Conflict between the debt holders and shareholders

Conflict between the debt holders and shareholders Myers and Majluf (1984) in their pioneering work on pecking-order theory show that if the investors are not well informed about the information which the insiders have, the equity of that firm may be severely mispriced. In their paper they also show that if any firm wants to fund its new project by new equity then the equity can be so undervalued that the new investors will be better off by getting more value than the projects NPV. So the organization will go for such a source which is not underpriced by the market like internal funds or riskless debt. So, in case of information asymmetry companies should follow an order of financing. Myers (1984) refers to this order as the pecking order. As per the pecking order the firm first goes for internal funds and then for low risk debt and finally equity. As we have three major capital structure theories in the literature, it becomes an interesting task to test which theory characterises the behaviour of Indian firms in their determining th e capital structure during the bullish phase of capital market. There are many empirical studies [Bradley, Jarrell, and Kim (1984), Titman and Wessels (1988), Rajan and Zingales (1995), Wald (1999) and Booth et al. (2001)] which have been done to test the applicability of the above mentioned capital structure theories in the developed and developing countries. Market Timing Theory Market timing, a comparatively old initiative (see Myers, 1984), is having a new surge of fame in the academic literature. In study by Graham and Harvey (2001), managers carry on to offer support for the plan. Consistent with the behavior of market timing, firms inclined to issue equity subsequent a stock price run-up. Furthermore, researches that analyze long-run stock profits following business financing events find proof reliable with market timing. Lucas and McDonald (1990) investigate a dynamic adverse selection model that mix essentials of the pecking order with the market timing theory, which can give details of pre-issue run-ups but not post issue Under performance. Baker and Wurgler (2002) said that capital structure is best perceived as the cumulative effect of precedent attempts to time the market. The basic suggestion is that managers look at existing circumstances in both debt market and equity markets. If they found a need of financing, they use whichever market present ly looks more favorable. If neither market looks positive, they may go for defer issuances. On the other hand, if present conditions look strangely favorable, funds possibly will be raised still if the firm has no need for any funds at this time. While this idea seems reasonable, it has not anything to say about most of the factors conventionally considered in studies of corporate financing. However, it does propose that stock returns and debt market circumstances will play an significant role in capital structure decisions. LITERATURE REVIEW The first paper on capital structure was written by Miller and Modigliani in 1958, Showing that subject to some restrictive situation, the impact of leveraging on the worth of firm is immaterial; the conceptually provided that the worth of firm is not dependent upon the capital structure decision given that certain conditions are met. Because of the unrealistic assumptions in MM irrelevance theory, research on capital structure gave birth to other theories. According to the traditional (or static) trade-of theory (TOT), firms select optimal capital structure by comparing the tax benefits of the debt, the costs of bankruptcy and the costs of agency of debt and equity, that is to say the corrective role of debt and the fact that debt effects from informational cost than outside equity. (Modigliani and Miller, 1963; Stiglitz, 1972; Jensen and Meckling, 1976; Myers, 1977; Titman, 1984.) The Trade Off theory says that a firms adjustment toward an optimal leverage is influenced by three factors namely taxes, xosts of financial distress and agency costs. Baxter (1967) argued that the extensive use of debt increases the chances of bankruptcy because of which creditors demand extra risk premium. He said that firms should not use debt beyond the point where the cost of debt becomes larger than the tax advantage. In the so-called Pecking Order Theory (POT) (Donaldson, 1961; Myers and Majluf, 1984; Myers, 1984), because of asymmetries of information between insiders and outsiders, the company will prefer to be financed first by internal resources, then by debt and finally by stockholders equity. The debt ratio depends then on the degree of information asymmetry, on the capacity of self-financing and on the various constraints which the company meets in the access to the various sources of financing. So, in the pecking order world, observed leverage reflects the past profitability and investment opportunities of the companies. The dynamic trade-off theory (DTOT) tries a compromise between TOT and POT (Fischer et al., 1989; Leland, 1994, 1998[1]). Although, due to information asymmetries, market imperfections and transaction costs, many companies allow their leverage ratios to drift away from their targets for a time, when the distance becomes large enough managers take steps to move their companies back toward the targets. While the POT explains short-run deviation from the target, the traditional TOT holds in the long run. Following this approach, leverage must converge