Base Multiplier Approach to Money Supply

Base Multiplier Approach to Money Supply Traditionally, it has been shown controversially that money supply is determined using the base multiplier approach. The multiplier model of the money supply, originally developed by Brunner (1961) and Brunner and Meltzer (1964) has become the standard model to explain how the policy actions of the Central Bank influence the money stock  [1]. However, there is more than sufficient evidence to suggest that monetary authorities do not determine the money supply and that the flow of funds approach makes more sense. Consequently, I will compare and contrast the base multiplier and the flow of funds approaches to the determination of money supply and determine which occurs in reality in view of the present economic climate. Under the base multiplier approach, the monetary authority (Bank of England) sets the size of the monetary base, which in turn determines the stock of broad money as a multiple of the base.  [2]  This process is described below: Ms = Cp + Dc (Equation 1) In the equation above, Ms refers to the broad money supply, Cp refers to private sector (excluding banks) notes and coins and Dc refers to bank deposits. The next equation is for the monetary base (B) is as follows: B = Cb + Db + Cp (Equation 2) In Equation 2, Cb refers to banks notes and coins while Db refers to deposits with the Bank of England. Both combined they can be called reserves R and can be substituted into the equation above to form Equation 3. B = R + Cp (Equation 3) The quantity of money can now be expressed as a multiple of the base as follows:  [3]   (Equation 4) The next stage is to divide through by bank deposits to obtain the Equation 5 as follows: If = ÃŽÂ ± and = ÃŽÂ ², then the equation above becomes Equation 6 below: The symbol ÃŽÂ ± is the private sectors cash ratio, while ÃŽÂ ² represents bank reserves. Under the multiplier approach the money supply equation is then obtained by multiplying both sides of the equation with the monetary base B. Therefore, Equation 7 becomes: The rationale behind this is that assuming ÃŽÂ ± and ÃŽÂ ² are fixed or stable, the money supply is a multiple of the monetary base and can change only at the discretion of the authorities since the base consists entirely of central bank liabilities. The Flow of Funds approach says that money supplied is determined by open market operations. It presents the opposite view to the multiplier approach as those in favor believe that other factors determine the supply of money, not monetary authorities or policymakers, it looks at the demand for money not just the supply side. They also believe that banks are able to obtain reserves from central banks as required and are not a constraint. Under this approach credit or loans credit by the private sector create deposits and not the other way round as put forward by the base multiplier approach. The flow of funds model of money supply determination is as follows: Ms = Cp + Dc, the same definition of broad money supply as was used in the base multiplier approach (Equation 8) The next equation focuses on the changes in money supply, i.e: ΆMs = ΆCp + ΆDc (Equation 9) A change in deposit is matched by a corresponding change in loans, which can be further divided into loans to the private sector (Lp) and loans to the UK government (Lg): ΆDp = ΆLoans = ΆLp + ΆLg (Equation 10) Equation 9 could therefore be re-written as Equation 11 as follows: ΆMs = ΆCp + ΆLp + ΆLg The flow of funds approach was developed at a time when the UK government needed to borrow from banks to meet its requirements as issuing bonds was not sufficient. This had stopped being the case for a while, as the UK government was able to meet its requirements solely through the issue of bonds. Consequently, ΆLg can be further broken down to take into effect the monetary implications of the public sector deficit:  [4]   ΆLg = PSNCR ΆCp ΆGp + Άext (Equation 12) PSNCR stands for public sector net cash requirement; ΆGp represents sale of government bonds to the general public and Άext represents the monetary effect of official transactions in foreign exchange by the central bank (and this is equal to zero in a floating exchange rate regime)  [5]   Consequently, by substituting Equation 12 into Equation 11, obtains: ΆMs = ΆCp + ΆLp + PSNCR ΆCp ΆGp + Άext, which becomes Equation 13 as follows: ΆMs = PSNCR ΆGp + Άext + ΆLp Equation 13 shows a link between loan demand and the state of the economy.  [6]  As the total amount of goods and services produced within an economy grows, the demand for credit and a corresponding will also increase to finance the growth according to the flow of funds model. Deposits will also grow to match the increase demand. The differences of opinion between those in favor of the base multiplier approach and the flow of funds approach comes from how they view how money supply is determined. The base multiplier approach believes that money supply is exogenously determined while the flow of fund approach believes it is endogenously determined. Despite the differences, they do agree on the concept of the Quantity Theory of Money (QTM). QTM states that there is a direct relationship between the quantity of money in an economy and the level of prices of goods and services sold.  [7]  Heakal explains that if the amount of money in an economy doubles, price levels also doubles causing inflation. The consumer therefore pays twice as much for the same amount of the good or service.  [8]   The theory is denoted by the Fisher Equation: MV = PT; where M is the money supply, V is the velocity of circulation (i.e. the number of times money changes hands in an economy)  [9]  ; P is the average price level and T the volume of transactions of goods and services. Both approaches agree on the formula but disagree on the assumptions. In the case of the base multiplier approach, Friedman believes that V is constant (http://www.risklatte.com/BraveEconomist/02.php), and T is constant in the short term, while the flow of funds approach believes that V is a variable, with their rationale being that since consumer and businesses spending needs determine the number of times money changes hands in the economy, then V cannot be constant. While there is agreement that there is a direct relationship between the money supply and the level of prices of goods and services sold, the nature of that relationship is disputed. The base multiplier approach goes on the assumption that a change in money supply directly influences price levels and/or a change in supply of goods and services.  [10]  The endogenous argument believes the relationship works the other way round, i.e. that changes in price levels or in supply of goods and services results in changes in the money supply. So instead of the money supply being determined by the monetary authorities as the base multiplier approach believe, the flow of funds approach believe that it is actually interest rates that determine the money supply. Consequently, the role central banks or monetary authorities have played is only to set interest rates and let the commercial banks and consumers do the rest through demand and supply. In reality, it is clear that the endogenous view is more viable. In terms of velocity of circulation, statistical analysis shows that v rises during booms and deregulation and falls during slumps and reregulation  [11]  , therefore, making redundant the argument of people like Friedman that v is constant. Furthermore, the role of the central bank as a lender of last resort makes their ability to control the money supply almost impossible.  [12]  This is because they are guaranteed to provide funds to commercial banks as appropriate. This was seen in numerous instances during the recent global recession. For example, at the start of the economic crisis in 2007, the Chancellor of the Exchequer authorised the Bank of England to provide a liquidity support facility to Northern Rock against appropriate collateral and at an interest rate premium. This liquidity facility will be available to help Northern Rock to fund its operations during the current period of turbulence in financi al markets while Northern Rock works to secure an orderly resolution to its current liquidity problems  [13]. We have seen that the two approaches to money supply determination are influenced by the exogenous and endogenous views. The exogenous view lends credibility to the base multiplier approach and asserts that an external agent monetary authorities or the policymaker determines the supply of money, while the endogenous approach believes this is done through open market operations. The only way the policymaker intervenes, according to endogenous views is by setting interest rates. Thereafter, the commercial banks and their customers take over the process which of demanding and supplying credit which ultimately determines the money supply in an economy. The base multiplier approach will never and has never been used, the flow of funds model is thought of as being a better model for the money supply as it takes account of demand and supply. In reality the endogenous approach of the flow of funds is at work. Contrary to the exogenous approach insinuating that the money supply is independent of interest rates, the endogenous approach believes that the higher the demand for loans the higher the interest rates which encourages banks to lend more. Therefore modern economies recognise that the policymaker sets short-term interest rates and the quantities of money and credit are demand-determined.

