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South Asian Popular Culture A Cultural Phenomenon, And A...

T Over the past decades, an increasing amount of cultural products such as television dramas, movies, animations and pop music have gained immense popularity among Asian countries, especially in Mainland China since the Chinese economic reform in the early 1980s. E Popular culture is often referred to as a ‘mass culture’, ‘a cultural phenomenon’ and ‘a sphere of capitalist activities’ (Fung, 2007; Chua, 2007), with the capacity to transcend national boundaries and delimitate political tensions. Before China opened up its economy, the country did not have much import capacity where most overseas cultural products were banned, and its own cultural industry was deeply undeveloped as inscribed by previous revolutionary politics. Yet, the Open Door Policy alongside with globalisation has opened the window for Chinese citizens to the outside world in which some Asian popular music and dramas could be legally imported into the mainland, and gradually gaining popularity in urban areas. E Scholars have recognized the rise of East Asian popular culture in Mainland China which Iwachuchi (2008) sees this phenomenon of cross-cultural products into the mainland as an ‘Asian modernity’ (p.28). L This paper will therefore examine how East Asian popular cultural products gained their success in Mainland China by specially looking into the popularity of Korean dramas, Taiwanese talk shows, Japanese animation and Hong Kong pop music as well as how China is progressively creating a stanceShow MoreRelatedLiterature Review in Business Management5026 Words   |  21 Pagesimpossibility. 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Foundation’s Edge CHAPTER THREE HISTORIAN Free Essays