toward a target leverage ratio. That would no be the case following POT because managers make no effort to turn around changes in leverage. Two additional theories also reject the idea of timely meeting toward a target leverage ratio. According to the theories of market timing and inertia, the capital structure is the result at a given time of an historical process. Supporters of the market timing approach (Jalilvand and Harris, 1984; Korajczyk et al., 1991; Lucas and McDonald, 1990; Jung et al., 1996; Loughran et al., 1994; Baker and Wurgler, 2002) argue that companies will sell overpriced equity shares. Companys share prices will fluctuate around their factual value, and managers inclined to issue shares when the market-to-book ratio is high. A small debt ratio must thus follow a long period of high market-to-book ratio. According to the managerial inertia approach (Welch, 2004) companies do not adjust their debt ratio to the fluctuations of the market value of their equity. High market-to-book ratio must thus be accompanied by small debt. Graham and Harvey (2001) find that chief financial officers in the USA express concern about earnings volatility in capital structure choices. According to Mohammad M. Omran and John Pointon (2009) study, one of our issues of interest is whether debt is negatively associated with earnings volatility, in which case firms react to the risk, and manage it by reducing debt. On the other hand, if debt is found to be positively associated with earnings volatility, then they do not appear to manage the risk. Ayesha Mazhar and Mohamed Nisar (1997) have discussed the determinants of capital structure of Pakistani firms. They selected a sample from Pakistani companies registered on Islamabad Stock Exchange. The sample is divided into two sub-samples of private and government owned companies to make comparison between both sectors. The sample comprised 91 Pakistani companies out of which 80 companies are private and 11 are government owned covering the period of 1999-2006. They have taken debt to equity as a proxy of leverage of a firm, and tangibility of assets, profitability, size, growth, tax provision and return on assets as independent variables. They use correlation to determine the degree of association between different variables. Spearmen correlation is used for all independent variables association with dependent variables. Regression is also used to measure the relationship between dependent and independent variables. Attaullah shah and saifullah khan (2007) they used two variants of penal data i.e. constant coefficient model and fixed effect model to calculate the determinants of capital structure of Karachi Stock Exchange listed non-financial firms from1994 to2002. Pooled regression investigation was applied with the hypothesis that there were no industry or time effects. Though, by means of fixed effect dummy variable regression, the coefficients for a amount of industries were significant displaying there were significant industry effects later we accepted the late model for our investigation. He had measured effect of seven explanatory variables is measured on leverage ratio which is designed by dividing the total debt by total assets. Safdar Ali Butt and ArshadHasan(2009) had explores the association between capital structure and corporate governance of stock exchange listed companies in an equity market. The study considered the period of 2002 to 2005 for which 58 randomly selected non-financial listed companies from Karachi Stock Exchange has been investigated by using multivariate regression line analysis with fixed effect model method. Managerial ownership has negative relationship with debt to equity ratio indicating that concentration of ownership induces the managers to lower the gearing levels. Institutional ownership has positive relationship with capital structure which is consistent with corporate governance philosophy but this relation is statistically insignificant. Traditional determinants of capital structure like size and profitability have significantly effect on corporate financing decisions. Profitability is negatively related with debt to equity ratio and it is consistent with pecking order hyp othesis. Similarly, size has positive relationship which shows that large firms can arrange debt financing due to long term Relationship and better collateral offering. NengjiuJu, Robert Parrino, Allen M. Poteshman, and Michael S. Weisbach Abstract (2005) this paper inspect optimal capital structure choice by means of a dynamic capital structure model that is standardized to reflect genuine firm features. They also examine the relation between firm value and capital structure. They estimate indicate that the impact on firm value of moderate deviations from optimal capital structure is small. This paper suggests that the trade-off model performs reasonably well in predicting capital structures for firms with typical levels of debt. This paper also shows that the major forces affecting a firms financing decisions are corporate taxes and bankruptcy costs. Mohamad H. Mohamad, Professor of Business Administration. School of Management, University Utara Malaysia (Northern University of Malaysia), Sintok, Kedah DarulAman, Malaysia (1995).they examine the determinants of firms capital structure in Malaysia covering the period between 1986 to 1990. There are significant inter-industry differences in capital structure among Malaysian companies. Highly-leveraged firms are more likely to earn