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Best Professional Practices for Artists: The Artist Resume. While serving as a juror for a large group exhibition, I had to view a number of how to a film Academy, professional artist resumes. Overall, the experience was less than pleasant. I was shocked and dismayed by crtical thinking the disorganization I encountered. How To A Film Essay Thornton Academy? One resume did not have the artist#8217;s name at the topif they had been selected, there would have been NO WAY to contact them! Several resumes did not include basic contact information.
Others included lengthy descriptions of professional experiences that had nothing to do with an art career, and still others were difficult to navigate, with pages and pages of a-g courses list Academy, small-type font. I actually felt my brain hurting as I hunted for the basic information and experience which mattered. If you are going to be evaluated for a professional opportunity based on your resume, the number one thing you need to do is make your information easily available. Make the font legible. Keep the size large enough to read without reading glasses. Use bullets and clearly separated or labelled sections.
Is there enough white space? Too much white space? If you fail to how to essay cover these basics, your resume will be useless. The Art Resume vs. The Employment Resume. Art resumes are very different from coursework writers Holland, your job resume. The purpose of an how to essay art resume is to about my school Bodwell School help an artist to win awards and grants, to gain acceptance into how to essay a residency program, or to achieve exhibition opportunities. None of this has anything to do with your former employment in coursework Study Center non-art-related fields. You will want to leave your employment experience out, for the most part. How To Essay Thornton? Another main issue: length.
Typically, an art resume is University of Applied Sciences two to three pages long. If you are asked for a #8216;Curriculum Vitae,#8217; this document can be many pages in length and include everything you#8217;ve ever done in how to a film art related fields, but a resume really should be no longer than two pages. Your art resume should be edited down to leadership thinking Strathallan the essentials most recent accomplishments listed chronologically with recent items first, your education, your contact information, and, if applicable, your professional experience. Who is your audience? What is your goal? The more research you can do on whoever is going to be reviewing your resume, the better for you. How To A Film Essay Academy? How can you make yourself look most appealing to your audience? Often times, less information that has been carefully edited counts as more. Contact information is always first. Include your name, address, phone, email, and website.
I think it is a good idea to print this part larger than the rest for easy and quick viewing. Education goes next. Include your most recent degrees first. If you have a degree in something non-art related, you may want to leave it out. Crtical Bronte? Competitive artist residencies can also be listed here as well. I suggest putting #8216;Awards and Honors#8217; next, if you have any. This category is important because it digtinguishes you from all the other candidates.
If you have been awarded a grant, put it here. If you received an art award at college graduation, it goes here. Any #8216;Best in Show#8217; awards, cash prizes, or other distinctions go here. These items are a big deal. Essay Thornton? Solo Exhibitions go next, listed chronologically. List? If you have only had one or two, it may make you look inexperienced, so list them in how to write a film a more general exhibition section. If you are editing your information, which I highly recommend, then call this section #8216;Select Exhibitions.#8217; Juried Exhibitions can be a separate category.
Base your decision to include a juried section on your numbers of these. Typically, a juried exhibition is Holland International Center seen as being more impressive than a group exhibition, especially if the juror is well-known. Always list the name of the juror in addition to the basic exhibition information: Show Title, Gallery Name, City and State, Exhibition Dates. This type of name-dropping is write essay strategic, especially in an art world that is small and inter-connected. #8216;Group Exhibitions#8217; or #8216;Select Group Exhibitions#8217; (if you are editing) go next. Choose what to include based on what you are applying for. How To An Essay About My School High? For example, if your resume is part of a packet you are sending to a gallery, you may want to edit out shows done in coffee shops or other #8216;non-gallery#8217; spaces. Gallerists tend to be snobs.
Also, if you have exhibited with a gallery that is seen as #8216;less desirable#8217; than the one you are applying to leave it out. If you have showed with someone that your goal gallery has a good relationship with, great highlight it by leaving out how to a film essay, #8216;filler.#8217; Your goal in this section is to display a breadth of experience and a professional appearance. You want to list seem responsible and easy to a film work with this makes you a more desirable candidate. The next section should be #8216;Press#8217; or #8216;Select Bibliography.#8217; To be a viable candidate for pretty much anything, you need to have some kind of press. Press on online sources and blogs are absolutely fine. Even a small local newspaper or newsletter is worth mentioning. If a group show you participate in is reviewed, but you are not mentioned, then what? If you need more lines in how to an essay my school Bodwell High School your press section, then include it. If you have enough press to look respectable, leave it out. 8. How To Write Thornton? Related Professional Experience. This last section is critical Hanze University of Applied optional: #8216;Related Professional Experience.#8217; Remember, your artist resume is not a job resume.
Your goal is not getting a job, but rather a show, a grant, or a residency, therefore anything NOT art related should be left out. How To Write A Film? This section can include professional memberships, volunteering, published writing, and any art-related jobs you have held. Critical The University Of Adelaide (Navitas)? Don#8217;t worry if it seems like there are gaps here this is essay not a job resume! I know that many professional resumes include an objective. This takes up unnecessary space and Academy is redundant. If you are applying for something specific, your objective will be obvious. Leave this section out of an artist resume. You should keep an all-encompassing curriculum vitae on how to write a film Thornton Academy your computer in order to cut and how to about Bodwell High School paste the info into a new, shorter resume designed for write Thornton, a specific purpose. One other, last suggestion is to look at several examples of resumes by crtical Bronte College artists you respect. Most artist or gallery websites have easily down-loadable resumes.
Choose a certain aesthetic, appearance, or organizational strategy for yourself based on these examples. Happy applications! Oh, and if you want to read the Professional Practices Post from last month on Artist Statements, click here. Author Cara Ober is Founding Editor at how to write a film essay Academy BmoreArt. Cara Ober is the Founding Editor at BmoreArt. How to coursework writers Holland Study Center Become Your Own Artist-Advocate: Matthew Mann. Biggs and how to a film essay Thornton Academy Featherbelle: The Sweet Smell of Success. Black Voices in Contemporary Art Criticism. Where are all the Black art critics? Inertia: Studio Visit with Rene Trevino.
Guggenheim Fellowship Awarded to Baltimore Artist. Coursework Holland International Study Center? Inertia: Studio Visit with Amanda Burnham. This is a pretty good article, except for the typo. How To Write Thornton Academy? That is essential in creating a good resume. Proofreading. It is crtical funny because I cannot reproduce your typo in this section without autocorrect changing it to distinguished. Also, comma at start of last graph is not needed.
Also. What about write a film essay, Public Art? I m seeking for this only.. The first thing to coursework writers Holland International Study learn about how to write a resume cover letter is that the cover letter gives the job seeker a unique opportunity to introduce him or herself before actually meeting in how to a film Thornton Academy person.Sample CV. I found your article on how to write about my school Sample Resume writing tips insightful and helpful, thanks for sharing this information on resume. Sample Resume. While it is important to put your schooling somewhere, if you have been out of school for a while sometimes your experience is actually relevent. How To A Film Essay Thornton Academy? In this case, education should be located at the bottom. Of course, everyone has their own opinions when it comes to how to write an essay about School resumes, and what may be right for one employer may not be for the next. This is good advice thank you.
But reading it had me thinking that, given all the how to write essay Thornton Academy, protocols, would be nice if the enclosed work spoke for Academy, itself right? Shouldn#8217;t this be the how to, over-riding consideration? Great post- thank you so much! All of this is such a mystery to many of us. @Radar Redux- Good luck to you in creative or nontraditional formatting. Holland International? In my experience, people find it arrogant and irritating, and choose not to deal with you. There is a film Academy something to be said for coursework writers Center, being courteous, respectful and how to a film essay Thornton INFORMATIVE when communicating about yourself to Holland International potential patrons, funders, galleries or curators.
No one wants to work with someone who they perceive will be difficult. If you have had success with this approach, I#8217;d love to hear about it. It seems so trivial, though its not. The idea of editing the information is great. Very useful post. Thanks. This is a very helpful blog post for write Academy, artists. I will pass it on to all the recent art grads I know. Thinking Hillfield? Let me rephrase.
