The use of Mean Variance Analysis in the economy - Free Essay Example

Sample details Pages: 23 Words: 6920 Downloads: 5 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? It is a very important for an investor to analyse the decision of selecting the investment options before actually executing the choice. Also, it is even more imperative to follow the right approach to reach the correct investment option. Harry Markowitz in 1952 introduced the notion of mean variance analysis to quantify the risk before effectively deciding on the portfolio. Don’t waste time! Our writers will create an original "The use of Mean Variance Analysis in the economy" essay for you Create order Again, the idea was to look for the maximum return corresponding to the minimum risk (Markowitz et. al., 2000). This essay focuses on the importance of mean variance analysis while selecting the individual assets for the portfolio. In addition, it will traverse through different aspects of the same. The primary objective of the essay is to understand its importance in the portfolio selection. Also, it will focus on critical issue involved with the analysis in different background. Moreover, it will highlight the limitations and advantages of its use complemented with the brief discussion on the technical issue in between. The essay will start with general discussion describing the asset and its classes and then, will introduce the points for the necessity for its use. It will also highlight the importance of extraordinary events in between along with the small but, critical issues like currency fluctuation. Finally, it will put some light on the advancement in the same area and try to critically analyse the weakness of the mean variance framework in the real world. GENERAL DISCUSSION For the investors in the developed markets the broadly observed investment are classified as: (1) Stocks/Equity (2) Bonds (debt) (3) cash or cash equivalents and (4) Property/Real Estate. This can be further extended into subcategories depending on the specific needs of particular investor (Fabozzi, F., J., 2009:4-6). Similarly, the assets can be categorised in risky and Risk free assets. For example, stock of a company in the equity market is a risky asset while, 1 year bond of US government is risk free because it is almost sure that the returns on the bond will be materialised in future to a very good certainty (Fabozzi, F., 2009: 15-18). APPLICATION OF MEAN VARIANCE ANALYSIS The importance of financial scrutiny of investment options is clear from the fact that, it is an essential part of the investment process to choose the most appropriate from a variety of options. Whether, it is a small scale investment by an investor via any broker in the US equity market or a large scale investment by the large investors in infrastructure bonds of Australia (Brown, C., 2005: 431-438). The investigative approaches used for minimising the financial risk while, choosing the portfolio encourages the analysts to look for the proper economic agents for sharing the risk. Taking mean variance as the bases for studying the portfolio risk and return for the US investors Liu (2010) pointed to the gains made by them while holding the foreign corporate bonds. As the economies are transforming into more globalised ones, the application of such methods is becoming more important. In the light of financial meltdown during the year 2008, the significance of diversifying the por tfolio again got highlighted. In brief, pooling of assets from different background is widely practiced approach and so is the utilization of data for the analysis of variety of assets. While studying the US Stock and bond market Chordia et. al. (2005: 92-93) mentioned that returns in assets are affected by lot of factors. The complexities of analysing the return are clear from the details in his work. For Example, time of investment corresponding to the specific circumstances of economic cycle such as recession or boom. Again, aspect of investment like economic vulnerabilities of the potential investment opportunity, external vulnerabilities such as Russian default crises in 1998 especially, when the examined seek after asset is exposed to such external factors determines the final realised return. For this reason, the analysis of returns is requires good amount of statistical and fundamental analysis. Consequently, risk and return is now considered to be a specialised area of w ork for the finance professionals. Going into more detailed examination of the Mean Variance Analysis for portfolio selection Campbell et. al. (2004:1-3) found