Beta of BRIC Markets in Fast Growing Economies

Beta of BRIC Markets in Fast Growing Economies Beta is the risk associated with an asset in relation to the market underlined. The developing countries/emerging economies such as Brazil, Russian, India, and China (BRICs) are playing important role in the world economy as producers of goods and services. The BRIC countries are expected to grow at a rate of more than 8 percent for next several years. The main purpose of this research is to focus on these fast growing economies and work out the betas of these BRIC markets. A particular focus is given on the Indian market as India is one of the main contenders in BRIC economies. Indias GDP is expected to be 35 times of its current level. Taking into account the performance of the economy over the years and keeping in mind the study of Goldman Sachs (2003), Indian markets are predicted to be the most developed one by 2050. This report also covers the objectives and the methodology i.e. the Single Index Model, which the research will follow and finally it concludes as the stated object ives will be covered and the research will be concluded by August 2010. Introduction: Beta in general term means an assets risk in relation to the market or a benchmark. It is measured by using short-term return intervals. An asset with beta of 0 means that it is not correlated with the markets. A positive beta shows that the asset is correlated to market and it follows the market. A negative beta shows that the asset is negatively correlated to the market. Beta is known as financial elasticity or correlated volatility. Literature review: According to Hodges; Taylor ; Yoder (2003) Beta of stock and bond portfolios change drastically with time. Therefore it is difficult to find beta of for intended horizon. They prove that betas calculated from annual returns cannot be used for lond period as it changes with time. Single period betas are useful when the investment horizon matches the holding period which is considered to find the returns. Generally single index pricing is used to model the structure of returns. However, Solnik (1974), suggests that a single index model may fail to capture international and domestic risks and, hence, a multi index model which takes into consideration both factors would be more appropriate. The presence of both risks that influence assets indicate that neither a purely domestic nor purely international beta of a security would be a complete measure of systematic risk. But on the other side, Bartholdy and Riding (1994) used the Dimson and Scholes and Williams methods on NZ data to correct for beta biases. They found that the two beta-correcting methods have no add on efficiency compared to standard OLS estimators and concluded that OLS estimators are more efficient and are more closure to relevant data. We therefore adopt the simple OLS beta estimation in this study. Ragunathan; Faff; Brooks (2000) found that the relative to the domestic index, betas were always significant while the betas relative to the international indices were not always significant. The BRIC countries are expected to grow at a rate of more than 8 percent for next several years. The developing countries/emerging economies such as Brazil, Russian, India, and China (BRICs) are playing important role in the world economy as producers of goods and services and increasing capital. The four countries went through major transformational changes in their economic structure. Though BRICs countries followed a sustainable growth path to integrate them self among globalised economy. After a lot of socio-economic transformations in the twentieth century all these countries were replaced by gradual integration in the global economy in the 1980s and 1990s. In recent times, there is a surge in the global economy particularly in BRICs countries due to economic liberalisation. According to Bharadwaj (editor) the BRIC countries have many good things going in their favour. China is a leader in manufacturing powerhouse in the world and India is number one for services sector (In information technology area),while Russia and Brazil have abundant natural resources. Companies from countries like China and India have intended global ambitions various fields like information technology, industrial production, service sector, etc. BRIC countries have showed global geopolitical leadership in various regions. The new and good changes in economic policies have boosted the developing economies like China, India, Brazil and Russia. Among these countries a new economy is emerging and if the current growth level is maintained they will become the global economic player in near future. Wilson, D. and Purushothaman, R. in their paper suggest that in the coming decades large developing countries like the BRICs (Brazil, Russia, India and China) will become a great force in the world economy from its current level even above the expectations the investors currently anticipate. It is evident that from the onset of the 21st century more than a third of the worlds growth has originated in these countries. So, the rise of new powerhouse