string(95) " the Bronze knew all that went on in Terminus and had eyes at the end of every finger and toe\." HISTORIAN Janov Pelorat was white-haired and his face, in repose, looked rather empty. It was rarefy in anything but repose. He was of average height and weight and tended to move without haste and to speak with deliberation. We will write a custom essay sample on Foundation’s Edge CHAPTER THREE HISTORIAN or any similar topic only for you Order Now He seemed considerably older than his fifty-two years. He had never left Terminus, something that was most unusual, especially for one of his profession. He himself wasn’t sure whether his sedentary ways were because of – or in spite of – his obsession with history. The obsession had come upon him quite suddenly at the age of fifteen when, during some indisposition, he was given a book of early legends. In it, he found the repeated motif of a world that was alone and isolated – a world that was not even aware of its isolation, since it had never known anything else. His indisposition began to clear up at once. Within two days, he had read the book three times and was out of bed. The day after that he was at his computer terminal, checking for any records that the Terminus University Library might have on similar legends. It was precisely such legends that had occupied him ever since. The Terminus University Library had by no means been a great resource in this respect but, when he grew older, he discovered the joys of interlibrary loans. He had printouts in his possession which had been taken off hyper-radiational signals from as far away as Ifnia. He had become a professor of ancient history and was now beginning his first sabbatical – one for which he had applied with the idea of taking a trip through space (his first) to Trantor itself – thirty-seven years later. Pelorat was quite aware that it was most unusual for a person of Terminus to have never been in space. It had never been his intention to be notable in this particular way. It was just that whenever he might have gone into space, some new book, some new study, some new analysis came his way. He would delay his projected trip until he had wrung the new matter dry and had added, if possible, one more item of fact, or speculation, or imagination to the mountain he had collected. In the end, his only regret was that the particular trip to Trantor had never been made. Trantor had been the capital of the First Galactic Empire. It had been the seat of Emperors for twelve thousand years and, before that, the capital of one of the most important pre-Imperial kingdoms, which had, little by little, captured or otherwise absorbed the other kingdoms to establish the Empire. Trantor had been a world-girdling city, a metal-coated city. Pelorat had read of it in the works of Gaal Dornick, who had visited it in the time of Hari Seldon himself. Dornick’s volume no longer circulated and the one Pelorat owned might have been sold for half the historian’s annual salary. A suggestion that he might part with it would have horrified the historian. Of course, what Pelorat cared about, as far as Trantor was concerned, was the Galactic Library, which in Imperial times (when it was the Imperial Library) had been the largest in the Galaxy. Trantor was the capital of the largest and most populous Empire humanity had ever seen. It had been a single worldwide city with a population well in excess of forty billion, and its Library had been the gathered record of all the creative (and not-so-creative) work of humanity, the full summary of its knowledge. And it was all computerized in so complex a manner that it took experts to handle the computers. What was more, the Library had survived. To Pelorat, that was the amazing thing about it. When Trantor had fallen and been sacked, nearly two and a half centuries before, it had undergone appalling destruction, and the tales of human misery and death would not bear repeating – yet the Library had survived, protected (it was said) by the University students, who used ingeniously devised weapons. (Some thought the defense by the students might well have been thoroughly romanticized.) In any case, the Library had endured through the period of devastation. Ebling Mis had done his work in an intact Library in a ruined world when he had almost located the Second Foundation (according to the story which the people of the Foundation still believed, but which historians have always treated with reserve). The three generations of Darells – Bayta, Toran, and Arkady – had each, at one time or another, been on Trantor. However, Arkady had not visited the Library, and since her time the Library had not impinged on Galactic history. No Foundationer had been on Trantor in a hundred and twenty years, but there was no reason to believe the Library was not still there. That it had made no impingement was the surest evidence in favor of its being there. Its destruction would surely have made a noise. The Library was outmoded and archaic – it had been so even in Ebling Mis’s time – but that was all to the good. Pelorat always rubbed his hands with excitement when he thought of an old and outmoded Library. The older and the more outmoded, the more likely it was to have what he needed. In his dreams, he would enter the Library and ask in breathless alarm, â€Å"Has the Library been modemized? Have you thrown out the old tapes and computerizations?† And always he imagined the answer from dusty and ancient librarians, â€Å"As it has been, Professor, so is it still.† And now his dream would come true. The Mayor herself had assured him of that. How she had known of his work, he wasn’t quite sure. He had not succeeded in publishing many papers. Little of what he had done was solid enough to be acceptable for publication and what had appeared had left no mark. Still, they said Branno the Bronze knew all that went on in Terminus and had eyes at the end of every finger and toe. You read "Foundation’s Edge CHAPTER THREE HISTORIAN" in category "Essay examples" Pelorat could almost believe it, but if she knew of his work, why on Terminus didn’t she see its importance and give him a little financial support before this? Somehow, he thought, with as much bitterness as he could generate, the Foundation had its eyes fixed firmly on the future. It was the Second Empire and their destiny that absorbed them. They had no time, no desire, to peer back into the past – and they were irritated by those who did. The more fools they, of course, but he could not single-handedly wipe out folly. And it might be better so. He could hug the great pursuit to his own chest and the day would come when he would be remembered as the great Pioneer of the Important. That meant, of course (and he was too intellectually honest to refuse to perceive it), that he, too, was absorbed in the future – a future in which he would be recognized, and in which he would be a hero on a par with Hari Seldon. In fact, he would be the greater, for how could the working out of a clearly visualized future a millennium long stand comparison with the working out of a lost past at least twenty-five millennia old. And this was the day; this was the day. The Mayor had said it would be the day after Seldon’s image made its appearance. That was the only reason Pelorat had been interested in the Seldon Crisis that for months had occupied every mind on Terminus and indeed almost every mind in the Federation. It had seemed to him to make the most trifling difference as to whether the capital of the Foundation had remained here at Terminus, or had been shifted somewhere else. And now that the crisis had been resolved, he remained unsure as to which side of the matter Hari Seldon had championed, or if the matter under dispute had been mentioned at all. It was enough that Seldon had appeared and that now this was the day. It was a little after two in the afternoon that a ground-car slid to a halt in the driveway of his somewhat isolated house just outside Terminus proper. A rear door slid back. A guard in the uniform of the Mayoralty Security Corps stepped out, then a young man, then two more guards. Pelorat was impressed despite himself. The Mayor not only knew of his work but clearly considered it of the highest importance. The person who was to be his companion was given an honor guard, and he had been promised a first-class vessel which his companion would be able to pilot. Most flattering! Most – Pelorat’s housekeeper opened the door. The young man entered and the two guards positioned themselves on either side of the entrance. Through the window, Pelorat saw that the third guard remained outside and that a second ground-car had now pulled up. Additional guards! Confusing! He turned to find the young man in his room and was surprised to find that he recognized him. He had seen him on holocasts. He said, â€Å"You’re that Councilman. You’re Trevize!† â€Å"Golan Trevize. That’s right. You are Professor Janov Pelorat?† â€Å"Yes, yes,† said Pelorat. â€Å"Are you he who will – â€Å" â€Å"We are going to be fellow travelers,† said Trevize woodenly. â€Å"Or so I have been told.† â€Å"But you’re not a historian.† â€Å"No, I’m not. As you said, I’m a Councilman, a politician.† â€Å"Yes, Yes, But what am I thinking about? I am a historian, therefore what need for another? You can pilot a spaceship.† â€Å"Yes, I’m pretty good at that.† â€Å"Well, that’s what we need, then. Excellent! I’m afraid I’m not one of your practical thinkers, young man, so if it should happen that you are, we’ll make a good team.† Trevize said, â€Å"I am not, at the moment, overwhelmed with the excellence of my own thinking, but it seems we have no choice but to try to make it a good team.† â€Å"Let’s hope, then, that I can overcome my uncertainty about space. I’ve never been in space, you know, Councilman. I am a groundhog, if that’s the term. Would you like a glass of tea, by the way? I’ll have Moda prepare us something. It is my understanding that it will be some hours before we leave, after all. I am prepared right now, however. I have what is necessary for both of us. The Mayor has been most co-operative. Astonishing – her interest in the project.† Trevize said, â€Å"You’ve known about this, then? How long?† â€Å"The Mayor approached me† (here Pelorat frowned slightly and seemed to be making certain calculations) â€Å"two, or maybe three, weeks ago. I was delighted. And now that I have got it clear in my head that I need a pilot and not a second historian, I am also delighted that my companion will be you, my dear fellow.† â€Å"Two, maybe three, weeks ago,† repeated Trevize, sounding a little dazed. â€Å"She was prepared all this time, then. And I†¦Ã¢â‚¬  He faded out. â€Å"Pardon me?† â€Å"Nothing, Professor. I have a bad habit of muttering to myself. It is something you will have to grow accustomed to, if our trip extends itself.† â€Å"It will. It will,† said Pelorat, bustling the other to the dining room table, where an elaborate tea was being; prepared by his housekeeper. â€Å"Quite open-ended. The Mayor said we were to take as long as we liked and that the Galaxy lay all before us and, indeed, that wherever we went we could call upon Foundation funds. She said, of course, that we would have to be reasonable. I promised that much.† He chuckled and rubbed his hands: â€Å"Sit down, my good fellow, sit down. This may be our last meal on Terminus for a very long time.† Trevize sat down. He said, â€Å"Do you have a family, Professor?† â€Å"I have a son. He’s on the faculty at Santanni University. A chemist, I believe, or something like that. He took after his mother’s side. She hasn’t been with me for a long time, so you see I have no responsibilities, no active hostages to fortune. I trust you have none – help yourself to the sandwiches, my boy.† â€Å"No hostages at the moment. A few women. They come and go.† â€Å"Yes. Yes. Delightful when it works out. Even more delightful when you find it need not be taken seriously. – No children, I take it. â€Å"None.† â€Å"Good! You know, I’m in the most remarkable good humor. I was taken aback when you first came in. I admit it. But I find you quite exhilarating now. What I need is youth and enthusiasm and someone who can find his way about the Galaxy. We’re on a search, you know. A remarkable search.† Pelorat’s quiet face and quiet voice achieved an unusual animation without any particular change in either expression or intonation. â€Å"I wonder if you have been told about this. Trevize’s eyes narrowed. â€Å"A remarkable search?† â€Å"Yes indeed. A pearl of great price is hidden among the tens of millions of inhabited worlds in the Galaxy and we have nothing but the faintest clues to guide us. just the same, it will be an incredible prize if we can find it. If you and I can carry it off, my boy – Trevize, I should say, for I don’t mean to patronize – our names will ring down the ages to the end of time.† â€Å"The prize you speak of – this pearl of great price.† â€Å"I sound like Arkady Darell – the writer, you know – speaking of the Second Foundation, don’t I? no wonder you look astonished.† Pelorat – leaned his head back as though he were going to break into loud laughter but he merely smiled. â€Å"Nothing so silly and unimportant, I assure you.† Trevize said, â€Å"If you are not speaking of the Second Foundation, Professor, what are you speaking of?† Pelorat was suddenly grave, even apologetic. â€Å"Ah, then the Mayor has not told you? – It is odd, you know. I’ve spent decades resenting the government and its inability to understand what I’m doing, and now Mayor Branno is being remarkably generous.† â€Å"Yes,† said Trevize, not trying to conceal an intonation of irony, â€Å"she is a woman of remarkable hidden philanthropy, but she has not told me what this is all about.† â€Å"You are not aware of my research, then?† â€Å"No. I’m sorry.† â€Å"No need to excuse yourself. Perfectly all right. I have not exactly made a splash. Then let me tell you. You and I are going to search for – and find, for I have an excellent possibility in mind – Earth.† Trevize did not sleep well that night. Over and over, he thrashed about the prison that the old woman had built around him. Nowhere could he find a way out. He was being driven into exile and he could do nothing about it. She had been calmly inexorable and did not even take the trouble to mask the unconstitutionality of it all. He had relied on his rights as a Councilman and as a citizen of the Federation, and she hadn’t even paid them lip service. And now this Pelorat, this odd academic who seemed to be located in the world without being part of it, told him that the fearsome old woman had been making arrangements for this for weeks. He felt like the â€Å"boy† that she had called him. He was to be exiled with a historian who kept â€Å"dear fellowing† him and who seemed to be in a noiseless fit of joy over beginning a Galactic search for – Earth? What in the name of the Mule’s grandmother was Earth? He had asked. Of course! He had asked upon the moment of its mention. He had said, â€Å"Pardon me, Professor. I am ignorant of your specialty and I trust you won’t be annoyed if I ask for an explanation in simple terms. What is Earth?† Pelorat stared at him gravely while twenty seconds moved slowly past. He said, â€Å"It is a planet. The original planet. The one on which human beings first appeared, my dear fellow.† Trevize stared. â€Å"First appeared? From where?† â€Å"From nowhere. It’s the planet on which humanity developed through evolutionary processes from lower animals.† Trevize thought about it, then shook his head. â€Å"I don’t know what you mean.† An annoyed expression crossed Pelorat’s face briefly. He cleared his throat and said, â€Å"There was a time when Terminus had no human beings upon it. It was settled by human beings from other worlds. You know that, I suppose?† â€Å"Yes, of course,† said Trevize impatiently. He was irritated at the other’s sudden assumption of pedagogy. â€Å"Very well. This is true of all the other worlds. Anacreon, Santanni, Kalgan – all of them. They were all, at some time in the past, founded. People arrived there from other worlds. It’s true even of Trantor. It may have been a great metropolis for twenty thousand years, but before that it wasn’t.† â€Å"Why, what was it before that?† â€Å"Empty? At least of human beings.† â€Å"That’s hard to believe.† â€Å"It’s true. The old records show it.† â€Å"Where did the people come from who first settled Trantor?† â€Å"No one is certain. There are hundreds of planets which claim to have been populated in the dim mists of antiquity and whose people present fanciful tales about the nature of the first arrival of humanity. Historians tend to dismiss such things and to brood over the ‘Origin Question.'† â€Å"What is that? I’ve never heard of it.† â€Å"That doesn’t surprise me. It’s not a popular historical problem now, I admit, but there was a time during the decay of the Empire when it roused a certain interest among intellectuals. Salvor Hardin mentions it briefly in his memoirs. It’s the question of the identity and location of the one Planet from which it all started. If ,we look backward in time, humanity flows inward from the most recently established worlds to older ones, to still older ones, until all concentrates on one – the original.† Trevize thought at once of the obvious flaw in the argument. â€Å"Might there not have been a large number of originals?† â€Å"Of course not. All human beings all over the Galaxy are of a single species. A single species cannot originate on more than one planet. Quite impossible.† â€Å"How do you know?† â€Å"In the first place.† Pelorat ticked off the first finger of his left hand with the first finger of his right, and then seemed to think better of what would undoubtedly have been a long and intricate exposition. He put both hands at his side and said with great earnestness, â€Å"My dear fellow, I give you my word of honor.† Trevize bowed formally and said, â€Å"I would not dream of doubting it, Professor Pelorat. Let us say, then, that there is one planet of origin, but might there not be hundreds who lay claim to the honor?† â€Å"There not only might be, there are. Yet every claim is without merit. Not one of those hundreds that aspire to the credit of priority shows any trace of a prehyperspatial society, let alone any trace of human evolution from prehuman organisms.† â€Å"Then are you saying that there is a planet of origin, but that, for some reason, it is not making the claim?† â€Å"You have hit it precisely.† â€Å"And you are going to search for it?† â€Å"We are. That is our mission. Mayor Branno has arranged it all. You will pilot our ship to Trantor.† â€Å"To Trantor? It’s not the planet of origin. You said that much a while ago.† â€Å"Of course Trantor isn’t. Earth is.† â€Å"Then why aren’t you telling me to pilot the ship to Earth?† â€Å"I am not making myself clear. Earth is a legendary name. It is enshrined in ancient myths. It has no meaning we can be certain of, but it is convenient to use the word as a one-syllable synonym for ‘the planet of origin of the human species.’ just which planet in real space is the one we are defining as ‘Earth’ is not known.† â€Å"Will they know on Trantor?† â€Å"I hope to find information there, certainly. Trantor possesses the Galactic Library, the greatest in the system.† â€Å"Surely that Library has been searched by those people you said were interested in the ‘Origin Question’ in the time of the First Empire.† Pelorat nodded thoughtfully, â€Å"Yes, but perhaps not well enough. I have learned a great deal about the ‘Origin Question’ that perhaps the Imperials of five centuries back did not know. I might search the old records with greater understanding, you see. I have been thinking about this for a long time and I have an excellent possibility in mind.† â€Å"You have told Mayor Branno all this, I imagine, and she approves?† â€Å"Approves? My dear fellow, she was ecstatic. She told me that Trantor was surely the place to find out all I needed to know.