Information-Processing. The focus of the latter theory in this combination was of the internal processing that occurred during a learning moment. The design of instruction must be undertaken with suitable attention to the conditions under which learning occurs. With reference to the learner, learning conditions are both external and internal. These conditions are in turn dependent upon what is being learned. How can these basic ideas be used to design instruction ? How can they be applied to the design of single lessons, of courses, and of entire systems of instructions ? (Gagne and Briggs, 1974, p. 14) Gagne and Briggs principles of instructional design broke down the teaching process into a systematic process of nine steps. It is in effect, this type of systematic approach to teaching that acted as the catalyst for the creation of another view of the way humans learn. Behaviorist learning theory had served its purpose and its approach and goals were becoming outdated according to Constructivists like Seymour Papert. Constructivist learning theory sought to improve on what Behaviorist learning theory had already established by focussing on the motivation and ability for humans to construct learning for themselves. It viewed Behaviorism as being too teacher centered and directed. Constructivists regarded the educational system as a process of matching skill objectives with test items. It was void of meaningful learning. They also saw the teaching process focus too much on individual work rather than on group work. The final critique of Behaviorist learning theory from the Constructivist perspective helped define the core of Constructivism. To imply that knowledge is separate to the human mind and that it must be transferred to the learner in a teacher centered approach fundamentally was counter to the Constructivist theory of learning. Constructivists believe that all humans have the ability to construct knowledge in their own minds through a process of discovery and problem-solving. The extent to which this process can take place naturally, without structure and teaching is the defining factor amongst those who advocate this learning theory. Jean Piaget, a Swiss psychologist, observed human development as progressive stages of cognitive development. His four stages, which commence at infancy and progress into adulthood, characterize the cognitive abilities necessary at each stage to construct meaning of ones environment. Seymour Papert, psychologist and contemporary critique of Behaviorist teaching methods, writes in his book, The Childrens Machine: Thus, constructionism, my personal reconstruction of constructivism has as its main feature the fact that it looks more closely than other educational -isms at the idea of mental construction. It attaches special importance to the role of constructions in the world as a support for those in the head, thereby becoming less of a purely mentalist doctrine. (Papert, 1993, p. 42) As the inventor of LOGO, the programming tool for children, Papert too believed that children as learners have a natural curiosity to construct meaning of their world. The educational system as Papert saw it was too structured and it stifled this natural curiosity. The means by which children were being taught relegated them to a role of passive recipients of the teaching hence, they were not motivated to construct any learning for themselves. Learning according to Constructivists is a question of motivating an individual to attach new meaning to past cognitive experiences. According to Papert: It [constuctivsm] does not call in question the value of instruction as such. That would be silly: Even the statement (endorsed if not originated by Piaget) that every act of teaching deprives the child of an opportunity for discovery is not a categorical imperative against teaching, but a paradoxically expressed reminder to keep it in check. The constructionist attitude to teaching is not at all dismissive because it is minimalist the goal is to teach in such a way as to produce the most learning for the least teaching. Of course, this cannot be achieved simply by reducing the quantity of teaching while leaving everything unchanged. The principle other necessary change parallels an African proverb: If a man is hungry you can give him a fish, but it is better to give him a line and teach him to catch fish himself. (Papert, 1993, p. 139) Paperts desire to have children become motivated learners, critical thinkers, problem-solvers and metacognitionists is to be achieved through educational reform that provides the learner with the necessary tools to participate and to take ownership of the learning process. According to Papert, the computer is the appropriate tool to achieve such desired educational reform. These desired objectives of Papert and others who share the Constructivist view of learning are coming closer to reality as more people discover the power of computer technology. From Donald Tapscotts perspective, Paperts desired reality is happening now, as a paradigm shift to more interactive learning due to the exploitation of the digital media is taking place in our learning institutions. Tapscott cites eight shifts in learning today: †¢ From linear to hypermedia. †¢ From instruction to construction and discovery. †¢ From teacher-centered to learner-centered education. †¢ From absorbing material to learning how to navigate and how to learn. †¢ From school to lifelong learning. †¢ From one-size-fits-all to customized learning. †¢ From learning as torture as learning as fun. †¢ From the teacher as transmitter to the teacher as facilitator. Hyperlinks to Constructivist Web Pages: http://www. tcimet. net/mmclass/summer/CHPTales. tm http://www. coe. uh. edu/~srmehall/theory/construct. html http://www. gwu. edu/~tip/bruner. html http://www. mamamedia. com/areas/grownups/people/seymour. html http://www. mamamedia. com/areas/grownups/home_alt. html http://lynx. dac. neu. edu/home/httpd/t/tjohnson/papert%20history. htm [pic] Fitting the other Theories onto the Spectrum The two extremes of the spectrum have been outlined (refer to diagram #2). Inherent within each of these two extremes are related theories. Diagram #2: (Spectrum Summary) Behaviorism   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Constructivism   Directed Instruction   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Non-directed Instruction Objectivist   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Constructivist Teacher-centered   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Learner-centered Behavioral observations   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cognitive operations Focus on the individual   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚   Group work is emphasized More focussed on one approach   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   More holistic in approach Fundamentally, Constructivism is a cognitive learning theory because of its focus on the mental processes that construct meaning. Other learning theories equated with cognitive psychology are: Information-Processing theory, Scaffolding theory (associated with the