that, predictability of return with respect to the time is complex; nonetheless, the shift over a period of time is supposed to be fairly estimated within a band of uncertainty. Though, the exercise of statistical or fundamental testing heavily relies on certain assumptions. For instance, data for the past will almost reflect the same proposition for the future analysis, the probability of unexpected events like collapse of Lehman brothers is rare phenomenon and so on. Despite, all the ambiguity in the analytical work researchers like Samuelson (1969:50-55) argued that, the empirical analysis gives fair degree of plan to the investors while considering the long term or short term investment strategies. As pointed above, the analysis can also be applied in cross country analysis to achieve greater information lead before investing. Following the same CAPM model and optimizing the mean-variance relationship Fidora et.al. (2006:4-10) concluded that, there is significant degree of home biasness occurs in the investment decisions. The currency fluctuation adds additional risk while choosing the foreign assets unless the real foreign currency exchange rate is negatively correlated to the realised returns on foreign assets. This suggests that the risk return analysis points towards greater home biasness for higher degree of volatility in a currency and vice versa. This is endorsed by the study by French et. al. (1991:222-226). They had found that, almost 98 percent of holdings in Japan was by domestic investors similarly, the figure stands at 94 and 82 percent for the US and UK market. Diversification of Portfolio and Important Issues According to Martellini et. al. (2007:3-4) standard mean variance technique suffers from several limitations such as, parameter uncertainty and non-normal asset distribution. Hence, the more robust techniques are needed for taking advantage of the diversification. While arguing on the case of mixing the hedge fund with the traditional investment opportunities Terhaar et. al. (2003) shown that volatility or in other words risk get decreased for a particular level of return. Furthermore, the hedge funds found to have low correlation with traditional investment opportunities. Alternatively, going into the technicality of the mean variance practice if, the volatility is minimised in the statistical model then, it is accompanied by a significant amount of increase in extreme risk with fatter tails (Sornette et. al., 2000). Accordingly, in the case of fat tailed return functions, the usability of the mean variance technique does not seems to be optimal solution and consequently leadin g to significant loss of its utility (Cremers et. al., 2004:1-4,18-19). Furthermore, a number of times it is quite difficult for the researcher to collect the appropriate data for the study. Parameter estimation is tedious task in the absence of data for required period of time. In addition, the difficulty in finding the relevant data for the relevant regularity also adds to the uncertainty in the parameter estimation. This suggests that it is quite difficult to estimate the expected return within a reasonable estimation error in the real world of scarce data (Fung et.al., 1997:375-302). Nonetheless, progress by Black and Litterman (1991:7-18) in the static mean variance setting, to estimate the uncertainty on the return in terms of deviation while analysing the investment opportunities optimized the scrutiny process to an extent. To put it more simply they had simply added the parameter for psychological side of the trading namely, the inclusion of confidence level and individua l beliefs on the prior distribution and estimating the joint distribution in the model. The simplicity of his approach has been widely acknowledged and has been used by analysts to decide on the assets while deciding for the portfolio. Idzorek (Jul, 2004: 1-3, 27) confirmed the same in his research and stated that the psychological part in the active asset allocation should weigh significantly. In other words the study summarized the fact that, all the new work on the mean variance framework has fixed the weaknesses like negligence of intuitiveness, unintended portfolio concentration and error estimation. Extending the Discussion (Parallel Issues) Taking the conversation to the another plane, many of the quantitative analysts and researchers in finance pointed to the facts that, the accuracy of the mean variance result depends notably on the factors like interest rates and dividend yields (Breen et. al., 1990: 1177-1189). But, the complications of the real world are very difficult