economies in the developing world can shift the equation of global economic order is predicted by Bloomberg (2007). It is also projected that the BRICs economies as a whole could be larger than the G6 in future. Thus the BRIC thesis recognizes that Brazil, Russia, India and China have changed their political systems to embrace global capitalism. Moreover, Brazil, Russia, India and China have long been a favourable destination of  emerging market investors. By Farah, Paolo(2006) This is optimistic for economic growth and huge  investment may come to the BRICs in coming decades. The spur in economic growth there is a great requirement of broad analysis to get the perfect image of the BRICs economic progress Kumar, Fodea (2007). That is the main purpose of this research, to find the betas of these developing economies and forecast them. In year 2006 India has been worlds second fastest growing economy. Every year at the World Economic Forum in Davos, there is a superstar. Not an individual but a Nation as a whole. One country impresses the gathering of global leaders because of a particularly smart Finance minister or a compelling tale of reform. In the decade that Ive been going to Davos, no country has captured the imagination of the conference and dominated the conversation as India in 2006.'( Fareed Zakaria, News week issue dated Mar 6, 2006) . Chinas economy has risen by almost 10 percent since 1980Indias is a tale of future, which is coming into sharp focus. In the study by Goldman Sachs (2003)shows that in coming 50 years, India will be worlds fastest growing economy (largely because of its young workforce). The report suggests that in 10 years Indias economy will be larger than Italys and in 15 years larger than that of Britains. By 2040 the worlds third largest economy. By 2050 it will be five times the size of Japans and its per capita income will have risen to 35 times its current level. Predictions like these are a treacherous business, though its worth noting that Indias current growth rate is actually higher than the study assumed. Thus we can see from the above information that there is lot of potential of making money in this BRIC economies over coming years. But care has to be taken regarding the risks and hence, I would like to carry out this project to investigate Beta of these economies. With a particular focus on the Indian economy. Objectives: The objectives of this thesis are to use the data of BRIC markets and interpret them to answer the following questions What is the beta of BRIC economies? What is the forecasted beta of the BRIC economies? What is the performance of sectors in individual economies? We hope that the outcome of this research will answer these questions and help the investors who wish to invest into these economies. Data: The data to conduct this research will be taken from Bloomberg and the exchanges of the four BRIC economies: Brazil Russia India China The focus of this research is to find the beta of these markets and compare them, the weekly prices from 2000 to 2008 will be used. Methodology: The research method of this project will be of a quantitative one. The data required will be secondary data. We will mainly interpret this data to find out beta of each market. We will further remove beta of the different sectors and compare the performance of each sector with that of whole market. Single-Index Model: For our research we will mainly use Single-Index Model. So firstly, we will use the regression equation of the Single-Index model. This can be done by using the past data of the markets and trying to find out systematic risk. As this model is linear, we can estimate the sensitivity (beta) coefficient of a security, Ri= ri-rf The regression equation is: Ri(t)= ÃŽÂ ±i+ ÃŽÂ ²iRm (t) +ei(t) Where the intercept of this equation (denoted by the greek letter alpha,ÃŽÂ ±) is the securitys expected return which is excess, when the excess return of the market is zero. The slope coefficient ÃŽÂ ²i is the beta of the security.Thus we can find beta. Beta is the securitys sensitivity to the index. The Expected Retun-Beta Relationship: As E(ei)=o we can get value of E(ri), thus we can get a new equation return-beta relationship with the help of single index model. E(Ri)= ÃŽÂ ±i+ ÃŽÂ ²iRm The above equation explains that the securitys risk premium is due to risk premium of the index. The market risk premium is multiplied by the beta or sensitivity. It is also called systematic risk premium. Any reminder is given in the form of alpha. It is also called as non market premium. To explain this in a simple example, if the value of alpha is positive which means that the security is underpriced, or in other words there is a chance to earn an extra premium. As the price of the security is brought to equilibrium the value of alpha is driven to zero. Thus this is how a relation can be established between Return and Beta. Thus by using the above Single-Index Model we can find betas of particular markets and we can also find betas of particular sectors of that market. Once this is done we can try to compare the results of that of Indian market