The Great Gastby

Abstract As the spokesman of the â€Å"Jazz Age†, F. Scott Fitzgerald , referred to his own experience, wrote his masterpiece-The Great Gatsby. Through abundant symbols, Fitzgerald profoundly depicted the society of Jazz Age and successfully displayed the disillusionment of American Dream, which existed in the majority of American in 1920s. To describe the restlessness of the â€Å"lost generation† in the â€Å"roaring twenties†, the author created several typical tragic characters. This paper, based on some symbolic theories, focuses on how the author brought his attitude to the surface to reveal the theme.And by analyzing the symbolic meanings of some leading characters, it further probes into the failure of American Dream. Key words Symbolism; characters; American Dream; disillusionment 1 Introduction 1. 1 Plot and characters review Jay Gatsby, formerly Jake Gatz, is a successful bootlegger with desire of being accepted in the highest social circles of Long Is land. Once he has done this, Gatsby spares no effort to win back the love of his former girlfriend Daisy, now married to a boorish â€Å"old-money† millionaire, Tom Buchanan.Gatsby's obsession with Daisy and his pursuit of this unworthy dream results in disillusionment and, ultimately, tragedy. Sidelines observer Nick Carraway, recounts the whole story. 1. 2 The spokesman of the â€Å"Jazz Age† F. Scott Fitzgerald is widely regarded as one of the greatest American writers of the 20th century. He was both a representative of his era and a severe critic of society. In his short life, Fitzgerald experiences overnight fame and wealth in 1920s but suffers a lot in 1930s, which shares much resemblance with American society.Furthermore, with a lot of works describing the expectation and disilluionment of the American young generation, he gained irreplaceable position in the history of American literature and was often called the spokesman of â€Å"Jazz Age†. The Great Gatsby, for which he was known, is somewhat a reflection of his experience and his attitude towards the American Dream. The novel shows the anomie following the First World War. During the â€Å"roaring† 1920s, American society enjoyed unprecedented levels of prosperity as the economy soared.At the same time, Prohibition, the ban on the sale and manufacutre of alcohol as mandated by the 18th century, made many bootleggers millionaires and led to an increase in organized crime. Although Fitzgerald, like Nick Carraway in his novel, idolized the riches of the age, he was uncomfortable with the unlimited materialism and the lack of morality that went with it. The value of money was mostly exaggerated during that age. The connection of the â€Å"old money† and â€Å"new money† is presented in geographical symbols of the novel: East Egg is the place where the established aristocracy lived, and West Egg – â€Å"the self-made rich†.Using his narratorâ€⠀œNick, the author told about his views of American Dream – it was â€Å"originally about discovery, individualism, and the pursuit of happiness† . 2 Symbolism in characters In the Great Gatsby, Fitzgerald skillfully selected diffirent people, such as Jay Gatsby, Daisy Buchanan, Tom Buchanan and Nick Carraway. This part will analyze the four main characters in detail and discuss their function in symbolism. 2. 1 Jay Gatsby Through the whole life of Gatsby we can see that he is the representative of the people who pursue the American dream.At first when Gatsby falls in love with Daisy, he is frustrated for the huge gap between their social status and wealth. Gatsby is a poor immigrant of low status but Daisy comes from an old wealthy American family. They belong to two totally different worlds under that condition where people all pursue money and material content. So their love is actually desperate and not realistic. He falls into great agony because he lost Daisy and he thinks they didn’t get married just because he is not rich enough.In Gatsby’s opinion, his dream of loving Daisy is ruined by the difference in their respective backgrounds, so he resorts to crime to make adequate money so as to impress Daisy and win her back. To some degree, he makes it. He gets the money he needs and then, through building up a large house and holding luxury parties and banquets, he successfully attracts Daisy’s attention. Daisy comes back to him, dating with him again. Gatsby is so happy to see that they finally return to their old days. But in fact, this is all his illusion, as their love is based on material possessions. He has lived not for himself, but for his dream, for his vision of the good life inspired by the beauty of a lovely rich girl. † The green light situated at the end of East Egg dock and visible from Gatsby’s West Egg lawn may be the best symbol of his unattainable dream. â€Å"He stretched out his arms tow ard the dark water in a curious way, and far as I was from him I could have sworm he was trembling. Involuntarily I glanced seaward—and distinguished nothing except a single green light, minute and far away, that might have been the end of a dock. In the end when Gatsby dies for the sake of Daisy, she just leaves him behind and goes to Europe with her husband to spend their holiday. Gatsby’s dream of a perfect Daisy and a happy life totally breaks up until now. The falling down of Gatsby’s dream represents the falling down of American Dream. Then why the dream fails in such a miserable way? First, Gatsby builds up an illusionary dream. He is fascinated with Daisy’s grace and charm, but blinds her shortcomings. â€Å"He gives Daisy an idealistic perfection that she cannot possess in reality† .Alhough later he comes to know that Daisy is not what she used to be and that she doesn’t love him, he cannot stop dreaming and continues to recall the old days. Gatsby’s dream is ruined by the unworthiness of its object, just as the American Dream in the 1920s is ruined by the unworthiness of its object—money and pleasure. Second, from the beginning he uses a wrong way to achieve his dream and this would inevitably lead to his dream’s coming into failure at last. He has made his fortune through racketeering and conducting suspicious business, regardless of the moral principles.The American dream of Gatsby corrupts as the unrestrained desire for money and pleasure surpasses those noble goals. More importantly, the sharp contrast between the ideal and the reality is due to result in the breakup of the dream. In some senses, Gatsby’s dream originated from the past, and made him sincerely persist. But when he was addicted into the past, he made efforts to find various possibilities in the future. He makes the historical past transform to the future in the vain hope.The green light representing his ideal fut ure, which also indicates the whole American ones, is unattainable. The American Dream destroys not only because of the profound social and historical reasons, but also being deeply concerned with the self-destructive characters of Gatsby. When Gatsby’s simple and naive characters are confronted with the cold society and moral decay of America, there will be no place for Gatsby to escape but die. In the end, the author wrote, â€Å"Gatsby believed in the green light, the orgiastic future that year by year recedes before us.It eluded us then, but that's no matter – tomorrow we will run faster, stretch out our arms farther †¦ And one fine morning – So we beat on, boats against the current, borne back ceaselessly into the past† . Gatsby goes back ceaselessly into the past because the future is far too cruel to imagine. This is the tragedy of Gatsby: he himself lives in the past and is making a beautiful but illusionary dream of the future, so do the Ame ricans. 2. 2 Daisy Buchanan Throughout the book, Daisy is described almost in a fairytale tone.She is the princess in the castle, the wonderful girl that every man dreams of possessing. She is beautiful and rich and innocent and pure in her whiteness. â€Å"She dressed in white, and had a little white roadster †¦Ã¢â‚¬  . But that whiteness is mixed with the yellow of gold and the unavoidable corruption that money brings. Just as Gatsby once comments after their reunion, â€Å"her voice is full of money. † . Her love for Gatsby is conditioned by his wealth. When she saw Gatsby’s fabulous pile of shirts, she could not help crying:† I’ve never seen such — such beautiful shirts before. . For Daisy, her love associated closely with stable and extravagant life. Daisy proves her real nature when she chooses Tom over Gatsby, then allows Gatsby to take the blame for killing Myrtle Wilson even though she herself was driving the car. Finally, rather tha n attend Gatsby’s funeral, Daisy and Tom move away, leaving no forwarding address. Daisy lived in â€Å"a material world without being real, where poor ghosts, breathing like air. † Actually, Daisy stands for youth, gold and status, which many young Americans regard as their dreams.Yet, the dream has already became a nightmare, as it generates those money-oriented and power-persuing minds. As a social satire, Daisy is also a reflection on moral decadence in modern Amercian society. It is concerned with the corruption of values and the decline of spiritual life. Since the Industry Revolution, Americans have fallen in , not only the way of life through which they seeking for more luxurious enjoyment, but also wealth and status at the expense of moral decay. As a consequence, American Dream has totally failed to bring any kind of fulfillment, either spiritual or material. . 