† â€Å"No doubt,† muttered Trevize. That was part of what occupied him that night. Mayor Branno was sending him out to find out what he could about the Second Foundation. She was sending him with Pelorat so that he might mask his real aim with the pretended search for Earth – a search that could carry him anywhere in the Galaxy. It was a perfect cover, in fact, and he admired the Mayor’s ingenuity. But Trantor? Where was the sense in that? Once they were on Trantor, Pelorat would find his way into the Galactic Library and would never emerge. With endless stacks of books, films, and recordings, with innumerable computerizations and symbolic representations, he would surely never want to leave. Besides that – Ebling Mis had once gone to Trantor, in the Mule’s time. The story was that he had found the location of the Second Foundation there and had died before he could reveal it. But then, so had Arkady Darell, and she had succeeded in locating the Second Foundation. But the location she had found was on Terminus itself, and there the nest of Second Foundationers was wiped out. Wherever the Second Foundation was now would be elsewhere, so what more had Trantor to tell? If be were looking for the Second Foundation, it was best to go anywhere but Trantor. Besides that – What further plans Branno had, he did not know, but he was not in the mood to oblige her. Branno had been ecstatic, had she, about a trip to Trantor? Well, if Branno wanted Trantor, they were not going to Trantor! – Anywhere else. – But not Trantor! And worn out, with the night verging toward dawn, Trevize fell at last into a fitful slumber. Mayor Branno had had a good day on the one following the arrest of Trevize. She had been extolled far beyond her deserts and the incident was never mentioned. Nevertheless, she knew well that the Council would soon emerge from its paralysis and that questions would be raised. She would have to act quickly. So, putting a great many matters to one side, she pursued the matter of Trevize. At the time when Trevize and Pelorat were discussing Earth, Branno was facing Councilman Munn Li Compor in the Mayoralty Office. As he sat across the desk from her, perfectly at ease, she appraised him once again. He was smaller and slighter than Trevize and only two years older. Both were freshmen Councilmen, young and brash, and that must have been the only thing that held them together, for they were different in all other respects. Where Trevize seemed to radiate a glowering intensity, Compor shone with an almost serene self-confidence. Perhaps it was his blond hair and blue eyes, not at all common among Foundationers. They lent him an almost feminine delicacy that (Branno judged) made him less attractive to women than Trevize was. He was clearly vain of his looks, though, and made the most of them, wearing his hair rather long and making sure that it was carefully waved. He wore a faint blue shadowing under his eyebrows to accentuate the eye color. (Shadowing of various tints had become common among men these last ten years.) He was no womanizer. He lived sedately with his wife, but had not yet registered parental intent and was not known to have a clandestine second companion. That, too, was different from Trevize, who changed housemates as often as he changed the loudly colored sashes for which he was notorious. There was little about either young Councilman that Kodell’s department had not uncovered, and Kodell himself sat quietly in one corner of the room, exuding a comfortable good cheer as always. Branno said, â€Å"Councilman Compor, you have done the Foundation good service, but unfortunately for yourself, it is not of the sort that can be praised in public or repaid in ordinary fashion.† Compor smiled. He had white and even teeth, and Branno idly wondered, for one flashing moment if all the inhabitants of the Sirius Sector looked like that. Compor’s tale of stemming from that particular, rather peripheral, region went back to his maternal grandmother, who had also been blond-haired and blue-eyed and who had maintained that her mother was from the Sirius Sector. According to Kodell, however, there was no hard evidence in favor of that. Women being what they were, Kodell had said, she might well have claimed distant and exotic ancestry to add to her glamour and her already formidable attractiveness. â€Å"Is that how women are?† Branno had asked drily, and Kodell had smiled and muttered that he was referring to ordinary women, of course. Compor said, â€Å"It is not necessary that the people of the Foundation know of my service – only that you do.† â€Å"I know and I will not forget. What I also will not do is to let you assume that your obligations are now over. You have embarked on a complicated course and you must continue. We want more about Trevize.† â€Å"I have told you all I know concerning him.† â€Å"That may be what you would have me believe. That may even be what you truly believe yourself. Nevertheless, answer my questions. Do you know a gentleman named Janov Pelorat?† For just a moment Compor’s forehead creased, then smoothed itself almost at once. He said carefully, â€Å"I might know him if I were to see him, but the name does not seem to cause any association within me.† â€Å"He is a scholar.† Compor’s mouth rounded into a rather contemptuous but unsounded â€Å"Oh?† as though he were surprised that the Mayor would expect him to know scholars. Branno said, â€Å"Pelorat is an interesting person who, for reasons of his own, has the ambition of visiting Trantor. Councilman Trevize will accompany him. Now, since you have been a good friend of Trevize and . perhaps know his system of thinking, tell me. Do you think Trevize will consent to go to Trantor?† Compor said, â€Å"If you see to it that Trevize gets on the ship, and if the ship is piloted to Trantor, what can he do but go there? Surely you don’t suggest he will mutiny and take over the ship.† â€Å"You don’t understand. He and Pelorat will be alone on the ship and it will be Trevize at the controls.† â€Å"You are asking whether he would go voluntarily to Trantor?† â€Å"Yes, that is what I am asking.† â€Å"Madam Mayor, how can I possibly know what he will do?† â€Å"Councilman Compor, you have been close to Trevize. You know his belief in the existence of the Second Foundation. Has he never spoken to you of his theories as to where it might exist, where it might be found?† â€Å"Never, Madam Mayor.† â€Å"Do you think he will find it?† Compor chuckled. â€Å"I think the Second Foundation, whatever it was and however important it might have been, was wiped out in the time of Arkady Darell. I believe her story.† â€Å"Indeed? In that case, why did you betray your friend? If he were searching for something that does not exist, what harm could he have done by propounding his quaint theories?† Compor said, â€Å"It is not the truth alone that can harm. His theories may have been merely quaint, but they might have succeeded in unsettling the people of Terminus and, by introducing doubts and fears as to the Foundation’s role in the great drama of Galactic history, have weakened its leadership of the Federation and its dreams of a Second Galactic Empire. Clearly you thought this yourself, or you would not have seized him on the floor of the Council, and you would not now be forcing him into exile without trial. Why have you done so, if I may ask, Mayor?† â€Å"Shall we say that I was cautious enough to wonder if there were some faint chance that he might be right, and that the expression of his views might be actively and directly dangerous?† Compor said nothing. Branno said, â€Å"I agree with you, but I am forced by the responsibilities of my position to consider the possibility. Let me ask you again if you have any indication as to where he might think the Second Foundation exists, and where he might go.† â€Å"I have none.† â€Å"He has never given you any hints in that direction?† â€Å"No, of course not.† â€Å"Never? Don’t dismiss the thought easily. Think! Never?† â€Å"Never,† said Compor firmly. â€Å"No hints? no joking remarks? no doodles? no thoughtful abstractions at moments that achieve significance as you look back on them?† â€Å"None. I tell you, Madam Mayor, his dreams of the Second Foundation are the most nebulous starshine. You know it, and you but waste your time and your emotions in your concern over it.† â€Å"You are not by some chance suddenly changing sides again and protecting the friend you delivered into my hands?† â€Å"No,† said Compor. â€Å"I turned him over to you for what seemed to me to be good and patriotic reasons. I have no reason to regret the action, or to change my attitude.† â€Å"Then you can give me no hint as to where he might go once he has a ship at his disposal?† â€Å"As I have already said†¦Ã¢â‚¬  â€Å"And yet, Councilman,† and here the lines of the Mayor’s face so folded as to make her seem wistful, â€Å"I would like to know where he goes.† â€Å"In that case, I think you ought to place a hyper-relay on his ship.† â€Å"I have thought of that, Councilman. He is, however, a suspicious man and I suspect he will find it – however cleverly it might be placed. Of course, it might be placed in such a way that he cannot remove it without crippling the ship, and he might therefore be forced to leave it in place†¦Ã¢â‚¬  â€Å"An excellent notion.† â€Å"Except that,† said Branno, â€Å"he would then be inhibited. He might not go where he would go if he felt himself free and untrammeled. The knowledge I would gain would be useless to me.† â€Å"In that case, it appears you cannot find out where he will go.† â€Å"I might, for I intend to be very primitive. A person who expects the completely sophisticated and who guards against it is quite apt never to think of the primitive. – I’m thinking of having Trevize followed.† â€Å"Followed?† â€Å"Exactly. By, another pilot in another spaceship. See how astonished you are at the thought? He would be equally astonished. He might not think of scouring space for an accompanying mass and, in any case, we will see to it that his ship is not equipped with our latest mass-detection devices.† Compor said, â€Å"Madam Mayor, I speak with all possible respect, but I must point out that you lack experience in space flight. To have one ship followed by another is never done – because it won’t work. Trevize will escape with the first hyperspatial jump. Even if he doesn’t know he is being followed, that first jump will be his path to freedom. If he doesn’t have a hyper-relay on board ship, he can’t be traced.† â€Å"I admit my lack of experience. Unlike you and Trevize, I have had no naval training. Nevertheless, I am told by my advisers – who have had such training – that if a ship is observed immediately prior to a jump, its direction, speed, and acceleration make it possible to guess what the jump might be – in a general way. Given a good computer and an excellent sense of judgment, a follower might duplicate the jump closely enough to pick up the trail at the other end – especially if the follower has a good mass-detector.† â€Å"That might happen once,† said Compor energetically, â€Å"even twice if the follower is very lucky, but that’s it. You can’t rely on such things.† â€Å"Perhaps we can. – Councilman Compor, you have hyper-raced in your time. You see, I know a great deal about you. You are an excellent pilot and have done amazing things when it comes to following a competitor through a jump.† Compor’s eyes widened. He almost squirmed in his chair. â€Å"I was in college then. I am older now.† â€Å"Not too old. Not yet thirty-five. Consequently you are going to follow Trevize, Councilman. Where he goes, you will follow, and you will report back to me. You will leave soon after Trevize does, and he will be leaving in a few hours. If you refuse the task, Councilman, you will be imprisoned for treason. If you take the ship that we will provide for you, and if you fail to follow, you need not bother coming back. You will be shot out of space if you try.† Compor rose sharply to his feet. â€Å"! have a life to live. I have work to do. I have a wife. I cannot leave it all.† â€Å"You will have to. Those of us who choose to serve the Foundation must be prepared at ail times to serve it in a prolonged and uncomfortable fashion, if that should become necessary.† â€Å"My wife must go with me, of course.† â€Å"Do you take me for an idiot? She stays here, of course.† â€Å"As a hostage?† â€Å"If you like the word. I prefer to say that you will be taking yourself into danger and my kind heart wants her to stay here where she will not be in danger. – There is no room for discussion. You are as much under arrest as Trevize is, and I am sure you understand I must act quickly – before the euphoria enveloping Terminus wears off. I fear my star will soon be in the descendant.† Kodell said, â€Å"You were not easy on him, Madam Mayor.† The Mayor said with a sniff, â€Å"Why should I have been? He betrayed a friend.† â€Å"That was useful to us.† â€Å"Yes, as it happened. His next betrayal, however, might not be.† â€Å"Why should there be another?† â€Å"Come, Liono,† said Branno impatiently, â€Å"don’t play games with me. Anyone who displays a capacity for double-dealing must forever be suspected of being capable of displaying it again.† â€Å"He may use the capability to combine with Trevize once again. Together, they may†¦Ã¢â‚¬  â€Å"You don’t believe that. With all his folly and naivete, Trevize goes straight for his goal. He does not understand betrayal and he will never, under any circumstances, trust Compor a second time.† Kodell said, â€Å"Pardon me, Mayor, but let me make sure I follow your thinking. How far, then, can you trust Compor? How do you know he will follow Trevize and report honestly? Do you count on his fears for the welfare of his wife as a restraint? His longing to return to her?† â€Å"Both are factors, but I don’t entirely rely on that. On Compor’s ship there will be a hyper-relay. Trevize would suspect pursuit and would search for one. However Compor – being the pursuer – will, I assume, not suspect pursuit and will not search for one. – Of course, if he does, and if he finds it, then we must depend on the attractions of his wife.† Kodell laughed. â€Å"To think I once had to give you lessons. And the purpose of the pursuit?† â€Å"A double layer of protection. If Trevize is caught, it may be that Compor will carry on and give us the information that Trevize will not be able to.† â€Å"One more question. What if, by some chance, Trevize finds the Second Foundation, and we learn of it through him, or through Compor, or if we gain reason to suspect its existence – despite the deaths of both?† â€Å"I’m hoping the Second Foundation does exist, Liono,† she said. â€Å"In any case, the Seldon Plan is not going to serve us much longer. The great Hari Seldon devised it in the dying days of the Empire, when technological advance had virtually stopped. Seldon was a product of his times, too, and however brilliant this semimythical science of psychohistory must have been, it could not rise out of its roots. It surely would not allow for raid technological advance. The Foundation has been achieving that, especially in this last century. We have mass-detection devices of a kind undreamed of earlier, computers that can respond to thought, and – most of all – mental shielding. The Second Foundation cannot control us for much longer, if they can do so now. I want, in my final years in power, to be the one to start Terminus on a new path.† â€Å"And if there is, in fact, no Second Foundation?† â€Å"Then we start on a new path at once.† The troubled sleep that had finally come to Trevize did not last long. A touch on his shoulder was repeated a second time. Trevize started up, bleary and utterly failing to understand why he should be in a strange bed. â€Å"What – What – ?† Pelorat said to him apologetically, â€Å"I’m sorry, Councilman Trevize. You are my guest and I owe you rest, but the Mayor is here.† He was standing at the side of the bed in flannel pajamas and shivering slightly. Trevize’s senses leaped to a weary wakefulness and he remembered. The Mayor was in Pelorat’s living room, looking as composed as always. Kodell was with her, rubbing lightly at his white mustache. Trevize adjusted his sash to the proper snugness and wondered how long the two of them – Branno and Kodell – were ever apart. Trevize said mockingly, † Has the Council recovered yet? Are its members concerned over the absence of one of them?† The Mayor said, â€Å"There are signs of life, yes, but not enough to do you any good. There is no question but that I still have the power to force you to leave. You will be taken to Ultimate Spaceport†¦Ã¢â‚¬  â€Å"Not Terminus Spaceport, Madam Mayor? Am I to be deprived of a proper farewell from weeping thousands?† â€Å"I see you have recovered your penchant for teenage silliness, Councilman, and I am pleased. It stills what might otherwise be a certain rising twinge of conscience. At Ultimate Spaceport, you and Professor Pelorat will leave quietly.† â€Å"And never return?† â€Å"And perhaps never return. Of course,† and here she smiled briefly, â€Å"if you discover something of so great an importance and usefulness that even I will be glad to have you back with your information, you will return. You may even be treated with honor.† Trevize nodded casually, â€Å"That may happen.† â€Å"Almost anything may happen. – In any case, you will be comfortable. You are being assigned a recently completed pocket-cruiser, the Far Star, named for Hober Mallow’s cruiser. One person can handle it, though it will hold as many as three with reasonable comfort.† Trevize was jolted out of his carefully assumed mood of light irony. â€Å"Fully armed?† â€Å"Unarmed but otherwise fully equipped. Wherever you go, you will be citizens of the Foundation and there will always be a consul to whom you can turn, so you will not require arms. You will be able to draw on funds at need. – Not unlimited funds, I might add.† â€Å"You are generous.† â€Å"I know that, Councilman. But, Councilman, understand me. You are helping Professor Pelorat search for Earth. Whatever you think you are searching for, you are searching for Earth. All whom you meet must understand that. And always remember that the Far Star is not armed.† â€Å"I am searching for Earth;† said Trevize. â€Å"I understand that perfectly.† â€Å"Then you will go now.† â€Å"Pardon me, but surely there is more to all of this than we have discussed. I have piloted ships in my time, but I have had no experience with a late-model pocket-cruiser. What if I cannot pilot it?† â€Å"I am told that the Far Star is thoroughly computerized. – And before you ask, you don’t have to know how to handle a late-model ship’s computer. It will itself tell you anything you need to know. Is there anything else you need?† Trevize looked down at himself ruefully. â€Å"A change of clothing.† â€Å"You will find them on board ship. Including those girdles you wear, or sashes, whichever they are called. The professor is also supplied with what he needs. Everything reasonable is already aboard, although I hasten to add that this does not include female companions.† â€Å"Too bad,† said Trevize. â€Å"It would be pleasant, but then, I have no likely candidate at the moment, as it happens. Still, I presume the Galaxy is populous and that once away from here I may do as I Please.† â€Å"With regard to companions? Suit yourself.† She rose heavily. â€Å"I will not take you to the spaceport,† she said, â€Å"but there are those who will, and you must make no effort to do anything you are not told to do. I believe they will kill you if you make an effort to escape. The fact that I will not be with them will remove any inhibition.† Trevize said, â€Å"I will make no unauthorized effort, Madam Mayor, but one thing†¦Ã¢â‚¬  â€Å"Yes?† Trevize searched his mind rapidly and finally said with a smile that he very much hoped looked unforced, â€Å"The time may come, Madam Mayor, when you will ask me for an effort. I will then do as I choose, but I will remember the past two days.† Mayor Branno sighed. â€Å"Spare me the melodrama. If the time comes, it will come, but for now – I am asking for nothing.† How to cite Foundation’s Edge CHAPTER THREE HISTORIAN, Essay examples