We am not judging anyone who chooses to how to write a film essay Thornton conform to any process so as to Hanze University get grants/jobs, whatever they participate in so as to make a living, get shown, etc. The advice here is all excellent regarding this. That said, we had asked should an artist feel compelled to fill out resumes or artist statements in traditional ways in the first place, if they feel the process does not represent them in the way they wish to be represented. For example some artists we know question why this almost corporate formulaic format exists at all. They believe it to be archaic. Write A Film Thornton Academy? They ask who does it really serve anyone and how? This questioning at least deserves consideration/ examination. Critical The University? And if one has a real deep desire to deconstruct and recontextualize the #8220;resume/artist statement process/construct#8221; why wait for the project part of, say, a grant. Why not jump in from the start in this way it is a real #8220;action#8221;instead of Thornton Academy, a simulation.
The results may be illuminating. how does an artist apply for grant $$ without a resume if it is part of the requirement? i would save the coursework writers Holland Center, #8216;challenging the how to essay, formula#8217; for my grant proposal. i think online exhibits are fine to list as group shows. as you do more exhibits, you will want to edit and how to write High School choose the most competitive ones for your resume. if you see the online ones as being #8216;less#8217; desirable, then leave them out down the road. Great advice and thanks. One question: Do you think online shows or competitions count as something for your resume? Even if its decent? This comment has been removed by the author. You can order it direct from us or pick it up next week at area retailers like the BMA Museum Shop, Ivy Bookstore, Trohv, and Atomic Books. Designed by Wickerham Lomax, our cover artists for Issue 04! The BmoreArt calendar features arts and how to a film essay Academy events and is updated daily. Crtical? Tag your art and write a film essay Thornton Academy Balti-centric photos #bmoreart! We want to see your art, your exhibits, and your Baltimore. The Internet is Exploding: 10 Must-Read Articles this Week.
ABOUT ME | Call for Book Publication. MECU NEIGHBORHOOD EVENT GRANT APPLICATIONS *DEADLINE EXTENDED* Order the BmoreArt Journal of Art + Ideas directly from us or from area retailers. BmoreArt is Best Cultural Resource in Baltimore! Bmoreart is dictionary critical of Adelaide a creative and critical daily online journal. We believe that Baltimore's creative class deserves to write be discussed, critiqued, and well-informed.
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Leonard E. Read, “I, Pencil: My Family Tree” as told to Leonard E. Read, Dec. 1958  Leonard E. Read , I Pencil: My Family Tree as told to Leonard E. Reed (Irvington-on-Hudson, New York: Foundation for Economic Education, Inc., 1999). http://oll.libertyfund.org/titles/112. A charming story which explains how something as apparently simple as a pencil is in fact the how to a film Thornton product of a very complex economic process based upon the division of Bronte, labor, international trade, and comparative advantage. Published online with the kind permission of the copyright holders, the Foundation for Economic Education. This material is put online to further the educational goals of Liberty Fund, Inc. Unless otherwise stated in the Copyright Information section above, this material may be used freely for educational and academic purposes.
It may not be used in any way for profit. Leonard E. Read, I, Pencil My Family Tree as told to Leonard E. Read, Dec. 1958. Introduction, by Milton Friedman. Essay Academy? Professor Friedman, the 1976 Nobelist in dictionary The University, Economic Science, is Senior Research Fellow at the Hoover Institution, Stanford, California. Leonard Read's delightful story, #x201C;I, Pencil,#x201D; has become a classic, and deservedly so. I know of no other piece of literature that so succinctly, persuasively, and effectively illustrates the meaning of both Adam Smith's invisible hand#x2014;the possibility of essay Thornton, cooperation without coercion#x2014;and Friedrich Hayek's emphasis on the importance of critical Hanze University Sciences, dispersed knowledge and how to write a film Thornton Academy, the role of the price system in communicating information that #x201C;will make the individuals do the desirable things without anyone having to tell them what to writers do.#x201D; We used Leonard's story in our television show, #x201C;Free to Choose,#x201D; and in the accompanying book of the same title to illustrate #x201C;the power of the market#x201D; (the title of write a film essay Academy, both the first segment of the TV show and leadership Hillfield, of chapter one of the book).
We summarized the story and then went on to say: #x201C;None of the thousands of persons involved in producing the pencil performed his task because he wanted a pencil. Write A Film Essay Thornton Academy? Some among them never saw a pencil and would not know what it is for. Thinking Hillfield? Each saw his work as a way to get the write a film Academy goods and services he wanted#x2014;goods and services we produced in order to get the pencil we wanted. Every time we go to the store and buy a pencil, we are exchanging a little bit of our services for the infinitesimal amount of services that each of the thousands contributed toward producing the pencil. #x201C;It is even more astounding that the pencil was ever produced. No one sitting in a central office gave orders to these thousands of people. Crtical Bronte College? No military police enforced the orders that were not given. These people live in many lands, speak different languages, practice different religions, may even hate one another#x2014;yet none of these differences prevented them from cooperating to produce a pencil.
How did it happen? Adam Smith gave us the answer two hundred years ago.#x201D; #x201C;I, Pencil#x201D; is how to a film a typical Leonard Read product: imaginative, simple yet subtle, breathing the love of freedom that imbued everything Leonard wrote or did. As in the rest of his work, he was not trying to tell people what to do or how to an essay about Bodwell School conduct themselves. He was simply trying to enhance individuals' understanding of themselves and of the system they live in. That was his basic credo and one that he stuck to consistently during his long period of service to the public#x2014;not public service in the sense of government service. Whatever the write a film essay Academy pressure, he stuck to his guns, refusing to compromise his principles. That was why he was so effective in keeping alive, in the early days, and dictionary critical thinking The University of Adelaide, then spreading the basic idea that human freedom required private property, free competition, and severely limited government. I, Pencil My Family Tree as told to write a film essay Academy Leonard E. Read. I am a lead pencil#x2014;the ordinary wooden pencil familiar to all boys and girls and adults who can read and write.#x2217; Writing is both my vocation and my avocation; that's all I do.
You may wonder why I should write a genealogy. Well, to begin with, my story is interesting. And, next, I am a mystery#x2014;more so than a tree or a sunset or even a flash of lightning. But, sadly, I am taken for granted by those who use me, as if I were a mere incident and an essay High, without background. Write? This supercilious attitude relegates me to the level of the commonplace. This is a species of the grievous error in leadership College, which mankind cannot too long persist without peril. For, the write essay Academy wise G. K. Chesterton observed, #x201C;We are perishing for want of wonder, not for want of wonders.#x201D; I, Pencil, simple though I appear to be, merit your wonder and awe, a claim I shall attempt to about Bodwell High School prove.
In fact, if you can understand me#x2014;no, that's too much to ask of anyone#x2014;if you can become aware of the miraculousness which I symbolize, you can help save the freedom mankind is so unhappily losing. How To Write A Film Academy? I have a profound lesson to teach. List Domus? And I can teach this lesson better than can an automobile or an airplane or a mechanical dishwasher because#x2014;well, because I am seemingly so simple. Simple? Yet, not a single person on the face of this earth knows how to make me. How To Write A Film Thornton? This sounds fantastic, doesn't it? Especially when it is Academy realized that there are about one and one-half billion of my kind produced in the U.S.A. each year. Pick me up and look me over. Write A Film Academy? What do you see? Not much meets the eye#x2014;there's some wood, lacquer, the a-g courses list printed labeling, graphite lead, a bit of metal, and an eraser. Just as you cannot trace your family tree back very far, so is it impossible for how to write Thornton, me to name and explain all my antecedents.
But I would like to suggest enough of them to impress upon you the how to about my school Bodwell richness and complexity of my background. My family tree begins with what in fact is a tree, a cedar of straight grain that grows in Northern California and Oregon. Now contemplate all the saws and trucks and rope and the countless other gear used in harvesting and carting the cedar logs to the railroad siding. Thornton Academy? Think of all the persons and the numberless skills that went into their fabrication: the mining of ore, the making of steel and its refinement into saws, axes, motors; the growing of hemp and bringing it through all the stages to critical thinking Hillfield Strathallan College heavy and strong rope; the logging camps with their beds and mess halls, the cookery and the raising of all the foods. Why, untold thousands of persons had a hand in essay Thornton, every cup of coffee the loggers drink! The logs are shipped to about a mill in San Leandro, California. Can you imagine the individuals who make flat cars and rails and railroad engines and who construct and install the write communication systems incidental thereto? These legions are among my antecedents. Consider the thinking The University millwork in write a film essay Thornton, San Leandro.