3 Tom Buchanan Tom Buchnan, the dude form Yale, is a liar, a hypocrite, and a bully. Being born int o a wealthy family has made him a spoiled man. He hasn’t really worked his entire life and instead, spends his days in indulgence and ease. All Tom’s feelings and actions are self-directed. He has a shameless affair with Myrtle because it satisfies his needs. He flaunts their relationship in public for he is a careless man who isn’t bothered by the sufferings he causes. This also attributes to he and Daisy’s escape in a situation where they would have to face.Tom is the typical character of his class. His social attitudes are laced with racism and sexism, and he never ever considers trying to live up to the moral standard he supposed to. Tom is â€Å"a scion of the great robber barons of the Gilded Age who seize the land, gutted the forests, laid the railroads, and turned the cities into vast urban fortresses for the purpose of protecting their own moneyed interests† . He represents descendants of those early pioneers, frontiersman and later settle rs who attempted to transform the Virgin Land into a New World Garden.These later empire-builders of the post-Civil War period, who were eager to replace crops with machines, set aside morality as easily and quickly as they attempted to buy up civilization. 2. 4 Nick Caraway Although Nick is not the hero in the novel, his importance as the narrator and a functional character makes him almost as much a central figure as Gatsby. He is Gatsby’s neighbor, Daisy’s cousin once removed, Tom’s classmate in college and the sweetie of Daisy’s close fried, Jordan.He is a tie, who connects many contradictions and conflicts among characters, and a key figure in the complicated relaion net. Nick uses his curious eyes to view Gatsby’s actions and holds sympathy to suppose Gatsby’s thoughts. As a witness who â€Å"has strong flexibility and broad and various information† , he can observe Gatsby’s actions standing far from him and take a neutra l and calm viw to value the story. Using â€Å"I† as witness to narrative the story, Fitzgerald let readers feel things directly while hid himself behind the case.Nick resembles Fitzgerald in such aspects as age, family background, education record, literary interest, military experience and seeks of fortune. â€Å"If Gatsby represents one part of Fitzgerald’s personality, the flashy celebrity who pursued and praised wealth in order to impress the woman he loved, then Nick represents another part: the quiet, reflective Midwesterner adrift in the lurid East† . So this may fully explain why Nick senses, understands and sympathizes Gatsby. The similarities between Nick and Fitzgerald make Nick voice more than the author.As a moral symbol he is the embodiment of a hope for moral and spiritual growth. Functioning as Fitzgerald’s speaker in making his ultimate value judgements, Nick realizes that the fast-paced, fun-driven lifestyle of New York is grotesque and damaging; an ideal based on materialism rather than a fulfilment of American Dream. Knowing the truth of the East, Nick quickly goes back without any hesitation. At the end, Nick is the only person escaping from the illusory American Dream and unfolds this tragic story to us all. 3 ConclusionIn the Great Gatsby, by using symbolic images, F. Scott Fitzgerald reveals the contradiction and inner conflict of the characters as well as displays his intelligence and excellent writing skill. The entire story is about the effect brought by the roaring age of reshaping people’s value , causing the deterioration of morality and running after money even one undeserved. Gatsby deadly accumulated great wealth in illegal way to get Daisy’ love, but he didn’t recognize people’s ugly inward—greedy of money and mean of kindness, and finally he died with everything lost.References [1] F. Scott Fitzgerald. The Great Gatsby. Jiangsu:YiLing Press, 1997 [2] Miller James E. Jr. F. Scott Fitzgerald: His Art and Technique. New York: New York University Press, 2001 [3] Wang Qiong. The Narrative Technique in â€Å"The Great Gatsby† from the Point View of Narration. Shanghai:Journal of Huzhou Teachers College, 2004 [4] Garrett George. Fire and Freshness: A Matter of Style in the Great Gatsby. In Matthew J. Broccoli (Ed), 2002 [5] Ernest H. Lockridge ed. Twentieth century interpretations of The Great Gatsby: A Collection of Critical Essays.Prentice-Hall, 1968 [6] Leech Geoffrey N & Short Michael H. New Essays on the Great Gatsby. New York: Cambridge University Press, 1985 [7] Zhang Tianjing. the Deeply Moving America Tragedy–Analysis the Great Gatsby. Journal of Xianyang Normal University, 2004 [8] Zhao Hongwei. Disillusionment of Gatsby’s† American Dream† From the Perspective of Society–Analysis of â€Å"The Great Gatsby†. Journal of Harbin University, 2003 [9] Mizener Arthur ed. F. Scott Fitzgerald: A Coll ection of Critical Essays, Englewood Cliffs. N. J: Prentice-Hall, 1963 The Great Gastby Chapter 7 1. Look up Trimalchio and decide whether that is an appropriate comparison for Gatsby. Trimalchio was the protagonist in Satyricon, by Petronius. He was a freedman who gained prestige and power through sheer tenacity and hard work. Once he attained his wealth, he enjoyed throwing lavish parties that were meant to impress his variety of guests. The comparison of Gatsby and Trimalchio is obvious. Both were newly rich, and trying to get the right attention. Fitzgerald's early version of Gatsby was actually titled â€Å"Trimalchio in West Egg†. 2.What has changed at Gatsby’s house? Why? Gatsby’s house becomes much quieter, and his parties come to an end because he no longer needed them to attract Daisy. 3. In chapter 1, Daisy and Jordan are lying on a couch. Find and compare the passage that this section repeats. 4. How do Gatsby and Daisy behave together? In the absence of Tom? With Tom around? While Tom is out of the room, Daisy kisses Gatsby on the lips and says she loves him. When Tom is around, Gatsby stares at Daisy with obvious passion and Daisy recklessly remarks, within earshot of Tom, that she loves Gatsby. . When is it that Tom realizes Daisy is in love with Gatsby? Why? After Daisy suggests they go to town, Tom witnesses a soft glance that passes between Daisy and Gatsby and can no longer deny the two of them are having an affair. 6. How does Gatsby characterize Daisy’s voice? What does that mean? How does that make sense to Nick? Gatsby says that her voice is â€Å"full of money† (-__-). For Gatsby, Daisy represents the wealth and elegance for which he has yearned all his life.It also shows that while Gatsby hesitates frequently, thinking before he speaks around these people because he was never really part of their world, Daisy, on the other hand, is free to do and say what she wishes, without worry, because she is so accustomed to living in this world. Nick realized that was the charm in her voice. 7. What does Tom learn about Wilson? What does Myrtle misinterpret? Tom learns that Wilson is trying to raise money to finance the move west that he has planned for him and his wife Myrtle.Myrtle is staring down from the windows above the garage at Jordan Baker, whom she seems to have mistaken for Daisy, her rival in love. 8. What is ironic about the music below the suite? 9. Describe the behavior of Tom, Gatsby, and Daisy. What is Nick’s attitude toward them? Tom and Gatsby have an argument, with Tom accusing Gatsby of lying about being an oxford man. When Gatsby successfully answers the question, Tom then explodes and asks him about his love affair with Daisy. Daisy tries and fails to quiet Tom.Nick remains a spectator of the scene and doesn’t say anything. 10. What is Gatsby’s insistence with Daisy? Why? How does this connect to earlier in the novel? Gatsby insists that Daisy never loved him, and not Tom, all these years. But when Daisy cannot honestly admit that ne ver loved Tom, Gatsby declares that Daisy is leaving Tom anyway. Gatsby does this because he realized that he was losing Daisy. 11. What does Nick realize about himself? How does it make him feel? Nick realizes that he that it is his 30th birthday.After Nick realizes it is his 30th birthday he acknowledges the fact that he has wasted too much of his time with people who do not actually care about anything other than wealth. He has spent a lot of his life on trivialities and sees that, all of a sudden, life is passing him by. His time with Nick, Jordan and the others has distracted him to the point where he loses focus of his own life and goals, thus, forgetting his own birthday. 12. Why does Myrtle Wilson die, according to Gatsby?How does this relate to her earlier misinterpretation? Because Daisy was driving and (accidentally? ) struck Myrtle. Myrtle saw Jordan Baker in the yellow car and thought she was Tom’s wife. She recognizes the yellow car as she’s running away and tries to speak to who she thinks is Jordan but it is in fact Daisy, the actual wife of Tom, who accidentally kills her. 13. What is the status of Daisy and Tom at the end of the chapter? Tom and Daisy have reconciled and it is obvious that they are going to stay together. 14.Compare Gatsby’s vigil at the end of the chapter with a similar moment earlier in the novel. Nick’s parting from Gatsby at the end of this chapter parallels his first sighting of Gatsby at the end of Chapter 1. In both cases, Gatsby stands alone in the moonlight pining for Daisy. In the earlier instance, he stretches his arms out toward the green light across the water, optimistic about the future. In this instance, he has made it past the green light, onto the lawn of Daisy’s house, but his dream is gone forever.