Food Inc, By Robert Kenner Essay Example For Students

Food Inc, By Robert Kenner Essay FOOD Inc. is a film that goes deeper into the food that we consume every single day, and also gives us insight on the origin of our food from the average farmer to the corporations that have almost made a monopoly in agriculture. However, Robert Kenner exposes the corrupt ways food companies treat animals and the way food is being produced, and overall, the need to make our voices heard that we need to make a change when it comes to what we eat and how we eat. Therefore I agree with the documentarian on his point of view on the way animals are being treated, the way our food is really being made, our health, and its effect on our lives. While analyzing this documentary, you notice that the food being shown in the film was a clear contrast on what we usually see on television and other forms of media. It mainly started at how our food is being produced from the feeding of animals to our local grocery, and you see how we are being deceived into thinking that they actually care about our consumption, however, they care about the money that is being made. I agreed with Kenner because he gave insight on something that was not shown in our lives. We did not know about how chickens, and cows are put into these warehouses and are being fed corn since it is so cheap. Another argument that Kenner made was the facts of the dollar menu and fast food. The dollar menu was usually seen as something that was affordable and a light snack. However, when dollar menu items are being shown in this film, you analyze how they are cheaper than healthier items which makes it harder Soto 2on families on living a healthier and substantial life. You also look into the long lasting effects of their health, which by the way is failing due to their â€Å"choices†. .what to eat and not eat. His argument can fail because his solution to this problem will seem like there is too much effort that would be needed in order to make a change. However, he defeats this argument because he proposes many arguments and strong evidence to where people have to change their ways when it comes to eating. Soto 4In closing, there is a lot to consider when it comes to this documentary and its connection with our food. We have been close minded to a lot of perspectives until we see something, so for us so have seen this documentary, it does show how we need to change, and fortunately he does provide ways in order for us to change. Solutions such as eating foods that are only in season, and eating organic foods are the few steps that we can take in order to make ourselves healthier and better as a nation. Hopefully, we can all make that change.