higher profits than less-leveraged firms. Similarly the relation between firms profit and equity ratio is also positive and is reflected in terms of the importance of efficient capital markets. Laurence Booth, VaroujAivazian, AsliDemirguc-Kunt, Vojislav Maksimovic(1999) has analyzed capital structure of firms in ten developing countries and provide indication that these choices are affected by the same variables as in advanced countries. But, there are constantly repeated differences across countries, when corporations choose to use of debt financing; they are altering some predictable future cash flows away from equity pretenders in exchange for cash up front. The issues that drive this decision remain mysterious regardless of a vast theoretical literature and years of experimental tests. The quantity of proof is large, and so it is frequently all too relaxed to provide some pragmatic support for nearly any idea. It is satisfactory for a given paper but more challenging for the general expansion of our thoughtful of capital structure choice. As an outcome, in current decades the literature has not had a concrete experimental basis to differentiate the weaknesses and streng ths of the main theories. Numerous theories of capital structure have been proposed which theory shall we take seriously? Of course, opinions differ. Remarkably, nearly all corporate finance textbooks inclined to the trade-off theory in which bankruptcy costs and deadweight taxation are key operators. Myers (1984) projected the pecking order theory in which there is a financing hierarchy of retained earnings, debt, and then equity. In recent times, the idea that firms are engage in market timing has gain popularity. In conclusion, agency theory lurks in the background of a lot theoretical conversation. Agency concerns are frequently collected into the trade-off structure largely interpreted. Advocates of these types of models are frequently point to experimental proof to support their preferred theory. Often suggestion has been made to the survey by Harris and Raviv (1991) or to the experimental study by Titman and Wessels (1988). Both these two standard papers point up a serious empirical difficulty. They are disagreed over basic facts. According to Harris and Raviv (1991, p. 334), the accessible studies normally agree that leverage increases with tangible fixed assets, growth opportunities, non debt tax shields, firm size and decreases with advertising expenditures, volatility, research and development expenditures, profitability, bankruptcy probability, and uniqueness of the product. On the other hand, Titman and Wessels(1988, p. 17) find that their outcome do not provide sustain for an effect on debt ratios due to non debt tax shields, collateral value, volatility, or future growth. Therefore, advocates of exacting theories are presented a choice of absolutely opposing well-known summaries of what we all know from the preceding literature. Obviously this is unacceptable, and th e study aims to assist resolve this experimental difficulty.

Freedom of Contract in English Law

In earlier days, agreement was built on a very classic and simple basis: it is concluded at the moment that the acceptance of an offer takes place and that is all. In consequence, equal parties were non-existent and stronger parties had the possibility to impose unfair and domineering conditions upon those who were weak and vulnerable. It is in this context that both legislations and courts agreed that State action was indispensable to ensure fairness among individual parties, in an era where the exercise of law of freedom were extremely restricted.In today’s English law, freedom of contract is one the foundation of contract law. The existence of freedom of contract requires three main considerations: the freedom to contract or not to contract, the freedom to choose with whom to contract, and the freedom to decide the terms of the contract. Thus parties are totally free to engage or not to engage in agreements. However, freedom of contract can fail to have the desired or expec ted effect in contracts where power relations are not equal. The stronger party can impose its â€Å"will† to the weaker party.In order to deal with any potential conflict that can arise from this matter, English legal systems has set up rules ensuring the effective and fair exercise of freedom of contract. This essay will discuss and examine those rules in question, established by the English law in order to effectively balance freedom of contract and fairness between the contracting parties as well as fair contractual terms. And also on the other hand limits of freedom of contract will be exposed. Freedom of contract, as its appellation suggests, has a strong relationship with contract.In order to identify this relationship, it is important to understand what is meant by â€Å"contract† and the rules governing it. In English law, a contract is a legally binding agreement reached on a set of promises (or obligations) and specific terms. The validity of any contract re quires 4 main features: an offer, acceptance, consideration and intention to create legal relations. Thus, when one party (the offeror) makes an offer which the other (offeree) accepts, then agreement is concluded.However, the mere fact of an agreement is insufficient for a contract to be completely valid. This implies that a party must promise to give or do something for the other. This idea of exchanging promises is known as â€Å"consideration† and is an essential