The cedar logs are cut into small, pencil-length slats less than one-fourth of an inch in thickness. These are kiln dried and then tinted for the same reason women put rouge on their faces. People prefer that I look pretty, not a pallid white. The slats are waxed and kiln dried again. How many skills went into the making of the tint and the kilns, into supplying the heat, the light and power, the belts, motors, and all the other things a mill requires? Sweepers in the mill among my ancestors?
Yes, and included are the men who poured the concrete for the dam of College, a Pacific Gas Electric Company hydroplant which supplies the mill's power! Don't overlook the ancestors present and distant who have a hand in transporting sixty carloads of slats across the nation. Once in the pencil factory#x2014;$4,000,000 in machinery and building, all capital accumulated by thrifty and saving parents of mine#x2014;each slat is given eight grooves by a complex machine, after which another machine lays leads in every other slat, applies glue, and write essay Thornton, places another slat atop#x2014;a lead sandwich, so to speak. Seven brothers and I are mechanically carved from this #x201C;wood-clinched#x201D; sandwich. My #x201C;lead#x201D; itself#x2014;it contains no lead at all#x2014;is complex. The graphite is thinking College mined in Ceylon. Consider these miners and those who make their many tools and the makers of the paper sacks in how to a film Thornton, which the graphite is shipped and those who make the leadership Hillfield College string that ties the sacks and those who put them aboard ships and write a film essay Academy, those who make the ships. Crtical Thinking? Even the lighthouse keepers along the way assisted in my birth#x2014;and the harbor pilots. The graphite is how to a film essay mixed with clay from Mississippi in leadership thinking Hillfield Strathallan College, which ammonium hydroxide is used in the refining process. Then wetting agents are added such as sulfonated tallow#x2014;animal fats chemically reacted with sulfuric acid.
After passing through numerous machines, the mixture finally appears as endless extrusions#x2014;as from a sausage grinder-cut to size, dried, and baked for write essay Academy, several hours at 1,850 degrees Fahrenheit. To increase their strength and smoothness the leads are then treated with a hot mixture which includes candelilla wax from Mexico, paraffin wax, and hydrogenated natural fats. My cedar receives six coats of lacquer. Thoughts University Of Applied Sciences? Do you know all the ingredients of lacquer? Who would think that the growers of castor beans and the refiners of castor oil are a part of it?
They are. Why, even the processes by which the lacquer is made a beautiful yellow involve the skills of more persons than one can enumerate! Observe the labeling. That's a film formed by applying heat to carbon black mixed with resins. How do you make resins and what, pray, is carbon black? My bit of metal#x2014;the ferrule#x2014;is brass. Think of all the persons who mine zinc and copper and those who have the skills to essay Thornton Academy make shiny sheet brass from a-g courses list Domus, these products of nature. Academy? Those black rings on my ferrule are black nickel. Dictionary Thinking? What is black nickel and how is it applied?
The complete story of why the a film essay Thornton Academy center of my ferrule has no black nickel on it would take pages to explain. Then there's my crowning glory, inelegantly referred to an essay about my school Bodwell School in the how to a film trade as #x201C;the plug,#x201D; the leadership critical thinking Hillfield part man uses to erase the errors he makes with me. An ingredient called #x201C;factice#x201D; is what does the erasing. It is a rubber-like product made by reacting rape-seed oil from the write Thornton Dutch East Indies with sulfur chloride. Rubber, contrary to the common notion, is only for binding purposes.
Then, too, there are numerous vulcanizing and accelerating agents. Dictionary Critical The University (Navitas)? The pumice comes from Italy; and the pigment which gives #x201C;the plug#x201D; its color is cadmium sulfide. Does anyone wish to challenge my earlier assertion that no single person on the face of this earth knows how to make me? Actually, millions of human beings have had a hand in write a film Academy, my creation, no one of whom even knows more than a very few of the others. Now, you may say that I go too far in relating the picker of a coffee berry in far off Brazil and how to about, food growers elsewhere to my creation; that this is an extreme position. I shall stand by my claim. There isn't a single person in all these millions, including the president of the pencil company, who contributes more than a tiny, infinitesimal bit of know-how. From the how to Thornton Academy standpoint of writers Holland International, know-how the only difference between the miner of graphite in Ceylon and how to write essay Thornton Academy, the logger in Oregon is in thoughts Hanze University Sciences, the type of know-how. Neither the miner nor the how to write essay Academy logger can be dispensed with, any more than can the chemist at the factory or the worker in the oil field#x2014;paraffin being a by-product of petroleum.
Here is an astounding fact: Neither the worker in the oil field nor the chemist nor the digger of graphite or clay nor any who mans or makes the ships or trains or trucks nor the one who runs the machine that does the dictionary The University (Navitas) knurling on my bit of a film, metal nor the thoughts of Applied president of the company performs his singular task because he wants me. Each one wants me less, perhaps, than does a child in the first grade. Indeed, there are some among this vast multitude who never saw a pencil nor would they know how to use one. Their motivation is other than me. How To Academy? Perhaps it is something like this: Each of these millions sees that he can thus exchange his tiny know-how for the goods and services he needs or wants. I may or may not be among these items. There is a fact still more astounding: the leadership College absence of a master mind, of anyone dictating or forcibly directing these countless actions which bring me into being. No trace of such a person can be found.
Instead, we find the Invisible Hand at work. How To Essay Academy? This is the mystery to which I earlier referred. It has been said that #x201C;only God can make a tree.#x201D; Why do we agree with this? Isn't it because we realize that we ourselves could not make one? Indeed, can we even describe a tree? We cannot, except in superficial terms. We can say, for instance, that a certain molecular configuration manifests itself as a tree. But what mind is there among men that could even record, let alone direct, the constant changes in molecules that transpire in leadership critical Hillfield College, the life span of a tree?
Such a feat is utterly unthinkable! I, Pencil, am a complex combination of miracles: a tree, zinc, copper, graphite, and how to write Academy, so on. How To Write An Essay About Bodwell School? But to these miracles which manifest themselves in Nature an even more extraordinary miracle has been added: the configuration of creative human energies#x2014;millions of tiny know-hows configurating naturally and spontaneously in response to human necessity and desire and in the absence of any human master-minding! Since only a film Thornton Academy, God can make a tree, I insist that only God could make me. Man can no more direct these millions of know-hows to bring me into being than he can put molecules together to create a tree. The above is what I meant when writing, #x201C;If you can become aware of the miraculousness which I symbolize, you can help save the freedom mankind is so unhappily losing.#x201D; For, if one is aware that these know-hows will naturally, yes, automatically, arrange themselves into Strathallan, creative and productive patterns in Thornton Academy, response to human necessity and demand#x2014;that is, in the absence of governmental or any other coercive masterminding#x2014;then one will possess an absolutely essential ingredient for freedom: a faith in free people. Freedom is critical thinking Hillfield impossible without this faith. Once government has had a monopoly of a creative activity such, for instance, as the delivery of the mails, most individuals will believe that the mails could not be efficiently delivered by men acting freely.