The Prince And The Pauper :: essays research papers

The Prince and the Pauper On an autumn day in the ancient city of London, in the second quarter of sixteenth century, a boy was born to a poor family of the name Canty. On the same day another English baby was born of a rich family of the name of Tudor. There was talk in England about the new baby, Edward Tudor, Prince of Wales, who lapped in silk and satin. While on the other hand Tom Canty, who lapped in his poor rags, was seen as trouble.   Ã‚  Ã‚  Ã‚  Ã‚  For fifteen years, Tom Canty lived in place where it is narrow and dirty, which is not far from London Bridge. He lived with his two sisters, Bet and Nan, with his father and grandmother and his mother who is a beggar. They get their income by begging and stealing things that can be reused. Tom spends his time listening to father Andrew's old tales, legends and stories about gorgeous kings and prince. Because of this, he dreamt of seeing a real prince and sometimes he would even dream of becoming a prince himself. So one day his dreams carry him to the castle.   Ã‚  Ã‚  Ã‚  Ã‚  In the castle the prince was playing. When he saw Tom, he commanded the guard to let him in and so the guard opens the gate and Tom entered with amazement. The prince entertained Tom and asked questions about him. Tom answered his questions and even said stories about the place he lived in. They became at ease to each other that they decided to exchange their garments. Then they stood before the mirror and they were so alike that it seems that there was no change at all. Then the prince called the guard because he noticed the soldier had hurt Tom's finger. But then, when the guard arrived he thought that the pauper was hurting the prince so the prince was dragged out of the palace. The pauper was shocked and so helpless. But before it happened the prince kept the seal on his desired placed. Now the poor little prince walked away from his palace and search for the home where Tom had described to him. He walked and walked and sought for people's help, but no one bel ieved him except for Miles Hendon. On the other hand, Tom told stories to the members of the palace about what had happened and he told them that he was just a pauper but they didn't believe him. The Prince And The Pauper :: essays research papers The Prince and the Pauper On an autumn day in the ancient city of London, in the second quarter of sixteenth century, a boy was born to a poor family of the name Canty. On the same day another English baby was born of a rich family of the name of Tudor. There was talk in England about the new baby, Edward Tudor, Prince of Wales, who lapped in silk and satin. While on the other hand Tom Canty, who lapped in his poor rags, was seen as trouble.   Ã‚  Ã‚  Ã‚  Ã‚  For fifteen years, Tom Canty lived in place where it is narrow and dirty, which is not far from London Bridge. He lived with his two sisters, Bet and Nan, with his father and grandmother and his mother who is a beggar. They get their income by begging and stealing things that can be reused. Tom spends his time listening to father Andrew's old tales, legends and stories about gorgeous kings and prince. Because of this, he dreamt of seeing a real prince and sometimes he would even dream of becoming a prince himself. So one day his dreams carry him to the castle.   Ã‚  Ã‚  Ã‚  Ã‚  In the castle the prince was playing. When he saw Tom, he commanded the guard to let him in and so the guard opens the gate and Tom entered with amazement. The prince entertained Tom and asked questions about him. Tom answered his questions and even said stories about the place he lived in. They became at ease to each other that they decided to exchange their garments. Then they stood before the mirror and they were so alike that it seems that there was no change at all. Then the prince called the guard because he noticed the soldier had hurt Tom's finger. But then, when the guard arrived he thought that the pauper was hurting the prince so the prince was dragged out of the palace. The pauper was shocked and so helpless. But before it happened the prince kept the seal on his desired placed. Now the poor little prince walked away from his palace and search for the home where Tom had described to him. He walked and walked and sought for people's help, but no one bel ieved him except for Miles Hendon. On the other hand, Tom told stories to the members of the palace about what had happened and he told them that he was just a pauper but they didn't believe him.