Russian philosopher Lev Vygotsky) and Brain-based learning theory (associated with neuroscientists such as Marian Diamond and Robert Sylwester and educator Susan Kovalik). Information-Processing theory regards human learning as being analogous to a computer and its ability to store memory. As humans we process information initially with our senses. This information is either processed into our short term memory or it is lost. If this information is used and practised it is only then put into long term memory. Lev Vygotsky thought that our cognitive development was directly related to our social development. The culture we live in influences our social and cognitive development according to Vygotsky. He further recognized the differences of how the world is seen by children and by adults. Vygotsky labelled this difference in cognitive ability as the zone of proximal development. The job of educators was to identify this zone and to find out where the child was situated in this zone and build upon their specific level through a scaffolding process. Building from what the learner knows is in essence, anchoring the learning on past experience. Such anchoring is fundamental to Constructivist theory of learning. Computer technology is viewed by Seymour Papert as an excellent means to anchoring learning to meaningful experiences. The complexity of understanding how humans learn is reflective of our complexity as biological, social and cognitive animals. Many theories exist, all focussing on different aspects of our make-up as humans. Each theory is an attempt to explain how we learn, act and behave: Sigmund Freud focussed on our sub-conscious, Skinner on our observable behavior, cognitive psychologists on our mental processes, humanistic psychology on our social and interpersonal development. Howard Gardner took a more holistic approach in describing our cognitive profiles. His classification of human intellectual ability into seven intelligences incorporates many aspects of psychology to define the cognitive behavior of humans. Before moving on to Multiple Intelligences , refer to the following hyperlinks for information on other learning theories. http://mse. byu. edu/ipt301/jordan/learning. html [pic] Theory of Multiple Intelligences: Human intelligence should not be equated solely with linguistic or logical-mathematical intelligence alone, according to Howard Gardner. As the author of a new way of looking at human intelligences, Gardner, a Harvard professor, identified a total of seven different intelligences that humans may possess. His list includes: †¢ Linguistic intelligence †¢ Logical-mathematical intelligence †¢ Spatial intelligence †¢ Musical intelligence †¢ Bodily-kinesthetic †¢ Interpersonal intelligence †¢ Intrapersonal intelligence Gardner is working on more intelligences that qualify as cognitive processes: Multiple intelligences theory, on the other hand, pluralizes the traditional concept(Gardner, 1993, p. 15) Gardners fascination with human intelligence and how the brain works was started with an investigation of people who had experienced brain damage of some sort. He recognized that not all abilities, whether cognitive or motor-sensory, were eliminated from the individuals repertoire despite having endured some form of brain damage. Gardner hypothesized that we possess more than one form of intelligence. The theory of multiple intelligences provides a more holistic view of the intelligence of humans. Gardner advocates that we may all attempt to develop each of these intelligences to our optimum level. However, we may be more adept in only certain of these intelligences. We may however, aspire through practice and development to improve in the remaining intelligences. The use of technology appeals to this view of intelligence in that Gardners theory acknowledges that cognition is not a linear process. The computer as a learning tool has enormous potential in developing the different forms of intelligences of Gardners theory. Hyperlinks to Multiple Intelligences Web Pages: http://www. athena. ivv. nasa. gov/curric/weather/adptcty/multint. html [pic] Learning Theories and the Brain What is Learning? Learning is the process by which we receive and process sensory data, encode such data as memories within the neural structures of our brain, and retrieve those memories for subsequent use. The variety of information stored within such memories is enormous, including such items as: how to control your sphincter muscle until a socially appropriate occasion, how to identify mommy in a crowd, how to ride a bicycle, what is the shortest path to grandmother’s house without going near the lair of the wolf, what is the tune for Beethoven’s Ode to Joy, and what a philosopher means when she says The cat is on the mat. All learning takes place within the brain, and as our understanding of the underlying structures and processes of the brain increases we can begin to apply that knowledge to improve our construction of learning environments. Our ability to describe and understand the basic processes by which our brain learns has bee n enhanced by recent technological developments and by the accumulation of long-term studies in human and animal populations. Of particular benefit has been the development of brain-imaging techniques that allow us to observe the operation of normal human brains during the performance of a variety of tasks. Magnetic Resonance Imaging (MRI) and similar technologies have allowed researchers to map neural activity during sensory data processing and monitor the transfer of information into long-term memory. Researchers have also made great strides in determining the basic mechanisms that underlie the transmission of information within the brain. Such research on brain structure, neural transmitters, and the process by which memories are stored and retrieved have allowed the development of neuro-physiological models of learning. Although neuroscience has provided us with an increasingly rich and accurate descriptive theory of learning within the brain, we still need prescriptive theories of how to maximize the efficiency and capacity of human learning. To some extent all learning theories are prescriptive and seek to minimize the time required to transfer information into memory and maximize the efficiency of retrieving that information. Our current knowledge of the brain, and our speculations regarding the evolutionary function of learning, should assist such prescriptive theories in designing learning environments that provide for maximum learning efficiency. In particular, prescriptive theories informed by our current knowledge of neuroscience should allow us to evaluate the role of multimedia in learning environments. We should also be able to maximize the impact of multimedia in such environments through application of learning theories and our knowledge of the human brain. Learning environments should not be construed simply as the traditional formal classroom within the context of institutionalized public education. Such environments occur within the workplace, the home, and other social institutions as communication and information