Professional Value in Ethics and Islam

BUS240: Professional Work Values in Islam Instructor: Dr. Hisham Adam Group Names: Yousef Al Khamis Khalid Al Dabbous Hamad Al Sayegh Mohammad Jamal Professional Work Values Introduction Religion plays an important role in the development of work and professional ethics the world over. All religions, Christianity, Islam, and Hindu among others all inform on work, work values and work ethics in an effort to promote harmony, togetherness, tolerance and hard work. They also advocate for such good practices to ensure cooperation in employer employee relations at the work place.Such religious teachings are entrenched and supported by most constitutions around the world. The Quran and its teachings play an important role in the development of a Muslim. The Quran guides the way of life, it gives insight into relations between brothers, kin, employees and their employers, the individual and the state, and the Muslim and non-Muslims. This holy book above all gives insight into life as Allah w ished. Discussion The Quran gives life lessons on employees and employers.It gives teachings on values required at the work place; some of these values include trust, humility, loyalty, hard work, fairness, justice, kindness, and charity among others. Trust refers to the belief in the strength of truth coming from a person other than yourself. The workplace is akin to a second home for most people in adulthood. Relations form that either strengthen or destroy this environment. Relations built on trust have a positive impact on the work environment and result in success while relations formed with distrust merely lead to frustration and losses.Trust comes alongside truth. With truth, employees and employers have an easier time working together. The Quran puts truthfulness and honesty as some of the best traits that a professional Muslim should possess. They imply that a true Muslim should be fearful of the almighty and true through his actions and words. It goes ahead to say that fai thfulness is directly related to righteousness. In addition to this, all Muslims will be judged and held accountable for their actions whilst on earth.Concerning work and business, it indicates that a good businessperson is one who is honest; hence, he is put in the same category as the prophets. Honesty supersedes respect. An honest boss is one that communicates effectively with his employees and lets them know of the goings in the company. Such an action begets an equivalent reaction from employees hence creating a cordial work relationship between them. All Muslims are supposed to be charitable. Charity here refers to spending what Allah has given an individual usually in the form of resources, monies, energy, talents and possessions for the good of other people.Charity fosters a relationship between man and other men. It also promotes a relationship with the almighty. In modern day, the most common include helping the needy through corporate social relations; avoiding hurting pe ople and helping strangers find their way. Many companies in the world today engage in philanthropic activities, helping the needy, children, the elderly and the poor in fulfillment of their obligation as human beings to Allah. The Quran also advocates for hard work. Hard work for any Muslim is a mandatory exercise.In one of Prophet Mohammed’s quotations, he refers to hard work as an obligation. He goes ahead and explains that it is better for an individual to carry his own firewood than have a friend do it for him. Hard work is linked directly to honesty in which the Quran indicates that it is not moral for one to beg. It directs the Muslims to work and creates a belief that one would receive a better reward for working hard. It asks them to desist from deceiving others, hoarding goods and begging and instead work hard.Dignity and honor are attached to income acquired in a rightful manner whereas sources of unearned monies are revered against; such as betting and playing cha nce games. Forgiveness is a highly cherished trait for professional Muslims. A Muslim is bound to accept an apology from a fellow Muslim not unless such an apology has been given dishonestly by the one offering it. More often than not, relations are destroyed within the workplace. It is often best to seek forgiveness from a fellow employee than engage in constant battle.Forgiveness ensures cooperation is maintained whereas hatred brings forth inconsistency and outright bias leading to losses. Good conduct to others. This trait requires that an individual wish for the best for his Muslim brother. This is a two-way concept where an individual wishes good tidings for his friends just as he would wish to have done to him. In an employee-employer working environment, many employees do not have a desire to see their friends excel. As a result, many of them work to ensure their friends fail and are fired.Maintaining good conduct towards others ensures cooperation and in turn ensures mutual success. Organisational culture refers to the behavior of human beings as being part of an organisation as well as the meaning that they attach to different actions in that environment. Culture is a combination of several things including norms, values, symbols, beliefs and habits among other things that are shared by a people. Organisational culture is also a pattern of behavioral traits and behavior that is taught to members of an organisation to promote co-existence and harmonious living.Such cultures define the appropriate behavior for different situations and environment. An organisational culture affects the way individuals interact with each other in the organisation, how they interact with the customers and stakeholders and have a role in creating a good or bad image for the organisation. Such Muslim professional values revolve around oneness. They represent a constant need to create a good employee-employee and employee employer working relation that ultimately bring succe ss. The Quran is particular in creating equity among individuals working together.Contemporary organisations are composed of individuals from a wide range of religious backgrounds. Professional ethics as stipulated in the Quran do not only apply to the Muslims but may be used by any other person regardless of his religious inclination. Entrenching such traits into the organisational culture will go forth to create a lasting bond (Mats 2002) among employees characterized by cooperation and trust. In addition, it will withdraw elements of doubt and foster trust among employees for the mutual benefit of the company.Conclusion The Quran gives a huge list of ethical traits that a Muslim ought to possess in his day-to-day life. These traits form the basis of any Muslim life. These traits are universal in that, people regardless of their religious inclination may use them. Their use in modern day organisations to inform on organisational culture is widely acknowledged, and appreciated. Mod ern day organisations are multicultural and such traits would be great to bridge this cultural gap and bring harmony to the organisation.