geography chapters 24 25 26 Flashcard

geography chapters 24 25 26

Were the Atomic Bombs Necessar essays

Were the Atomic Bombs Necessar essays Every act of war directed to the indiscriminate destruction of whole cities or vast areas with their inhabitants is a crime against God and man. Catechism of the Catholic Church. Since June 1940 tension had been mounting between America and Japan. The Axis Power, Germany and Italy, made strides into Europe while Japan had military interests in East Asia. As the Japanese army marched into China and then into Vietnam, the United States grew increasingly uncomfortable. In retaliation, the United States. clamped a trade embargo (including one regarding oil-shipment) on Japan in July 1941. Besides, all Japanese assets in the United States were frozen. Japan and the United States tried to come to an agreement. On November 5, 1941, Japan offered a plan to solve the crisis, but the American Secretary of State, Hull rejected the plan. The Americans would only accept an unconditional surrender under American terms. This frightened Japanese leaders because their biggest fear was losing their Emperor. As a result of the rejection, the Japanese responded in December 1941, when they attacked United States base at Pearl Harbor, Hawaii and launched other surprise attacks against Allied territories in the Pacific. The Japanese attack on Pearl Harbor claimed over 5000 American lives. Thus began a wider conflict marked by extreme bitterness. For most Americans this war was fundamentally different than the one waged against Italy and Germany. It was a war of vengeance. As the end of the war approached it was clear to both sides that it was going to be a fight to the finish. The Japanese would not surrender, they would fight until the death of all their people. They would die, in honor of their country. The Americans would not relent until they had conquered Japan. Therefore, on August 6, 1945, with no forewarning, the United States used their massive, secret weapon, the atomic bomb, a...

Macro & Micro economics Essay Example | Topics and Well Written Essays - 1500 words - 1

Macro & Micro economics - Essay Example In the last quarter of 2012, growth rate in the economy was estimated to be 7.9% (BBC, 2013). However, immediately in the first three months of the current year (2013) the growth rate dropped notably. The government of China noticed this fluctuation early in 2013 and decided to take expansionary policies to pull up the growth rate. This paper aims at studying an article titled â€Å"China to continue ‘proactive fiscal, prudent monetary’ policy† written by Siwu and Zhi and published in Xinhuanet on March 5 2013. The article presents a report on the present growth rate of China and discusses the government’s policy prescription with regard to this growth situation in the country. At present annual growth rate of the country is 7.7% and the central bank has taken expansionary monetary policy to boost up economic activities in the country (BBC, 2013). The fiscal policies adopted by the government have also been discussed in the article. The discussion presented in this paper identifies the major causes that have affected the growth rate of the Chinese economy and comments on the policy adaptations of the government as discussed in the news article. The impact faced by the Chinese society on account of this economic slowdown has also received light in the scope of this discussion, alongside the discussion on the aggregate demand and supply in the economy. Aggregate demand in the Chinese economy has declined as a result of this declining growth rate. The government has focused on improving domestic demand conditions in order to boost up the economy. Discussion on the economic problem The growth momentum in the country has been showing a lack of vigour since the beginning of 2013. The measures of various economic variables in the country are indicative of a low performance level in the economy, which implies that there is no strong point of evidence that might show that the economy has any prospect for recovering soon. In 2013, estimate of t he growth rate of the economy has been 7.7% from January to March, while economists had forecasted that growth rates would reach 8%. In response to this economic situation the government of China has declared that it would sustain the â€Å"proactive fiscal policy and a prudent monetary policy† (Siwu and Zhi, 2013) throughout the year in 2013. Proactive monetary policies have been maintained by the Chinese government since the 2011, with the aim of bringing stability in the economy, to make the economic structure flexible for future improvements and more forward-looking and target-oriented. This would ensure steady economic growth. While bringing economic growth the government aims at keeping the price level in the economy stable and guard against the occurrence of any regional or systemic financial risk. The government has vowed to guide the financial institutions, to make them operate prudently, oversee the financial activities of the institutions and take account of the ri sks associated with off-balance sheet activities, so as to make the financial sector's more sustainable and capable of supporting long term economic development. Causes of the problem The article by Siwu and Zhi (2013) reflects that the government of China has been actively making policy prescriptions that are aimed at improving the economic conditions of the country. Further research on this issue reveals that growth of the Chinese economy has been highly dependent on its export sector. The major markets for Chinese exports are the USA and the European countries. The country mainly exports, garments, toys, accessories, other plastic products, machinery, transport equipments, rubber, metallurgical products, textile materials, chemical products, refined oil and crude oil, as well as food items (Peopledaily, 2001). China follows

Viral Marketing Thesis Example | Topics and Well Written Essays - 11250 words

Viral Marketing - Thesis Example This essay discusses how this kind of marketing is theorised and viewed. It considers various components of this marketing practice that organisations use, citing thriving e-commerce companies, like Amazon, while the opportunities and threats are also examined. The essay concludes that virtually all organisations, even in tradition-oriented marketing companies in the Czech Republic, can employ viral marketing as a productive organisational tool. This essay discusses the various components of viral marketing, such as buzz advertising, word-of-mouth, e-communications, and others, in order to show how viral marketing really works. This essay examines the appeal of viral marketing and the problems linked to viral marketing efforts. With a consideration of how the opportunities and threats of a viral marketing vary from those of a traditional method, the essay discusses why viral marketing is an appropriate tool for organisations in the Czech Republic. This essay reviews viral marketing a nd argues that it is created so that promotional materials and messages will be spread quickly in a cost-effective way. It thoroughly described different major components for a productive viral marketing technique. *images taken from Google pictures Thesis Statement: Because of the remarkable growth in e-communications, such as mobile phones and the Internet, viral marketing have become an important component of the marketing communications strategy in numerous organisations. Buzz advertising, word-of-mouth, e-mail direct marketing, wireless or mobile advertising, and online advertising and promotions are useful strategies to strengthen and improve viral marketing communications instruments. Viral marketing can improve awareness, enhance customer response, motivate product trial, and build brand equities. The natural interactivity of viral marketing grants them a powerful position in marketing communications strategy. Undoubtedly, in the future the role of viral marketing will becom e increasingly essential, and new media and technologies will come out. Yet, marketers should always bear in mind that a new media and technology can only be effective when potential customers are capable of and eager to use, accept, and understand it in their buying preferences. Indeed, viral marketing is just beginning to be recognised in the Czech Republic, although it is certainly the suggested and chosen standard in current marketing practice and communications. Understanding of the theory and discipline of viral marketing is now a matter of rigorous and wide-ranging research as there is a great deal of information about it. I. Introduction This dissertation will discuss the theoretical and practical features of viral marketing and review several of the methods and successful campaigns that have sped up the recognition of connected marketing. A brief discussion on the development of viral marketing in Czech Republic will be presented in the concluding part of the paper. Viral m arketing, particularly when applied in an integrated manner, can both enhance brand awareness and develop brand support (Arndt, 1967). And it is a quite cost-effective way of marketing, even for product, brand, or service that has no ‘memorable’ or ‘buzz’ (Brown, Barry, Dacin & Gunst, 2005) features. There are some people, when reflecting on marketing research, tend to visualise research instead of marketing itself. In fact, marketing research is officially identified as locating and

LAW Essay Example | Topics and Well Written Essays - 500 words - 3

LAW - Essay Example They were convicted and sentenced for felony murder in the Supreme Court of the State of New York for New York County. Judgment was affirmed without opinion in the Appellate Division. A motion to reargue was denied by the New York Court of Appeals on June 15, 1976. Victory was tried for felony murder (N.Y.Penal L. Â § 125.25(3) predicated upon the crime of escape in the second degree (id. Â § 205.10(2)). To convict Victory the jury had to find that Bornholdt and he escaped from custody after Officer Varecha had arrested them for a felony and that the policeman was shot in the course of or in furtherance of this escape. In charging the jury, the trial judge explained several times that it was necessary for them to find that an escape was being committed at the time Varecha was shot in order to convict Victory of felony murder. http://cases.justia.com/us-court-of-appeals/F2/570/66/3893 For example, "the prosecution must show that during the commission or attempted commission of the crime of escape in the second degree, and in the course of and in furtherance of that crime, or the immediate flight there from, a defendant caused the death of a person other than one of the participants." Both the crime of felony murder and the crime of escape in the second degree were submitted. After retiring, the jury asked for a re-reading of the law of escape, and twice for a re-reading of testimony about events prior to the shooting. "As a matter of law, does the fact of flight after the shooting itself establish escape in the second degree after an arrest has been made for felony assault?" The judge indicated that there was no "categorical" answer to the question posed, carefully stated what the jury would be required to find for a conviction of escape in the second degree, then re-read the statutory definition of felony murder which, as the jury had often heard, requires death be caused in the course of or in furtherance of a predicate