technology continues to penetrate Western society. We should also be aware that the use of multimedia will have an impact upon the development of the human brain, particularly when such techniques are used with children and adolescents whose brains are still developing and maturing. [pic] The Brain The three-pound universe that is our brain consists of more than 100 billion neurons and the associated structures that organize, nourish, and protect their functioning. Each neuron may have between 5,000 and 50,000 connections to other neurons, forming a dense connective mat that allows the storage of enormous amounts of information. It is important to remember that structures within the brain continue to develop until late adolescence and that neurons will continue to grow connections to other neurons throughout adult life. [pic] Brain Structures The diagram above shows four basic structures in the brain that are important for bodily functions and for learning and memory. The brain stem is primarily concerned with basic survival functions and the regulation of body systems. The cerebellum is involved in the performance of automatic movement patterns (walking, running, touch-typing, and other physical skills that can become part of automatic procedural memory). The limbic system is responsible for the processing of short-term memory into long-term memory as well as the generation and regulation of emotions. The cerebral cortex is the area of the brain in which sensory data is received and analyzed, decisions are made, and behavioral responses are activated. Information is received from the major sensory organs of the body: eyes, ears, nose, tongue, and skin; and is held briefly in sensory memory. The further processing of that information appears to be dependent upon the state of emotional arousal of the brain and the utility of such information for potential survival. Long-term memories are generated through the growth and spread of neural connections between those modular structures that contain the memory (Sylwester, 1995, pp. 89-90). The more often such structures are activated and the stronger the connections become to associated structures, the more easily such memories are retrieved and used by the brain in decision making and conscious thought. To some extent the driving forces behind the way our brain processes sensory input and makes decisions are the survival imperatives that accompanied human physical and cultural evolution. Our brains reflect the importance that survival places upon evaluating potential threat situations, making a quick response, and focusing all body resources on support of those functions that may lead to continued survival. In high-threat situations the focus of the brain will be almost exclusively upon what is identified as the potential threat while the body shuts down relatively unimportant systems to concentrate on those involved in the fight-or-flight response. Low-threat situations allow the brain to sample and evaluate a broader spectrum of sensory input and to analyze such input for future use. Thus a large looming shadow in the cave mouth tends to generate fear, prompting the body to shut down digestion, pump more adrenaline, and prepare the cerebellum to handle the process of running while the cerebral cortex looks for places to hide or make a stand. Strong negative emotion tends to evoke the fight-or-flight physiological and mental responses that shut down high-level cognition. A premium should therefor be placed upon the reduction of those factors within a learning environment that give rise to negative emotions. At the same time, sensory input that does not receive attention is not available for processing through short-term into long-term memory. Clearly a balance must be struck between too much and too little stimulation in learning situations. Some stimulation and motivation is necessary for the learner to pay attention to the data that they are required to learn; on the other hand too much stimulation (particularly in a negative context) is liable to create anger or fear as an emotional response, either of which can serve to reduce the amount of learning carried out within the environment. It appears that the limbic system plays an important part in the process of storing information as long-term memories. Those activities that provide an emotionally supportive environment may well have a positive effect upon the processing of information into long-term storage and subsequent retrieval of those memories. Group activities, co-operative learning, role-playing, and simulations tend to provide emotional support and emotional context for learning. Retrieval of long-term memories is enhanced when a large number of connections have been established between the neural modules that store such memories. To some extent our growing knowledge about the organization of the brain tends to support those theories of learning that can generally be labeled as constructivist. That is, situated knowledge that is connected to a large number of other memories is more apt to be recalled than is unconnected knowledge that has been learned by rote. Because the process of creating connections between ideas and memories is essentially carried out through a process of rehearsal and review, learners should be encouraged to review knowledge that is being learned and attempt to build connections to that knowledge that is already easily retrieved from long-term memory. Such cognitive tools as narration, story-telling, constructing metaphors, and making comparisons are strategies that help to build and maintain connections. The construction of knowledge is essentially the growing of connections between the neural modules that contain individual memories. [pic] Implications for Learning Theory If the apparent symmetry between contemporary brain-based learning theories and constructivism is accurate, then basic guiding principles of constructivism should be used in designing learning environments. These principles include: 1. Learning is a search for meaning. Therefore, learning must start with the issues around which students are actively trying to construct meaning. 2. Meaning requires understanding wholes as well as parts. Parts must be understood in the context of wholes. Therefore the learning process focuses on primary concepts, not isolated facts. 3. In order to teach well, we must understand the mental models that students use to understand the world, and the assumptions that support those models. 