Importance of Time in Chinese Culture Essay

The importance of time is always dependent on the different perspectives of people’s origin, particularly culture. â€Å"Time is one of the most important bases by which culture rests and all other activities revolve† (Riggs et al 31). Different cultures handle time differently. In the past, time was measured in daylight, darkness, or in seasons; however, nowadays, time has become more important and more complicated. Yet, no matter how complicated it has become, it always boils down to the influence of culture, just like China, one of the countries with a very rich culture. The impact of modernization in China on the changes of Chinese’ behavior is significant. However, these changes in their behavior have had a more significant impact on their values. Indeed, Chinese seem to have never given up one of their most important cultural characteristics, Guanxi, which up until now, remains as an important Chinese business element. In the advent of globalization, Chinese has kept and reinforced this unique characteristic even in the most important socio-cultural changes. Yes, China has indeed undergone substantial cultural changes; nonetheless, with regards to the thinking and dealing process, modern China remains rooted to its traditional Yin Yang approach, and this is reflected on their shrewd use of time to keep their relationship intact. Because Chinese people value relationship more than anything else, as they believe that this could lead them to success, it is logical to expect that the Chinese society concentrates on fluid/multi-focus time value. Chinese people are both famous and infamous in different negotiations for their wise use of time as their bargaining tool. Chinese are known to have adept ability to run down the clock because they prioritize their relationships with their associates or business partners first. This way, they know that the value of relationship or guanxi continues. Moreover, Chinese can afford or stand to play the waiting game, provided that there is always someone left to invest and spend for them. Cultures around the world have developed their own way of responding to time. The dimension for time orientation is based on two aspects; the relative significance the culture gives to its past, present, and future, and its way of approaching the time. China has indeed embraced globalization since the last three decades. Despite this, its stronghold to its culture is still very evident. This is because China is considered as a past-oriented culture country. Countries that fall under this category have a culture that is largely leaned towards the past; they see their future as a repetition of their past experiences. Moreover, they have high respect and regard for their collective historical experiences and their ancestors. As per David Thomas’ description of the country, China embraces its tradition and culture of ancestor worship and has strong pride of its customary and cultural persistence for over thousands of years (73). The Chinese society holds the perspective that their past is their guide on how to live their lives in the present. According to an old Chinese proverb, â€Å"Consider the past and you will know the present† (Quotations). Work Cited Riggs, James, et al. Industrial Organization and Management. Manila, Philippines: McGraw-Hill, Inc. , 1980. Lo, Vincent. Chinese Business Culture: Guanxi, An Important Chinese Business Element. 17 March 2005. 01 May 2009 Thomas, David. Cross-Cultural Management: Essential Concepts Second Ed. California: Sage Publications. 2008. Quotations. 14 February 2008. 01 May 2009.

Show how foil characters behavior and values contrast the protagonist Essay

Show how foil characters behavior and values contrast the protagonist in the modern drama play Death of a Salesman by Miller and A Doll House by Ibsen - Essay Example In a â€Å"Death of a Salesman† Charley and Biff can be considered as foil for the main protagonist Willy. The aim of this paper is to explore and show the personality differences between the foil characters and protagonists. Firstly, it will be argued that Henrik Ibsen’s â€Å"A Doll House† wise and serious Mrs. Linde contrasted childish and lively character Nora. Moreover, Mrs. Linde helps Nora to embark on a new journey of finding herself by pushing her to face the reality and reveal herself. Secondly, it will be shown that in Arthur Miller’s play â€Å"Death of a Salesman† down to earth and realistic Charley and Biff are highlighted the dreamer and somewhat crazy side of Willy. However, while Mrs. Linde, as her foil, helps Nora to face the reality and to begin a new life, Biff’s challenges are not sufficient make Willy, the tragic hero whose mental faculties seem to be damaged, to embrace the reality. In Henrik Ibsen’s â€Å"A Doll House†, Mrs. Linde and Krogstad serve as foils for Nora and Torval, since their differences provides a contrast. Henrik Ibsen portrays Nora as a lively young woman, and her lighthearted attitude is highlighted by Mrs. Linde’s serious, calm and somber behavior. Their very first conversation marks the differences between the characters. In contrast to Nora’s fast and rhythmic conversation, which is full with lively expressions and exclamation marks, Mrs. Linde’s answers are rather short and precise, if not blunt. Nora’s seriousness is further emphasized in the text by referring to her as â€Å"Mrs. Linde†. The following quotation shows the mercurial and talkative nature of Nora in contrast to the pale and dull Mrs. Linde: â€Å"Nora: To enjoy yourself over Christmas, of course. Oh, how lovely! Yes, enjoy yourselves, we’ll do that. But take your coat off. You are not still cold? (Helping her). There now, let’s get cozy here by the stove. No, the easy chair there! I’ll take the rocker here. (Seizing

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Speech - Essay Example In this country, there is discrimination against foreigners. There is discrimination against Indians. There is discrimination against Europeans. There is discrimination against the Americans. There is discrimination against fellow Arabs particularly the Palestinians. The founders of the nation planted the seeds of discrimination among us, and now we are feeling its effects. Many foreigners have been suffering in silence since independence due to discrimination. They do not get equal opportunities like the indigenous people. When we gained independence, our government pursued policies that ensured Palestinians permanently remained refugees. We treated them in a manner that always made them feel that their presence in this country would remain temporary. The government deliberately denied many of them entry visas. As a result, some families were split, and some of them decided to leave the country. We did not give them permanent residence or citizenship, including those who were born here. Our country practices institutionalized discrimination against the Bedoons. The authorities have denied them citizenship despite living in the country for many generations. They are citizens without citizenship. They are barred from government employment, and their children have difficulties in accessing education. They do not move freely because they lack identification and travel documents. They also fear arrests and deportation from the country. Kuwait is the only country that the Bedoon community has ever known. They do not belong to Saudi Arabia. They do not belong to Iraq. They only failed to register themselves as citizens in 1950s because they had not foreseen the benefits of Kuwaiti citizenship. Their failure should not be used as a basis of denying them equal rights like other indigenous populations. Our government has always played tricks on the community by amending the laws so that none of them gets Kuwaiti citizenship. Our country needs broad

Law, Ethics &Accountability for Nurses Essay Example | Topics and Well Written Essays - 2250 words

Law, Ethics &Accountability for Nurses - Essay Example This study is being conducted in order to comprehensively explain the legal and ethical issues which nurses often encounter and the possible ways that such issues can be legally and ethically resolved. In the first scenario, a nurse decided independently to indicate in the chart of an 80 year old end-stage heart failure patient that the latter is classified as ‘not-for-resuscitation’ or NFR. The NFR order was not consulted with the patient’s doctor. Moreover, since the patient was too ill to express her consent or dissent to the order, her husband’s consent was secured. The nurse recorded in the patient’s chart that the on-call physician approved the NFR order. The physician also apparently agreed to the discontinuance of the patient’s continuous positive airway pressure (CPAP) machine. The following day, the patient died and the cause of death was not the withdrawal of the CPAP but because of a heart attack. The RN was later fired for disregarding the chart orders which indicated that the patient’s medical treatment should be continued. The relevant legal and professional issues in the above case can be broken down to: a) the RN’s independent decision on the NFR decision – without proper consultation with the patient’s physician and in violation of orders indicated in the patient’s chart; and in b) ordering the withdrawal of the treatment without proper consultation with the patient. First and foremost, NFR orders are decisions and orders which are indicated in patient’s charts by the patient’s doctor. It cannot be independently decided upon by the nurse without proper consultation with the physician. In turn, this decision is made by the physician after proper consultation with the patient (Dames Clinical Nursing Education Site, 2010). The function of a nurse in NFR orders is to carry it out and to follow the directive as indicated in the patient’s chart. In the current case, the nurse independently decided that an NFR

Communication in Economics Article Example | Topics and Well Written Essays - 500 words

Communication in Economics - Article Example â€Å"Dark pools† simply means the simulated exchanges that are created by banks through conjuring with big potential clients to buy or sell massive deals without changing the price as per the current financial market prices. These side deals are effectuated privately for the selfish benefits of the culprits in the banking industry and the deceitful clients. The main purpose of this vice is to cushion the clients from the possible losses of the main exchanges in a quest to reap profits that are equally shared by both perpetrators (Iniman para 1). The truth about dark pools is that it is a highly profitable venture. The illegality about it reveals that the sector is money-spinning occasioned by different transactions. The most predominant selling venture in â€Å"dark pools† is the attraction of massive share slugs that usually pools established shareholders into buying shares or trading their shares (Iniman para 3). However, there are no legitimate standards that are followed in these transactions of shares. The financial data about these transactions is only relayed to the public after the business is completed. The opportune reporting, which is done after the completion of the transaction, is always a tactical move to ensure that the perpetrators are not affected by the price. This is because an early report about the shares transactions usually raises attention to the truthful stakeholders in the industry to fluctuate the price basing on the buyers and sellers willingness to transact (Iniman para 3). The bigwigs who indulge in these illegal transactions are currently overriding in the U.S and Europe banking quarter. They utilize â€Å"dark pools† as a smokescreen on their way to raking millions of dollars from the shares business with no fear of making loses because of the nature of operations (Iniman para 3). It is palpable that most

Why students should take a gap year before college Essay

Why students should take a gap year before college - Essay Example Yet, there do happen to be many discerning students who take time to sort out their priorities in life. Such students do prefer to think in a more serious and concerted manner as to their expectations from and outlook towards a college education. In that context, taking a year off before college allows such students the time and the space to ponder about their future goals and aspirations in a more serious and dedicated manner. This allows them to step aside for sometime from the usual societal and academic trends, to chalk out their future course in consonance with their own values and needs. Hence, a gap year before college could indeed turn out to be fruitful and beneficial. Thereby, students should take a year off before college to gain maturity, build real world social skills, and reinforce the selection of their major. Ralph happened to be one of such student who was typically bothered by a sense of purposelessness, as he finished the high school. There was a side of him that eagerly desired to join college, as most of his friends were doing. But, there was also a facet of Ralph’s personality that wanted to spend some time sorting out his priorities and expectations from life. Luckily Ralph’s parents did not press him as he decided to take a year off after high school. Since long Ralph had been thinking of traveling to Spain. This gap year facilitated Ralph with the requisite time and opportunity. Ralph did some research on the social networking sites and joined a group of American gap year students visiting Spain. The six months that Ralph spent in Spain completely changed him. Ralph not only ended up becoming a more mature and independent person, but he also gained a reasonable level of proficiency in the Spanish language. In Spain Ralph learnt to appreciate cultural diversity and learned to get along with people from different cultures and