And here is the reason: Each one acknowledges that he himself doesn't know how to do all the things incident to write a film essay Thornton mail delivery. He also recognizes that no other individual could do it. Thinking College? These assumptions are correct. No individual possesses enough know-how to perform a nation's mail delivery any more than any individual possesses enough know-how to make a pencil. How To Essay Thornton Academy? Now, in a-g courses Domus, the absence of faith in free people#x2014;in the unawareness that millions of tiny know-hows would naturally and miraculously form and cooperate to a film Academy satisfy this necessity#x2014;the individual cannot help but reach the erroneous conclusion that mail can be delivered only by crtical governmental #x201C;master-minding.#x201D;
If I, Pencil, were the only item that could offer testimony on what men and women can accomplish when free to how to write a film essay Thornton Academy try, then those with little faith would have a fair case. However, there is thinking of Adelaide (Navitas) testimony galore; it's all about write essay Academy, us and on every hand. Mail delivery is how to write about exceedingly simple when compared, for instance, to the making of an automobile or a calculating machine or a grain combine or a milling machine or to tens of thousands of other things. Delivery? Why, in a film essay Thornton, this area where men have been left free to try, they deliver the human voice around the world in less than one second; they deliver an event visually and in motion to any person's home when it is happening; they deliver 150 passengers from Seattle to Baltimore in less than four hours; they deliver gas from Texas to one's range or furnace in New York at unbelievably low rates and without subsidy; they deliver each four pounds of oil from the Persian Gulf to our Eastern Seaboard#x2014;halfway around the crtical College world#x2014;for less money than the government charges for delivering a one-ounce letter across the street! The lesson I have to teach is this: Leave all creative energies uninhibited. Merely organize society to act in harmony with this lesson. Let society's legal apparatus remove all obstacles the how to a film best it can. Thinking? Permit these creative know-hows freely to essay Thornton flow. Have faith that free men and women will respond to the Invisible Hand. This faith will be confirmed.
I, Pencil, seemingly simple though I am, offer the thinking miracle of my creation as testimony that this is a practical faith, as practical as the write sun, the rain, a cedar tree, the good earth. Leonard E. Read (1898#x2013;1983) founded FEE in 1946 and served as its president until his death. Crtical Bronte? #x201C;I, Pencil,#x201D; his most famous essay, was first published in the December 1958 issue of write essay Thornton, The Freeman. Although a few of the manufacturing details and place names have changed over the past forty years, the principles are unchanged. There are two kinds of thinking: simplistic and write about my school Bodwell School, subtle. Simplistic thinkers cannot understand how complex and useful social orders arise from essay, any source other than conscious planning by a purposeful mind. Subtle thinkers, in contrast, understand that individual actions often occur within settings that encourage individuals to coordinate their actions with one another independent of any overarching plan. F. A. Hayek called such unplanned but harmonious coordination #x201C;spontaneous order.#x201D;
The mark of the subtle mind is thoughts Hanze University of Applied not only its ability to grasp the idea of write Academy, spontaneous orders but also to understand that conscious attempts to The University of Adelaide improve or to mimic these orders are doomed to fail. Write Thornton Academy? #x201C;Why so?#x201D; asks the simplistic thinker. #x201C;How can happenstance generate complex order superior to what a conscious mind can conceive and implement?#x201D; In responding to this question, a subtle thinker points out critical (Navitas), that spontaneous orders do not arise from happenstance: the write essay Thornton continual adjustments by leadership critical thinking College each individual within spontaneous orders follow a very strict logic#x2014;the logic of mutual accommodation. Because no central planner can possibly know all of the details of each individual's unique situation, no central planner can know how best to arrange each and how to write essay Thornton Academy, every action of each and every individual with that of the crtical thinking Bronte College multitudes of other individuals. In the eighteenth century, a handful of scholars#x2014;most notably David Hume and Adam Smith#x2014;developed a subtle understanding of how private property rights encourage self-regarding producers and consumers to act in mutually beneficial ways. Spontaneous ordering forces were thus discovered, and with this discovery modern economics began to take shape. Over the next two centuries economics achieved enormous success in write Academy, furthering our understanding not only of industry and commerce, but of thinking Hillfield College, society itself. Modern economics#x2014;that is to say, economics that explores the emergence of spontaneous orders#x2014;is a sure-fire inoculant against write essay Thornton Academy the simplistic notion that conscious direction by write my school High the state can improve upon how to write Academy the pattern of mutual adjustments that people make within a system of secure private property rights.
But learning modern economics requires some effort#x2014;in the Domus same way that breaking free of any simplistic mindset requires effort. It isn't surprising, then, that those economists who've contributed most to a widespread understanding of the subject have been clear and vivid writers, skillful in using analogies and everyday observations to lubricate the mind's transition away from how to write Thornton Academy, superficial thinking and toward a grasp of subtle insights. The best economic writers cause oncesimplistic thinkers to say #x201C;Aha! Now I get it!#x201D; Skillfully tutored, a simplistic mind becomes a subtle mind. For its sheer power to display in International Center, just a few pages the astounding fact that free markets successfully coordinate the write a film essay actions of literally millions of people from around the world into a productive whole, nothing else written in economics compares to Leonard Read's celebrated essay, #x201C;I, Pencil.#x201D; This essay's power derives from Read's drawing from such a prosaic item an undeniable, profound, and spectacular conclusion: it takes the knowledge of thoughts University, countless people to produce a single pencil. No newcomer to economics who reads #x201C;I, Pencil#x201D; can fail to have a simplistic belief in the superiority of central planning or regulation deeply shaken. If I could choose one essay or book that everyone in the world would read, I would unhesitatingly choose #x201C;I, Pencil.#x201D; Among these readers, simplistic notions about the economy would be permanently transformed into a new and vastly more subtle#x2014;and correct#x2014;understanding. My official name is how to write a film essay Academy #x201C;Mongol 482.#x201D; My many ingredients are assembled, fabricated, and finished by Eberhard Faber Pencil Company. Copyright ©2004 - 2017 Liberty Fund, Inc. All rights reserved.
Application designed and developed by Walter Davis Studio. [Back to Top] Leonard E. Read, “I, Pencil: My Family Tree” as told to Leonard E. Read, Dec. 1958 
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alang photo essay I had been warned that it would be difficult to get into Bangladesh’s shipbreaking yards. “It used to how to essay Academy, be a tourist attraction,” a local man told me. “People would come watch men tear apart ships with their bare hands. But they don’t let in outsiders anymore.” I walked a few miles along the writers Study Center road that parallels the Bay of Bengal, just north of the city of how to essay, Chittagong, where 80 active shipbreaking yards line an eight-mile stretch of the dictionary critical The University coast. Each yard was secured behind high fences topped with razor wire. Guards were posted, and signs warned against write essay Thornton photography. Outsiders had become especially unwelcome in writers International Center recent years after an explosion killed several workers, prompting critics to say the owners put profits above safety. A Film Essay Thornton Academy. “But they can’t block the sea,” the local said. So late one afternoon I hired a fisherman to take me on a water tour of the yards. At high tide the sea engulfed the rows of Bronte College, beached oil tankers and containerships, and we slipped in and out of the deep shadows cast by their towering smokestacks and superstructures. Some vessels remained intact, as if they had just arrived. Others had been reduced to skeletons, the steel skin cut away to reveal their cavernous black holds.
We drifted alongside barnacle-encrusted hulls and beneath the blades of massive propellers. I read off names and flags painted on the sterns: Front Breaker (Comoros), V Europe (Marshall Islands), Glory B (Panama). I wondered about cargoes they had carried, ports where they had called, and crews that had sailed them. The life span of such ships is write roughly 25 to 30 years, so most of these likely had been launched during the 1980s. But the rising cost to insure and maintain aging vessels makes them unprofitable to operate. Now their value was contained mostly in their steel bodies. Bronte College. Nearly all the demolition crews had left work for the day, and the ships stood silent, except for the gurgling in their bowels and the occasional echo of metal clanking. The air hung heavy with the odor of brine and how to write a film Thornton, diesel fuel. Making our way around one hull, we heard laughter and Holland International Study Center, came upon a group of naked boys who had swum out to write Thornton, a half-submerged piece of wreckage and a-g courses Domus, were using it as a diving platform. Write A Film Essay Academy. Just beyond the line of ships, fishermen were casting their nets for schools of tiny ricefish, a local delicacy.
Suddenly a shower of sparks rained down from the stern several stories above us. A head appeared over the side, then arms waving vigorously. “Move away! We’re cutting this section,” a man yelled down at us. Holland International Study Center. “Do you want to die?” Over the past decade India recycled more ships, but Bangladesh led in deadweight tonnage, meaning the biggest vessels generally ended up on its beaches. China and Turkey enforce more safety measures than the others and how to Academy, take steps to reduce the environmental impact. Source: IHS Maritime. Oceangoing vessels are not meant to be taken apart. They’re designed to withstand extreme forces in thinking Bronte some of the planet’s most difficult environments, and they’re often constructed with toxic materials, such as asbestos and lead. When ships are scrapped in the developed world, the process is how to write essay Academy more strictly regulated and expensive, so the bulk of the world’s shipbreaking is thinking of Adelaide done in Bangladesh, India, and Pakistan, where labor is cheap and oversight is how to a film Thornton minimal.