requisite of any valid contract. In Currie v Misa(1875) it (consideration) was held to constitute a benefit to one party or a detriment to the other. For instance, when a bottle of wine is bought from a shop, the benefit received is the bottle of wine, and the detriment is the money paid to the shop.Yet it is important to take into concern the rules governing consideration. First of all, consideration must not be in the past(as mentioned in the a. This rule suggests that if one party willingly performs an act, an d the other party then makes a promise the consideration said to be in the past. Therefore past consideration is regarded as no consideration at all. For instance, a pregnant woman named Julie, knowing that her neighbour, Lucy, is concerned about her health, offers to do the housework for her.This takes Lucy tremendous amount of time to do, and Julie is so content with the result that she promises to pay Lucy ? 30 for her effort. If Julie fails to pay, Lucy will not have the possibility to sue for breach of contract as Julie's promise to pay was after the completion of the work. The fact of this case is supported by the case of Re McArdle(1951,CA) in which it was held that no valid contract existed since the home improvements were past consideration; they had been carried out before any promise to pay had been made.Another rule is that consideration must move from the promisee which is very similar to the concept of law of privity. So for instance if A makes a promises to B, the pro mise will only be enforceable if B can equally show that he has provided consideration for A’s promise. This rule clearly demonstrates the fairness (among parties) of the doctrine of consideration. Finally, consideration must be sufficient but need not to be adequate. This rule stipulates that a good consideration must be of some value but there is not necessity for a bargain to be of adequate value.For example, if someone is willing to sell his Ferrari for ? 1, the contract will not be in vain due to lack of consideration and therefore will be sufficient. In this case, Courts will not measure the adequacy of the consideration (the fact that a Ferrari is offered to be sold at only ? 1) as it is up to one party to decide whether or not he agrees with the other party promises. The contract in English law enhances principle of freedom of contract.Indeed, the terms of the contract is freely determined and agreed by the parties. However, there are various circumstances in which ad ditional terms may be implied into the agreement. The aim of implied terms is often to provide a supplement to a contractual agreement in the interest of making bargain more effective, to achieve fairness between the parties and to alleviate hardship. Term may be implied by custom. Here it is suggested that a contract must always be examined in the light of its surrounding commercial context.So the parties automatically assume that sometimes their contract will be subject to the customs of a particular locality or trade and therefore do not deal specifically with the matter in their contract. One of the cases illustrating this is Hutton v Warren(1836). A term may equally be implied into a contract y Act of Parliament in the form of statutes. Under the Sale of Goods Act 1979, ss 12-15 for instance, a seller automatically assumes certain obligations to the buyer as a result of terms which are automatically implied in every contract regulated by the Act.The seller is required by statut e to promise that he has lawful authority to transfer ownership of the goods(s12)(the seller would for example break this term if it turns out that the goods were stolen);that the goods being sold will match the description he provided the buyer(s13)(for instance a shirt described as 100 per cent cotton should not contain man-made fibres); that the quality of the goods being sold will satisfy the buyer(s14(2)); that the good will be suitable for any purpose specified by the buyer(s 14(3)); and that the goods being sold will match any sample shown to the buyer prior to the contract being made(s 15).Breach of any of these terms will put the buyer in a strong position and be given the option to be discharged from the contract or alternatively carry on with the contract and claim damages for the breach. This will lead us to the concept of remedies mentioned in the following part. In English contract law, a crucial aspect of the contractual relationship is the enforcement of the contract , as the obligation that pact must be kept firmly by parties is considered as the backbone of any contractual relationship.However, a problem can occur if a contract is not adequately performed and one of the parties renounces to perform its obligations. This is where the concept of non-performance and the remedies available to the injured party become applicable. Breach of contract arises from the non-respect of the pact (or terms) agreed between parties. The aggrieved party is then given the common law right to claim for a remedy resulting from any quantifiable loss or harm suffered. Damage (financial compensation) is the most basic remedy available to the innocent party.In today business environment, it is not rare for the parties to agree in advance the damages that will be payable in the occurrence of a breach of contract. These damages are referred to as liquidated damages. An illustration of liquidated damages is the charges imposed for cancelling a flight or the booking of a hotel room. But sometimes, there