with rest of BRIC economies. Conclusion / Expected outcome: The expected outcomes of the project research are: A beta value for BRIC economies. The forecasted beta of BRIC economies. Sector vise beta of the economy. With the help of these information investors can make a good decision regarding their investments into these booming economies. They will be able to make the most of these markets. Time Line: I will be following a time-line to complete this research. I intend to collect all my data by May using Bloomberg and the exchanges of respective markets. By June and July I will be interpreting and analyzing the collected data. I assume that I will finish this research by end of August. Refrencing: Asness, C. S. (1996) Why not 100% equities?, Journal of Portfolio Management, 22, 29à ¢Ã¢â€š ¬Ã¢â‚¬Å"34. Bartholdy, J. and A. Riding (1994), Thin trading and the estimation of betas: The efficacy of alternative techniques, Journal of Financial Research, 17/2, Summer, 241-254. Bodie, Kane, Marcus (Eds.). (2008). Investments (8th ed.) Mcgraw hill. C Kenneth Jones. (1992). Portfolio management McGraw-hill. Choi, Fu. (2005). The dual-beta model: Evidence from the new zealand stock market. Department of Finance, Waikato Management School, Dr. Avaneendra Misra. India getting better. Retrieved from http://ssrn.com/abstract=1214202 Fodea, Kumar, Perspective on economic growth of BRIC countries: A case of brazil and india. HODGES, TAYLOR, YODER. (2003). Beta, the treynor ratio, and long-run investment horizons. Applied Financial Economics, (8), 503à ¢Ã¢â€š ¬Ã¢â‚¬Å"508. KLEMKOSKY, MARTIN. THE ADJUSTMENT OF BETA FORECASTS.NO. 4(SEPTEMBER 1975). Pogue G and Solnik B. 1974. The market model applied to European common stocks: Some empirical results. Journal of Financial and Quantitative Analysis, 9:17-944. Prashanth N. Bharadwaj. (2007). BRIC Countriesà ¢Ã¢â€š ¬Ã¢â‚¬ A competitive analysis. Robert A. Levy. On the short-term stationarity of beta coefficients Financial Analysts Journal(27 (November-December 1971)), 55-62. Scholes, M. and J. Williams (1977), Estimating betas from nonsynchronous data, Journal of Financial Economics, 5, 309-327. Sromon Das. Testing the stability of beta over market phases an empirical study in the indian context. VANITHA RAGUNATHAN, ROBERT W. FAFF, ROBERT D. BROOKS. (2000). Australian industry beta risk, the choice of market index and business cycles.10, 49-58.

Assess the main achievements of Détente Essay

Dà ©tente can be defined as a period of lessening or relaxation of tension between the two superpowers. It came about in 1963, with the signing of the Nuclear Test Ban Treaty, and its main achievements had a noteworthy impact on international relations during this period. One achievement of dà ©tente, SALT (or the Strategic Arms Limitation Treaty), signed in 1972, had the purpose of reducing the number of nuclear weapons of both sides. Its significance lies mainly with the Basic Principles Agreement, were both superpowers vowed to â€Å"do their utmost to avoid military confrontations†. This brought about improvements economically since trade was encouraged – and indeed, international trade increased significantly. However, this trade was in practice limited to grain supplies from the US. In addition, Nixon’s visitation to China in 1972 put the USSR on guard, as it was witnessing possible cooperation between its two adversaries – tension between the USSR and China was at a high. However, despite SALT’s limitations and an actual increase in tension between the USSR and China, it was a significant achievement for dà ©tente as the two superpowers were willing to cooperate regarding the arms race matter. Another major achievement was the Helsinki Agreement of 1975, a turnabout from the tense situation that existed between East and West when Stalin was in power. With this agreement, the US recognized the USSR’s territorial control of Eastern Europe, and the USSR agreed to respect human rights, such as the freedoms democracy advocated. It was a huge improvement considering the circumstances of the 1940-50s, where both sides attacked and retaliated through speeches, the formation of organizations (such as NATO and Cominform), and economic measures such as the Marshall Plan and Comecon. Thus the Helsinki Agreement was a high point in international relations. Mutual cooperation in many areas also resulted in easing of tensions. The two countries worked together with the research of heart disease and cancer, and the Soyuz and Apollo ships docked together in space missions. Again, it was a major improvement from the hostile situation of earlier years – both sides were willing to work together for a common cause, and was a significant achievement of dà ©tente. Although dà ©tente was a period of relaxing in tensions and increase stability between the two superpowers, many of the agreements established were very limited and not strictly adhered to. In addition, tension was high between the USSR and China. Further events would lead to the breakdown of dà ©tente, but its accomplishments were significant improvements from previous years and thus decidedly noteworthy.