to elucidate in simple mean variance practice. There are many issues like currency, tax and transaction which can make the mean variance analysis merely a statistical exercise for active portfolio allocation (Harvey et. al., 1992). Keeping the above points in mind Leon (2008:272) conveyed the similar point in the context of selected emerging market including Greece, Korea, Thailand, Indonesia, Argentina and Brazil. Interestingly, he deducted a very puzzling point that, in these markets the relationship between the future return and dividend is systematically negative. Whereas, the prior studies by Fama et. al. (Nov, 1989:23-49) and others has sh own that dividend return is natural variable for predicting the expected return. That implies a direct relationship between the two. On the contrary, Leon (2008:277-278) explained his finding by explaining the reinvestment of the dividend as the main reason; reinvestment of the sizeable amount of dividend reduces the return over the period. Besides this, they had found that, except Thailand the significance of risk focused investment strategies is minimal. Despite this, the timing of decision with respect to the volatility cannot be ruled as irrelevant in the same way. In summary, he inferred that conditional mean based strategies provide better return than conditional variance based ones in case of the emerging markets after leaving the exception of Thailand. As the mean variance framework is incorporated by many of the statistical financial models for example the Capital Asset pricing model and Arbitrage Pricing Theory therefore, examining its effectiveness is a curious case of study. To test the efficiency of the mean variance analysis Kandel et. al. (1986: 61) used a framework involving the correlation between the originally intended portfolio and the proxy portfolio. While going through the tests they concluded that efficiency of the mean variance method can be rejected if the efficiency of any other portfolio containing the subset of the original portfolio is rejected. As a result it can be said that, it is important part of portfolio selection but, its use might not give perfect answer to an investors about the portfolio selection Kandel et. al. (1986:87-88). Conclusion The mean variance framework is widely used for making the investment decisions. With the advancement in the theoretical and practical understanding its relevance in the modern day analysis still holds great importance. However, many assumptions have to be made before applying it to find the optimized portfolio; moreover, the difficulty in finding the appropriate data often constraint its use. Many small but significant issues affect the efficiency of obtained result but, it gives fair amount of planning power to the investor. Despite its weaknesses, its importance as a chief risk return analysis tool made many researchers to work on it and to find the solution for the weaknesses. With the advancements in the framework, it is widely used as a statistical basis for making the optimized investment decisions. Refrences: Black, F., Litterman, R., (Sep, 1991),Asset Allocation: Combining Investor Views with Marketing Equilibrium, Journal of fixed income, Vol 1, No. 2, pp 7-18 [Online Available] https://www.iijournals.com/doi/pdfplus/10.3905/jfi.1991.408013 Accessed on 30-03-2011 Breen, W., Glosten, L. R., Jaganathan, R., (Dec, 1989), Economic Significance of Predictable Variations in Stock Index Returns Journal of Finance, Vol. 44, No. 5, pp 1177-1189 [Online Available] https://www.jstor.org/stable/2328638 Accessed on 30-03-2011 Brown, C., (Dec 2005), Financing Transport Infrastructure: For whom the road tolls Vol 38, Issue 4, pp 431-438 [Online Availabe] https://onlinelibrary.wiley.com/doi/10.1111/j.1467-8462.2005.00386.x/pdf Accessed on 25-03-2011 Campbell, J. Y., Viceira, L. M., (2004), Lond-Horizon Mean Variance Analysis: A User Guide, Global Risk Guard, pp 1-3 [Online Available] https://www.globalriskguard.com/resources/assetman/assetall_0015.pdf Accessed on 21-03-2011 Chordia, T., S arkat, A., Subramanyan, A., (2005), An empirical analysis of stock and Bond Market Liquidity, The Review of Financial Studies, Vol 18, No. 1, Oxford University press, pp 92-93 [Online Available] https://www.jstor.org/stable/3598068?origin=JSTOR-pdf Accessed on 21-03-2011 Cremers, J., H., Krizman, M., Page, S., (Sep, 2004), Optimal Hedge fund allocations: Do Higher Moments Matter?, Revere Street Working paper street, Financial Economics 272-13, pp 1-4,18-19 [Online Available] https://ssrn.com/abstract=587384 Accessed on 30-03-2011 Fabozzi, F, J., (2009), Institutional Investment Management: Equity and Bond Portfolio Strategies and Applications, Vol 177, Frank J. 