4. The purpose of learning is to construct ones own meaning, not to have the right answers by repeating someone elses meaning. Learning is inherently inter-disciplinary, and the only valuable assessment of learning is assessment that is part of the learning process and that provides students with information on the quality of their learning. (On Purpose Associates, 1998b) Such learning environments should also be designed around the ideas that come forward from brain-based learning. That is, they should employ the three instructional techniques associated with brain-based learning: orchestrated immersion, where learning environments are created that fully immerse students in a learning experience; relaxed alertness, where an effort is made to eliminate fear while maintaining a highly challenging environment; and active processing, where the learner consolidates and internalizes information by actively processing it (On Purpose Associates, 1998a). Learning environments constructed with these principles in mind will tend to be organized around thematic units featuring knowledge in depth and the exploration of projects that have real meaning for the participating learners. [pic] Implications for Multimedia How should we then use multimedia presentations of information to effectively learn in the context of current brain-based learning theory? The communications and information technology that constitutes contemporary multimedia platforms has some significant advantages in creating a learning environment, but there are some pitfalls that must be accounted for as part of the learning process. Multimedia, at its best, allows us to bring the real world to the learner through the use of sound and video. Such connection to the real world should serve as a factor in motivating students, and as a factor in providing them with additional connections to other knowledge structures. At the same time, multimedia allows students to experience information through multiple modes of presentation. Such multi-modal learning should help to build connections within the learner’s brain if only because multiple modes of reception will engage different areas of the learner’s brain. Contemporary multimedia platforms allow a greater degree of learner control and more freedom for the learner to undertake self-directed exploration of the material. Such self-directed learning is likely to be more meaningful and more connected to existing knowledge structures within the learner’s brain. Therefore, we should see advantages for learning programs that include multimedia presentations. Learners should also gain from the possibility of self-paced instruction based upon contemporary multimedia learning technology. Whenever possible, immediate feedback should be built into a multimedia program to assist students in forming correct connections prior to reinforcing connections between new and old information incorporated within existing knowledge structures. Designers of multimedia instructional packages should take comfort in the strengths of multimedia, but they should also be aware of potential problems in using multimedia with learners. Although current multimedia technology allows excellent presentation in both video and audio modes, and provides some tactile feedback through the use of keyboards, there is little to offer students who need tactile experience ? multimedia is essentially a bimodal presentation strategy unless additional work is done to prepare material for students. Even the best multimedia programs cannot provide the total stimulation that natural environments provide? we have yet to incorporate smell or taste into such presentations, and tactile sensations are still limited. More importantly, there is a clear danger that multimedia programs may be used to substitute for interaction with other learners. We should not be seduced by technical virtuosity or cutting-edge visual and aural effects, there is still a need for human interaction and emotional support. Above all else, we should beware of the tendency to substitute passive learning for active learning. Multimedia provides significant advantages in presenting information to learners, particularly if sufficient resources have been invested to create presentations that make full use of current technology. Presentation of information, no matter how technically sophisticated, is not enough; learners must interact with content to construct their own meanings and integrate new knowledge into the dense web of neural connections that is mind and memory. [pic]

Intermediation Process and the Allocation of Resources

Intermediation Process and the Allocation of Resources The importance of the financial system in facilitating economic development cannot be overstated. Banks and other financial institutions have a key role in the efficient allocation of resources and as such, sound financial systems are systemically important to the economic viability of a country. The Asian Financial crisis of 1997-98 brought home the significance of financial sector soundness by highlighting the consequences of underlying weaknesses in the financial sector and the negative impact that weak financial sectors could have on stakeholders, particularly the depositors. Sound financial system is therefore not only important for the welfare of the financial entities themselves, but it is also of vital importance to the growth of individual economies. In allocating resources in an economy, financial institutions must assess competing demands for funds and prioritize the analysis of risk. Improper decisions about financing activities, that is, which activities to finance and which not to finance, (depending on which activities will bring the best risk-adjusted return), can have a crucial negative long-term impact on economic prospects. Sound investment decisions are vital ingredients in fostering economic growth and development. These decisions therefore should produce feasible outcomes not only for the financial intermediary but also for the economy. Investment should be for productive purposes and should be deployed for the common good. Financial intermediaries should also have a harmonious relationship with the macro-economic space within which they operate. For example, in the nineteenth century, Britain was seen as the most successful economy and was the home to the worlds most successful financial centre at the time. This was not only due to the fact that London had developed expertise in assessing risk and in allocating financial resources efficiently, but also to the fact that the macro economic environment was conducive to the operation of financial intermediaries operating in the financial centre. The assessment of risk also assists financial institutions to be individually more competitive with their peers. This results in a more efficient process of capital allocation in addition to engendering more prudent practices. Financial intermediaries that can assess risk and allocate resources efficiently will outperform those less skilled in this regard. Effective competition should reduce borrowing costs and help to diversify financial risk within the economy. However, to ensure that banks are performing as intended, an effective regulatory framework must exist. The importance of adequately capitalized financial institutions to underwrite appropriate risks in their portfolios cannot be over emphasised. If financial intermediaries undertake too little risk, then potentially efficient projects may be starved of capital and if they undertake too much risk, then less efficient projects may consume capital that could be used for more viable projects. The role of regulators in providing effective oversight for the sector and be able to respond appropriately to changes in the financial environment becomes even more