Frederick Douglass: His Slavery Years Essay

During the 18th and 19th centuries, the United States was a young nation divided by numerous philosophical and political differences. Arguably, slavery was the most divisive issue at the time. There were individuals who spoke out against slavery; perhaps the most eloquent anti-slavery voice belonged to Frederick Douglass. Douglass was an American abolitionist who altered American views concerning slavery through his writings and actions. He stood in stark contrast to pro slavery advocates’ claim that slaves lacked the intellectual capacity to act as free citizens. Douglass was born into slavery as Frederick Augustus Washington Bailey, in February, 1818. The exact date of his birth is unknown. Douglass chose to celebrate February 14th as his birthday. In his autobiography, The Narrative of Frederick Douglass, An American Slave, Douglass (2002) stated, â€Å"I have no accurate knowledge of my age, never having seen authentic record containing it†(SparkNotes Editors, 2002). Douglass’s birthplace was Holmes Hill Farm, located on Maryland’s Eastern Shore. Frederick’s mother, Harriet Bailey, was a slave who worked the cornfields around Holmes Hill. Little is known of Frederick’s father other than he was a white man. There was speculation that Douglass’s father was his master as slave owners often impregnated their female slaves. Common among slaves was being forced to work long hours; Harriet was no exception. The long hours deprived Harriet from forging a motherly bond with her son. Douglass (2002) recalled the only time he spent with his mother was when she would walk 12 miles after dark to lie next to him at night (SparkNotes Editors, 2002). At a young age, Douglass was separated from his mother and placed in the care of his maternal grandmother, Betsey Bailey. Several years later, when told that his mother had died, Douglass barely reacted to the news. Living with his grandmother shielded Douglass from the harsh realities of slavery. Betsey’s job was to simply look after the young children of the slaves. When Frederick was seven or eight years old, he would begin to the face the bleak life of a slave. Douglass’s grandmother inexplicably took him on a long, faraway journey. The two approached a large, graceful home, called the Lloyd Plantation. Several children were playing in front of the home. According to Sandra Thomas, author of Frederick Douglass–Abolitionist/Editor, A Biography of the Life of Frederick Douglass, Betsey Bailey pointed to three of the children and introduced them as his siblings, Perry, Sara, and Eliza (Sandra Thomas, n.d). Frederick reluctantly joined his brother and sisters for a bonding session. After a while, Frederick realized his grandmother had left the plantation without him. Life on the Lloyd Plantation was vastly different from what Frederick was accustomed to. The plantation encompassed 20 farms and grew tobacco, corn, and wheat. Douglass’s master was named Captain Aaron Anthony, who was also the plantation’s superintendent. Captain Anthony supervised all of the plantation’s overseers, and was responsible for three to four hundred slaves owned by the Lloyd family. All slaves were required report to Lloyd’s central plantation for their monthly allowances of pork or fish and cornmeal. All of Lloyd’s slaves referred to the central plantation as â€Å"The Great House Farm,† because it resembled a small village (SparkNotes, 2002). The slaves also received one set of linen clothing, which was expected to last for one year. Frederick did not work in the field as a young boy because children were not strong enough. Instead, he was assigned to be the companion of Daniel Lloyd, the plantation owner’s grandson. Even though Daniel quickly became quite fond of Douglass, this friendship did not produce any favoritism towards Frederick. Like the other slave children, Douglass was given only a long, linen shirt to wear. The cold winters damaged Douglass’s feet so badly that he could insert a pen into the cracks of his flesh (SparkNotes, 2002). The children were fed cornmeal mush and forced to eat it out of a trough, similar to how pigs were fed. Perhaps the only preferential treatment Douglass received came from Lucretia Auld, Captain Anthony’s daughter, recently married to a ship’s captain. Lucretia gave Douglass menial tasks to perform, such