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F., French, K. R., (Nov, 1989), Business Conditions and Expected returns on stocks and bonds, Vol 25, Issue 1, pp 23-49 [Online Available] https://www.sciencedirect.com/science?_ob=ArticleURLHYPERLINK https://www.sciencedirect.com/science?_ob=ArticleURL_udi=B6VBX-45NHW7H-4_user=10_coverDate=11/30/1989_rdoc=1_fmt=high_orig=gatewa y_origin=gateway_sort=d_docanchor=view=c_searchStrId=1701407420_rerunOrigin=scholar.google_acct=C000050221_version=1_urlVersion=0_userid=10md5=3c01deb1a9027017042cb7e6341fe74asearchtype=aHYPERLINK https://www.sciencedirect.com/science?_ob=ArticleURL_udi=B6VBX-45NHW7H-4_user=10_coverDate=11/30/1989_rdoc=1_fmt=high_orig=gateway_origin=gateway_sort=d_docanchor=view=c_searchStrId=1701407420_rerunOrigin=scholar.google_acct=C000050221_version=1_urlVersion=0_userid=10md5=3c01deb1a9027017042cb7e6341fe74asearchtype=a_udi=B6VBX-45NHW7H-HYPERLINK 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_rdoc=1_fmt=high_orig=gateway_origin=gateway_sort=d_docanchor=view=c_searchStrId=1701407420_rerunOrigin=scholar.google_acct=C000050221_version=1_urlVersion=0_userid=10md5=3c01deb1a9027017042cb7e6341fe74asearchtype=asearchtype=a Accessed on 28-03-2011 Fidora, M., Fratzscher, M., Thimann, C., (Oct, 2006), Home Bias in Global Bond and Equity Markets The Role of Real exchange rate volatility European Central Bank, Working Paper No 685 pp 5-10 [Online Available] https://www.ecb.int/pub/pdf/scpwps/ecbwp685.pdf Accessed on 21-03-2011 French, K. R., Poterba, J. M., 1991, Investor Diversification and International Equity Markets, American Economic Review, No 81(2), pp 222-226 [Online Available] https://www.nber.org/papers/w3609.pdf Accessed on 25-03-2011 Fung, W., Hsieh, DA., (1997), Empirical characteristics of dynamic trading strategies: the case of hedge funds, Rev Finance Stud, Oxford University Press, Vol 10, No. 2, pp 275-302 [Online Available] https://rfs.oxfordjournals.org/ content/10/2/275.full.pdf+html Accessed on 30-03-2011 Harvey, C. R., Whaley, R. E., (Aug 1990), Market Volatility Prediction and the efficiency of the SP 100 Index Option Market, Journal of Financial Economics 31, pp 43-74 [Online Available] https://faculty.fuqua.duke.edu/~charvey/Research/Published_Papers/P16_Market_volatility_prediction.pdf Accessed on 29-03-2011 Idzorek, T., M., (Jul, 2004), A Step-by-step guide to the Black-Litterman Model, Zephyr Working Document, pp 1-3, 27 [Online Availble] https://www.indiceperu.com/lecturas/paper13.pdf Accessed on 30-03-2011 Kandel, S., Stambaugh, R. F., (May, 1986), On Correlations and Inferences about mean-variance efficiency, Journal of Financial Economics 18, Issue 1, pp 61, 87-88 [Online Available] https://www.sciencedirect.com/science?_ob=MImgHYPERLINK https://www.sciencedirect.com/science?_ob=MImg_imagekey=B6VBX-45R2HV6-6-1_cdi=5938_user=899436_pii=0304405X87900614_origin=gateway_coverDate=03/31/1987_sk=999819998view=cwchp=d GLzVlb-zSkzVmd5=c94a78e9c3c562f44fd66f5f88dbf3e5ie=/sdarticle.pdfHYPERLINK https://www.sciencedirect.com/science?_ob=MImg_imagekey=B6VBX-45R2HV6-6-1_cdi=5938_user=899436_pii=0304405X87900614_origin=gateway_coverDate=03/31/1987_sk=999819998view=cwchp=dGLzVlb-zSkzVmd5=c94a78e9c3c562f44fd66f5f88dbf3e5ie=/sdarticle.pdf_imagekey=B6VBX-45R2HV6-6-1HYPERLINK https://www.sciencedirect.com/science?_ob=MImg_imagekey=B6VBX-45R2HV6-6-1_cdi=5938_user=899436_pii=0304405X87900614_origin=gateway_coverDate=03/31/1987_sk=999819998view=cwchp=dGLzVlb-zSkzVmd5=c94a78e9c3c562f44fd66f5f88dbf3e5ie=/sdarticle.pdfHYPERLINK 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94a78e9c3c562f44fd66f5f88dbf3e5HYPERLINK https://www.sciencedirect.com/science?_ob=MImg_imagekey=B6VBX-45R2HV6-6-1_cdi=5938_user=899436_pii=0304405X87900614_origin=gateway_coverDate=03/31/1987_sk=999819998view=cwchp=dGLzVlb-zSkzVmd5=c94a78e9c3c562f44fd66f5f88dbf3e5ie=/sdarticle.pdfHYPERLINK https://www.sciencedirect.com/science?