Study on Monetary Policy and the Stock Market

Study on Monetary Policy and the Stock Market Monetary policy is the regulation of the interest rate and money supply of a country by its Central Bank or Federal Reserve in other to achieve the major economic goals which include price stability, full employment, economic growth etc.  Ã‚   The stock market on the other hand is often considered a primary indicator of a countrys economic strength and development as it is a major source of savings and income for most individuals. History has shown that the economy of any country reacts strongly to movements in stock prices and is replete with examples in which large swings in stock, housing and exchange rate markets coincided with prolonged booms and busts (Cecchetti, Genberg, Lipsky and Wadhwani, 2000). Recent happenings even confirm this as the latest economic recession was preceded by a crash in the stock market. As a result of the relationship between the stock market and the economy, it is very important to the Central bank that the stock market performs well as bad performance can seriously disrupt the economy. This is because the stock market serves as a primary source of income and retirement savings to many and movements in stock prices can have a major effect on the economy as it influences real activities such as consumption, investments, savings etc While some economists say that monetary policy decisions depend on stock price movements, some others believe that stock price movements depend on monetary policy decisions. In this paper, we analyze both sides of the coin by looking at how stock markets react to monetary policy and how monetary policy reacts to movements in stock markets. This research work is aimed at finding out which granger causes which using the Granger Causality test. We will also analyze the relationship between both interest rates and monetary policy and that between money supply and monetary policy. In section II, a thorough review of the relevant literature of the topic is carried out as we try to understand more about the relationship between monetary policy and the stock market and the effects of both components (money supply and interest rates) of monetary policy 0n the stock market. In the next section, we describe the variables and data set used in the study and the empirical model is developed. Results are presented and discussed in the next section. We conclude the paper in section V and suggestions for further studies are pointed out and policy implications are considered. REVIEW OF RELEVANT LITERATURE Monetary policy is one of the most effective tools a Central Bank has at its disposal (Maskay, 2007) and is used to achieve the macroeconomic goals set by the government. This is done by regulating the two components of monetary policy which are interest rates and money supply to maintain balance in the economy. The stock market is an important indicator of the wellbeing of the economy as stock prices reflect whether the economy is doing well or not. Movements in stock prices have a significant impact on the macroeconomy and are therefore likely to be an important factor in the determination of monetary policy (Rigobon and Sack, 2001). The stock market is a financial market where equities are bought and sold either as an IPO (Initial Public Offer) in the primary market or exchange of existing shares between interested parties in the secondary market. Although stocks are claims on real assets and researchers have found considerable evidence that monetary policy can affect real stock p rices in the short run (e.g Bernanke and Kuttner, 2005), monetary neutrality implies that monetary policy should not affect real stock prices in the long run (Bordo, Dueker and Wheelock, 2007). To understand the relationship between monetary policy and the stock market, we must first understand what monetary policy is. Lamont, Polk and Saa-Requejo (2001), Perez-Quiros and Timmerman (2000) among others use change in market interest rates or official rates as their measures of monetary policy. This measure of monetary policy, however, coincides with changes in business cycle conditions and other relevant economic variables. Christiano, Eichenbaum and Evans (1994) extracted monetary policy as the orthogonalized innovations from VAR models proposed by Campbell (1991) and Campbell and Ammer (1993). Research methodology based on this has shown that the response of US stocks returns to monetary policy shocks based on federal fun rates show that returns of large firms react less strongly than those of small firms (Thorbecke, 1997), that the overall policy for stock returns is quite low ( Patelis, 1997) and that international stock markets react to both to changes in their local mon etary policies and that of the United states ( Conover, Jensen and Johnson ( 1999). Monetary policy shocks that are extracted from structural VAR models or from changes in interest rates using monthly or quarterly data are likely to subject to the endogeneity problem i.e they are unlikely to be purely exogenous ( Ehrmann and Fratzscher, 2004). Another VAR-based method was used by Goto ad Valkanov (2000) to focus on the covariance between inflation and stock returns while Boyd, Jagan and Hu (2001) considered the linkages between policy and stock prices. Their analysis did not focus directly on monetary policy; rather it focused on markets response to employment news (Bernanke and Kuttner, 2005). In their own research paper, Ehrmann and Fratzscher (2004) find that SP 500 shows a strong effect of monetary policy on equity returns, that the effect of monetary policy is stronger in an environment of increased market uncertainty, that that negative surprises ( i.e monetary policy has tightened less and loosened more than expected) has larger effects on the stock market than positive surprises, that small firms are react more to policy shocks than large firms, that firms with low cash flows are affected more by US monetary shocks and that firms with poor ratings are more prone to monetary policy shocks than those with good ratings. They find that firms react more strongly when no change had been expected, when there is a directional change in the monetary policy stance and during periods of high market uncertainty. There has also been cross-sectional dimensions of the effect of monetary policy on the stock markets in literature though few. Hayo and Uhlenbruck (2000), Dedola and Lippi (2000), Peersman and Smets ( 2002), Ganley and Salmon (1997) etc are some economists who have analyzed this and overall, their findings show that the stock prices of firms in cyclical industries, capital-intensive industries and industries that are relatively open to trade are affected more strongly by monetary policy shocks (Ehrmann and Fratzscher, 2004). According to Bernanke and Kuttner (2005), changes in monetary policy are transmitted through the stock market via changes in the values of private portfolios (â‚ ¬Ã…“wealth effectâ‚ ¬?), changes in the cost of capital and by other mechanisms. In their paper, they analyzed the stock markets response to policy actions both in the aggregate and at the level of industrys portfolios and they also tried to understand the reasons for the stock markets response. Their findings show that monetary policy is, for the most part, not directly attributable to policys effects on the real interest rate instead it seems to come either through its effects on expected future excess returns or expected future dividends. While economists commonly associate restrictive/expansive monetary policy with higher/lower levels of economic activity, financial economists discuss various reasons why changes in the discount rate affect stock returns. (Durham, 2000) Changes in the discount rate affect the expectations of corporate profitability ( Waud, 1970) and discrete policy rate changes influence forecasts of market determined interest rates and the equity cost of capital ( Durham, 2000). Modigliani (1971), suggests that a decrease in interest rates boosts stock prices and therefore financial wealth and lifetime resources, which in turn raises consumption through the welfare effect. Mishkin (1977) on the other hand suggests that lower interest rates increase stock prices and therefore decrease the likelihood of financial distress, leading to increased consumer durable expenditure as consumer liquidity concerns abate (Durham, 2000). Tobins q is the equity market value of a firm divided by its book value. It can also be defined as the ratio of the market value of a firms existing shares to the replacement cost of the firms physical assets. Higher stock prices reduce the yield on stocks and reduce the cost of financing investment spending through equity issuance (Bosworth, 1975). Tobins q explains on e of the mechanisms through which movements in stock prices can affect the economy: the wealth channel. The other channels of monetary policy transmission include; the interest rate channel and the exchange rate channel. The wealth channel has the investment effect, wealth effects and balance sheet effects (www.oenb.at/en). Bernanke and Blinder (1992) and Kashyap, Stein and Wilcox (1993) show that a tightening of monetary policy has a very strong impact on firms that highly depend on banks loans to financing their investments as banks reduce their overall supply of credit. Deteriorating market conditions affect firms by also weakening their balance sheets as the present value of collateral falls with rising interest rates and that this effect can be stronger for some firms than for others (Bernanke and Gertler 1989, Kiyotaki and Moore 1997). These two arguments are based on information asymmetries as firms for which more information is publicly available may find it easier to collect loans when credit conditions become tighter (Gertler and Hubbard 1988, Gertler and Gilchrist 1994).Stock returns of small firms generally respond more to monetary policy than those of large firms ( Thorbecke 1997, Perez-Quiros and Timmermmann 2000). Some economists (Sprinkle (1964), Homa and Jaffee (1971), Hamburger and Kochin (1972)) in the early 1970,s alleged that past data on money supply could be used to predict future stock returns. These finding where not in line with the efficient market hypothesis which states that all available information should be reflected in current prices (Fama, 1970) meaning that anticipated information should not have any effect on current stock prices. Most economists believe that stock prices react differently to the anticipated and unanticipated effects of monetary policy ( Maskay, 2007). The Keynesian economists argue that there is a negative relationship between stock prices and money supply whereas real activity theorists argue that the relationship between the two variables is positive (Sellin, 2001). The Keynesian economists believe that a change in money supply or interest rates will affect stock prices only if the change in the money supply alters expectations about future monetary policy while the real activity economists argue that increase in money supply means that money demand is increasing in anticipation of increase in economic activity (Maskay, 2007). Another factor discussed by Sellin (2001) is the risk premium hypothesis proposed by Cornell i.e higher money supply indicates higher money demand and higher money demand suggests increased risk which leads investors to demand higher risk premiums for holding stocks making them less attractive. The real activity and risk premium hypothesis is combined by Bernanke and Kuttner (2005) who argue that the price of a stock is a function of the present value of future returns and the perceived risk in holding the stock. While advocates of the efficient market hypothesis hold that all available information is included in the price of a stock, the opponents argue otherwise and that stock prices can also be affected by unanticipated changes in money (Corrado and Jordan, 2005). The effect of anticipated and unanticipated changes in money supply on stock prices was analyzed by Sorensen (1982) who found out that unanticipated changes in money supply have a larger impact on the stock market than anticipated changes. Bernanke and Kuttner (2005) on the other hand analyze the impact of announced and unannounced changes in the federal funds rate and find that the stock market reacts more to unannounced changes than to announced changes in the federal funds rate which is also in line with the efficient market hypothesis. Studies by Husain and Mahmood (1999) have opposing results. They analyze the relationship between the money supply and changes (long run and short run) in stock market prices and find that chan ges in money supply causes changes in stock prices both in the short run and long run implying that the efficient market hypothesis does not always hold. Maskay(2007) analyzes the relationship between money supply and stock prices. He also seperates money supply into anticipated and unanticipated components and adds consumer confidence, real GDP and unemployment rate as control variables. The result from his analysis shows that there is a positive relationship between changes in the money supply and the stock prices thereby supporting the real activity the theorists. The result from his analysis on the effect of anticipated and unanticipated change in the money supply on stock market prices shows that anticipated changes in money supply matters more than unanticipated changes. This supports the critics of the efficient market hypothesis. According to Cecchetti, et al. (2000), macroeconomic performance can be improved if the central bank increases the short-term nominal interest rate in response to temporary â‚ ¬Ã…“bubble shocksâ‚ ¬? that raise the stock price index above the value implied by economic fundamentals. On the other hand, Bernanke and Gertler (2001) assumed in their research that the Central Bank cannot tell whether an increase in stock prices is driven by a bubble shock or a fundamental shock. This study will analyze both exogenous and endogenous components of the relationship between monetary policy and the stock market i.e the effect of monetary policy on the stock market and the the effect if any of the stock market on monetary policy decisions. This particular analysis will be done using the federal funds rate as a representative of monetary policy. We also follow the methodology used by Maskay (2007) closely as we try to find the effect of money supply on the stock market. Although Maskay used M2 as a measure of money supply, this study will separate money supply into M1 and M2 and analyze their relationship with the stock prices. Following from the theory and review of literature, this paper is aimed at answering the following questions: How do movements in the stock market affect monetary policy decisions on federal funds rates? How does monetary policy affect stock market prices? Do stock market prices react differently to the M1 and M2 components of money supply? RESEARCH METHODOLOGY The effect of stock market prices on monetary policy. In this section, I test for the relationship between monetary policy and stock prices using the Taylor rule. The Taylor rule is a monetary policy rule that stipulates how much the central bank would or should change the nominal interest rate in response to the divergence of actual inflation rates from target inflation rates and of actual GDP from potential GDP. The rule is written as; it = r*t + ÃŽÂ ² (à Ã¢â€š ¬ tâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t) +ÃŽÂ ³ (yt Ã…Â ·t)â‚ ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦.. (1) Where; it = target short-term nominal interest rate. r*t = assumed equilibrium real interest rate. à Ã¢â€š ¬t = the observed rate of inflation. à Ã¢â€š ¬*t = the desired rate of inflation. yt = the logarithm of real GDP. Ã…Â ·t = the potential output. But, to analyze the behavior of monetary policy, the following regression equation is estimated; it = ÃŽÂ ± + ÃŽÂ ²Et(à Ã¢â€š ¬ t+iâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t+i) +ÃŽÂ ³Et (yt+i+ Ã…Â ·t+i)+ÃŽÂ µt â‚ ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦..(2) Where: Et = the expected value conditional to information available at the time. A good conduct of monetary policy should have ÃŽÂ ² and ÃŽÂ ± each equal to 0.5 as suggested by John Taylor. To conduct our study, we use the following equation; it = ÃŽÂ ± + ÃŽÂ ²Et(à Ã¢â€š ¬ t+iâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t+i) +ÃŽÂ ³Et (yt+i+ Ã…Â ·t+i)+ˆ‘Π´k à Ã¢â‚¬ ¦t-k + ÃŽÂ µt ..(3) Because the monetary authorities target variables other than inflation and output deviations from the target (asset prices in this case) thereby making equation (2) mis-specified. A standard Taylor rule is well specified when the monetary authorities target only inflation and output deviations from the target. The addition to this variable is the lagged change in asset prices which is added in order to determine the relationship between monetary policy and stock prices. The data for the CPI (Consumer Price Index), real GDP (Gross Domestic Product) and the federal funds rate are obtained from the IMF Washington website while the data for SP 500 Index are obtained from the Federal Reserve Economic Data (FRED) of the Federal Reserve Bank of St Louis website; www.federalreserve.gov. The effect of monetary policy on stock market prices. In this section, we test whether movements in stock prices are sometimes dependent on monetary policy. This test is carried out by regressing the actual change in federal funds rates upon the SP 500 index. We us the following simple model for this purpose: SP500 = ÃŽÂ ²1 + ÃŽÂ ²2*actual change in federal funs rate + ÃŽÂ ²3*real GDP + ÃŽÂ ²4* unemployment rate. Real GDP and Unemployment rate are added as control variables. The data for real GDP is obtained from IMF, Washington while the data for unemployment rates in obtained from www.federalreserves.gov. We add GDP because it is an important determinant of the stock prices as most industries react to changes in the economy and do well as the economy does well and vice versa i.e they are procyclical in nature. When the GDP is low, the stock prices generally tend to be low, as the companys performance would be worse than before. A direct, positive relationship is expected between stock prices and the GDP. Unemployment rate is also used as a control variable in this model because it is one of the major factors that determines the demand for stocks thereby either driving the stock prices up or down. When the unemployment rate is high, demand for stock reduces as less people can afford to buy them and this subsequently drives down stock prices and vice versa. The unemployment rate is also a proxy for for overall aggregate demand in the economy ( Maskay, 2007) and when it is low, aggregate demand is high. We expect an inverse relationship between the unemployment rates and stock prices. The effect of M1 and M2 components of money supply on stock prices. In this section, we test the relationship between monetary policy and stock prices from the money supply angle of monetary policy. We use the M1 and M2 components of money supply for this analysis. This is done by first testing the relationship between the percentage change in M1 and the stock prices and then testing the relationship between M2 and the stock market. The simple empirical model used for this test is; SP500 = ÃŽÂ ²1 + ÃŽÂ ²2*%ˆâ€  M1 + ÃŽÂ ²3*Real GDP + ÃŽÂ ²4*Unemployment rateâ‚ ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦.. (1) SP500 = ÃŽÂ ² 1+ ÃŽÂ ²2*%ˆâ€  M2 + ÃŽÂ ²*3Real GDP + ÃŽÂ ²4*Unemployment rateâ‚ ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦Ã¢â€š ¬Ã‚ ¦.. (2) Unemployment rate and real GDP are also used here as control variables for the same reasons given above. The data on percentage change in M1 and M2 were obtained from Federal Reserve Economic Data from the website of the Federal Reserve Bank of St. Louis. We were able to get the monthly data of M1 and M2 and then got the quarterly averages to produce the quarterly data. DATA DESCRIPTION In this section, we define and describe the various data used in this study. We used quarterly data from 1990 to 2009. The variables used in this analysis include; The Federal Funds Rate; The federal funds rate is a monetary policy tool used by the Central Bank/Federal reserve of the country to regulate the economy. Economists believe it has an inverse relationship with stock prices as because when there is an upward movement in stock prices above the desirable level, the federal reserve increases (contractionary) the federal funds rate . This leads to a decrease in the amount of money demanded by individuals thereby causing a lower demand for stocks and pushing down stock prices. We obtained data on the federal funds rate from the website of the federal reserve bank of Louisiana. 2. The Consumer Price Index; A consumer price index (CPI) is an index that estimates the average price of consumer goods and services purchased by households. It is used in our study to calculate inflation. We do this using the eviews software (100 ÃÆ'— (cpi â‚ ¬Ã¢â‚¬Å" cpi ( -4)). We obtained the quarterly data on CPI from the website of the International Monetary fund in washington. The CPI has an inverse relationship with monetary policy actions. 3. Real Gross Domestic Product (Real GDP); This can be defined as a measure which adjusts for inflation and reflects the value of all goods and services produced in a given year, expressed in base year prices. Real GDP provides a more accurate figure as it accounts for changes in the price level. The quarterly data on Real GDP is obtained from the website of the International Monetary Fund, Washington. 4. SP 500; It is a capital weighted index of the prices of 500 large-cap common stocks actively traded in the United States. It is believed to have an inverse relationship with monetary policy as an expansionary (interest rate reduction) monetary policy leads to an upward movement of the sp500 index. The quarterly data for the sp500 is obtained from the federal reserve bank of Louisiana. 5. Unemployment Rate; The unemployment rate is used as one of the control variables. It is an important indicator of the wellbeing of an economy. The lower the unemployment rate, the higher the aggregate demand for stock thereby pushing up stock prices. The quarterly data on unemployment rate is obtained from the website of the Federal Reserve Bank of Louisiana. We get the quarterly data by finding quarterly averages from the monthly data provided. 6. Monetary aggregates â‚ ¬Ã¢â‚¬Å" M1 and M2; M1 is a monetary aggregate and it includes the transaction deposits of banks and cash in circulation and all other money equivalents that are easily convertible into cash while includes M1 plus short-term deposits in banks and 24-hour money market funds. Money supply has a positive relationship with stock prices because the higher the money supply, the higher the demand for stock which eventually increases stock prices. We split money supply into M1 and M2 to find out if they have the same relationship with stock prices. The quarterly data on percentage change in monetary aggregates is obtained from the website of the federal reserve bank of Louisiana. We also had to calculate the quarterly averages of the monthly data given. DATA ANALYSIS Model 1: The Taylor rule it = r*t + ÃŽÂ ² (à Ã¢â€š ¬ tâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t) +ÃŽÂ ³ (yt â‚ ¬Ã¢â‚¬Å" Ã…Â ·t)+ ÃŽÂ µt Dependent Variable: FED_FUNDS_RATE Method: Least Squares Date: 07/05/10 Time: 20:19 Sample(adjusted): 1991:1 2009:4 Included observations: 76 after adjusting endpoints Variable Coefficient Std. Error t-Statistic Prob. C 3.615513 1.220783 2.961634 0.0041 INFLATION 0.684264 0.156212 4.380348 0.0000 OUTPUT_GAP -1.42E-06 9.83E-07 -1.442803 0.1534 R-squared 0.249642 Mean dependent var 3.860658 Adjusted R-squared 0.229085 S.D. dependent var 1.686064 S.E. of regression 1.480394 Akaike info criterion 3.661167 Sum squared resid 159.9844 Schwarz criterion 3.753170 Log likelihood -136.1244 F-statistic 12.14348 Durbin-Watson stat 0.181830 Prob(F-statistic) 0.000028 The estimation results are; it =3.62 + 0.68(à Ã¢â€š ¬ tâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t) â‚ ¬Ã¢â‚¬Å" 1.42 (yt â‚ ¬Ã¢â‚¬Å" Ã…Â ·t) The coefficient associated to inflation is positive, 0.68, but is statistically significant with a p-value of 0.00. The coefficient associated with the output gap is negative (-1.42) and statistically significant. The estimated stabilizing rate of interest (c) is positive (3.61) and statistically significant. An R-squared of 0.25 means that we are only able to explain about 25% of the variability in the interest rate. The augmented taylor rule model: it = ÃŽÂ ± + ÃŽÂ ²Et(à Ã¢â€š ¬ t+iâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t+i) +ÃŽÂ ³Et (yt+i+ Ã…Â ·t+i)+ˆ‘Π´1 à Ã¢â‚¬ ¦t-1 + ÃŽÂ µt one lag Dependent Variable: FED_FUNDS_RATE Method: Least Squares Date: 07/05/10 Time: 21:30 Sample(adjusted): 1991:3 2009:4 Included observations: 74 after adjusting endpoints Variable Coefficient Std. Error t-Statistic Prob. C 8.298961 1.280893 6.479044 0.0000 INFLATION_F 0.548999 0.181198 3.029825 0.0034 OUTPUT_GAP_F -9.10E-06 1.51E-06 -6.041926 0.0000 S(-1) 4.24E-05 7.35E-06 5.775767 0.0000 R-squared 0.442430 Mean dependent var 3.809595 Adjusted R-squared 0.418534 S.D. dependent var 1.678852 S.E. of regression 1.280190 Akaike info criterion 3.384432 Sum squared resid 114.7220 Schwarz criterion 3.508976 Log likelihood -121.2240 F-statistic 18.51494 Durbin-Watson stat 0.214690 Prob(F-statistic) 0.000000 Interpretation: The estimated regression is; it = 8.30 + 0.55Et(à Ã¢â€š ¬ t+iâ‚ ¬Ã¢â‚¬Å" à Ã¢â€š ¬*t+i) -9.10Et (yt+i+ Ã…Â ·t+i)+4.24ˆ‘à Ã¢â‚¬ ¦t-k The coefficient associated to expected inflation is positive (0.55) but is statistically significant because it has a p-value of 0f 0.003, the coefficient associated with expected output gap is negative (-9.10) and is statistically significant (p-value = 0.000). The coefficient associated with the change in asset prices (lagged by 1 for better estimation) which is denoted by S (-1) is negative and it is statistically significant therefore we reject the null hypothesis. The measure of goodness of fit (R-square) is 0.44 meaning that we are able to explain about 44% of the variability in the interest rate Our model consistently overestimates the actual interest rate and the residuals do not seem to be independently and identically distributed. We therefore conduct some tests which include: 1. The Jacque-Bera test: This is a statistic that measures the difference of the skewness and kurtosis of the series with those from a normal distribution. By simply looking at the histogram, we can see that the distribution is roughly normal and the jarque-bera statistic of 0.58 shows that it is not statistically significant and we should accept the null hypothesis. The white test: This is used to test whether the errors are heteroskedastic or not. In the presence of heteroskedasticity, OLS estimates are consistent but efficient. White Heteroskedasticity Test: F-statistic 3.846209 Probability 0.000621 Obs*R-squared 25.97528 Probability 0.002062 Test Equation: Dependent Variable: RESID^2 Method: Least Squares Date: 07/06/10 Time: 00:41 Sample: 1991:3 2009:4 Included observations: 74 Variable Coefficient Std. Error t-Statistic Prob. C -35.28961 24.46199 -1.442630 0.1540 INFLATION_F -5.419657 3.008210 -1.801622 0.0763 INFLATION_F^2 0.307231 0.200286 1.533961 0.1300 INFLATION_F*OUTPUT_GAP_F 5.95E-06 2.83E-06 2.105586 0.0392 INFLATION_F*S(-1) -2.78E-05 1.73E-05 -1.603361 0.1138 OUTPUT_GAP_F 9.90E-05 5.34E-05 1.852558 0.0686 OUTPUT_GAP_F^2 -6.19E-11 2.74E-11 -2.257288 0.0274 OUTPUT_GAP_F*S(-1) 3.35E-10 1.43E-10 2.337290 0.0226 S(-1) -0.000309 0.000140 -2.205282 0.0310 S(-1)^2 -7.97E-11 5.33E-10 -0.149679 0.8815 R-squared 0.351017 Mean dependent var 1.550298 Adjusted R-squared 0.259754 S.D. dependent var 1.968439 S.E. of regression 1.693596 Akaike info criterion 4.016674 Sum squared resid 183.5692 Schwarz criterion 4.328034 Log likelihood -138.6169 F-statistic 3.846209 Durbin-Watson stat 0.580160 Prob(F-statistic) 0.000621 According to the two test statistics involved in the regression result, we can say that the distribution is statistically significant so we can reject null hypothesis. The Durbin-Watson test: This is used to test for serial correlation. Autocorrelated residuals means that OLS is no longer best, linear, unbiased estimators and that the standard errors computed using the OLS formula are not correct. The Durbin-Watson statistic of 0.214690 shows that there is positive serial correlation as DW Model 2: SP500 = ÃŽÂ ²1 + ÃŽÂ ²2 federal funds rate + ÃŽÂ ²3real GDP + ÃŽÂ ²4unemployment rate. The aim of this model is to determine if the federal funds rate has any impact on the stock market. Real GDP and unemployment rate are used as control variables for reasons given in the research methodology. Dependent Variable: SP500 Method: Least Squares Date: 07/06/10 Time: 01:38 Sample: 1990:1 2009:4 Included observations: 80 Variable Coefficient Std. Error t-Statistic Prob. C -115.7008 222.2313 -0.520632 0.6041 FED_FUNDS_RATE 0.990301 12.96436 0.076386 0.9393 REAL_GDP01 0.159538 0.010327 15.44916 0.0000 UNEMPLOYMENT_RATE -119.5674 17.42177 -6.863101 0.0000 R-squared 0.872734 Mean dependent var 924.0339 Adjusted R-squared 0.867710 S.D. dependent var 378.2205 S.E. of regression 137.5651 Akaike info criterion 12.73478 Sum squared resid 1438237. Schwarz criterion 12.85388 Log likelihood -505.3912 F-statistic 173.7244 Durbin-Watson stat 0.350064 Prob(F-statistic) 0.000000 Interpretation: The estimated regression is: sp500 =-115.78 + 0.99*actual change in federal funds rate + 0.16*real GDP â‚ ¬Ã¢â‚¬Å" 119.57* unemployment rate. The coefficient associated with the federal funds rate is negative and is not statistically significant. The coefficient associated with the real GDP is positive and is statistically significant while the coefficient associate