important. William J McDonough (1998) postulates that a nation must be able to mobilize domestic savings and other sources of funds that are needed to finance investment and other productive expenditures[1]. This requires the development of an effective banking system that transfers surplus funds of households and businesses to borrowers and investors. He further argues that, fair and impartial allocation of credit accommodates the economic development that results in improved national living standards. According to McDonough: financial intermediation is particularly important in the context of most emerging market countries given the relative scarcity of savings, a relatively under-banked population, and large-scale investment needs. The banking sector in emerging market countries also tends to be more concentrated and represents a larger share of the domestic financial system. Consequently, issues in the banking sector have an amplified effect on the economy and on the fiscal costs associated with bank rescues. Importantly, current developments in western economies are anchored in a robust financial sector development.. Consequently, the relationship between economic growth and financial sector health are now more closely linked than ever before. Some of these linkages or interrelationships are further explored in this thesis from the perspective of risk relationships. The demands of the changing business environment emphasize the importance of effective risk management practices in banking institutions. Financial intermediaries continue to face tremendous unrelenting pressures regarding pricing decisions, increase in service expectations from customers, regulators and shareholders. There is also a demand for more sophisticated products and services, new regulatory requirements, improved capital standards, more capital injection and the introduction of new technologies and systems. Technology is important in supporting new and flexible risk relationship structures in the areas of credit, market, liquidity and operational risk management. Advanced technologies are often used by intermediaries to identify, quantify and monitor risks. The employment of these technologies also comes with their own attendant risk exposures and as such significant investments and focus have been placed (particularly in recent times) on operational risk management issues from both regulatory and financial intermediary perspectives. Risk management must be seen as an integrated process and as such managing existing relationships, developing new relationships and leveraging the value of all risks relationships are critical to the management of overall risk exposures. It is important therefore that the approach which institutions and regulators take in managing risk, be relational. Both the qualitative and quantitative aspects of risk management must find consensus within the same framework. No longer should institutions view risk as an isolated and individualized structure with separate and mutually exclusive elements but risk should be managed as a system, which is intricate, collaborative and bound by mutual responsibilities. Banking Supervision The identification, assessment, and promotion of sound risk-management practices have become central elements of good supervisory practice. Risk management has evolved as a discipline that is driven both by the private sector (made up of banking institutions and other market participants) and public sector (especially Regulatory Authorities and Banking Supervision). The relationship between the private sectors interest in economic capital and the public sectors interest in regulatory capital should be identified and managed in a framework that ensures optimization. With regard to the management of risks and risk relationships, several key innovations have been made by the private sector over the years. These are evident in the way financial intermediaries have ordered their balance sheets to respond to various risk stimuli and impulses both internally and externally. Additionally, the private sector has been the driving force behind the development of sophisticated tools used to identify, measure and manage risk relationships. The public sector on the other hand, has been at the forefront in the development of best practice standards and principles used to guide financial intermediaries. For years, the public sector has been playing a pivotal role in preventing the total collapse of the entire financial systems in their capacity of lender of last resort. The regulatory and supervisory arms of the public sector have taken the lead in identifying emerging issues through their approach to supervision of financial intermediaries. Several regulatory bodies routinely performs on-site inspections and examinations as well as off-site monitoring and surveillance of banks and other financial institutions to assess risks and provide feedback to the financial intermediaries board and management. These reviews include the assessment of policies and procedures in place to guide risk management; the assessment of governance and internal controls and the assessment of capital adequacy, asset quality, earnings and liquidity and sensitivities to risks. Reviews could also include comparisons of peer institutions coupled with the establishment of guidelines that codify evolving practices. Yellen (2005)[2] argued that although banks and bank supervisors have different motives, which certainly can lead to differing views about the appropriate levels of risks, they also have a common interest in having accurate measures of risk and in focusing on the processes and techniques for identifying and managing risks. According to Alan Greenspan (2004),[3] the growth in the size and complexity of the largest US and foreign banking organizations, in particular, has substantially affected financial markets and supervisory and regulatory practices. He further states that authorities are required to focus more than before on the internal processes and controls of these institutions and on their ability to manage risk. According to Greenspan, the regulatory authorities must provide the industry with proper incentives to invest in risk-management systems that are necessary to compete successfully in an increasingly competitive and efficient global market.