_ob=MImg_imagekey=B6VBX-45R2HV6-6-1_cdi=5938_user=899436_pii=0304405X87900614_origin=gateway_coverDate=03/31/1987_sk=999819998view=cwchp=dGLzVlb-zSkzVmd5=c94a78e9c3c562f44fd66f5f88dbf3e5ie=/sdarticle.pdfie=/sdarticle.pdf Accessed on 30-03-2011 Leon, N. K., (2008), Mean Variance Predictability and Economic Value in Emerging Equity Markets, International Research Journal of Finance and Economics, Issue 14, pp 272, 277-278 [Online Available] https://www.eurojournals.com/irjfe%2014%20leon2.pdf Accessed on 21-0-2011 Liu, E, X., (2010), Essays on International Finance and Risk Sharing, University of Pennsylvania, Publicly accessible Penn Dissertations, Paper 206, pp [Online Available] https://repository.upenn.edu/edissertations/206/ Accessed on 25-03-2011 Martellini, L., Ziemann, V., (2007), Extending Black-Litterman Analysis beyond the mean-variance Framework, EDHEC Risk and Asset Management Research Centre, pp 3-4 [Online Available] https://www.edhec-risk.com/edhec_publications/all_publications/RISKReview.2008-01-22.3332/attachments/EDHEC%20Working%20Paper%20Extending%20Black-Litterman%20Analysis.pdf Accessed on 21-03-2011 Markowitz, H., Todd, G., P., Sharpe, W., F., (2000), Mean Variance analysis in portfolio choice and capital markets, Vol. 66, Frank J. Fabozzi Series, John Willey and Sons [Online Available] https://books.google.co.uk/books?hl=enHYPERLINK #v=onepageqf=falseHYPERLINK #v=onepageqf=falselr=HYPERLINK #v=onepageqf=falseHYPERLINK #v=onepageqf=falseid=eJ8QUsgfZ8wCHYPERLINK #v=onepageqf=falseHYPERLINK #v=onepageqf=falseoi=fndHYPERLINK #v=onepageqf=falseHYPERLINK #v=onepageqf=falsepg=PR9HYPERLINK #v=onepageqf=falseHYPE RLINK #v=onepageqf=falsedq=mean+variance+analysis+in+equity+and+bond+marketHYPERLINK #v=onepageqf=falseHYPERLINK #v=onepageqf=falseots=t3pVVd9pkDHYPERLINK #v=onepageqf=falseHYPERLINK #v=onepageqf=falsesig=twrWn39x8M5ytqXKhZlLCO9SNDo#v=onepageHYPERLINK #v=onepageqf=falseHYPERLINK #v=onepageqf=falseqHYPERLINK #v=onepageqf=falseHYPERLINK #v=onepageqf=falsef=false Accessed on 21-03-2011 Samuelson, P. A., (1969), Lifetime portfolio selection by dynamic stochastic programming, Review of Economics and Statistics 50-55 [Online Availabe] https://www.jstor.org/stable/1926559 Accessed on 28-03-2011 Sornette, D., Anderson, J., V., Simonetti, P., (2000), Portfolio theory for fat tails', International Journal of Theoretical and Applied Finance, Vol 3, Issue 3, pp 523-535, [Online Available] https://www.worldscinet.com/ijtaf/03/preserved-docs/0303/S0219024900000504.pdf Accessed on 29-03-2011 Terhaar, K., Staub, R., Singer, B. D., (2003), Appropriate policy allocation for alternative inves ments, Journal of portfolio management, Vol 29, No 3, pp 101-110 [Online Available] https://www.iijournals.com/doi/abs/10.3905/jpm.2003.319888 Accessed on 29-03-2011

Susan B. Anthony Quotes on Feminism, Life, and Equality

Working closely with  Elizabeth Cady Stanton, Susan B. Anthony was a primary organizer, speaker, and writer for the 19th-century womens rights movement in the United States, especially the first phases of the long struggle for womens vote, the womens suffrage movement or woman suffrage movement. Selected Quotes Independence is happiness. Mentheir rights and nothing more; Womentheir rights and nothing less. Failure is impossible. The older I get, the greater power I seem to have to help the world; I am like a snowballthe further I am rolled the more I gain. It was we, the people; not we, the white male citizens; nor yet we, the male citizens; but we, the whole people, who formed the Union. Suffrage is the pivotal right. The fact is, women are in chains, and their servitude is all the more debasing because they do not realize it. Modern invention has banished the spinning wheel, and the same law of progress makes the woman of today a different woman from her grandmother. It would be ridiculous to talk of male and female atmospheres, male and female springs or rains, male and female sunshine... how much more ridiculous is it in relation to mind, to soul, to thought, where there is as undeniably no such thing as sex, to talk of male and female education and of male and female schools. [written with Elizabeth Cady Stanton] [T]here never will be complete equality until women themselves help to make laws and elect lawmakers. There is not the woman born who desires to eat the bread of dependence, no matter whether it be from the hand of father, husband, or brother; for any one who does so eat her bread places herself in the power of the person from whom she takes it. The only question left to be settled now is: Are women persons? And I hardly believe any of our opponents will have the hardihood to say they are not. Being persons, then, women are citizens; and no state has a right to make any law, or to enforce any old law, that shall abridge their privileges or immunities. Hence, every discrimination against women in the constitutions and laws of the several states is today null and void, precisely as is every one against Negroes. One-half of the people of this nation to-day are utterly powerless to blot from the statute books an unjust law, or to write there a new and a just one. The women, dissatisfied as they