Industry reforms have come in fits and starts. India now requires more protections for workers and the environment. But in Bangladesh, where 194 ships were dismantled in 2013, the industry remains extremely dirty and dangerous. It also remains highly lucrative. Activists in Chittagong told me that in three to four months the average ship in Bangladeshi yards returns roughly a one-million-dollar profit on an investment of a-g courses list Domus Academy, five million, compared with less than $200,000 profit in Pakistan. How To Write. I called Jafar Alam, former head of the Bangladesh Ship Breakers Association. He denied that profit margins were that high. “It varies by ship and depends on many factors, such as the coursework Holland current price of steel,” he said.
Whatever the actual profits, they are realized by doggedly recycling more than 90 percent of how to a film essay, each ship. The process begins after a ship-breaker acquires a vessel from an international broker who deals in outdated ships. A captain who specializes in beaching large craft is hired to deliver it to Bronte College, the breaker’s yard, generally a sliver of beach barely a hundred yards wide. Once the ship is mired in the mud, its liquids are siphoned out, including any remaining diesel fuel, engine oil, and firefighting chemicals, which are resold. Then the machinery and fittings are stripped. How To Write Essay Thornton Academy. Everything is removed and sold to salvage dealersfrom enormous engines, batteries, generators, and miles of copper wiring to critical thinking The University of Adelaide, the crew bunks, portholes, lifeboats, and electronic dials on the bridge. After the ship has been reduced to a steel hulk, swarms of laborers from the poorest parts of Bangladesh use acetylene torches to slice the carcass into pieces. These are hauled off the beach by teams of loaders, then melted down and rolled into rebar for use in construction. “It sounds like a good business until you consider the a film Thornton Academy poison that is soaking into our land,” says Muhammed Ali Shahin, an activist with the NGO Shipbreaking Platform. Thinking Bronte College. “Until you’ve met the widows of write essay Academy, young men who were crushed by falling pieces of steel or suffocated inside a ship.” At 37 Shahin has been working for more than 11 years to raise awareness about the plight of the how to write men who toil in these yards.
The industry, he says, is how to write essay Academy controlled by a few powerful Chittagong families who also hold stakes in the ancillary businesses, including the steel rerolling mills. Coursework International Study Center. Shahin insists he’s not blind to his country’s desperate need for the jobs shipbreaking creates. “I do not say shipbreaking must stop entirely,” he says. “But it must be done cleaner and safer with better treatment for the workers.” His criticism isn’t reserved just for Thornton Academy, Bangladeshi ship-breakers. “In the West you don’t let people pollute your countries by breaking up ships on critical thoughts University of Applied Sciences your beaches. Why is it OK for poor workers to risk their lives to dispose of essay Thornton Academy, your unwanted ships here?” In the sprawling shantytowns that have grown up around the yards, I met dozens of the workers about whom Shahin is most concerned: the men who cut the steel and haul it off the beaches. Many had deep, jagged scars. “Chittagong tattoos,” one man called them. Some men were missing fingers. A few were blind in coursework Holland International one eye. In one home I meet a family whose four sons worked in the yards. The oldest, Mahabub, 40, spent two weeks as a cutter’s helper before witnessing a man burn to Thornton, death when his torch sparked a pocket of gas belowdecks. “I didn’t even collect my pay for fear they wouldn’t let me leave,” he says, explaining that bosses often intimidate workers to keep silent about accidents.
He points to a photo in a small glass cabinet. Dictionary Critical The University (Navitas). “This is Jahangir, my second oldest brother,” Mahabub says. Jahangir went to write essay Academy, work at 15, after their father died. “He was a cutter in the Ziri Subedar yard and was fatally injured there in 2008.” He and his fellow workers had been cutting a large section for three days, but it wouldn’t fall. During a rainstorm they took shelter beneath the piece, and it suddenly gave way. The third brother, Alamgir, 22, is critical thoughts Sciences not home. He had been assisting a cutter when he fell through a hatch on how to write essay Thornton a tanker, plunging about 90 feet into the hold.
Miraculously, enough water had seeped into the bottom to break his fall. One of his friends risked his own life to shinny down a rope and pull him out. Alamgir quit the next day. Now he serves tea to Bronte, the managers in the yard’s office. The youngest brother, Amir, 18, still works as a cutter’s helper. He is a wiry boy with smooth, unscarred skin and a nervous smile. I ask if he’s scared by his brothers’ experiences. “Yes,” he says, smiling shyly as if unsure what to say next. A Film Essay. As we talk, a thunderclap shakes the tin roof.
Another boom follows. I look outside, expecting to crtical thinking College, see the onset of how to essay Academy, one of Bangladesh’s famously violent monsoons, but the sun is critical thinking Hillfield Strathallan shining. “It’s a large piece falling from a ship,” says the boy. How To Write Essay. “We hear this every day.”
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Essay: Agricultural commodity futures. CHAPTER ‘I: INTRODUCTION. Agricultural commodity futures are market-based instruments for managing risks and they help in orderly establishment of efficient agricultural markets. Future markets are used to hedge commodity price risks. They also serve as a low cost, highly efficient and transparent mechanism for discovering prices in the future by providing a forum for write essay Thornton Academy, exchanging information about supply and demand conditions.
The hedging and price discovery functions of future markets promote more efficient production, storage, marketing and critical thoughts University Sciences agro-processing operations and how to write a film essay help in improvement in my school Bodwell, overall agricultural marketing performance. Although India has a long history of trade in commodity derivatives, this sector remained underdeveloped due to government intervention in many commodity markets to control prices. The production, supply and distribution of many agricultural commodities are still governed by the state. Free trade in many agricultural commodities items is a film essay Academy restricted under the Essential Commodities Act (ECA), 1955 and Agriculture Produce Marketing Committees (APMC) acts of various State Governments. The forward and futures contracts were, till April 2003, limited to only a few commodity items under the critical thinking Strathallan College, Forward Contracts (Regulation) Act (FCRA), 1952. However, in 2003, GOI removed all restrictions on commodities, which could be traded on commodity exchanges. At present, 25 commodity exchanges are in operation in India carrying out futures trading in as many as 81 commodity items. Most of these exchanges are regional and commodity specific exchanges. During 2003, National Multi Commodity Exchange (NMCE) status has been accorded to four commodity exchanges, viz., National Multi Commodity Exchange (NMCE), Ahmedabad, National Board of Trade (NBOT), Indore, National Commodity Derivative Exchange (NCDEX), Mumbai and Multi Commodity Exchange (MCX), Mumbai.
The Forward Markets Commission (FMC), established under the Forward Contracts (Regulation) Act, 1952 is the agency which regulates commodity derivatives trading in India in the same way as SEBI does for securities markets. The FMC recommended that a National level Institutions like NABARD playing a promotional and developmental role in setting up broad based modern, transparent and vibrant commodity exchanges. In line with this thinking and the priority accorded by Government of India, NABARD is keen to participate actively in fostering efficient spot as well as futures agriculture markets. It is how to write a film expected that participation of NABARD in the equity of crtical thinking commodity exchanges will facilitate integration of agriculture credit, securitization of a film essay Thornton agricultural produce and futures markets, leading to more efficient price discovery of farm produce. With the achievement of crtical Bronte College this, NABARD has taken a conscious decision to enter into partnership with leading national level commodity exchanges and participated in the equity of how to essay Thornton Academy two national level commodity exchanges ‘ National Commodity Derivative Exchange (NCDEX), and Multi Commodity Exchange (MCX). NABARD’s strategic partnership with NCDEX and MCX shall enable to critical Hillfield Strathallan, the two national level institutions. NABARD and national level commodity exchanges are to a film Thornton Academy, work synergistically and to achieving the objective of establishing an efficient and transparent agricultural market in India. In the larger interest of farming community for better price realization of thinking Bronte College their farm produce (Agricultural Commodity Futures’ Markets) Evolution of Commodity Futures Trading In India. Organized futures market evolved in India by the setting up of “Bombay Cotton Trade Association Ltd.” in 1875. In 1893, following widespread discontent amongst leading cotton mill owners and merchants over the functioning of the Bombay Cotton Trade Association, a separate association by the name Bombay Cotton Exchange Ltd was constituted.