as running errands. In 1826, Lucretia told Douglass he would be sent to Baltimore to live with her brother-in-law, Hugh Auld, manager of a ship building company. Additionally, if Frederick cleaned himself up really well, Lucretia promised to give him a pair of pants to wear for his trip. In his autobiography, The Narrative of Frederick Douglass, An American Slave, Douglass (2002) states he spent the majority of the three days leading up to his trip at a creek, â€Å"washing off the plantation scruff†(BookRags, p 75). Clean and stylish in his pants, Douglass left the Lloyd Plantation for what he hoped would be the last time. Of leaving Colonel Lloyd’s plantation, Douglass (2002) felt no sorrow or loss because his mother was dead, he seldom saw his grandmother, and his relationship with his brother and two sisters was limited (BookRags, p 75). Frederick arrived in Baltimore and was greeted by the Hugh and Sophia Auld, and their little son, Thomas. The happy smile on Sophia’s face represented a first for Douglass; kindness on the face of a white master. Douglass (2002) believed his move to Baltimore signified the first major step toward freedom. He credited his selection among so many other children as an act of divine intervention, saying: From my earliest recollection, I date the entertainment of a deep conviction that slavery would not always be able to hold me within its foul embrace; and in the darkest hours of my career in slavery, this living word of faith and spirit of hope departed not from me, but remained like ministering angels to cheer me through the gloom. This good sprit was from God, and to him I offer thanksgiving and praise. (Book Rags, p. 75) Frederick’s duties at the Auld home were to run errands and care for the Auld’s infant son, Tommy. There was a noticeable difference between slavery in Baltimore and slavery in the country. In Baltimore, slave owners shared a common sense of decency towards their slaves. In general, slaves were rarely beaten and were given adequate amounts of food to eat. Sophia Auld was unlike any white woman Douglass had ever encountered; she treated him like a human being. Sophia was a religious woman and would often read aloud from the Bible to Frederick and Tommy. Douglass gathered up enough courage and asked Sophia to teach him how to read. Sophia agreed and had soon taught Frederick the alphabet and a few simple words. Sophia had never been a slave owner, and had not developed the mindset that blacks were sub-human. Sophia was thrilled with Fredericks’s progress and excitedly informed her husband. Hugh Auld was furious at his wife’s willingness to bond with a slave as well as her desire to educate one. Auld informed his wife that it was unlawful to teach a slave. Furthermore, if a slave knew how to read and write it would make him unfit to be a slave. A slave owner’s worst fear was an educated slave. An educated slave would no longer obey the master and may even begin to question life as a slave. An educated slave may even escape to freedom alone or with a band of slaves. Auld ordered his wife to stop the lessons immediately. Over time, the constant prodding from Sophie’s husband and the menacing effects of slavery soon changed her attitude towards Frederick. Douglass (2002) noted the change of feelings in his autobiography, saying: But, alas! this kind heart had but a short time to remain such. The fatal poison of irresponsible power was already in her hands, and soon commenced its infernal work. That cheerful eye under the influence of slavery soon became red with rage; that voice made of sweet accord, changed to one of harsh discord; andangelic face gave place to that of a demon. (Book Rags, p. 77-78) Frederick surmised from Auld’s outburst that reading and writing were his pathways to freedom. Frederick made obtaining this knowledge a personal challenge. Douglass used what he learned from Sophia and increased his knowledge of the alphabet on his own. He accomplished his task through diligence and the use of clever tactics. Since Sophia had stopped teaching Frederick to read, she became extremely vigilant in preventing him from learning, becoming stricter than her husband. Whenever she caught Frederick reading, Sophia would scream at him to stop and threaten to beat him if she caught him reading again. In order to counter Sophia’s watchful eye, Douglass made friends with as many white children as he could while he ran errands. The children became Frederick’s teachers; each child offered a different skill set to further Frederick’s knowledge. Whenever Douglass had time between his errands, he would join his friends for a quick lesson. Frederick also exchanged bread for instruction, particularly from the poorer white kids who had less to eat than he did. Frederick (2002) recounts talking to some of them about freedom and even gained sympathy from some for his plight (BookRags p. 79).   