are with this form of government, that enforces taxation without representationthat compels them to obey laws to which they have never given their consentthat imprisons and hangs them without a trial by a jury of their peers, that robs them in marriage, of the custody of their own persons, wages and childrenare this half of the people left wholly at the mercy of the other half, in direct violation of the spirit and letter of the declarations of the framers of this government, every one of which was based on the immutable principle of equal rights to all. The rank and file are not philosophers, they are not educated to think for themselves, but simply to accept, unquestioned, whatever comes. Cautious, careful people, always casting about to preserve their reputation and social standing, never can bring about a reform. Those who are really in earnest must be willing to be anything or nothing in the worlds estimation, and publicly and privately, in season and out, avow their sympathy with despised and persecuted ideas and their advocates, and bear the consequences. I cant say that the college-bred woman is the most contented woman. The broader her mind the more she understands the unequal conditions between men and women, the more she chafes under a government that tolerates it. I never felt I could give up my life of freedom to become a mans housekeeper. When I was young, if a girl married poor she became a housekeeper and a drudge. If she married wealthy, she became a pet and a doll. On foreign policy: How can you not be all on fire? ...I really believe I shall explode if some of you young women dont wake upand raise your voice in protest against the impending crime of this nation upon the new islands it has clutched from other folks. Do come into the living present and work to save us from any more barbaric male governments. Many abolitionists have yet to learn the ABC of womans rights. What you should say to outsiders is that a Christian has neither more nor less rights in our Association than an atheist. When our platform becomes too narrow for people of all creeds and of no creeds, I myself shall not stand upon it. I tell them I have worked 40 years to make the W.S. platform broad enough for Atheists and Agnostics to stand upon, and now if need be I will fight the next 40 to keep it Catholic enough to permit the straightest Orthodox religionist to speak or pray and count her beads upon. The religious persecution of the ages has been done under what was claimed to be the command of God. I always distrust people who know so much about what God wants them to do to their fellows. Before mothers can be rightly held responsible for the vices and crimes, for the general demoralization of society, they must possess all possible rights and powers to control the conditions and circumstances of their own and their childrens lives. If all the rich and all of the church people should send their children to the public schools they would feel bound to concentrate their money on improving these schools until they met the highest ideals. Bicycling has done more to emancipate women than any one thing in the world. It gives her a feeling of self-reliance and independence the moment she takes her seat; and away she goes, the picture of untrammelled womanhood. I do not demand equal pay for any women save those who do equal work in value. Scorn to be coddled by your employers; make them understand that you are in their service as workers, not as women. We assert the province of government to be to secure the people in the enjoyment of their unalienable rights. We throw to the winds the old dogma that governments can give rights. Much as I deplore the horrible crime of child-murder, earnestly as I desire its suppression, I cannot believe... that such a law would have the desired effect. It seems to me to be only mowing off the top of the noxious weed, while the root remains. We want prevention, not merely punishment. We must reach the root of the evil, and destroy it. [Often attributed to Anthony, this quote about prohibiting abortions was in Revolution in 1869, an anonymous letter signed A. Other articles by Anthony were not signed in that manner, so the attribution is suspect.]To my certain knowledge this crime is not confined to those whose love of ease, amusement and fashionable life leads them to desire immunity from the cares of children: but is practiced by those whose inmost souls revolt from the dreadful deed, and in whose hearts the maternal feeling is pure and undying. What, then has driven these women to the desperation necessary to force them to commit such a deed? This question being answered, I believe, we shall have such an insight into the matter as to be able to talk more clearly of a remedy. The true woman will not be exponent of another, or allow another to be such for her. She will be her own individual self... Stand or fall by her own individual wisdom and strength... She will proclaim the glad tidings of good news to all women, that woman equally with man was made for her own individual happiness, to develop... every talent given to her by God, in the great work of life. [with Elizabeth Cady Stanton]