A Rejoinder to the Ethnic Democracy Essay

This paper aims to prepare four separated short summary and response papers for four different articles on Culturally Responsive Teaching. 2. Analysis and Discussion The following are the short summary and response to each of the given articles: 2. 1. Preparing For Culturally Responsive Teaching by Gay (2002) The article discusses how to improve the success of ethically diverse students via culturally responsive teaching. The article tells also about the success of same kind of students by preparing teachers in preservice programs with the needed knowledge attitudes and skills. The article also examines the five essential elements of cultural responsive teaching which include developing knowledge based about cultural diversity that includes ethnic and cultural diversity content curriculum, demonstration of caring, building learning communities, communicating with ethically diverse students and responding to diversity in the delivery of instruction. The article has further defined culturally responsive teaching to be using what are already possessed by ethnically diverse students (ETS) as conduits for them to learn more effectively. These possessions may include the experiences, characteristics and perspectives. The author has assumed that the lived experiences of students may sit well as frames of references. This would therefore make the learning more meaningful, would create more appeal in terms of higher interest and students could learn more easily and thoroughly. The author has also previous researches to prove the result of higher academic achievements of ETS if there previous experiences are used in teaching them. This concept of learning is consistent with principle in learning – that starting from what is known would more easily to learning what is unknown. Rather than starting from the unknown by using the experiences of other cultures, the use of the previous experiences has its basis in common sense. There is basis to agree with the author in discussing how to improve the success of ethically diverse students via culturally responsive teaching by her exposing the needed elements of the program. As in any other program there are criteria to evaluate it success. By exposing the needed five essential elements of cultural responsive teaching, there would be good bases for evaluation the eventual success or failure of the program in terms of compliance of the criteria. In terms of internal consistency among the five elements, there is no valid reason to disagree with author on the obvious simplicity and applicability of presentation. To illustrate one element this paper uses developing knowledge based about cultural diversity and ethnic and cultural diversity content curriculum. Knowledge on cultural diversity is a requirement since it would amount to knowing the premises in the syllogism by viewing the same under the principles of logic. The idea of teaching under multicultural program is the promotion of integration. How would it be possible to know what needs to be integration without knowing the differences of diversity of cultures among students under the program? Doing the same acquisition of knowledge from diversity as part of the premises is also with the definition of the author on what is culturally responsive teaching which is using what are already possessed by ethnically diverse students as ways s for them to learn more successfully. Surely it would be easier to extract from students with their experiences, characteristics and perspectives which would be used as frames for reference. The author may have assumed rightly that doing so would give more meaning to student and could be more motivated to undergo the program. There is also basis to agree with author’s conclusion that culture has great influence on attitudes, values and behaviors that participants will bring in the process. It is the use of frame of reference that would also afford solution to problems in the future in the same way that will help them understand that what will eventually happen is a function what has happened already. 2. 2 Spirituality, Cultural identity, and Epistemology in Culturally Responsive Teaching in Higher Education, Multicultural Perspective, 8(3), pp 19-25 by Tisdell (2006) The article gives it focus in the connection of spirituality and cultural identity in relation to culturally responsive teachers under the higher education. It looks at the philosophical theory of knowledge which takes the position that research and teaching partakes of the natures of both intellectual and spiritual realms. Transforming the students is the aim under the multicultural teaching and to accomplish the same it should allow learners to explore and reclaim their own cultural identities. To reach this end, spirituality is appropriate in unlocking the cultural imagination and creativity of the students under the program. The profession or process of teaching for multicultural awareness described by author is to be for social justice and one that involves a complex process. It is also described as controversial, rewarding and intellectually stimulating. For a big number of teachers under the program including the