is a temptation for a party with stronger trading power to try imposing a penalty clause (punitive payment for the non-performance of a term or condition) as demonstrated in Wilson v. Love (1896) case.Other remedies such as quantum damages and injunction may be granted at the discretion of the court as part of its equitable jurisdiction. So, as mentioned above, remedies is all about compensating the aggrieved party for causing him loss or harm. This can be avoided by the consideration of the prevailing rules of freedom of contract. In other words, Freedom of contract allowing individual parties to freely contract or not to, and no one being forced to do it , whoever therefore who gives a contractual promise must then keep it.Or on the contrary case, as described in earlier parts can be constrained by legal authorities to honour its commitment or compensate the other party. However, performance of a contract becomes sometimes impossible due to the ci rcumstances beyond the control of either of the parties and not due to their fault. The legal term referring to this situation is frustration. An example of this unforeseen event is illustrated in the case of Taylor v Caldwell (1863) in which it was held that contract was impossible to perform due to an external and unforeseen event.Consequences are that the contract is killed and parties discharged from further liability. This limits the exercise of freedom of contract in a sense that the agreement formed by the parties is nullified, regardless individual parties will. Another limitation of freedom of contract is that the choice of other contracting party is not always free. For example, an employer is not totally free to hire the person of his choice. The fact that insurance contracts are sometimes made obligatory by parties equally render the exercise of freedom of contract limited, as concerned parties did not freely choose to contract with an insurance company.So far, this pap er has been about the relationship between the exercise of freedom of contract and law of contract. However not only is freedom of contract concerned with contract law but also with another component of the English private law, which is tort law. A tort is a civil wrong. In other words, it refers to the liability of a person who causes harm to another with the obligation to repair the damages suffered by the victim. An example of tort is damage to commercial interests, e. g. inducement of breach of contract.Also known as tortious interference, inducement of breach of contract arise where the wrongdoer convinces a party to breach the contract against the claimant, or where the wrongdoer prevents one party from performing his obligations(agreed with the other party), thus stopping the claimant from receiving the performance promised. Furthermore, after mentioning the existence of a duty of care, which is an element required making negligence claim (concerned with a wrongdoer’s careless conduct which cause damage or loss to the defendant), the claimant (the injured party) can prove that this duty has been broken by the defendant (the other party).Hence the close relationship between duty of care and the requisites of freedom of contract in the sense that if parties freely agree to contract (including the terms of it), then, it is suggested, that they owe a duty of care to each other because the careless conduct (which can affect the contract) of one party can prevent the other one from receiving the performance promised, regardless to the external factor that caused the misconduct of the blamed party. This fact is supported by the case of Garret v.Taylor (1620) in which the court upheld a judgment for the claimant. To conclude, the purpose of this essay has been to describe and make a connection between law of contract as well as law of torts and freedom of contract. Thus, English legal systems have established multiple rules of conduct from different part ies to a contract in order to ensure fairness between them. Henceforth, contracting parties are given freedom to contract with whoever they want, including the terms of the contracts.Also, thanks to rules such as of duty of care, or of doctrine of remedies, an injured party is now given the possibility to claim for compensation of loss or harm caused by the blamed party, who will be then obliged by legal authorities to repair the damages caused to the aggrieved party due to non-respect of the rules established. In the end, it must be acknowledge that English Law has stroke an appropriate balance between freedom of contract and fairness. References:Currie v Misa (1875) LR 10 Ex 153; (1875-76) LR 1 App Cas 554:Definition of consideration Garret v. Taylor, 79 Eng. Rep. 485 (K. B. 1620): Tortious interference Hutton v Warren (1836) 1 M;W 460:Implied terms Re McArdle(1951,CA ):Past consideration being unacceptable Sale of Goods Act 1979, ss 12-15 : Statutory implied terms Taylor v Caldwe ll (1863) 3 B ; S 826; 122 ER 309; [1863] EWHC QB J1: impossibility of performance of contract Wilson v. Love (1896) : Liquidated damages

The Nuiances of Cultural Identity Essay Topics