Literature review Research Proposal Example | Topics and Well Written Essays - 750 words

Literature review - Research Proposal Example 1243). Alsaif (2011) considered the prevalence of obesity among children and adolescents and recognized the problem as an epidemic. Dehgan (2011, p. 2) confirmed these findings. This study conducted quantitative research throughout the United States and established that one in every six children aged 6 to 18 years old are obese. Reilly (2010, p. 205) conducted a comprehensive examination of recent systematic reviews and clinical guidelines regarding childhood and adolescent obesity. One of the predominant findings in this study was the recognition that many parents failed to recognize obesity in their child or adolescent. Additionally, the study recognized that many medical professionals under-diagnosed obesity in children and adolescents, and did implement a uniform means of diagnosis. There are a number of considerations that link obesity to specific factors. These specific factor considerations are notable as they further establish the means through which the eventual structured i nterview questions can be established. Additionally, they factor into the qualitative portion of the analysis. Barnes (2011) examined recent statistical trends among childhood obesity. This investigation revealed that childhood and adolescent obesity greatly contributed to the potential for adult obesity. O’Connor (2011, p. ... Liou, Liou, & Chang (2010, p. 1246) examined the causes of adolescent obesity between 2007 and 2008 among 40 middle high schools with 384 classes, implementing a three-stage systematic sampling design. Among the participants 7.2% were identified as obese and 16.1% overweight. These results were correlated with findings that demonstrated individuals with obese parents were at a high risk of obesity. There are a number of notable concerns related to potential treatment methods and avenues for progress. These elements are highly significant to the qualitative portion of the research investigation. The challenge of treating childhood obesity has heightened as studies such as Lawrence et al. (2010) indicate there is no single determinant of adolescent obesity. This study recommends then that treating adolescent obesity necessarily involve a multi-dimensional approach. Stevens (2010, p. 233) studied obesity in middle school students and confirmed the perspective that it must be treated wit h a multi-dimensional approach. Still, this study indicated that the combination of diet and physical activity directly contributed to weight modification. Swain (2009, p. 22) considered these perspectives. This studied specifically presented an exercise program, referred to as ‘Mind, Exercise, Nutrition, Do It!’ (MEND). This program would involve repeated consultations for parents and children with physicians. These consultations would then work to establish goals and overall lifestyle change. Doak (2009, p. 111) considered many of the specific intervention elements the previous studies examined with varying degrees of accord. This study argued that nearly three quarters of school-based obesity interventions are effective. Still,

Computer History and Development Essay Example for Free

Computer History and Development Essay The dictionary defines a computer as an electronic device for storing and processing data, typically in binary form, according to instructions given to it in a variable program. Primarily created to compute; however, modern day computers do much more today: supermarket scanners calculate consumers groceries bill, while keeping track of store inventory; computerized telephone switching centers play traffic cop to millions of calls, keeping lines of communication untangled; and automatic teller machines let’s banking transactions to be conducted from virtually anywhere in the world. Technology has been around for a centuries; growing rapidly year by year. One of the most important items Technology has produced is computers. The Electronic Numerical Integrator and Computer also known as ENIAC was regarded as the first general purpose electronic computer. What came before the ENIAC; well, there is the abacas which some consider the first computer. Created over 5000 years ago in Asia and is still in use today. Using a system of sliding beads arranged on a rack, users are allowed to make computations. In early times, the abaca was used to keep trading transactions; until, this became obsolete with the introduction of pencil and paper. Within the next twelve centuries emerged a significant advancement in computer technology. The year was 1642, when Blaise Pascal, the 18 year-old son of a French tax collector, invented the numerical wheel calculator, also known as the â€Å"Pascaline. † Pascaline was a brass rectangular box that used eight movable dials to add sums up to eight figures long. This device was great and became popular in Europe; the only drawback was the limits to addition (Pascals calculator, 2010, para. ). Another event that epitomizes the Pascaline machine came from an inventor by the name of Gottfried Wilhem von Leibniz; a German mathematician and philosopher in the 1600’s. Gottfried Wilhem von Leibniz added to Pascline by creating a machine that could also multiply. Like its predecessor, Leibnizs mechanical multiplier worked by a system of gears and dials. Original notes and drawings from the Pascline machine were used to help refine his machine. The core of the machine was its stepped-drum gear design. However, mechanical calculators did not gain widespread use until the early 1800’s. Shortly after, a Frenchman, Charles Xavier Thomas de Colmar invented a machine that could perform the four basic arithmetic functions. The arithometer, Colmars mechanical calculator, presented a more practical approach to computing because it could add, subtract, multiply and divide. The arithometer was widely used up until the First World War. Although later inventors refined Colmars calculator, together with fellow inventors Pascal and Leibniz, he helped define the age of mechanical computation. The real beginnings of computers that we use today came in the late 1700’s, thanks to Charles Babbage with the invention of the Analytical Engine. Babbage machine was a steam powered machine; although, it was never constructed it outlined basic elements of a modern general computer. Several more inventors added to machines that were out in the late 1800’s to help pave the way for the first generation of computers (1945-1956) (LaMorte, C Lilly J, 2010, para. 4). Wars had a great deal in the advancement of modern computers; the Second World War governments sought out to develop computers to exploit potential strategic importance. Therefore, in 1941 a German engineer Konrad Zuse had developed the Z3. The Z3 was created to design airplanes and missiles (Computer History Museum Timeline of Computer History, 2010, para. 3). Another computer that was created for war times was the ENIAC, first commissioned for the use in World War II, but not completed until one year after the war had ended. It was installed at the University of Pennsylvania, with a partnership alongside the U. S. government, its 40 separate eight-foot-high racks and 18,000 vacuum tubes were intended to help calculate ballistic trajectories. There was also 70,000 resistors and more than 4 million soldered joints; truly a massive piece of machinery that consumed around 160 kilowatts of electrical power. This is enough energy to dim the lights in an entire section of Philadelphia. This computer was a major development with speeds 1000 times faster than the current Mark I. For the next 40 years John von Neumann along with the University of Pennsylvania team kept on initiating new concepts into the computer design. With the combined genius of all the personnel they continued with new products such as the central processing unit (CPU) and also the UNIVAC. The Universal Automatic Computer (UNIVAC) became one of the first commercially available computers to take advantage of the CPU. This helped out the U. S. Census bureau. First generation computers were characterized by the fact that operating instructions were made-to-order for the specific task for which the computers were to be used. Computers had different binary-coded program called a machine language that told it how to operate. This made the computer difficult to program and limited its versatility and speed. Other distinctive features of first generation computers were the use of vacuum tubes, which were known for their breathtaking size, and magnetic drums for data storage (LaMorte, C Lilly J, 2010, para. 10). The second generation of computers, from 1956-1963, began the age of smaller computers. With the invention of the transistor in 1948, bulky vacuum tube in televisions, radios and computers were all replaced. The transistor became available in a working computer in 1956, and the size of computers has been shrinking ever since (LaMorte, C Lilly J, 2010, para. 13). Along with smaller computers the transistors paved the way for faster, more reliable and more energy-efficient products; thanks in part to the advances made to the magnetic-core memory. The first to take advantage of this new found technology was the early supercomputer, from IBM and LARC. These supercomputers were in demand by atomic scientist because the enormous amount of data that these computers could handle. By 1965, most big business processed financial information using second generation computers. With the second generation computer came new career opportunities such as programmer, analyst, and computer systems expert. Although, transistors was and improvement over the vacuum tube, they still generated a lot of heat, which damaged sensitive internal parts of the computer; the quartz rock eliminated this problem (LaMorte, C Lilly J, 2010, para. 16). Third generation computers (1964-1971) began with Engineer Jack Kilby, with Texas Instruments, developing the IC (Integrated Circuit) in the mid 1900’s. The IC combined three components onto a small silicon disc, which was mad from the quartz. Later on scientist were able to fit even more electronic components onto a single chip, called a semiconductor. As a result, computers became smaller as more components were fitted on these chips. The third generation computer gave birth to the operating system. This allowed machines to run different programs all at once with a central program that coordinated and monitored the computer’s memory (LaMorte, C Lilly J, 2010, para. 16). With the fourth generation of computer’s (1971-2000) only thing to do was to go down in size. There were three major chips that helped with computer downsizing the LSI, VLSI, and ULSI. Large scale integration (LSI) could fit hundreds of components onto one chip. Very large integration (VLSI) could fit hundreds of thousands of components onto one chip. Ultra-large scale integration (ULSI) could fit millions of components onto chips (LaMorte, C Lilly J, 2010, para. 17). The size and prices of computers went down due to the fact, that so much was able to be put into an a area about half the size of a U. S. dime. Intel, which was founded in 1968, developed the Intel 4004 chip in 1971, which would become standard in everyday house hold items such as microwaves, television sets and automobiles. With such condensed power allowed for a new market, everyday people. Computers were no longer just developed exclusively for large business or government contracts. It was the late 1900’s, when computer manufacturers sought to bring computers to a more general consumer. These smaller and sleek computers came with a more user-friendly software packages such as word processing and spreadsheet programs. Early company who took advantage of selling these more user friendly computers was Commodore, Radio Shack, and Apple Computers. In 1981, IBM launched its personal computer for multi-purpose use in the home, office, and schools. IBM made the personal computer even more affordable and the numbers increased rapidly within the next year. Personal computer usage more than doubled, going from 2 million in 1981 to 5. 5 million in 1982. Fast forward 10 years later, there are 65 million PC’s owned by general consumers. With the introduction of Human Computer Interface (HCI), users could now control the screen cursor using a mouse mimicking one hands movement instead of typing every instruction. Smaller computers became more powerful, especially in the workplace, were they could be linked together to share memory space, software, and communicate with each other. This was achieved using telephone lines or direct wiring called a Local Area Network (LAN) (LaMorte, C Lilly J, 2010, para. 20). The fifth generation of computers (Present and Beyond) is a generation that is in the works of some great advancements in computer technology with the utilization of computer chips. One of the major components of a computer is the chip; these are conducted of semiconductor materials and semiconductors that eventually wear out. A semiconductor is a material that is typically made of silicon and germanium; both of them are neither a good conductor of electricity nor a good insulator. These materials are then fixed to create an excess or lack of electrons (Semiconductor, 2010, para. 2). Integrated circuits grow old and die or are discontinued. This process can happen in many ways; modern chips as used in computers have millions of transistors printed on a small chip of silicon no bigger than a fingernail. Each microscopically transistor is connected to the others, on the surface of the chip, with even smaller aluminum or copper wires. Over the years, the thermal stress of turning the computer on and off can cause tiny cracks in the wires. As the computer warms up the wires can part and cause the computer to stop working. Even a few seconds of off-time can cool the system enough to allow the wires to re-connect, so your computer may work just fine for a few minutes, or hours, then after it warms up, it may fail, letting it cool off can bring it back to life for a few minutes or more (Computer Freezes and Crashes, 2010, para. 16). Of course, some chips are much more inclined to failure than others. The competition tries to gain an advantage on the market by building cheaper or faster chips; cheaper and faster means hotter and shorter-lived parts. Better quality equals higher prices; when the price goes up and nobody buys the products. Low quality products die of old age too early and they get a bad names, this causes products to not be sold. Most modern computers are constructed from the cheapest parts available. With this information being known, Intel, one of the best chip manufactures, designs their parts to be very vigorous and endure heat and malfunction. Intel was founded on July 18, 968, as Integrated Electronics Corporation. Intel Corporation is a worldwide semiconductor chip maker corporation based in Santa Clara, California, and is the worlds largest semiconductor chip maker, based on revenue. They invented the series x86 microprocessors; these processors are found in most personal computers (Intel, 2010, para. 20). Intel along with other competing companies is predicting no more mouse or keyboards by 2020. Right now with Intel-developed sensor and brain waves scientist are hoping they can find ways to harness brain waves to operate computers. This all would be done of course with consumer’s permission. Scientists believe that consumers would want the freedom gained by using the implant. The idea may be far-fetched now but 20 years ago tell a person that it would become almost necessary to carry a computer around; that idea would have been rebutted. Look around now, people cannot leave a computer or computer device home or even in a vehicle without feeling like something is missing, an almost naked feeling. Scientists believe that consumers will grow tired of dependence of computer interface. Whether it’s fishing out accessories or even just using the hands to interact, Scientists think consumers would prefer to manipulate various devices with their brains. Currently a research team from Intel is working on decoding human brain activity. The team has used Functional Magnetic Resonance Imaging (FMRI), these are machines that determine blood flow changes in certain areas of the brain based on what word or image the consumer is thinking of. This idea sounds farfetched but almost two years ago, scientist in the U. S. and japan announced that a monkey’s brain was used to control a humanoid robot. Scientist and the Intel team are currently working on getting to a point where it is possible to mentally type words by thinking about letters (Intel Chips in brains will control computers by 2020, 2010, para. 4). The story of the computer is amazing; to see how far technology has come is almost unreal. Evolving from the first computer the ENAIC, a huge machine that had thousands of tubes everywhere; computers are now small enough to be placed in a brief case for on the go use. Furthermore, with the everyday advancement of technology it won’t be long before farfetched ideas become a reality.