Reading and Censorship of the Harry Potter Novels Essay -- Argumentati

Reading and Censorship of the Harry Potter Novels J. K. Rowling’s Harry Potter series, which have reached worldwide popularity have an effect on children has not been matched by any other book. The novels have encouraged children to read for entertainment instead of turning to television or video games. When a piece of literature inspires children as the Harry Potter novels do, limiting a child’s access to the novels seems ridiculous. Unfortunately, this is what is happening with Harry Potter. The books are challenged and banned in schools and libraries all over the world because parents contend that the content is unsuitable. The content, which revolves around a world full of wizardry and witchcraft, has some parents actively lobbying against the books. These parents believe the books encourage children to practice witchcraft. Additionally, some parents do not believe that the novels are an asset to the learning development of their children. For most children, Rowling’s Harry Potter novels encourage reading. N ot only do children read the massive novels in the series, but also they use the Harry Potter series as conduits to other types of literature because their minds are opened to the wonder of the written word. The novels do not advocate witchcraft or evil, which are often the grounds for censoring the novels from children. Different features of the Harry Potter series can influence children with both good and bad consequences. The most popular reasons for censoring Harry Potter is that the books are centered around a magical community. The plot revolves around Harry and his friends as they learn how to become wizards and witches at Hogwarts School of Witchcraft and Wizardry. Through Harry’s adventures, there are allu... ...ult.asp?Page=9-11-2003/FullStory/9_11_03.1st.8.htm.> Monk, John. â€Å"In Defense of Harry Potter.† 22 Oct. 1999. Kidspeak Online. 28 Oct. 2003. <http://www.kidspeakonline.org/fighthp_defense_A001.html>. Rosen, Judith. "Booksellers Help Harry Potter." Publishers Weekly. 12 May 2003. 250.19. Ebsco Academic Search Premier. 5 Sept 2003. <http://web25.epnet.com>. Routledge, Christopher. â€Å"Harry Potter and the Mystery of Ordinary Life.† Mystery in Children’s Literature: From the Rational to the Supernatural. Adrienne E. Gavin and Christopher Routledge, Eds. New York: Palgrave, 2001. Rowling, J. K. Harry Potter and the Chamber of Secrets. New York: Scholastic, 1999. "'The Chocolate War' Tops 2004 Most Challenged Book List." American Library Association. 2005. 29 March 2005. <http://www.ala.org/ala/pressreleases2005/februarya/2004mostchallengedbook.htm>.