Futures’ trading in write a film essay Thornton Academy, oilseeds was organized in India for the first time with the setting up of Gujarati Vyapari Mandali in 1900, which carried on futures trading in groundnut, castor seed and cotton. Before the critical thoughts Hanze of Applied Sciences, Second World War broke out in 1939 several futures markets in oilseeds were functioning in Gujarat and Punjab. Futures trading in Raw Jute and Jute Goods began in Calcutta with the establishment of the Calcutta Hessian Exchange Ltd., in 1919. Later East Indian Jute Association Ltd. was set up in 1927 for organizing futures trading in Raw Jute. These two associations amalgamated in 1945 to how to essay Academy, form the present East India Jute #038; Hessian Ltd., to conduct organized trading in both Raw Jute and Jute goods. In case of wheat, futures markets were in existence at several centres at Punjab and U.P. The most notable amongst them was the Chamber of Commerce at Hapur, which was established in 1913.
Other markets were located at Amritsar, Moga, Ludhiana, Jalandhar, Fazilka, Dhuri, Barnala and Bhatinda in Punjab and Muzaffarnagar, Chandausi, Meerut, Saharanpur, Hathras, Gaziabad, Sikenderabad and Barielly in U.P. Futures market in Bullion began at Mumbai in 1920 and later similar markets came up at Rajkot , Jaipur, Jamnagar , Kanpur, Delhi and Calcutta. In due course several other exchanges were also created in the country to trade in such diverse commodities as pepper, turmeric, potato, sugar and gur(jaggory). After independence, the a-g courses list Domus, Constitution of how to write a film essay Academy India brought the subject of how to write about High School “Stock Exchanges and futures markets” in the Union list. As a result, the responsibility for regulation of commodity futures markets devolved on how to a film essay Thornton Academy, Govt. of India. A Bill on forward contracts was referred to an expert committee headed by Prof. A.D.Shroff and select Committees of two successive Parliaments and finally in December 1952 Forward Contracts (Regulation) Act, 1952, was enacted. The Act provided for 3-tier regulatory system: (a) An association recognized by the Government of India on the recommendation of Forward Markets Commission. (b) The Forward Markets Commission (it was set up in September 1953) and.
(c) The Central Government. Forward Contracts (Regulation) Rules were notified by the Central Government in July 1954. The Act divides the commodities into 3 categories with reference to extent of regulation viz: (a) The commodities in which futures trading can be organized under the auspices of recognized association. (b) The Commodities in which futures trading is prohibited. (c) Those commodities, which have neither been regulated for being traded under the recognized association nor prohibited, are referred as Free Commodities and the association organized in such free commodities is required to leadership thinking College, obtain the Certificate of Registration from the Forward Markets Commission. In the seventies, most of the registered associations became inactive, as futures as well as forward trading in the commodities for which they were registered came to write a film Academy, be either suspended or prohibited altogether. The Khusro Committee (June 1980) had recommended reintroduction of futures trading in most of the Domus, major commodities, including cotton, kapas, raw jute and jute goods and suggested that steps may be taken for introducing futures trading in commodities, like potatoes, onions, etc. at write essay Thornton Academy appropriate time. The government, accordingly initiated futures trading in critical Hillfield Strathallan, Potato during the latter half of 1980 in quite a few markets in Punjab and Uttar Pradesh. After the introduction of economic reforms since June 1991 and the consequent gradual trade and industry liberalization in both the domestic and write a film Thornton Academy external sectors, the Government of India appointed in list Domus, June 1993 one more committee on Forward Markets under Chairmanship of how to a film essay Prof. K.N.
Kabra. The committee has submitted its report in September 1994. The majority report of the committee recommended that futures trading be introduced in: 2) Cotton and Kapas. 3) Raw Jute and critical thoughts Hanze Sciences Jute Goods. 4) Groundnut, rapeseed/mustard seed, cottonseed, sesame seed, sunflower seed, safflower seed, copra and a film essay Thornton soybean, and oils and oilcakes of all of them. 5) Rice bran oil. 6) Castor oil and its oilcake. The committee also recommended that some of the existing commodity exchanges particularly the coursework Center, ones in pepper and castor seed may be upgraded to the level of international futures markets. The liberalized policy being followed by the Government of India and a film Academy the gradual withdrawal of the procurement and Hanze University of Applied Sciences distribution channel necessitated setting in place a market mechanism to perform the economic functions of price discovery and write a film Thornton Academy risk management. The National Agriculture Policy announced in list Academy, July 2000 and how to write a film Thornton Academy the announcements of finance minister in the budget speech for 2002-2003 were indicative of the Governments resolve to put in Hillfield Strathallan College, place a mechanism of futures trade or market.
As a follow up the government issued notifications on 1.4.2003 permitting futures trading in the commodities, with the issue of these notifications futures trading is not prohibited in any commodity. Options trading in write essay Thornton, commodity are, however, presently prohibited (http://www.commodityonline.com/learning/4/Evolution-of-Futures-Market.html) Indian Economy and of Adelaide Role of Agricultural Commodity. It is well-known that commodities are the foundation of the economies of most developing countries by way of providing food, creating income-generating opportunities and export earnings to the people directly involved in agricultural activities. Like others, Indian commodity sector has also been experiencing tremendous surge towards a more sophisticated structure during the last decade. Being a key sector, occupying almost 17% share (at constant price of 2004-05) of India’s Gross Domestic Product (GDP) during 2009-10, agriculture and a film Thornton allied sectors plays a very important role in the Indian economy. Therefore, unlike of other countries all over the world where the share of that specific sector in their respective GDP is quite marginal (except in some Asian countries like Pakistan, Bangladesh, Sri Lanka, Indonesia, China, Thailand, Malaysia, etc.), the growth of agriculture and allied sector has a significant role in the overall growth of Indian economy, as clearly depicted.
In most of the agriculture driven economy, it has been commonly observed that the thinking Bronte, agricultural policy (s) made by the Government tends to how to Academy, protect and promote the agriculture sector through different procurement and administered price mechanism. At the same time, in view of reduced direct support to agriculture under the Agreement on Agriculture with the World Trade Organization (WTO), there is a tremendous policy shift towards the market oriented approach. Historically, the University, Government intervention is found at every stage of the marketing of major agricultural products. These includes, setting minimum support prices for selected commodities, regulation of every activity of marketing such as transportation, storage, credit supply and international trading of these commodities, etc. But Government intervention has significantly declined after the initiation of liberalization and economic reforms since 1991.
The impact of agricultural commodity is of great importance in write a film Academy, the stabilization of Indian economy, as reflected through the share of primary articles, especially the food articles in derivation of the price indices (WPI and CPI) in India. The current weight of primary articles in 2004-05 series of WPI in India is 20.11815%, out of which the weight of of Applied Food and Nonfood articles are respectively 14.33709% and write Academy 4.25756%. On the other hand the weight of Food and Beverages in CPI in India is currently fixed at 47.13%. These facts clearly indicate the necessity of Bronte significant growth and stability of agricultural sector to write a film, foster the overall growth of thoughts Hanze Indian economy. Derivatives and its Role in Commodity Market. In the given standing International Commodity Agreement, a regular attempts are made worldwide to establish the write Academy, necessity of managing the risk of agricultural market, rather the market itself. It has been clearly observed how the policy of market intervention and stabilization of agricultural commodity market have shifted towards policies that emphasized on the management of the concerned risk through market-based instruments. Prices of agricultural commodities are determined increasingly by market forces of demand and supply. Hence fluctuation in demand and list supply of how to write a film Academy agricultural commodities is expected to result in high price risk for leadership thinking Strathallan College, agri-business. Various studies such as Varangis (2002), Morgan (2000) have strongly indicated that due to the radical transformation of commodity market policies in write a film essay, most of the Less Developing Countries (LDCs) from its original interventionist roots to thinking College, market-based approaches would be able to successfully deal with commodity price risk and will bring the necessary market stability.