Islamic Equity Investment Risk and Return Behaviour

Islamic Equity Investment Risk and Return Behaviour Islamic equity investments deal with the application of Shariah in stock selection in fund management. Islamic equity investment is a new and emerging concept in fund management and posed a slow growth compared with a fast paced growth in Islamic fixed income Sukuk markets and Islamic banking in the current decade. However Islamic equity investments contain a significant potential to generate above average risk adjusted returns than conventional equity investment as discussed in this paper. The thesis argues about the risk returns behavior of Islamic equity investments by analyzing the risk return behavior of Karachi Meezan Index, an Islamic index traded at Karachi stock exchange, over the period of two and a half years. Karachi Stock Exchange 100 index and Karachi Stock Exchange 30 index was used as benchmarks to find out if there are any significant differences in the returns volatility of KMI30 and KSE 100. The complete period was also divided into bull and flat periods and eac h period is analyzed to further augment the research. Our findings provide strong evidence to reject the notion that Shariah Compliant investment perform poorly than conventional equity investments. In fact our finding supported the assumption that Shariah Compliant Equity Investments can deliver better returns than conventional investments given the same level of risk. Chapter 1 Introduction In the past few years there has been remarkable growth in the field of Islamic finance. New products are being developed on a consistent basis in capital markets which comply with the Shariah. The main distinguishing feature of Shariah Compliant Stocks is their low risk characteristics which has induced many risk averse investors into investment in Shariah complaint stocks and equity funds. According to Ernst Young’s 2010 Islamic funds investment report, currently there are approximately $52 billion fund assets under management in the Islamic fund industry which is still a small proportion of the total assets under global fund management which are worth $22 Trillion in 2010. Total Shariah compliant assets now exceed $1 trillion worldwide because of the fast faced growth in Islamic finance during the current decade. Currently Islamic funds only constitute about 5.5% of total Islamic finance investments which signifies the potential of growth in this industry in coming years. From July 2007 to Nov 2009, MSCI World Islamic Index outperformed the MSCI World Index Standard Core in terms of variability of returns which shows that Shariah complaint stocks generate more returns in high volatility period compare to conventional stocks. In an Islamic equity fund, the amounts are invested in the shares of Shariah complaint stock companies. The profits are mainly achieved through the capital gains by purchasing the shares and selling them when their prices are increased. Profits are also achieved by the dividends distributed by the relevant companies. It is obvious that if the main business of a company is not lawful in terms of Shariah, it is not allowed for an Islamic Fund to purchase, hold or sell its shares, because it will entail the direct involvement of the shareholder in that prohibited business. In September 2008, Karachi Stock Exchange with the collaboration of Meezan Bank launched a new index called Karachi Meezan Index comprising of 30 companies. The distinguishing characteristic of this index is its Islamic nature in which selected companies will be fully Shariah-complaint. Companies will be selected in the index based on their liquidity in the stock market along with compliance with Shariah principles. These Shariah principles are formulated by the Shariah advisory council of Meezan bank which comprises distinguishing Islamic scholars. The objective of KSE-Meezan Index (KMI) is to serve as a gauge for measuring the performance of Shariah compliant equity investments. It may also act as a research tool for decisions in strategic asset allocation according to Shariah besides tracking performance of Shariah compliant equities; its construction will increase investor trust and enhance their participation. Stock Screening Requirements for KMI-30 Index Shariah compliance of stocks shall be done under the guidance of qualified and reputed Shariah experts. For stocks to be Shariah compliant, it must meet ALL the six key tests given below. Business of the Investee Company: Core business of the company must be HALAL and in-line with the dictates of Shariah. Hence, investment in securities of any company dealing in conventional banking, conventional insurance, alcoholic drinks, tobacco, pork production, arms manufacturing, pornography or related un-Islamic activities is not permissible. Debt to Total Assets: Debt to Asset ratio should be less than 40%. Debt, in this case, is classified as any interest bearing debts. Zero coupon bonds and preference shares are, both, by definition, part of debt. Non-compliant Investments to Total Assets: The ratio of non-compliant investments to total assets should be less than 33%. Investment in any non-compliant security shall be included for the calculation of this ratio. Non-complaint Income to total revenue – Purification of Non-compliant: income the ratio of non-compliant income to total revenue should be less than 5%. Total revenue includes Gross revenue plus any other income earned by the company. This amount is to be cleansed out as charity on a pro rata ratio of dividends issued by the company. Illiquid Assets to Total Assets: The ratio of illiquid assets to total assets should be at least 20%. Illiquid asset, here, is defined as any asset that that Shariah permits to be traded at value other than the par. Net Liquid Assets to Share Price: The market price per share should be greater than the net liquid assets per share calculated as: (Total Assets – Illiquid Assets – Total Liabilities) divided by number of shares. *Courtesy of Karachi Meezan Index Brochure retrieved from Karachi Stock Exchange Website Rationale of the Study Islamic equity investment funds pose immense growth potential in the future mainly on account of the following reasons: It attracts risk averse investors who previously ignore equity investments because of Islamic Equity’s low risk characteristics It attracts new Muslim investors who previously were wary of investing in stock markets because of non-Shariah compliance Therefore a study needs to be conducted which examines the risk return behavior of Shariah complaint stocks so that investors and general people will have a better idea about the risks profits which are inherent in Shariah complaint shares. Research Questions The study will help in answering the questions such as: Is there a difference in returns of KMI30 and KSE 100 indices? Is there a difference in the volatility of KMI30 and KSE 100 indices? Is KMI30 index giving more or less risk adjusted returns compared to KSE 100 index? How much variation is explained by KSE 100 index in returns of KMI30 index? Limitations of the Study KMI30 index represents the risk return behavior of only 30 blue chip Shariah compliant stocks. In order to have a better comparison with the KSE 100 index, a portfolio consisting of all the stocks from KSE 100 which comply with Islamic screening principles should be constituted and the return volatility attributes of this portfolio should be compared with KSE 100 index because a difference in returns between both indices can be because of superior judgment in the selection of stocks in KMI30. Chapter 2 Literature Khan (1998) studied the modern practices in commodity, currency and corporate stock trading in the light of Islamic economic framework and stated that under Islamic principles, Mudarabah or Shirakah certificates can be traded in stock exchanges. However there is no concept of preferred equity in Islamic finance as it Riba which is forbidden under Islam. Khan stated that liability towards losses of the organization need to be met which may have accumulated over a period in order to sell or disinvest shares of that organization which implied that each shareholder has a liability for cumulative past losses as well as current losses in proportion to the capital invested. Khan (1998) proposed a model of stock valuation which incorporates the Islamic principles that intrinsic value of shares should provide the prospective investor a fair amount of information about past performance of organization. Iv = intrinsic value of shares Pv = par value of shares Ri = Profits, Reserves etc L = losses S = No. of Share Lewis (2010) examined the current and historic structure and performance of Islamic investment funds and found out that Islamic investments have grown quickly over the past few years and now there are approximately 650 Islamic funds operating globally. Lewis also discovered that in the past Islamic funds have focused more on negative forbidden screening principles instead of focusing on both the negative and positive screening methodologies like socially responsible funds that focus primarily more on investments in companies which play a part in human welfare. However these Socially Responsible Investments (SRI) funds performed slightly poor compared to Islamic funds because Islamic funds invested a significant portion in energy companies who enjoyed profitability because of rising oil prices, SRI funds do not invest large portions in fossil fuel energy companies primarily because of their futile side effects on environment. Nik Maheran and Masliza (2008) analyzed the performance of Islamic mutual funds at Kuala Lumpur Stock Exchange to investigate if these funds underperform or over perform the market index using average return on mutual funds, standard deviation of weekly returns, coefficient of variation, Treynor and Sharpe index. They found out that most of the funds achieved a lower return than market from the period 2002 until 2006. However in terms of risk level Islamic mutual funds showed less risky behavior compared to the market since the betas of Islamic mutual funds was less than one. Rennebook, Horst and Zhang (2007) critically reviewed the available literature on socially responsible investments and concluded that a primary reason for low returns from socially responsible funds could be the multi-task nature of portfolio managers who pursue both financial and social objectives. They also found out that if investors avoid investments in unethical/asocial businesses, than they may require a low rate of return than other investors who do not show any similar type of preferences. Hussein (2007) analyzed the returns of FTSE Global Islamic index and Dow Jones Islamic Index from 1993 till 2004 and compared them with the returns of Dow jones world index and FTSE All world index. He found out that application of Shariah screening doesn’t adversely impact on Islamic indices performance as Islamic indices performed as well as their counterparts over the entire period. Hussein (2007) stated that Islamic indices yield statistically positive returns in bull market period though Islamic indices underperform the all world indices in the bear period and in the long run have a superior performance compared with counterparts in entire market period. Abdullah, Hassan and Mohammad (2007) compared the performance of Islamic and conventional mutual funds in Malaysian capital market with the help of Sharpe index, adjusted Sharpe index, Jensen Alpha, timing and selective ability and found out that Islamic funds are less risky than conventional funds and both Islamic and conventional funds have diversification levels which are less than 50 per cent of the diversification level of the market portfolio. They discovered that Islamic funds performed better than conventional funds during bearish periods while conventional funds performed better than Islamic during bullish periods and concluded that Islamic funds can be used as hedging tools. Hussein (2005) compared the performance of Dow Jones Islamic market index and FTSE Global Islamic index and benchmarked it against their counterparts, Dow Jones World index and FTSE Global Index respectively, using parametric t-statistic and non-parametric signed rank test. Monthly returns data had been used ranged from 1996 2004 and the periods had been divided into bull and bear return phases to make more meaningful conclusions from results. Hussein (2005) found out that Dow Jones Islamic Index outperformed its counterpart in the entire period (1996 – 2004) and bull period. The mean monthly return of Dow Jones World Index was higher than the DJ Islamic index over the entire bull period which indicated that the Islamic index has greater volatility in comparison with DJ world index. Contrary to this, Dow Jones Islamic index fails to maintain its better performance over the bear market phase where the DJ world index gives better returns. In case of FTSE indices, FTSE Global Is lamic index outperforms FTSE All world index in the entire and bull periods. However FTSE Islamic index underperforms FTSE world index over bear period. Hussein (2005) also found out that the beta of both Islamic indices is greater than one and higher than their counterparts which imply that both Islamic indices are riskier than their counterparts. Hence Hussein (2005) stated that the application of Shariah screening principles has no adverse effect on Islamic indices performance over the years and concluded that Shariah investing offer superior performance compared to unscreened portfolios. Albaity and Ahmad (2008) examined the performance of KLSI, A Shariah Compliant Index at Bursa Malaysia, and benchmarked it against KLCI which is a conventional stock market index at Bursa Malaysia using measures of risk adjusted returns and found out that KLCI is outperforming KLSI. Albaity and Ahmed (2008) also found out that KLCI has a higher beta as evident from conventional Non-Islamic indices and that in the short run both indices move in the same direction and tend to cause each other. Hence they concluded that there is no significant difference in the returns and movements of both indices. Hakim and Rashidian (2002) applied Islamic equity screening principles on Wilshire 5000 index and created a Shariah Compliant Portfolio and compared the return characteristics of the created Wilshire Islamic portfolio and Dow Jones Islamic market index portfolio with the parent Wilshire 5000 index and found out that the reduced diversification characteristic of newly created portfolio has not adversely affected its performance when compared with parent Wilshire 5000. Hakim and Rashidian (2002) examined the causality between the Islamic index, the Wilshire 5000 and the Tbill rate and found out that the Islamic index is influenced by factors independent from the broad market or interest rates which are contrary to the widely accepted notion that Dow Jones Islamic Index exhibits high correlation with broad market. They concluded that such correlation is temporary and false Sauer (1997) measured and analyzed the average monthly returns and variability, Jensen Alpha and Sharpe performance of the Domini 400 Social index portfolio and benchmarked it against the performance of two unrestricted portfolios (SP 500 and CRSP value weighted market indexes). Sauer (1997) discovered that the application of socially responsible strategy in stock selection does not impact the investment performance adversely. He concluded that the potential performance costs of implementing socially responsible criteria, as represented by the performance of Domini social index are negligible. Sauer (1997) also stated that the performance of Domini Social equity Mutual fund compares favorably to the performance of Vanguard SP 500 index. Bauer, Koedijik and Otten (2004) analyzed the