When Douglass was around 12 or 13, he obtained a copy of a book entitled, The Columbian Orator, a collection of speeches and essays dealing with liberty, democracy, and courage. The book opened up for Douglass a vast array of ideas on freedom, liberty and truth. One particular passage in the book intrigued Frederick the most. A master and his recaptured slave exchanged dialogue regarding why the slave had run away. The master failed to understand why the slave had attempted to escape for a second time, outlining the many acts of kindness given to the slave. The slave defended his actions and the conversation soon turned into an argument for or against slavery. The slave expertly countered every point the master made for why slavery should be allowed. Having realized defeat, the master granted the slave freedom, even wished him prosperity in his new life. The book also contained a speech arguing for the freedom of Irish Catholics and for human rights in general. Douglass began to fully articulate the case against slavery, but it also brought forth the painful realization of his own life as a slave. The warnings of Hugh Auld had come true, Frederick’s new found knowledge began to torment his soul. In his autobiography, The Life and Times of Frederick Douglass, (2007), Douglass stated, â€Å"the very discontent so graphically predicted by Master Hugh had already come upon me. I was no longer the light-hearted gleesome boy, full of mirth and play, as when I landed in Baltimore†(Library of Liberty, p.90). During this time, Douglass began to listen to anyone who discussed slavery. At some point in the discussions, Douglass heard the word abolitionist for the first time. In a city newspaper account of a Northern abolitionist petition, Frederick learned that word meant anti-slavery (SparkNotes, 2002). Armed with this new found knowledge, Frederick attempted to learn all he could about abolitionists. Douglass (2007) declared, â€Å"I therefore set about finding out, if possible, who and what the abolitionists were and why they were so obnoxious to the slaveholders†(Library of Liberty, p 90). Soon thereafter, Douglass aided two Irish sailors, without being asked, unload a boat at the wharf. When the task was completed, one of the sailors asked Douglass if he was a slave. Frederick (2007), replied, â€Å"I am a slave for life† (Library of Liberty, p.93). The Irishman shrugged and appeared to be deeply affected by Frederick’s response. Both Irishmen implored Douglass to run away to the north where he could be free. Douglass pretended to be uninterested, because he feared the men might be bounty hunters who enticed slaves to escape, then recaptured them to collect the reward money. However, the thought of running away stayed on his mind, with a vow to do so when the time was right. Before he could run away, Frederick believed that he should learn to write. Douglass (2007) surmised that knowing how to write would be useful, â€Å"as I might have occasion to write my own pass†(Library of Liberty,p.94). By this time, Douglass was assigned to Hugh Auld’s shipyard. He used that opportunity to study the letters that the ship’s carpenters wrote on pieces of timber. Douglass quickly became proficient in writing the letters he knew, and devised a plan that would increase his writing skills. He approached local boys at the shipyards and challenged them to writing contests. Douglass would write out the letters he had learned, and defied them to outdo him. This tactic gave Frederick the opportunity to learn new letters which he practiced over and over. Any writing surface he encountered, i.e., fence, wall, or pavement, he used to practice. His master’s son, Tommy was in grade school at this time and had several books at home. Whenever Douglass was left alone to care for the house, he wrote the