The Nuiances of Cultural Identity Essay Topics A culture is the sign of the nation and it's the soul of the people of what it is that they believe in. Due to a substantial diversity on the planet culturally and racially, it's more prominent to recognize a person their culture rather than their nationality. The world has an array of unique cultures and peoples, and it's important to get a portion of earth and a community of people to identify with. Today the world is heading increasingly more towards globalization and lots of developed nations abode multi cultural society. Here's What I Know About Cultural Identity Essay Topics My professional identity isn't yet what I want it to be, but it's also not yet what I am aware that it can be. For this reason, you will readily figure out the best method to shape the principal elements of the cultural identity essay. To help students understand the philosophy of private identity, you may want to get them write essays. The cogito while the foundation for an epistemology is a rather loaded statement. My gender is definitely very essential regarding my identity. The main aim of the essay about cultural identity is to share a feeling of identification with the specific nation. Improvement here will increase your self esteem a whole lot. Folks will work hard to find something done well if they may be proud of what it is that they have accomplished. How you identify yourself in conditions of your job don't make the error of thinking that a job defines who you are it is just what you do and not anything more. Exploring your own personal life thoroughly can help you fully grasp the effect of people and experiences in forming your own identity. Personal and Social Identity Research Essay There are several theories which help to comprehend the different aspects of how an individual develops their personal and social awareness of self. The option of staying in religious groups is likewise an import ant component in identifying people. If you are in need of a fantastic culture essay example but have no clue how to choose one, don't forget that it is possible to get superior help with your assignments at any moment. A cultural identity essay is a sort of creative or academic writing that expresses the sensation of belonging to a specific culture credited to the growing up and becoming an individual person with its personality. The identity is quite essential for the well being of somebody in their everyday life, on the job and despite their relaintionships. The identity of somebody is among the most critical aspects of being a true citizen of a nation. The personal identity of somebody's life can be represented in a lot of diverse ways. Introducing Cultural Identity Essay Topics Noticeably accelerated the pace of social and cultural alterations, so the kinds of identification are getting more short-lived. My cultural identity consists of lots of numerous things. At the current time, the essence of cultural identity is changing. The action of making up a compelling paper based on these sorts of facts s called the cultural identity theory. In some instances, you might be asked to compose an essay about the cultural identity of another person or a fictional character. Each and every person has their very own distinctive identity and culture. In reality, People aren't born with an identity. Personal identity is just one of the most crucial things to understand about ourselves. The Unexposed Secret of Cultural Identity Essay Topics Therefore, understanding your private identity is a necessary first step and only following this step can you think about just how to modify your life positively. Although you are going to be choosing 3 identity characteristics, please don't compose a five paragraph essay, giving one paragraph to every characteristic. Your own personal identity is the manner that you see yourself and is closely linked to your self image. Therefore, the students are supposed to deal with the situations which may be effect on their identity of handling such troubles. Please describe your cultural and community service pursuits and why you decided to participate inside them. If you are in need of a brilliant essay on cultural identity, get in touch with a professional academic writing company to acquire quality articles from folks from several nations that are experts in writing excellent reflection papers. Our services are extremely affordable, and we assure you will acquire stellar excellent services. Thus, the simple accessibility to the internet makes it possible for people to connect and network with different nations and be exposed to their cultures. Don't forget that when you're writing your paper there are not any erroneous answers. When you have selected the most important subject of your essay, it is the right time to invent an ideal topic. If you believe that nobody will read your private es say attentively because it's boring, you can't be more wrong. To receive a better idea of this, look at this single paragraph blurb of information which you might see in a culture identity essay. After reading, it is easy to write my paper and truly feel comfortable getting grades as large as it is possible to imagine. Reading example essays works exactly the same way! With our writers by your side, you shouldn't worry since they will develop the most effective titles for your papers. It is the debut of a temporal variable where Locke diverges greatly from Descartes who's concerned with innate ideas and he's equipped to deal with the matter from experience. Culture plays an important part in shaping your identity. When it regards philosophy Personal Identity is quite a broad and extensive topic, many philosopher have their own perspectives on the situation. Identity claims appear to fall prey to the issue of vagueness, but, rather than concentrate on the problem I want to turn to some probable answers.