author, teaching the student is a â€Å"work of passion† which forms part of life’s reason in creating greater social equity that would remind the teachers about being true to themselves who are also wrestling with their very own cultural identity in the same way that other authors taking part of the teaching under the program consists in making students grapple also with their cultural identity. It is therefore the act of reclaiming which involves a choice that makes the process of teaching considered both intellectually and spiritually. The author found that there is indeed connection of spirituality and cultural identity if the learners are assisted to engage on different levels of human experience. These levels of experience of course include the personal level, the cultural level, structural level, political level and the artistic levels done by cultural imagination. By so doing the chance that the education process will bring in the need transformative change is greater not only for learners but even for educators. Diversity in cultures could explain how groups of people differ in their behaviour and their values and hence many conflicts could actually be arising from diversity of cultures. To attempt therefore to bring commonality in diversity is a serious job that would require too much creativity and patience. Fortunately, human beings are thinking beings whose lives had with them spiritual dimensions which allow them to go beyond that legal or what is readily to be in conflict. No wonder teachers are actually also grappling with the cultural identify along the process of their teaching. What must be needed to reconcile things is deep sense of spirituality or an attitude of looking beyond what seems to irreconcilable. By injecting spiritual dimensions in the teaching of diversity of culture, there is strong basis to agree with the author that it could be transformative for the participants not only to the students but also the teacher. The teachers must be persons with deep sense of love for seeing beauty in diversity. Detach spirituality from man and his capacity to reconcile difficult issues is detached. Applying and taking advantage therefore of the power of spirituality to reconcile conflicting issues is a power within the capacity of man to reach and benefit from. The issue of diversity of culture has been accepted by many people and the effects of living together has produced many conceived possibilities which are worth learning and educators may amply make use of their capacity of spirituality to reach great heights. . 2. 3. Preparing Culturally Responsive Teachers, Rethinking The Curriculum, Journal of Teacher Education, Vol. 53, No. 1, January/February, 20-32 by Villegas and Lucas (2002), The article emphasizes the need to for teachers in articulating a vision of the reality of teaching and learning in a diverse society if the field of teacher education is to become successful. With that vision, the teachers would have to be guided in injecting multicultural issues while for the duration of the preservice curriculum. The vision of culturally responsive teachers will be socio-culturally conscious and will be affirming students’ different perspective from various backgrounds. Under the same vision, the teacher will take responsible and enabled to bring change for purpose of making schools more equitable and they also understand how knowledge are constructed with the view of further promoting knowledge construction. In addition the vision must allow the teachers to know about the lives of their students and that these teachers could continue designing instruction that edifies and improves from what the students already known or have built upon. The authors took the position that the preparation of teachers in a multicultural, the people who are given the tasks of helping these teachers must first set the direction by articulating a vision of diverse society where there is teaching and learning that are happening in the process. This vision is believed to make it conceptually coherent if these teachers are to be prepared for diversity. The author had in effect articulated a proposed vision which is characterized by six salient features as explained earlier. This vision will serve as framework to infuse and call attention to diversity while the teachers are involved in the educational curriculum prepared for the purpose. The elements of the vision will feed into the minds of the pre service teachers while undergoing the learning experiences. Together in fieldwork as well as in coursework the teachers will collectively cultivate the sublime characteristic of culturally responsive teachers. The authors of this article do not want their proposal be prescriptive. They proposed a need for dialogue to develop a group vision of teaching and learning in a multicultural society. They proposed a need to look at and evaluate and revise if necessary the present curriculum in a consonance with the collective vision that may be agreed upon. They also admit to the requirement to invest time in making coordination for the envisioned responsive teaching qualities to what can be found in the courses that they teach and field experiences that they offer. They