words in Tommy’s book until he was able copy them exactly. Through these tedious tasks, Douglass learned to write. About three years after moving to Baltimore, Captain Anthony died. Anthony’s youngest son, Richard, preceded him in death. In order to divide the estate equally between the two remaining children, Andrew and Lucretia, Douglass was sent back to Talbot county as property to be evaluated. Frederick’s departure from the Auld household was a sad occasion. Douglass (2007) recalled, â€Å"We all wept bitterly, for we were parting, and it might be we were parting forever† (Library of Liberty, p.97). At the valuation (2002), slaves young and old were ranked along with the pigs, horses, and cattle (Book Rags, p. 80). The slaves were forced to anxiously wait to see where they were headed. Frederick’s worst fear was to be placed in the possession of Master Andrew, a man known to be heartless and cruel. Douglass was especially troubled by this since he had experienced a certain degree of kindness in his life. Fortunately, Douglass was given to Lucretia Auld, who promptly sent him back to Baltimore to live with Hugh and Sophia Auld. Shortly after his return to Baltimore, both Lucretia and Master Andrew died. Their deaths left all the slaves in the hands of strangers. Perhaps the cruelest aspect of slavery was how Frederick’s grandmother was treated. After years of faithful service to her master and his children (2002), after caring for him from infancy to death, and after populating his plantation with her children and grandchildren, she was deemed too old to be of value and sent out to a little hut to die alone (Book Rags, p. 82). Two years after the death of Lucretia, Thomas Auld had a disagreement with his brother Hugh, and demanded Frederick’s return. Unlike the first time he was forced to leave Baltimore, Frederick was not sad about leaving Hugh and Sophia. According to Douglass (2007), â€Å"The influence of brandy and bad company on him, and of slavery and social isolation on her had wrought disastrously upon the characters of both†(Library of Liberty, p. 100). When Douglass returned to live with Thomas Auld, his began to experience slave life as a field hand. For perhaps the first time in his life, Douglass began to experience prolonged bouts of hunger. He and the rest of the slaves had to resort to begging and even stealing in order to obtain food. Douglass and Captain Auld did not get along; Auld considered Douglass spoiled from city life. Douglass received several beatings as a result of his attitude and for purposely letting the master’s horse run away. Despite several beatings, Douglass refused to be broken. As a direct result, Captain Auld lent Frederick to Edward Covey for a year. Covey was a farm renter with a reputation for being a â€Å"nigger breaker†(Library of Liberty, p. 101). Douglass was thankful for the move, believing he would at least have enough to eat. During Frederick’s first six months with Covey, he was beaten for a myriad of mistakes. Some of the mistakes were real, while others were due to Covey’s imagination. Frederick (2007) experienced his darkest days as a slave, stating: I was broken in body, soul, and spirit. My natural elasticity was crushed, my languished, the disposition to read departed, the cheerful spark that lingered about my eye died†¦(Library of Liberty, p. 105). A flicker of hope kept him going—the ships on the Chesapeake Bay. Frederick admired the vessels with their white sails and swift mobility. Douglass (2007) contrasted his condition of bondage to the freedom of the seas (Library of Liberty, p. 105). Frederick gained an overwhelming desire to escape from slavery or die trying. A turning point in Douglass’s life occurred after an incident with Covey. Frederick was severely beaten by Covey for being too exhausted to continue to work. Douglass fled to Thomas Auld’s home for protection but was ordered to return. Upon his return, Douglass was beaten again. After conferring with another slave, Frederick was given a root to carry for protection. The next day Douglass received kind words from Covey instead of a beating. The next encounter between Douglass and Covey resulted in a fight that lasted nearly two hours. Afterwards, Covey did not lay a hand on Douglass again. Frederick (2002) recalled, â€Å"My long-crushed spirit rose, cowardice departed, bold defiance