[4] The Basel Frameworks Over the last two decades, the system of bank capital standards has been the Basel Capital Adequacy Standard, known as the Basel I framework, which was established internationally in 1988. The Basel I standard came out of the banking supervision sub-group of the Bank for International Settlement (BIS). The Banking subgroup is made up of supervisors from the G10 countries. This group has been charged with the responsibility for setting bank standards around the world, which it does predominantly through the development and implementation of the Basel Core Principles for Banking Supervision. The Basel I framework was particularly geared towards credit risks in banking institutions and resulted in higher capital levels, a more equitable international marketplace and the relating of regulatory capital requirements to risk appetite and risk profile. The Basel framework is a dynamic one to which bank as supervisors continue to make important adjustments from time to time. For example, the 1988 Capital Accord was amended subsequently to incorporate a market risk component. Bernanke (2005)[5] argues that advances in risk management and the increasing complexity of financial activities have prompted international supervisors to review the appropriateness of the regulatory capital standards under Basel I, particularly for the largest and most complex banking organizations. Bernanke states further that supervisors recognize that some of the largest and most complex banking organizations have already moved well beyond Basel I in the sophistication of their risk management and internal capital models. The gap between the determinants of minimum regulatory capital (under Basel I) and the levels of risks that financial institutions were taking on began to widen, as risk relationships continue to become more complex and risk-management practices continue to evolve. Several innovations have sought to collectively reinforce this gap and indeed the relationship (regulatory capital/risk appetite) between the public sector and the private sector has also being mutually reinforced. These innovations have predominantly being originated by bankers in the private sector and not by Supervisors. Bankers and Risk Managers had developed models that encompass their processes, procedures, and techniques, including statistical models for assessing risks in their portfolios. These innovations by the private sector were seen as state of the art risk management tools which the public sector could use and as such Regulators began to leverage the risk management techniques that banks were using to address shortfalls in Basel I. This phenomenon helped to push the Basel Committee back to the drawing board to create the new capital adequacy standards for internationally active banks, known as Basel II. Bernanke (2006)[6] argues that the new framework links the risk taking of large banking organizations to their regulatory capital in a more meaningful way than does Basel I and encourages further progress in risk management. It does this by building on the risk-measurement and risk-management practices of the most sophisticated banking organizations and providing incentives for further improvements. When this framework is applied consistently across internationally active banks, Supervisors can easily identify shortfalls in the relationship between banks capital and risk levels. Banking institutions with capital levels that are not commensurate with their risk profile and risk levels would be subjected to closer assessment and monitoring. Additionally, Basel II has provided the Supervisor with an added tool, under the supervisory review process (Pillar II) to assess risks in the banking system. The new capital accord, Basel II, with its three pillars, will hopefully enhance and strengthen the process of risk management in banking institutions. Internationally active banks, and other banks and investment businesses in jurisdictions in which regulatory authorities deem it prudent to bring these institutions in scope, should expect significant revisions and modifications in their internal policies used to identify, measure, manage and report on risks. Not only should improvements be seen in risk management policies, but the process and general procedural framework would also see improvements. In this regards, banks and other financial institutions should envisage changes in their system used to capture and report on risks. Under Pillar I, changes are expected I the risk weights assigned to the credit portfolios, particularly, residential mortgages and as such banks could see some reduction in charges as weights for some categories are reduced. The reporting of market risks and operational risks should also improve as banks garner more granular data on its expected losses and risk exposures. In preparation for the supervisory review process (Pillar II) to be conducted by the regulatory authorities, banks should see significant improvements in their risk management practices as they subject their internal capital adequacy models to greater levels of scrutiny to ensure that the capital cover is adequate for all the material risks identified, their risk appetite, and risk exposures. The use of stress testing on both the banks investment and credit portfolios under the pillar II process should also seek to strengthen the institutions approach to deal with adverse down turn and general deterioration in some macro economic variables in the economies in which the banks operate. This should push banks to increase capital levels to cushion expected losses. Pillar III implementation under the new capital accord should also foster greater improvements in the risk management, policies, processes, and procedures of banking institutions as banks become more transparent in their efforts to disclose more information on the profile of risks, risk exposures and capital levels to their stakeholders. The Sub-prime Mortgage Crisis The conditions that gave rise to the current sub-prime mortgage crisis provides ample evidence to support the pressing need for both private and public sector, financial institutions and supervisors, to understand the nature and nexus of risk relationships and regulatory capital. The crisis also provide an opportunity for financial institutions and regulators to explore the risk relationships and risk dynamics existing within and outside of financial intermediaries, as well as the impact that failure to properly identify and assess risk exposures in financial institutions can have on the global financial system and economic growth and development in a particular country. The ongoing economic problem resulting from the sub-prime mortgage crisis has manifested itself through liquidity issues in the global banking system. The credit crisis has its genesis in the bursting of the US housing bubble and the subsequent high default rates on sub-prime or other adjustable rate mortgages, made to borrowers with higher risk profile and lower income levels, instead of to borrowers who are considered prime borrowers with higher income and good credit history. Borrowers were encouraged to take up mortgages based on the attractive housing incentives that led them to believe that notwithstanding the long term trend of rising housing prices, they would be able to refinance these mortgages at more favourable terms in the future. During 2006 however, the prices of houses started to fall, albeit moderately and as such, the possibility of refinancing was becoming more remote. Consequently, the interest rates on the adjustable rate mortgages (ARM) that the sub-prime borrow ers were able to obtain began to reset at the higher rate resulting in a significant increase in defaults and foreclosures. In 2007, foreclosure activities increased by approximately 80 percent over the 2006 figures as nearly 1.3 million United States housing properties were subjected to foreclosure activities. Major banks and other financial institutions