admit the need to have professional development that will help them to model the responsive teaching qualities as would be found in the revised curriculum. They are in a sense saying the vision articulation which they propose to be collectively done will just constitute the start of the process in the long journey of educating under the multicultural program where students belong to diverse cultural backgrounds. . The first step if successful will therefore lead into integrating the vision in the education curriculum of the teachers and improving the capabilities to implement the said revised curriculum. This will also lead to more collaboration among teachers and administrators of the multicultural program. The authors are in effect making suggestions that would simplify the rather difficult task into manageable ones formidable task. However the suggested cannot be considered to be very easy as viewed by the authors since the framework that they are proposing will still require negotiation with present social and political structures and contexts. 2. 4. Learning Who We (and They) Are: Popular Culture as Pedagogy by Guy (2007) The article aims to discuss the popular culture becoming a major educational project, or the means through which people learn. The author also recommended that population culture is capable of being used in learning race, class or gender issues. He asserted that population culture can power shape people and be used to challenge structured inequalities and social injustices. He also argued that those educating the adults via pop culture can be an effective way of educational strategies by asserting critical position toward population culture. Population culture or pop culture is defined as â€Å"culture of the masses† as distinguished from higher culture. The author started his article by reflecting on the meaning of education as forwarded by Benjamin Mays, a well known teacher and college president in Atlanta. He particularly used May’s statement about man’s having to live his dreams, his ideals and what he aspires to be. In other words, according to Mays, living not by bread alone or taking inspiration from one’s spiritual life is very much important. It is therefore in the attainment of self knowledge and understanding one’s life purpose where one discovers the vital goal of education. Yet, the high-technology world has answered critical or important questions of using population culture as a means via the mass media. The author has seen how population culture was used in advertising and the fact that it is used is uncontrollable already in the lives of many people, has recommended therefore the use of the same in learning culture or issues of race, class or gender. He cited authors arguing that media has shaped people’s ideas about race through cultural production of meaning. He cited abundant pieces evidence of how social cultures are made again using media. He therefore cited other author’s work producing evidence of cultural meanings delivered through cinema, music, video, TV, radio and Video. It could be therefore easy to agree with the points raised by the author considering that the issue of population culture is easily accessible to many. There is such a thing what is desired by great number of people or what is popular has an effect of influencing attitudes. The author therefore emphasized the important role player of population culture in teaching students. He however warned of multiple interpretations of meanings that producers, consumers, educators of adult and adult learners take. To accomplish the goals of teaching, he recommended the employing activities and strategies as used in this article. As an example, when confronted with multiple interpretations of meanings conveyed by pop culture in race, gender and class, he advocates an attitude of developing a critical analysis and awareness of the ways that attitudes or behaviours may be constrained, controlled or on the other hand, liberated, created and expanded In whatever ways the population culture may be taken a strategy to teach issues on gender, class and race, the author emphasized about the importance of the goal which should establish imaginative and nourishing relationships with other people while encouraging them to live harmoniously and cooperatively. It is by this context that the author drives May’s statement that human has to live in accordance with ideas and unattainable goals. On the principle that the world has become a great nations of democracies which gives the power to the influence of many, it will not be hard to agree as well with the author that the use of pop culture to effect changes in attitudes and values of people through education is an ideal that is easy to accept as what the authors argues about in this paper. References: Gay (2002), Preparing For Culturally Responsive Teaching, Journal of Teacher Education, Vol. 53, No. 2, March/April, pp. 106-116 Guy (2007), Learning Who We (and They) Are: Popular Culture as Pedagogy, New Direc1ions For Adult and Continuing Education, no. 115 Tisdell (2006), Spirituality, Cultural identity, and Epistemology in Culturally Responsive Teaching in Higher Education, Multicultural Perspective, 8(3), pp 19-25 Villegas and Lucas (2002), Preparing Culturally Responsive Teachers Rethinking The Curriculum, Journal of Teacher Education, Vol. 53, No. 1, January/February, 20-32