Lord of the flies by Willam Golding Free Essays

Lord of the flies refers to the story of a group of English boys marooned on a tropical island after their plane was shot down during a war. But the book’s exploration of the idea of human evil is to some extent based on Golding’s experience with the violence and savagery of human beings during World War II. Lord of the flies dramatizes a fundamental human struggle: the conflict between the impulse to obey rules, behave morally, and act lawfully and impulse to seek brute power   over others, act selfishly, behave in a way that will gratify one’s own desires, scorn moral rules, and indulge in violence. We will write a custom essay sample on Lord of the flies by Willam Golding or any similar topic only for you Order Now The first set of impulses might be thought of as the â€Å"civilizing instinct†, which encourages people to work together toward common goal and behave peacefully; the second set of impulse might be thought of as the â€Å"barbarizing instinct†, or the instinct toward savagery, which urges people to rebel against civilization and instead seek anarchy, chaos, despotism, and violence. The Lord of the flies shows the great struggle of the boys to rescue from the horizon. The children made a group and started doing work to attract the attention of the passing ships. They elected their own leader and started finding their way to rescue from that place and chose Ralph as their leader. Ralph elected Jack as the leader of the hunters. Ralph, Jack and Simon set off on an expedition to explore the island. When they returned from hunting, Ralph declared that they must light a signal fire to attract the attention of passing ships. The boys began to do so; they started using the lens from Piggy’s eyeglasses to ignite dead wood. They were very innocent and do not know the importance of the work and were interested in playing more than igniting fire. So because of their insincerity towards work the fire quickly ignites the forest. And the fire becomes out of control. One of the youngest boys disappears from the group and they think that he has presumably burned to death. All the boys started enjoying themselves without grownups except Jack and Ralph. After some time Ralph and Piggy see the ship passing by the horizon. But when ship passes signal fire burned out; it had been a hunter’s responsibility to maintain it. After that Ralph accosts Jack, but the hunter has just returned to his first hunt, and all the boys were uncontrolled and excited and start dancing. When Piggy criticizes Jack because of his insincere deed, Jack hits him. It was really a problem to keep the single fire lit so the boys become afraid. Ralph and Jack both do not liked each other, they wanted a separate group. Jack was violent in nature so he declared himself the leader of new tribe and the group of the boys divided in two parts. They all had lost their innocence and civilization. Ralph was civilized and wanted every one to live in civilized manner but most of the other boys went into bloodlust and barbarism. The sight of hunters chanting and dancing was baffling and distasteful to him. The first hand knowledge of the evil that existed with in all human beings was tragic for Ralph. But this knowledge also enabled him to cast down the Lord of the Flies at the end of the novel. His story ends semi-tragically although he was rescued and returned to civilization, when he saw the naval officer, he wept with the burden of his knowledge about humanity. All the children adopted barbarism and lost innocence and civilization. They took care of the small children. Children of Lord of the Flies did a great effort to rescue from the horizon and tackled the situation very tactfully.   In the novel children tried to free themselves from the power of others by doing different kind of deeds and Jack tried to snatch away the powers of the Ralph. Reference Sir, Golding, William. (1997). Lord of the flies. New York: RIVERHEAD. How to cite Lord of the flies by Willam Golding, Essay examples