Slavery, Home And Forgiveness - 1892 Words

While each story had their contrasting elements, the base theme of each was remarkably similar; Both of the authors manipulate the theme of motherhood to examine the ideas of slavery, home and forgiveness during two very different time periods. Slavery has a huge affect on how a woman can mother her children for it drastically increases the difficulty of such a task while limiting the availability of the mother herself. Slavery averts a mother’s ability to form an intricate relationship with her children, making the connection between the two subjects weak and almost non existent. In Beloved, slavery is a huge element in why Sethe is the mother she is, and it has influenced many of her more regrettable actions. Throughout the book the Morrison shines some light onto the horrible treatment of some of the characters, this is reflected when Paul D states: â€Å"White people believed that whatever the manners, under every dark skin was a jungle. Swift unnavigable waters, swinging screaming baboons, sleeping snakes, red gums ready for their sweet white blood... it wasn’t the jungle blacks brought with them to this place. . . . It was the jungle whitefolks planted in them.† (Morrison). Here we can see that the amount of degradation and dehumanization that occurred during this time period as a slave was unbearably prevalent, posing as a huge distractor towards mothers and their ability to care for their child. The Owners of the slaves rarely viewed the slaves as living beings, so oneShow MoreRelatedToni Morrison s Beloved, Traumatic Memories From The Past Linger1470 Words   |  6 PagesWithin America’s history there are sixty million and more African Americans with untold stories lost forever. To those voiceless, the cruelties of slavery brought suffering and loss. Cruelty involves causing pain to another, but at its core it has a much more deeper meaning; it is when an advantage over another being is unnecessarily used to inflict lasting damage and humiliation out of pleasure and self-fulfillment from the perpetrator. As seen in author Toni Morrison’s novel, Beloved, traumaticRead MoreIncidents In The Life Of A Slave Girl Summary1522 Words   |  7 Pagessympathy, so they will move to abolish slavery. In order to complete this, Jacobs is compelled to break the conventions of proper female behavior at the time. Harriet Jacobs demonstrates the suffering of female slaves by creating a feminine connection to her female audience with the intention of earning their sympathy, defying the cult of true womanhood demonstrating the different struggles for enslaved women, and illustrating her change in identity from slavery to freedom resulting from her pain andRead MoreThe Parable Of The Prodigal Son1110 Words   |  5 Pagesthe process, he wasted all his father had worked so hard for on selfishness. His financial disaster is followed by a natural disaster in the appearance of a famine, which he could and did not plan for. At this point he sells himself into physical slavery to a Gentile and finds himself feeding pigs. Obviously, he must have been desperate enough at that point to willingly enter into such a depressing situation. 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That must not have worked, because in 1776, the Declaration Of Independence was drafted. Then the Revolutionary War started; a civil war amongst America’s population. Americans killing a population of their past supporters, British soldiers killingRead MoreThe Journey Of Life Is Precious1127 Words   |  5 Pagesit s not fair to them. We say life is valuable but we do not value all life as evidenc ed by civil rights, slavery, and overall xenophobia.  America prides itself on the freedom it claims to have. The main reason why the pilgrims left England was for religious freedom. To not be persecuted for their beliefs and be able to be free. That is why it is called â€Å"The land of the free, and the home of the brave.† If you are brave and bold enough to pursue your freedom, you shall get it. But something changedRead MoreThe Legacy Of America s History1671 Words   |  7 PagesUnion to be dissolved- I do not expect the house to fall- but I do expect it will cease to be divided. It will become all one thing or another† (Abraham). Lincoln believed that America was torn apart due to issues beyond the mere segregation of race. Slavery affected the lives of over 12.5 million African Americans, where only 10.7 million survived the Middle Passage while being brought to the United States (Jr., Henry). It is undeniable that the American system allowed innocent people to be treated and