globally reported losses of approximately US $379 billion towards the end of the first half of 2008. The first set of financial institutions to be impacted was mortgage lenders that retained the risk of payment default (credit risk). Several third party investors were also affected, as mortgage lenders had passed on the credit default risks arising from the rights to the mortgage payments through mortgage backed securities (MBS) and collateralized debt obligations (CDO). Individuals, institutional investors and other corporate entities holding MBS or CDO were now faced with significant losses as the value of the underlying mortgage assets declined. The sub-prime mortgage crisis also exposed financial institutions to liquidity risks as lenders were forced to reduce lending activities or grant loans at higher interest rates. The higher interest rate loans restricted the ability of corporations to obtain funds through the issuance of commercial paper, thereby posing liquidity challenges for several institutions. As a result, central banks, in their role of lenders of last resort, were forced to take action to provide funds to the banking sector so as to stimulate the commercial paper market and to encourage the resumption of lending to borrowers with good credit profile. The rate at which economies grew was also impacted by the credit crisis as business investments and consumer spending were curtailed due to the general unavailability of loans or the high cost of loans in cases where it was available. The United States government responded by cutting the federal reserve interest rates as well as proposing its economic stimulus package which was passed by congress in February 2008. This was necessary to alter the risk exposure to the broader economy brought on by the credit crisis and the related downturn in the housing market. Research Problem and Hypothesis While the benefits of risk management and positive risk relationships have been increasingly recognized in financial sectors worldwide, this study postulates that (i) risk relationships have not been sufficiently explored in the region and current risk management practices in the Caribbean have not kept pace with international trends on financial risk management and (ii) levels of capital being held by financial intermediaries in the Caribbean could be deemed inadequate to mitigate risk exposures. It could also be argued that where there are high levels of risk exposures in financial intermediaries in the region, the impact of risk mitigating factors are low and risk management policies, processes and procedures are less than robust. Additionally, risk exposures and regulatory capital might vary according to core business activities, risk categories or geographic location. In recognition of the existence of these relational gaps and the need to bridge them, this study will introduce principles, procedures, approaches, models and concepts in risk management, and concentrate on those risks inherent in the financial intermediaries balance sheet or risks associated with various elements of financial activities and environment. The writer will analyse the risk profile of financial intermediaries and their exposure to credit risks, funding/liquidity risks, interest rate risks and operational risk. The study also seeks to develop benchmarks for measuring risks in the region as well as a risk management scoring model with particular emphasis on the risk profile of Caribbean financial intermediaries. Sub-problems The first sub-problem is to ascertain the risk profile and relationship evident in financial intermediaries in Jamaica, Trinidad and Barbados, as well as those which may evolve consequent to the new Basel Capital Accord, Basel II, which is scheduled to be fully implemented by 2015 across all jurisdictions. The intention is to assess the risk profile and relationship in operation as a dynamic process and the likely impact of the capital accord on relevant financial entities. The second sub-problem is, using both the relevant and existing literature concerning risks, risk relationships and risk management and observation of current techniques, to ascertain throughout the course of the study, types of risk relationships that exist in credit, liquidity, interest rate and operational risk management in financial intermediaries. The third sub-problem is to provide the financial sector with a set of sound testable ideas that are systemically desirable and consistent with the future development of risk assessment. This will be done by reviewing the analyses outlined in the first two sub-problems, generating relevant model/framework of risk assessment, comparing the model/framework with real situation, identifying systemically desirable changes and documenting the results for the benefit of relevant stakeholders who are capable of applying change to the banking sector in general. Hypothesis The first hypothesis is that risk exposures (credit, liquidity, interest rate and operational risks) in financial intermediaries in Jamaica are relatively high when compared with Trinidad and Tobago and Barbados and could exhibit parasitic tendencies. This could impair the financial intermediaries ability to identify, measure, mitigate and monitor risks due to the fact that the internal control framework could be seen as less than robust. The second hypothesis is that there will be shortfalls in capital requirements specifically as a result of the introduction of the new Basel Capital Accord and more generally after taking account of specific risks not previously considered by financial intermediaries. The third hypothesis is that the cycle of analysis, application and testing will result in the implementation of rigorously defined early warning system for modelling and scoring risks and that this system will be adaptable to change, both outside and within the environment, and extendable to additional use. Justification for the Research Sound risk management practices, which include appropriate tools and techniques and the employment of relevant steps to assess risk exposure are at the heart of effective financial intermediation. However, many institutions are exposed to high levels of risks in their operations and few have put in place the relevant infrastructure to appropriately capture their risk exposures. According to the Government of Jamaica, Ministry of Finance (1998)[7]: the financial distress experienced in the mid nineties was in several ways due to the fact that many domestic financial institutions did not have the necessary risk and financial management capabilities to carefully assess the risk. As a result, they were left holding real estate and other long-term assets that could not be easily disposed of to meet their short-term obligations. The Ministry highlighted the fact that: banks in Jamaica tended to invest in enterprises that were outside the scope of their core business which had the following implication: The banks entered sectors in which their management did not have the requisite skills or expertise. The banks, when lending to related parties or parties under common control either (i) made poor and biased