Why You Shouldnt Handle Mercury

Why You Shouldnt Handle Mercury Its never safe to touch mercury. Mercury is the only metal that is liquid at room temperature. Although it has been removed from most thermometers because of safety concerns, you can still find it in thermostats and fluorescent lights. You may have heard older people remark that it used to be common to use liquid mercury in labs and as students, they often poked at it with fingers and pencils. Yes, they lived to tell the tale, but they may also have suffered some small, permanent neurological damage as a result. In its liquid metal form, mercury absorbs instantly into the skin; but it also has an extremely high vapor pressure, so an open container of mercury disperses the metal into the air. It sticks to clothing and is absorbed by hair and nails, so you dont want to poke it with a fingernail or wipe it up with a cloth. Mercury Toxicity Direct contact with elemental (liquid) mercury can cause irritation and chemical burns. Possible immediate effects may include dizziness, vertigo, flu-like symptoms, burning or irritation, pale or clammy skin, irritability, and emotional instability. In addition, exposure to mercury affects the central nervous system, damaging the brain, liver, kidneys, and blood. The element affects reproductive organs and can damage a fetus. Several other symptoms are possible, depending on the route and duration of exposure. Some effects of mercury contact can be immediate, but the effects of mercury exposure also may be delayed. What To Do If You Touch Mercury The best action to do if you touch mercury is to seek immediate medical attention, even if you feel fine and arent experiencing any obvious effects. Quick treatment can remove mercury from your system, preventing some damage. Also, keep in mind mercury exposure can affect your mental state, so dont assume your personal assessment of your health is valid. Its a good idea to contact your local Poison Control (1-800-222-1222) or consult your physician. Mercury First Aid If you do get mercury on your skin, seek medical attention and follow professional advice. Remove contaminated clothing and flush skin with water for 15 minutes to remove as much mercury as possible. If a person exposed to mercury stops breathing, use a bag and mask to give them air, but dont perform mouth-to-mouth resuscitation, since this contaminates the rescuer, too. How To Clean Up a Mercury Spill Mercury spills are rare but can happen if you break a mercury thermometer, thermostat, or fluorescent bulb. If that happens, youll need to dispose of the mercury and contaminated objects properly. Dont use a vacuum or a broom, since this contaminates the tools and actually spreads the mercury more than if you do  nothing. Dont flush it down the drain or throw it in the trash. Dont wash mercury-contaminated clothing. You can use a stiff sheet of paper to push the mercury droplets together to form a larger drop and then use an eyedropper to suck the one drop up or push it into a jar that you can seal with a lid. If you have them, sulfur or zinc can be sprinkled onto mercury to form an amalgam, binding the mercury into a less reactive form. Call your local health department, municipal waste authority or fire department for information on the proper disposal of the jar and contaminated clothing or carpets in accordance with local, state and federal laws. If you have a larger mercury spill than the drop or two from a thermometer and up to about two tablespoons, open the windows, leave the room, shut the door behind you, and call your local health authority immediately. If the spill is more than about two tablespoons, call the  National Response Center (NRC) hotline at (800) 424-8802 immediately. The NRC hotline operates 24 hours a day, 7 days a week.   Sources Mercury. Fisher Scientific Material Safety Data Sheet, March 16, 2007.McFarland, Robert B., and Haidee Reigel. Chronic Mercury Poisoning from a Single Brief Exposure. Journal of Occupational and Environmental Medicine 20.8 (1978): 532–34. Environmental Health Criteria 1: Mercury. International Programme on Chemical Safety. Geneva: World Health Organization, 1976.Mercury: Spills, Disposal and Site Cleanup. Environmental Protection Agency.

Comparisons of Early Greek and Early Roman Cultures