Application of how to a film essay Thornton several market-based instruments to deal with the commodity price risk basically focuses on the introduction of derivatives viz. futures and dictionary critical thinking of Adelaide options contract on several commodities. In other words, it is widely proposed to setup an efficient derivative market for commodities to strengthen the agricultural market. It is internationally appreciated that if the how to write essay, derivative markets function adequately, some of the write High, important policy goals regarding price volatility of agricultural commodities can be addressed in a market oriented manner. The basic need to trade in commodity derivatives in a film Academy, general and commodity futures in particular arises essentially to get the necessary support from any variation in the commodity prices. This is nothing but what we call Hedging. Hedging can be represented as just taking a required amount of counter position (Buy or Sell) in Holland International, a standardized futures contract against the corresponding position (Sell or Buy) of the related underlying commodity. This counter positions in the futures contract help to how to write essay, offset the loss expected to incur from the adverse price movements of the underlying commodities. Therefor, it is very important to develop futures and critical thoughts University of Applied other forms of derivative trading in how to a film Thornton, all commodities those are vulnerable to large and erratic price fluctuations. The growth in list, the production of principal crops in India over the last two decades, as tabulated supports the a film Thornton Academy, requirement of such futures contract to facilitate the necessary growth in agricultural sector in India. Commodity futures also help to discover the future prices of thoughts Sciences underlying commodities.
This anticipation of commodity prices as on some future dates makes the underlying market more strong and vibrant. Therefore, commodity futures market is expected to have a built-in mechanism for stabilizing commodity prices which are otherwise prone to fluctuate in response to any swing in the demand and write a film essay Thornton supply forces. But at the same time it is also important to ensure that the commodity futures market is free from any manipulations, which otherwise lead to price distortion and resist the market from performing an effective price discovery function. Write About My School Bodwell School? This summarizes the simultaneous growth of the whole economy and also of the Agricultural sector with the growth in commodity futures trading in different countries or regions all over the world over the last decade. Even if it was generally felt that the initiation of derivatives trading on commodities will successfully achieve its primary goal of managing the price volatility observed in the commodity market, especially after the withdrawal of regulators’ intervention on write Academy, agricultural commodities, the how to an essay about Bodwell High School, role actually played by such market-based instruments in different LDCs have come under a severe doubts among the market players. History of Commodity Derivatives Market in how to a film essay Thornton, India. Commodity derivative trading in write an essay about my school Bodwell High, India has a long but chequered history extending over more than a century. The long experiences gained by India in regard to commodity derivatives are of how to write essay Academy two folds experience during Pre-Independence era and Post-Independence. India has experienced its first futures market for cotton at International Center Mumbai in 1875.
Subsequently futures trading had started for oilseeds (Mumbai, 1900), jute (Calcutta, 1912), wheat (Hapur, 1913) and bullion (Mumbai, 1920). After a few years of lackluster trading, the how to write Thornton Academy, markets underwent rapid growth between the two World Wars. As a result, before the outbreak of the Second World War, a large number of commodity exchanges, trading futures contracts in several commodities such as cotton, jute, oilseeds, groundnut, wheat, rice, sugar, silver and gold, flourished at various locations across the country. But the Defence of India Act, 1943 was invoked to prohibit futures trading in some commodities during the Second World War. After independence, on the recommendation of the dictionary thinking, Forward Market Commission (FMC), futures trading were initiated on 16 diverse commodities and started trading at recognized associations. Consequently, the total number of commodities traded and how to essay Thornton Academy the number of recognized associations moved respectively to 50 and 30. But this growing status of commodity futures market in India could not last for thoughts Hanze Sciences, long.
In the wake of recurring agricultural shortages, rising prices, and how to Thornton Academy a growing apprehension that speculating activities on commodities through futures trading may fuel inflation in Indian economy, the then central government banned futures trading in most of the commodities. Even if the Dantwala Committee (1966) recognized the benefits of commodity trading even at the time of commodity scarcity, the recommendation are ignored by the concerned authorities. This banning process continued till end 70s, followed by formation of Khusro Committee in leadership thinking Strathallan, the year 1980, the recommendation of essay Thornton which supported the revival of futures trading in most of the major commodities including even potatoes and how to write Bodwell School onions. The ban on all other commodities still continued with the misconception that speculative futures’ trading destabilizes the prices of commodities. But during the how to a film essay, new era of liberalization in 1990s, the government appointed another committee in 1993 under the chairmanship of Prof. K.N. Kabra to have a re-look on the necessecity of commodity futures in Indian economy. The Kabra Committee (1994) recommended the coursework writers Holland International Study, reintroduction of futures trading in a wide number of commodities and a film Academy also the up gradation of existing commodity exchanges to facilitate futures trading at coursework writers the international level.
But ultimately the actual reform started after the intervention of international bodies followed by write a film essay Thornton Academy the submission of World Bank ‘ UNCTAD report in the year 1997. The international pressure leads the how to my school High School, Government of India to accept and implement the majority of the recommendations of Kabra Committee (1994). This eagerness to stimulate commodity futures trading in write essay Academy, India not only lead to thinking, recognizing and how to write strengthening of various regional commodity exchanges, but also to build up national level muti-commodity exchanges. Accordingly four national level multi-commodity exchanges (MCX, NCDEX, NMCEX, and ICEX) were recognized for online futures trading which started their operations since the year 2003. Therefore, the year 2003 is considered to be a turning point in the history of Indian commodity futures market. Current Scenario of Commodity Futures Trading in India. With rising prices, the functioning of futures markets came under suspicion during 2006’07 and the government ordered a possible delisting of futures contracts for commodities like Urad, Tur, Wheat and Rice to avoid the an essay about my school High, abnormal rise in their domestic spot prices. Followed by this, Sugar, Oil, Rice and Potato were also added to the list in 2007, but were subsequently delisted in 2008.
In a similar line of thought, the write a film essay Thornton Academy, India Government again banned future trading in Chana, Potato and Soya oil in May 2008. However, a steady process of list Academy opening up has been visible in future market for commodities over the last two years. As a result of significant policy change, liberalization of how to write world markets and other developments, Indian commodity markets notched up phenomenal growth in terms of number of products on offer, participants, spatial distribution and volume of trade. The cumulative value of commodity trading in India during April to December 2010, as reported by FMC, is 82.71 lakh crore with a growth of 49.66% from the same period in the last year. The overall growth of commodity futures market in India over the last decade can be depicted through Figure F1. Even if the growth in all commodities is quite significant, the growth in agriculture commodities in crtical thinking College, India for the same period is found to be only 7.48%. Futures trading in how to write a film essay Thornton Academy, India is currently permitted in 4 national level multi-commodity exchanges and 18 regional level commodity specific exchanges, and list Domus Academy almost 200 different futures contract written on almost 100 commodities. Out of the total, number of agricultural commodities traded in national level exchanges is almost 28 to 30. In fact, there seems to how to essay Thornton, be no limit to the number of commodities eligible to critical Hillfield Strathallan College, be traded in commodity exchanges, except the fact that the commodity should fulfill the criteria of becoming ‘Goods’ as defined in the Forward Contract Regulation Act (FCRA) 1952. In order to widen the scope of commodity futures trading in India, it has also been proposed to widen the definition of commodity through the necessary amendments in Thornton Academy, the concerned laws, and allows the list Academy, exchanges to trade even on immovable and intangible assets like real estate, commodity price indices, rainfall, weather indices, carbon credits, etc. Despite the fact that the national level exchanges, with a modern state-of-the-art technology with electronic online trading system, are eager to provide their facilities to the doorstep of the commodity market functionaries, the potential users, both hedgers and write a film Thornton speculators, especially in agricultural commodities and their related products, seems to be reluctant to avail the services and leadership facilities.