took its place†¦Ã¢â‚¬ (Book Rags, p. 110). When Douglass’s time with Covey ended, Frederick’s life became similar to a nomad’s. Douglass spent time on another farm, but was arrested for conspiring with other slaves to escape. After his release from jail, Douglass returned to Baltimore and Hugh Auld. Auld assigned Douglass to a shipyard so that he could learn to caulk. There were white men at the shipyard that refused to work with Frederick and a fight ensued. Douglass was assigned to another shipyard where he finally learned to caulk, and received top wages for his work. Since he was still a slave, Douglass was forced to give Hugh Auld all of his money. This injustice reinforced Douglass’s desire to escape, and he put a plan together to do just that. After years of hardship, beatings, jail, and other emotional atrocities, Frederick Douglass was ready to escape slavery. Douglass (2007) stated, â€Å"On Monday, the third day of September, 1838, in accordance with my resolution, I bade farewell to the city of Baltimore, and to that slavery which had been my abhorrence since childhood (Library of Liberty, p.110). Loosely dressed as a sailor, Frederick boarded a train to New York. Using his knowledge of ships, the vernacular of sailors, Douglass deceived the conductor into believing he was a seaman. Douglass’s perilous journey to freedom ended twenty-four hours later in New York City. Douglass found freedom and prosperity as a free man. He eventually settled in New Bedford, MA, with his new wife Anna. Douglass discovered that colored people in the North were united in their efforts to help escaped slaves. Douglass’s (2002) interest in the abolitionist movement was fueled by reading The Liberator, a newspaper that stirred his soul to join the fight to end slavery (Book Rag, p.112). In August, 1841, Douglass attended an anti-slavery convention in Nantucket. With encouragement from a friend, Frederick speaks for the first time to a white audience about slavery. From that moment on, Frederick Douglass became perhaps the foremost figure in the abolitionist movement. References Douglas, F. (2002). Narrative of the Life of Frederick Douglass, An American Slave (2nd ed.). Retrieved from http://www.bookrags.com/notes/fred/PART5.html Douglas, F. (2007). The Life and Times of Frederick Douglass: From 1817-1882. Retrieved from http://oll.libertyfund.org/title/2007/138723 SparkNotes. (2002). SparkNote on Narrative of the Life of Frederick Douglass. Retrieved from http://www.sparknotes.com/lit/narrative/ Thomas, S. (n.d.). Frederick Douglass, Abolitionist/Editor, A Biography of the Life of Frederick Douglass. Retrieved from http://www.history.rochester.edu/class/douglass/home.html

Population Growth The Importance Of Controlling Growth

Population Growth: The Importance of Controlling Growth Sean Baghaloo s104585 University of the People In the bible when god created man he had stated â€Å"Be fruitful and multiply, and fill the earth†, (Genesis 1:28). It would seem that mankind has responded to our fathers request quite well. But is seven billion that big of a number? â€Å"If everyone in the world stood shoulder to shoulder, we could all fit within the city limits of Los Angeles†, (cbsnews.com, n.d.), so then what is the big deal about the growing population? Well, humans must eat, use energy, consume water and also humans will need more space to live as the population grows. This means that there will need to be a lot more food to be grown and produced, a lot more raw materials used to make energy and a lot more land to build infrastructure for humans to live and more water. Which is all fine and dandy until one is reminded that land, and raw materials are limited and the rate of food production is linear and land availability is also a factor for produc tion. If that is not bad enough, according to prb.org (2011), â€Å"There are now seven billion people on earth, and projections show that we will top eight billion in just twelve years from now.† It is quite obvious that policies need to be implemented which limit or control the population growth rate or we might use up the finite resources which we have on earth. Since the industrial revolution there has been a greater dependency of energy in order to carryShow MoreRelatedIs India’s Inclusive Growth a ‘Chimera’ ? 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