performance of 103 German, UK and US ethical mutual funds and found no indication of substantial difference in return behavior between ethical and conventional mutual fund returns after controlling for factors like book to market and size. Bauer, Koedijik and Otten (2004) also concluded that ethical mutual funds are typically less exposed to market variability compared to conventional funds. Hamilton, Jo and Statman (1993) studied 32 socially responsible mutual funds and compared their returns with a portfolio of 177 conventional mutual funds. They found out that market do not price social responsibility characteristics so investors can expect to lose nothing by investing in socially responsible mutual funds; social responsibility factors have no effect on expected stock returns or companies’ cost of capital. Derigs and Marzban (2009) analyzed SP, DJIM, FTSE, MSCI and HSBC Shariah Complaint indices and stated that current Shariah compliant strategies result in much lower portfolio performance than portfolios without considering Shariah Compliance. They suggested that the return from Shariah complaint strategies can be increased by making Shariah compliance an attribute of portfolio constructed rather than measuring compliance on as asset level. Derigs and Marzban (2009) argued, Funds are investment vehicles, which are financially independent of the institutions that establish them. Therefore, a fund takes the form of an independent company, such as a limited liability company (Norman, 2004), in which investors act as shareholders. So they proposed that with respect to compliance a fund which itself invests in multiple companies has to be evaluated in the same way as a conventional independent company. Hassan and Antoniou (2006) examined the potential impact of Islamic screening restrictions on investment performance by comparing the performance characteristics of a diversified of Islamic screened stock indices with conventional benchmarks (Data stream Global Index) and the degree of correlation and volatility in price movements between both indices. Hassan and Antoniou (2006) concluded that the impact of stock screens is closely related to the performance of stock markets and further stated that any argument that Islamic equity investments are less profitable than conventional types of investments is questionable which is supported by relatively major differences between Sharpe and Treynor measures and significant positive Alpha over the positive returns period when the Dow Jones Islamic Market Index outperformed the Data stream Global Index. Chapter 3 Methodology This section emphasizes the research methodology and the type of data that has been used in this research. The research is quantitative in nature as statistical and financial models are being used to test the STOCK INDEX time series for volatility and return. The data which is going to be used in the research is secondary in nature and in the form of time series. Daily index values of Karachi Meezan Index (KMI-30), KSE-30 index and KSE-100 index from Karachi stock exchange are being used as secondary data from December 15, 2008 till March 11, 2011. Daily logarithmic returns of all indices are being calculated such that: Where is the raw return for index i for the time t, refers to the price of index i at time t, and is the price of index i at time t-1. A descriptive statistical analysis was performed on the calculated daily logarithmic returns using to calculate mean, standard deviation, standard error, median, variance, kurtosis, skewness, maximum and minimum values of all three indices for the whole period from December 15, 2008 to march 11, 2011. Also Geometric mean for all three indices was also calculated as it contains the effect of compounding. Coefficient of variation is calculated to measure the variation in each index given its return. A correlation matrix was being calculated using excel spreadsheet to find the degree of correlation between KMI-30, KSE-30 and KSE-100 indices. A linear regression analysis has been performed using the returns of KMI-30 index as dependent variable and returns from KSE-100 as the independent variable to estimate the coefficient of determination (R-Square) and beta of KMI-30. Another linear regression was performed using KSE-30 as the dependent variable and KSE-100 as the market independent v ariable to estimate the beta of KSE-30 and coefficient of determination. The regression equations were as follows: Where is the intercept, is the beta of the stock index, and are the returns on KMI30 and KSE30 indices respectively and is the return on KSE100 regarded as the return on the stock market. Risk ratios which are used in the analysis to compare the risk reward profile of KMI30 with KSE 30 and KSE 100 are Alpha, Beta, Standard Deviation, R-Squared, Sharpe Ratio and Treynor ratio. A paired t-test was performed to check the hypothesis of difference in means of KMI30 and KSE 100 index because nearly all of the stocks of KMI30 are part of KSE 100 hence dependent. Also F-test was performed to check the difference in variances of KMI30 and KSE 100 indices assuming that the returns from both indices are normally distributed. The whole period from December 15, 2008 to March 11, 2011 is than divided into two bull periods and one relatively flat period to find out the risk-return profile of KMI30 and KSE 100 in these periods. The first bull period is from January 15, 2009 till October 15, 2009 while the flat period is from October 15, 2009 till October 15, 2010. The second bull period is considered from October 15, 2010 to January 15, 2011. A descriptive analysis was again performed on these bull and flat periods along with similar paired t-tests, F-tests, linear regression and correlation matrices. Sharpe ratio, Treynor ratio, Jensen Alpha, Beta and S. Deviation were also calculated for these bull and flat periods. Chapter 4 Results Analysis Descriptive Statistical Analysis Descriptive analysis shows that KMI30 index showed very good daily mean returns of 0.1014% since Dec 15, 2008 till March 11, 2011. KMI30 index started in September 2008 and considering the mean returns, it is a very good performance by a stock exchange index especially when comparing with geometric mean of KSE 30 returns of 0.0227% and KSE 100 daily returns of 0.0451% in the same period. The standard deviation of KMI30 index daily returns was 1.5051% which is considerably less than its counterpart KSE 30 index however more than the S. Deviation of KSE 100 index as expected because of large diversification effects of stock returns in KSE 100. The coefficient of variation for KMI30 index is 15.97 compared to 33.36 for KSE 100 and 74.593 for KSE 30 which clearly indicates that KMI30 is less risky when compared to both other indices per unit of return. The excess kurtosis for KMI30 for the complete period is 2.58 compared to 2.13 for KSE 100 and 2.29 for KSE 30 which shows that all three indices are more peaked than normal distribution and are leptokurtic. All three indices are negatively skewed which shows that most of the returns are negative. As indicated by higher standard deviations of KSE 30 index, its maximum and minimum return are greater than KMI30 maximum and minimum returns. The maximum one day return for KMI30 during the whole period was 5.3% while the minimum return was -5.19%. From January 15, 2009 to October 15, 2009, KSE showed a bullish trend. The geometric mean of KMI30 index daily returns during this first bullish period was around 0.31% much higher than 0.24% of KSE 100 and 0.28% of KSE 30. However the standard deviation of KMI30 index is 1.93% less than 1.88% of KSE 100 and 2.35% for KSE 30. This shows that not only KMI30 beat KSE 100 and KSE 30 in returns but also remained less volatile over the bullish period when compared to KSE 100 and KSE 30. The kurtosis of all three indices is slightly over 3 (Excel displays Excess Kurtosis) which shows that all three indices are mesokurtic and have a kurtosis equal to that of normal distribution. KMI30 showed a slight negative skewness of -0.0195, while KSE 100 showed positive skewness of 0.04058 in this bullish period. From October 15, 2009 to October 15, 2010, KSE showed a relatively flat period of returns with KMI30 index showing a mean geometric return of 0.0498% while KSE 100 and KSE 30 showed a geometric return of 0.017% and –0.0249% respectively. The KMI30 again outperformed KSE 100 and KSE 30 in returns over this flat period. KSE 30 had negative mean returns in this period. KMI30 also showed low standard deviation of 1.088% compared to 1.1049% of KSE 100 and 1.3866% of KSE 30. Hence KMI30 again outperformed KSE 30 and KSE 100 index in this relatively flat period in terms of returns and low volatility. KMI30 had an excess kurtosis of 2.18 more than 1.79 for KSE 100 but less than 2.26 of KSE 30. Hence all three indices have leptokurtic distribution with high peaks than normal distribution. KMI30, KSE 100 and KSE 30 all showed negative skewness in this flat period. From October 15, 2010 till January 15, 2011, KSE showed a relatively bullish trend with KMI30 showing a daily return geometric mean of 0.36% against 0.3% by KSE 100 and 0.33% by KSE 30 index. However KMI30 index showed a higher daily standard deviation of 0.86% compared to 0.73% of KSE 100. KMI30 also showed a more leptokurtic distribution compared to KSE 100 as the excess kurtosis of KMI30 was around 0.497 compared to 0.262 for KSE 100. During this bullish period all three indices showed a positive skewness with impressive returns in a short span of time. Over the whole period, from December 15, 2008 to march 11, 2011, KMI30 showed impressive annualized returns of 28.825% compared with KSE 100 and KSE 30 which showed annualized returns of 11.9367% and 5.85% respectively. The annualized standard deviation for KMI30 index was a little higher than KSE 100 but lower than that of KSE 30. Also the total return over this two and a half year period by KMI30 was quite impressive and 2.5 times more of KSE 100. KMI30 had a total return of 75.11% from Dec 15, 2008 to March 11, 2011. Sharpe ratio is only positive for the KMI30 because the other two indices had returns less than 12 month Treasury bill rate. Jensen’s alpha for KMI30 was 16.8687 which indicated the average return on KMI30 over and above the CAPM predicted return of 11.9566%. KMI30 also had a beta lower than one which shows that KMI30 is less volatile than the overall market. KSE 30 had a beta of greater than one showing that it’s more volatile than the market KSE 100 in dex. Correlation matrix shows a strong correlation of 92.933% of KMI30 and KSE 100 over the whole period from December 15, 2008 to March 11, 2011. KSE 30 showed a less strong correlation of 87.48% in the same period with KSE 100. In the first bullish period, KMI30 however had a rather less strong correlation with KSE 100 compared to the whole period correlation described above. In the flat period from Oct 15, 2009 till Oct 15, 2010, KMI30 had a very strong correlation with KSE 100 index. In second bullish period, from Oct 15, 2010 to Jan 15, 2011, KMI30 again had a relatively less strong correlation with KSE 100 as already happened in first bullish period. It looks like KMI30 is showing less strong correlation with KSE 100 in bull markets and very strong correlation with KSE 100 in relatively flat periods which shows that KMI30 shows returns which are less correlated with market in bull periods and give more correlated returns in flat market periods. In both bull periods, Jan 15, 2009 – Oct 15, 2009 and Oct 15, 2010 – January 15, 2011, KMI30 outperformed KSE 100 and KSE 30 index with impressive margins. KMI30 gave a total return of 81.68% in the first bull period, 13.24% in the flat period and 23.67% in the second bull period. KSE 100 gave total returns of 57.3%, 4.34% and 19.92% in the same periods. KMI30 also showed a relatively same standard deviation as the KSE 100 except for the second bull period when there was a large difference in S. Deviation of KMI30 and KSE 100 returns. What this means is that KMI30 is giving higher returns than KSE 100 while having the same risk as KSE 100 also evident by Sharpe ratio. In first bull period, KMI30 had a beta of 0.927 compare to 1.077 of KSE 30. In the flat period, KMI30 had a beta of 0.948 while KSE 30 had a beta of 1.06. In the second bull period, KMI30 and KSE 30 showed an irregular trend when the beta for KMI30 increased over 1 while beta for KSE 30 dropped less than o ne. Regression Analysis A regression analysis was performed on the daily returns of KMI30, KSE 30 and KSE 100 for the complete period to explain the variation in the returns of KMI30 and KSE 30 index by using KSE 100 as the independent market index. The regression equations are as follows: Equation 1 Equation 2 The R-Square for the first model of KMI30 returns come out to be 86.366% which tells us that 86% of the variation in KMI30 index is caused by KSE 100 index. The R-square for the second KSE 30 model was 77% which shows that KSE 100 causes more variation in returns of KMI30 than KSE 30 index. The intercept of first equation is 0.000523179 which shows that when the daily market return is zero, than KMI30 has a daily return of 0.0523179%. The slope of the first equation, beta of KMI30 index, tells us that a one percentage change return in KSE 100 index causes a 0.9752 percentage change return in KMI30 index which shows low volatility in KMI30 compared to KSE 100. The slope and intercept for the KSE 30 model are 1.1018 and -0.0216% respectively which indicates that KSE 30 is more volatile than KSE 100 (has a beta higher than 1) and that a zero return from market will causes a -0.0216% daily return fall in KSE 30 index. Hypothesis testing The first hypothesis was to test that whether there are any significant differences in daily returns of KMI30 and KSE 100 indices for the whole period from December 15, 2008 to March 11, 2011. Since all the stocks which are part of KMI30 index are also a part of KSE 100 index which indicates that both samples are dependent hence paired t-test was employed to test the differences between returns of both indices. The null and alternative hypotheses are given as: Ho: The difference in mean daily returns of KMI30 and KSE 100 index for the period from December 15, 2008 to March 11, 2011 is equal to zero H1: The difference in mean daily returns of KMI30 and KSE 100 index for the period from December 15, 2008 to March 11, 2011 is not equal to zero The paired t –test was performed on a 5% level of significance with 552 degrees of freedom. The calculated t statistic was 2.310548072 which was greater than the critical value of 1.96. Hence the null hypothesis was rejected and the conclusion was that the difference in mean daily returns of KMI30 and KSE 100 returns is different from zero. The second hypothesis tested whether there are any significant statistical differences in returns of KMI30 and KSE 100 indices during the first bullish period from January 15, 2009 to October 15, 2009. The same paired t test was employed to test the difference in returns in this bullish period using a significance level of 5%. The null and alternative hypotheses are given as: Ho: the difference in mean daily returns of KMI30 and KSE 100 index for the bullish period from January 15, 2009 to October 15, 2009 is equal to zero H1: the difference in mean daily returns of KMI30 and KSE 100 index for the bullish period from January 15, 2009 to October 15, 2009 is not equal to zero The calculated t-statistic was 1.2773207 less than the critical value of 1.972 at 5% level of significance with 187 degrees of freedom. Hence the null hypothesis was failed to reject and it was concluded that there is no difference in the returns of KMI30 and KSE 100 indices during the first bullish period from January 15, 2009 to October 15, 2009.