Comparisons of Early Greek and Early Roman Cultures Abstract Early Greek and Rome had high contribution to western civilization. The early Greek and Roman cultures were passed down and still influence the modern way of life. While Ancient Greek consisted of isolated city states (poleis), early city of Rome expanded to an empire. Agriculture was the main economic activity for both ancient Greek and ancient Rome. Advertising We will write a custom essay sample on Comparisons of Early Greek and Early Roman Cultures specifically for you for only $16.05 $11/page Learn More Ancient Greek will be remembered for its contribution to philosophy, modern education and democracy. On the other hand, ancient Rome will be remembered for its contribution to rule of law and western civilization. Early Greek and Roman and Cultures Element Greek Roman Geography Ancient Greek started as city states (poleis) at around 800 BCE. The geography was characterized by mountainous terrain and irregular coastline. The city states we re along the coastline and were separated from one another by hilly landscape. The poleis included Athens, Thebes, Delphi, Sicyon, Olympia, Argos, Corinth, and Mycenae (Burckhardt, 2002). Greek’s colonization of the Mediterranean region was in the form of extension of the isolated city states. Early Rome was situated in a plain. On the west, ancient Rome was bordered by the sea and mountain on the east. The city of Rome was prone to invasions and migrations from Sicily and Po River (Selincourt, Ogilvie Oakley, 2002). This threat motivated early Rome to expand to the legendary Roman empire. Art Early Greek had magnificent works of art. Ancient Greek art included architecture, sculpture, literature, music, and drama. Most of the works of art in ancient Greek were original (Goldhill Osborne, 1994). Ancient Greek orders such as Doric and Ionic were not only functional but also elegant. In addition, Early Greek sculptors were good at showing human perfection. The art most asso ciated with ancient Greek is the Venus de Milo. Early Roman art were mainly imitative. Roman artists aimed mainly at producing realistic portraits chiefly for decoration (Green, 1996). The Romans considered their business as that of managing governments rather than of producing works of art. The art most associated with ancient Greek is mosaic. Economy Early Greek economy was based mainly on agriculture (Burckhardt, 2002). Wheat was the staple food and was produced in small farms. Big estates mainly for wine and olive oil also existed. Early Roman economy was also based chiefly on agriculture. Wine and olive oil were produced for export. Wheat, the staple food for early Roman was imported from neighboring nations. In addition to farming, the Romans engaged in trade and manufacturing. Social Classes Social classes in early Greek changed over time. The main divisions however included citizens, freedmen, slaves, metics and women. Social classes in early Rome also changed over time . The unique divisions included patricians, plebeians, slaves and freedmen. Women With exception of Sparta, women in early Greek had limited freedom. The women were valued for the way they managed their household, for producing legitimate children and for not gossiping (Goldhill Osborne, 1994). Though women could not be citizens, they were allowed to own property but could not sell them. Even after marriage, women remained under their fathers’ authority. Women in early Rome were subject to male figure in their household: Paterfamilias. Roman women had much freedom as compared to early Greek women (Selincourt, Ogilvie Oakley, 2002). They could own and sell property and could become roman citizens. Fathers Fathers in ancient Greek were dominant in their families. The fathers could even decide whether to keep a newborn or not. Grown up sons however could challenges their fathers. Paterfamilias was the head of early Roman family. The paterfamilias had authority even on thei r married sons. Government The city states in ancient Greek were mainly governed independently. The forms of governments changed from monarchy to oligarchy and then to democracy. Kings initially governed early Rome. The monarchy form of government gave way to republican government and later to emperors. Literature and Philosophy Early Greek literature and philosophy has great influence to the modern western culture. Influential early Greek literature includes Odyssey, Iliad and the Humor (Burckhardt, 2002). Early Greek philosophers such as Socrates, Plato and Aristotle’s had great contribution to western thought. Early roman literature borrowed much from early Greek literature. The literature included epigram, drama and prose. Unlike early Greek literature, Roman literature tended to be satirical (Selincourt, Ogilvie Oakley, 2002). In fact, satire is originally Roman. In philosophy, early Rome brought about Stoicism. Stoicism represented the world view of the early Roma n. Religion Early Greek was polytheist. The Greeks believed in gods and goddesses that included Zeus, Artemis, Poseidon, Dionysus, Hestia, Hermes and Ares. Greeks believed that worshipping the gods and goddesses would better their lives while offending the gods could bring misfortune. Ancient Rome was also polytheistic. Ancient Romans accepted many of Greek gods and gods from other nations that were part of the Roman empire (Green, 1996). Because of the many gods and ways of worship, the ancient Romans founded a college of pontiffs whose role was to regulate worship. References List Burckhardt, J. (2002). History of Greek Culture. New York: Courier Dover Publications. Goldhill, S. Osborne, R. (1994). Art and text in ancient Greek culture. Cambridge: Cambridge University Press Green, P. (1996). Hellenistic History and Culture. Ewing: University of California Press. Selincourt, L., Ogilvie, R. Oakley, S. (2002). The early history of Rome: books I-V of The history of Rome from i ts foundations. New York: Penguin.