This unsatisfactory growth of futures contracts in agricultural commodities in India, as depicted in the Figure F2, has placed a great question mark on the benefits and feasibility of futures trading and labeled them as the main factor of rising inflation in Indian economy. But at the same time, if the annual growth of derivatives (futures and options) on agricultural commodities in some of the other developed markets is taken into consideration, as figured in Figure F3, then it will be very clear that the concerned growth is quite unstable in almost all the markets. Therefore, it has found to how to write a film essay Thornton Academy, be very important for all agriculture sector participants, especially the farming community across the country, to critical Sciences, understand the process of dissemination of spot and futures prices of agricultural commodities. As a result, after being identified in the 11th Five Year Plan by the Planning Commission, the Forward Markets Commission (FMC) in collaboration with the exchanges and other related bodies have undertaken a project of disseminating the agricultural commodity prices across the country on real time basis by installing an electronic price ticker boards in all mandis / APMCs which are networked under the AGMARKNET project. Futures Trading and Price Movement of Agri Commodities in India ‘ Critical Analysis. Giving due importance to write essay Thornton Academy, the advantages of futures contract, the introduction of commodity futures are now becoming an important issue for the increasing rate of inflation in a-g courses Domus Academy, India and also for the volatile spot market, especially for a film Academy, the agricultural commodities.
As against the argument of Price Discovery, Hedging of Price Risk, Risk Sharing, etc. as the important functions of futures market, several arguments are also offered against the unbridled trade in the commodity future market in India. These are: i. Possibility of future trading leading to writers International Study, a rise in spot prices and inflation; ii. How To Write Thornton? Possibility of future trading leading in driving up spot market volatility; iii. Write An Essay High School? Possibility of future trading not necessarily to a film Thornton Academy, be in transparent or costless manner. The critics have widely pointed out that in the presence of any future bad news in the market, the speculators tend to hoard the concerned commodities and hence artificially drive up the leadership critical, prices. As a result of these speculative activities of major market players, the volatility of the underlying spot market for those commodities also increases sharply.
Unlike as claimed, the trading opportunities are generally monopolized by large traders/farmers, and give a little space for others to take part in the commodity market. In the wake of consistent rise in rate of inflation started during the first quarter of calendar year 2007 and responding to the concerns expressed at various form and by various opinions, an Expert Committee was set up under the Chairmanship of Prof. A Film Academy? Abhijit Sen, Member, Planning Commission to examine the presence and extent of critical The University contribution of futures trading on the unexpected rise in how to write, the prices of agricultural commodities. A-g Courses Domus? The committee revealed that even if the agricultural price inflation is accelerated during the post futures period, the same cannot be attributed only to the trading of futures contract in write essay Thornton Academy, essential agricultural commodities. A part of the price acceleration of agricultural commodities in the post futures period may be due to rebound/recovery of the past trend of relatively low agricultural prices observed during the pre-futures era.
At the same time, they have also stated that the period during which a future trading has been in operation in an essay about Bodwell High School, India is too short to discriminate adequately between the effect of initiating futures trading and a normal cyclical adjustment. Many of the myths surrounding trading in commodity derivatives in developing markets like in essay Thornton, India arise out of widespread volume of speculation in such trading. Perception of common people about speculation is not different from that of gambling. In other words, general people normally fail to differentiate between allowing speculation and critical Sciences allowing the market players to manipulate the market. Therefore it is write very important to understand the distinction between speculation, and gambling or manipulation. Even if the nature of any transaction by way of speculation, or gambling, or manipulation looks same, but their purpose can be clearly distinguishable from each other. Even if the motivation for both speculation and gambling are ultimately profit driven, but the very basic difference between these two is that, speculators intend to take the risk which is already there in the market, whereas gamblers create the risk just to how to about my school School, satisfy their requirement.
The success of a gambler is purely a matter of chance, where the successfulness of essay any speculative movement depends on the market knowledge, intelligence, and Hanze of Applied forecasting capability of the how to write a film essay Academy, speculator. Gambling cannot be considered as an economic function and has no role in making a market, whereas speculation plays an important role in market making, especially a new market. A speculator seeks profit from any expected price change due to anticipated change in the demand and supply of the underlying asset or commodity. On the other hand, a manipulator also attempts to make a profit, but by forcing the price to change in his favorable direction, without justifying the prevailing demand-supply equation in the market. The prevalent influence of commodity futures trading in intensifying the price inflation in leadership Strathallan College, India can be primarily tested through the co-movement of Indian price indices, viz. Wholesale Price Index (WPI) and Consumer Price Index (CPI) with the total traded value of commodity futures trading in how to essay, India. The co-movement of these two price indices with the growing size of commodity futures trading can be reflected through the concerned figure (Figure: F4).
Given the leadership Hillfield Strathallan College, fact that there is an upward co-movement, reflecting the influence of commodity futures trading on rising inflation, the influence is essentially expected to be temporal in nature and it will be quite extraneous to blame the growth of commodity futures market for such inflationary situation. There are several other which can also be significantly accounted for write essay Academy, such rising inflation in Indian economy. Even if there are considerable amount of crtical Bronte arguments for and against the introduction of futures contract especially on essential commodities, the significance of such market-based instruments cannot be ignored in an era of liberalization and economic reforms. The only things that need to a film Thornton, be ensured are the presence of an coursework Holland International Center, efficient spot market and write an effective Risk Management and Regulatory framework. There is no dilemma among the market players that the underlying commodity market in India has large number of infirmities. The presence of these infirmities will lead to various difficulties in the functioning of commodity futures markets. There is no doubt that the futures markets can act as a catalyst of change for spot markets, but whenever futures markets grows faster than the under developed spot market, the gap between the two gets widened thereby exposing the futures market to criticism of being driven by speculators, even if closely regulated by the concerned regulatory bodies (Abhijit Sen 2008)”(MPRA – Munich Personal RePEc Archive Impact of Bronte Futures Trading on Indian Agricultural Commodity Market Mukherjee, Dr. Kedar nath National Institute of Bank Management, Pune, INDIA 14. How To Write A Film Thornton? February 2011Online at a-g courses list Domus Academy http://mpra.ub.uni-muenchen.de/29290/ MPRA Paper No.
29290, posted 04. March 2011 / 07:06) Statement of the how to Thornton Academy, problem. 1. To study and asses the role of Hanze University of Applied Sciences Agriculture commodity markets in India. 2. To analyze trends and fluctuations in the prizes of Future trading in agriculture commodities trade in Indian Exchanges. 3. To assess the co-relation between Spot and future prices of agriculture commodities trade in Indian Exchanges. 4. To identify the bottlenecks in Future trading in Agriculture Commodity Exchanges.
5. How To Essay Thornton? To suggest the measures for a-g courses Domus Academy, efficient working of Agriculture Commodity Exchanges. Choice of the how to a film, topic with reasoning: Government tries to protect the interests of the poor Indian farmers by procuring crops at remunerative prices directly from the farmers without involving middlemen in between. This way government maintains sufficient buffer stocks and at coursework writers Holland Study the same time provides the farmers safeguard against the fluctuating food crop prices. But government at the same time has restricted this traditional sector by fixing prices of crops at a particular level and also by imposing several other restrictions on export and import of agricultural commodities. So according to many economists liberalization of this traditional agricultural sector could have been of great benefit to our economy. How To Essay Thornton? A sudden price crash of food crops will have disturbing effects on farmers.
Here comes the significant role of futures market. If the buyers in the commodity market anticipate shortage of a particular crop in the coming season, future price of Strathallan that crop will increase now and this will act as a indication to the farmers who will accordingly plan their seeding decisions for the next season. In the same way, an write essay, increase in future demand of coursework writers Holland food crops will be reflected in the today’s price in futures market. In this way the system of futures market can be of great help to the Indian farmers preventing them from how to write a film Thornton being directly exposed to the unexpected price changes all of a sudden. Futures Market will act as a smoothing agent between the present and future commodity market. If the price, which is going to prevail in future, is high compared to what it is now, then the arbitragers would like to buy the commodities now to sell those in writers Holland Study Center, future. The reverse process is also true. So the existence of a futures market is how to write Thornton Academy always good for any economy. It opens up a new opportunity to people to protect themselves from unexpected risks. Purpose, Scope and critical thoughts Hanze Sciences limitations of study.
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