credit decisions; or (ii) invested in companies on less than arms length terms resulting in poorly secured loans. The banks, in many instances had fund investments in non-core businesses with short-term borrowing instruments with guaranteed high interest rates. As a result, many non-core business had to contend with an unsustainable capital structure that relied heavily on high cost loans with relatively short maturities[8]. Many studies have highlighted the risk management practices, including techniques and tools used to identify, measure, mitigate and monitor risks in industrial countries. However, few studies (note the researcher is not aware of any at the time of preparing this thesis) have sought to understand and explain the risk exposures, risk relationships and risk management practices in financial intermediaries in the Caribbean, particularly Trinidad and Tobago, Jamaica and Barbados. The study utilizes a novel approach to analyse risk exposures and risk relationships, which has not been evidenced in the literature generally and definitely not seen in research on risk management in the Caribbean region. The risk profile of financial intermediaries are analysed using ratio analysis and statistical techniques including the standard deviation and arithmetic mean coupled with a five-point scale response to determine risk relationships based on a biological science description. This study will document over a ten-year period, sectoral differences in risk exposure reflected in the balance sheets and income statements of commercial banks, merchant banks, trust companies and building societies in three Caribbean countries. The results of the research will provide a sound set of ideas for the management of risks in these institutions in emerging markets. It will also provide an enduring account of risk relationships and the implications of sound risk management practices in general. Thesis Outline and Methodology The study examines the risk management framework in emerging markets in the Caribbean region. The focus will be limited to three jurisdictions in the Caribbean region. These are Jamaica, Trinidad Tobago and Barbados. This paper takes account of four types of deposit taking financial institutions Commercial Banks, Trust Merchant Banks, Finance Companies and Building Societies. There are 8 financial intermediaries across the three jurisdictions. Elite interviews were also conducted with senior management in sixteen (16) financial institutions in Trinidad and Barbados. Interviews were held with select senior management executives in the financial institutions. Among the executives interviewed were CEOs, Senior Vice Presidents, Risk Managers, Credit Managers, Operations Managers and Treasury Managers. In Jamaica, detailed surveillance were done of all the in scope financial institutions ie, commercial banks, trust and merchant banks and building societies. Reviews of annual reports and websites of all the financial intermediaries captured in the scope of the thesis were also done. The purpose of the review of the elite interviews and qualitative reviews of the websites, annual reports and other published data was to obtain information on four risk categories, particularly on the policies, procedures and processes in place to manage risk. Twenty risk proxies were used to calibrate risk exposure across four risk types in the financial intermediaries and the countries. These risk proxies were further reduced to eight based on their relative weights and significance as a risk-sensitive measure. Additionally, eight macro-economic variables were used to assess the economic environment within each country as well as to determine the extent to which these macro-economic variables were correlated with the risk proxies. Using a Likert-type index, correlation analysis and the results of the observation and interviews, the study developed risk benchmarks and risk scores, which were later used to determine risk relationships within financial intermediaries as well as within each country. The aim was to identify the risk relationships and to provide the managers of financial institutions and policy makers with an early warning system to calibrate and mitigate risks. The study analyzed the degree to which three major economies in the Caribbean region were exposed to credit, liquidity, interest rate and operational risks and the extent to which different countries are similar or different in light of these risk exposures. The paper sought to determine the level of risk exposures across four different financial intermediary types in three Caribbean jurisdictions. It expounded on differences and similarities in the risk profile of financial intermediaries and sought to determine which intermediaries are likely to have higher risk profiles. The paper also explored synergies and alliances between the four main categories of risk under study. These are credit, interest rate, liquidity and operational risk. It disaggregated proxies for risks based on risk types and highlighted risks drivers that are significant to different intermediary types or country. Lastly, the paper explored relationship between the critical elements and proposed a model for the scoring of risks. The relational perspective to risk management envisaged risk within three basic constructs namely, Symbiotic, Parasitic and Saprophytic as well as the nexus between these constructs and the internal control framework as measured by financial intermediaries policies, procedures and processes used to manage risks. The Saprophytic Construct At this level, risk is calibrated as being relatively low. Risks outcome are systemically pleasing and financial intermediaries are making meaningful contribution to the common good. Risks and reward can thrive within a conducive macro environment and the profile of institutions balance sheet and income statement contributes positively to the risk calibration outcome. A low level of risk exposure is usually attributed to a very robust internal control framework and more effective risk mitigation strategies. The Symbiotic Construct Within the Symbiotic construct, risk relationships are generally balanced. Risk is calibrated as moderate and the regulatory interest and the economic interest are neutral. Risk management is generally integrated and there is usually a connection between the process of risk identification, measurement, mitigation and monitoring. The profile of intermediaries balance sheets and income statements are viewed as risk-neutral relative to risk outcome and the internal control framework and risk mitigation strategies used by financial intermediaries are generally adequate. The Parasitic Construct Within this construct risks are calibrated as high or very high. There is usually adverse macro-economic condition in existence and there is disconnect between the regulatory interest and the economic interest. There is a general state of disharmony in the qualitative and quantitative approaches and disunity in the way that risk is generally managed. The risk profile of institutions balance sheets and income statements negatively impacts risk calibration outcomes. A hig