Analysis Of The Code Of Conduct

Analysis Of The Code Of Conduct Planning is no longer a fashionable concept particularly after the collapse of socialism in the recent past and which has exerted the influence upon the environment (Evans, 1995). It is the part of land use planning system which used to balance the developments in future in context of economic, social and environment areas. According  [2]  to Davies, A N, Planning is the process of setting goals, developing strategies, and outlining tasks and schedules to accomplish the goals and it is a tool for guidance and facilitation for various areas like regeneration and development. According  [3]  to Lewis Keeble, Planning is the art and science of ordering the use of land and the character and siting of buildings and communication routes so as to secure the maximum practicable degree of economy, convenience and beauty. Since the postwar planning system was put into place in Britain, Major changes have taken place during this time in society, the economy, and the political scene some of which have been touched upon in this rapid overview. In these changing frames, town and country planning has grown into a series of different policy areas which gave different directions for the profession. As the profession underwent a number of changes, the development of various acts, policies, frameworks and guidance notes came into existence. According to Evans, B., The British planning has emerged out from particular circumstances like economic, political and cultural as a form of land use control which is different to the emerged systems in other countries. The essay analyzes the critical adequacy of Royal Town Planning Institute`s (RTPI) Code of Conduct in other light of ethical concerns which are also an important concerns in planning actions/decisions. It begins with introduction about RTPI`s Code of Conduct, distinguish between ethics, ethical issues and as well as between Codes of Conducts and Codes of Ethics. It then describes the arguments between different authors about ethical dilemmas in the context of planning theory, changing role of professional planners due to confronting of ethical issues/dilemmas and criticism of the RTPI Code of Conduct in different ethical concerns like personal, social and environmental etc because the involvement of political/personal concerns, social reforms and environmental protection/concerns were added to the planning actions/decisions over the time. So its really important to analyze the Code of Conduct in their context. It concludes by looking over different ethical concerns critically to find out the importance of Code of Conduct for future in the context of different ethical concerns. In the British Planning practice system, The Royal Town Planning Institute (RTPI) is a dynamic organisation leading the way in the creation of places that work now and in the future  [4]  . The RTPI has its own professional Code of Conduct as last amended on January 2007. The Professional Code of Conduct sets out that how the members of RTPI should behave among their all the professional activities and ethics. It has also numbered clauses which are more detailed, explains the Code of Conduct. Ethics are defined  [5]  as the moral quality of an action or the rightness. It is important to distinguish the ethics and ethical issues. Ethics are helpful to guide the planners in their daily professional work schedule while ethical issues majorly focused upon the moral correct behaviors and involve conflicts/dilemmas about the right/wrong ends and principles. Within the planning profession there are codes of conduct (RTPI, adopted 1994) and codes of ethics. It is important to differentiate these: a code of ethics is comprised of visionary statements regarding the normative and ethical aspects of the profession While a code of conduct has certain guidelines/regulations for professional behavior including conflict of interest and professional competence (Hendler 1991). The ethics of competence, integrity and equality are the main objectives in the purposes of RTPI`s Code of Conduct among their all the professional activities and Code of Conduct is also giving emphasis to personal, professional and political ethical frameworks. Planning theory is also describing the ethical dilemmas of different sectors which are like environment, social and economic etc. According  [6]  to Campbell S S. Fainstein S., Planning theory in itself, is a slippery subject and explanations are often frustratingly tautological or disappointingly pedestrian Consequently it appears as overlap with theory in all disciplines of social sciences and its hard to limit the scope of planning. According to William L., planners are torn between public, serving professionals and fellow members. So this dilemma is further complicated by the extension of planning actions and conflicts between the different sectors like environment, social and economic development and these conflicts creates problems not only in planning actions as well as in professionals and in the whole planning process. The changing role of planners over the time is also a one of reason for the increase in confronting of profession by ethical issues. These changes can be measured from two perspectives as Change in the planning profession itself over time and changes in the way in which public and clients perceive planning professionals and their profession. Planners have seen in different role models over the time and recently they are seen to be more interactive, exchanging knowledge and ideas with clients and a wide range of other interested parties (Healey 1991). Now planner is recognized as expertise, is more to deal with exchanging ideas/knowledge instead of framing policies and report writings. According to Prior (2000), the current role of planner is seems to be as a mediator between different interests in land development and Forester (1989) also gave examined planner`s current role as a facilitator who is assisting others rather than a technical expert. Thomas and Healey (1991) also describe  [7]  planning as a multi-disciplinary field drawing on diverse fields of knowledge. Planners must be able to draw together these diverse fields and co-ordinate agencies with different knowledge and responsibilities. Every country has its own bodies (Government/NGO`s) for ensuring the equality among different groups in the society. The RTPI Code of Professional conduct under No.2, It mentions the equality and elimination of discrimination in the context of sex, religion, disability, age and sexual orientation in all the professional activities among members others. In the 1970s, to address the new questions and goals, an attempt was done to broaden them by criticizing the professional code of conducts by Howe, Kaufman and Marcuse. According to them, as they were criticizing the professional planning codes from the UK, Canada USA, some of the codes in UK have no references to the ethics, and they are just mentioning some general terms related with ethics and in some, more emphasis on personal ethics of individual planners. The RTPI Code of Conduct also mentions that the members have to keep their personal, private, political and financial interests separate from their professional duties so that they should perform their duty without any disruption and take steps/precautions time by time to keep them separate from professional responsibilities but according to Marcuse (1976),  [8]  In most cases, even the rules for telling right from wrong are not clear. Obligations to clients conflict with obligations to the public; following professionally accepted standards of conduct produces results repugnant to most laymen; professional integrity and democratic decision making seem to conflict; the bounds of professional concern are hazy. Marcuse also mentioned that the existing ethical and professional standards are often inherently inconsistent, conflicting and contradictory with the profession`s public oriented image. So ultimately they are a weak guide to ethical conduct for practicing planners. The conflict between the views of elected members and the professional planners is also another dilemma. As elected members have different views  [9]  compared to planners because members are typically interested in getting votes which can resultant in different views priorities for a member. So an elected member may have different priorities for developments in district as like social/economic instead of environmental and ultimately it conflicts with the views of planners because planners are responsible for the development of all the sectors and the prioritized issues but in RTPI Code of Conduct, it doesn`t have no references or guidelines for such issues/conflicts between elected members and professional planners. Its true that planners should act professionally but it is also important not to take the biased steps/planning actions under any pressures of elected members or other pressure groups. Even According  [10]  to Brewster R., there are chances of conflicts between the views between elected members/representatives and the planners working in the local Government and its crucial to ensure the successful completion of planning actions. According  [11]  to Friedman, It may be a biggest problem in understanding and theorizing of planning, in his paper on planning research and he mentioned the approach of planning research by encouraging planner researchers to identify the actual situations of city politics with planning to address the question of power. From point of view of planning research and issues related with it, a very little discussion of ethical issues related to planning research has done compared to ethical issues relating to planning only (Hendler,1995)  [12]  . While in the criticism of professional Codes of Conduct done by Howe and Kaufman, (1979); Marcuse, (1976) shows that there is no direct reference/link to planning research in these codes, as these codes are for the regulation of planning profession but which is a different activity from research. So planning research is a part of planning actions/decisions which also deals with the same ethical issues/dilemmas as well as to identify vario us specific issues like related with power, politics etc. Social Justice There are significant shifts over the time in ethical judgments which were informed by notions in the context of social and ethical concerns (Watson, V., 2006). According  [13]  to David Harvey, The social justice is ideally based upon the principles of equal worth of all, shelter and other basic amenities, opportunities for all and eliminating the inequalities from society. The equal distribution among individuals is a simple meaning of social justice (Ernesto M., 2008). The issues of social justice are a prime concern in the context of development, socio-economic aspects. There are number of examples of injustice in the form of suppression, unequal opportunities, inequity etc. According to (Okin, 1989), Feminists have complained that the principles of justice do not apply to the family, and thus, cannot secure equal justice for women and children and he also suggests about the gender neutrality of the original position which will guard against gender discrimination While Rawls notes that the principles of justice apply directly only to structuring the basic social institutions; they do not apply to structuring voluntary associations, including the family. The social issues like equality and elimination of discrimination can be eliminated as mentioned by RTPI Code of Conduct and It will also help to maintain the equal distribution of social benefits and burdens of the society at all the levels of Government but the influence of the class and professional background of planners in producing the cultural prejudice in their attitudes and efforts in the planning profession and increase in the social groups awareness and participation can also affect the professional ethics and planning actions in terms of personal behaviors and time deadlines for applications. The communities and pressure groups are becoming more aware, demanding so the planners are facing ethical issues which become more important and increased. As a result, planners encouraged to interact with communities/groups but at some stages these involvements/interactions with communities creates pressure on the planning actions and as well as on planning professionals. The increased involvement of community groups was identified  [14]  by particular Councils as an increasing challenge facing district Councils in the planning actions in terms of creating more ethical dilemmas for planners. According to Marcuse`s (1976) criticism of the implicit conservation of the ethical discussions and codes of practices which ignores the social values and ethics while the individual actions which can help, remains in the process because of individual concerns as due to their nature and focus on individuals behaviours and neglects the conditions and supports which can help towards ethical concerns. Even According to Wachs (1985), work on planning ethics has focused on the codes and the individual planners behaviours is more instead of social ethical concerns in the planning codes of ethics. Healy (1991) also identified  [15]  the distinction between professional related practice and scholarly practice and different relationships between planning research and planning practice. So she also recognized that scholarly researches as well as planning research are not much in practice. Environmental Justice Environmental Justice is a subset of social justice concerned with the environmental consequences (Ernesto M., 2008). As like Social justice, planners are facing the most important change in all over the changes is the environment. The importance of environment has been increased as it is confronted for number of problems and issues in recent time. So now the authorities/agencies are also concerned about environmental justice as like social justice. As economic growth was the main aim of local authorities and the professional planners but recently and even since the Earth Summit in Rio in 1992, the environment and sustainable development have become major issues. This introduces a whole new field of thought to planners, namely Environmental Ethics. Environmental ethics can be defined as that area of thought and moral discourse dealing with our ethical duties to, and relative to, the natural environment (Beatley 1994). There are number of arguments on this point of view by planners and environmental agencies in the light of the increasing importance of the environment and it has lead to an increase in the issues that planners must consider which consequently creates further ethical issues. So like other ethical issues, environmental justice issues are also important concerns in the planning actions and how we can address all these ethical issues and what weight can be provided to environmental issues in planning actions, what issues are more important. Nowadays in the urban forms, the effects or issues related to environmental hazards need more concern as like other developments. So to identify the solutions for these kinds of issues and their prioritization in planning actions, there is no reference given in the RTPI Code of Conduct. Conclusion The RTPI Code of Conduct sets out the professional practices and procedures for the planning members to perform their professional duties for the better and safe future directions for society. The RTPI Code of Conduct is particularly only oriented to the members of the planning profession which are working in the planning and development sector to ensure that the decisions should be appropriate and transparent. As the planning professionals are ensured by Code of Conduct towards their professional services, it can help to achieve the better environment for them and society in the light of those ethical concerns but Kaufman and Marcuse reviewed the Codes which explains the lack of proper referencing to ethics, but it gives only a reference to general terms, They also identified the conflicts between the statements like `Loyalty to public and to the one`s sponsor. From Planning theory point of view, it is also concerned about the different ethical issues between different concerns like environment, social and economic etc. According to various authors, its hard to define the exact scope and limits of planning theory and planning in it and the role of planners is also under such circumstances that the planners are confronted by ethical issues as well as by the field. So this dilemma is further complicated by the extension of planning actions and conflicts between the different sectors and these conflicts confronted by planning actions as well as in professionals and in the whole planning process. The RTPI Code of Conduct will help to the planning professionals to set out open, fair and transparent planning decisions based upon sound judgments and justified reasons and the Code of Conduct also sets out further Supplementary regulations and Bye Laws about the continuity of professional development, planning aid etc can be helpful to young planning professionals to confront the ethical issues. From point of view of other ethical concerns, Social justice and Environmental justice are also prime concerns in future planning actions/decisions. As the essay analyses the importance of social and environmental concerns and why they are more concerned in present and future scenario`s so it becomes an important part of such regulations or Code of Conduct to give emphasis towards these concerns. Furthermore, the increase in communities and agencies awareness demands more expectations from professional planners to undertake these concerns as well. From point of view of Planning research there are no links to the planning research, as these codes guides the profession which is totally different activity from research. So we can not apply the Code of Conduct directly to the planning research. However, The RTPI Code of Conduct guides the professional planners for or encourages the higher level planners to support and encourage other planners to maintaining the professional standards and following the guidelines of Code of Conduct and to deal with the and discuss the ethical issues/dilemma so that they can be further researched by professional planners. For Instance, if we think about the planning decisions and services without the set of practices and procedures given by RTPI`s Code of Conduct or other regulations in planning field, it can create an un-planned and haphazard situation for the planning professional as well as for society. So at the last, for the better planning futures and right decisions, we need appropriate changes/developments in the planning system in the form of rules/regulations, such Code of Conducts, policies which can help the professionals to achieve objectives of planning profession. As The RTPI Code of Conduct is helpful up to an extent for the planning profession to engage the planners with the set of procedures and guidelines but in future there is a still need of further additions/modifications in it. So that it can cover existing and future coming gaps in it and can direct the planning professional for better tomorrows and address the other major ethical concerns like social and environmental concerns.