History of Caloocan Essay Example for Free

History of Caloocan Essay The residents of Caloocan must have been proud of its city. Other than a thriving past, the city had somehow dramatic toss with times then. Now, it continues to set ground-breaking achievements for its people and visitors. Caloocan had its famous episode in 1896 when Filipino troops fought against Spanish tyrants and advocates. The world was stirred by it. The city’s name derivation has a story behind. It’s said to have come from the Tagalog term â€Å"lo-ok†, which means â€Å"bay†, as Caloocan is just close to the Manila Bay. Others followed another version that â€Å"lo-ok† referred to â€Å"corner† because the town was concretely located â€Å"at the corner† in early days. Historical accounts tell us that Chinese and Indians were the first settlers of Caloocan. Their features are mostly dull-colored with slim beard, flat nose and black eyes. Most dwellers in the past worked as fishermen especially those residing in Dagat-Dagatan, Navotas and Manila Bay areas. Those huge rural areas like Maysilo Estate were possessed by the Jesuits while Piedad was owned by Don Pedro de Galarraga. Cruz and Naligas Estates were possessed by the friars. The first terrain of Caloocan stretched up to the foothills of Marikina, Tala Rivers, San Francisco del Monte, Sampalok, Sta. Cruz, Tondo and Tanza. The first Catholic Church in Caloocan was erected in 1765 by the Spanish Augustinian scholars who made it to â€Å"lo-ok† in 1762, but in 1814, religious governance was assumed by the Recollects. Caloocan started to grow in 1802 that led to its becoming a municipality in 1815. The door for economic progress opened when the railroad project connecting Manila and Dagupan was fulfilled in 1892. It made business transactions quicker and brought Caloocan closer to the bustling Metro Manila. In 1896, however, the people of Caloocan with the leadership of Andres Bonifacio rebelled against the Spaniards. It resulted in numerous revolutions one after another in all provinces of the Philippines. Eventually, Spain ceded the nation in 1898, but the Americans arrived. It was another test for Caloocan to get through. Periods of reconstruction were experienced. New roads, public schools and railways were erected. Later, Caloocan had to endure three years of Japanese invasion. When Philippine Independence was proclaimed in 1946, Caloocan gained its authentic freedom after all. It’s also important to note that the galleon trade history in Caloocan contributed to its growth. The export and import of products resulted to the coming in of Mexican money. It mutually improved the economies of Manila and Acapulco. Export products generated by Caloocan businessmen were in great demand for this trade. This growth continued as years went by, and now, Caloocan is harvesting the fruits of its labor.

Skodas Marketing Turn Around

Skodas Marketing Turn Around How did Skoda manage this major turnaround in the public perception of the company? Analyse the changes that have taken place [55 marks]. In your analysis, you should use knowledge of management strategies and approaches that you have gained from the module or further study [40 marks]. Please make sure that you give clear and complete references to the sources of any of the concepts or information on the company that you include. In the early 1990s Skoda was a struggling company, faced with a shortage of skilled labour, low productivity, high debts and low sales (North, 2009). Skoda was producing out-dated and unreliable cars, causing its brand to be synonymous with unreliability. VW turned around its fortunes with changes in technology, management practice and marketing. Key to its product offering was the utilisation of VWs common platform approach, another cornerstone was the recognition that the brand required a complete overhaul. Skoda is now a successful part of the VW Company and for the large part has seen strong sales and profit. More recently, tough market conditions have made business difficult with most competitors suffering. Skoda however, has found itself in a stronger position than many; an astonishing achievement considering its poor market position only 20 years ago. Skodas roots are based in early 19th Century Czechoslovakia when Và ¡clav Laurin  and Và ¡clav Klement began to produce their own bicycles. This progressed quickly to motorcycles and eventually automobiles in 1905. It was not until the 1920s when Laurin and Klement became partners with Skoda Works, the conglomerate arms manufacturer and the origin of the enduring name. After the global depression in the early 1930s, Skoda successfully exported models such as the Popular until the break out of World War 2 and the German occupation. During this time the Nazi occupation directed industry efforts towards arms and munitions and hence production in this period sharply fell. Post World War 2, Czechoslovakia fell behind the iron curtain and became part of the centrally planned communist soviet government. Designs were overhauled and updated models were still being developed through until the 1960s. However, at this point western technological advancements overtook that of Skoda and the i nherent inefficiency within the centrally planned economy began to take an effect. Towards the end of the communist regime Skoda were still producing models based on those from the 60s and subsequently became the basis of ridicule for poor reliability and quality (North, 2009). This is essentially the basis of the tarnished brand that had to be rebuilt in order to achieve its current position in the market. Skoda was producing cars that were poor compared to its competition and using technology that was hopelessly out of date (Edmondson, 2007). Ailing Skoda was bought by VW and began to turn Skoda around, largely by integrating it into its own highly successful business model the part and eventual complete sale by the Czechoslovakian government to VW represented an innovation in government foreign business policy (Lengyel Cadil, 2009). In order to compete in western markets in which capacity for cars exceeded demand resulting in a buyers market. In order to survive from competition, it needed to assess its product offering and brand image in the pursuit of market perceived value. In order to address Skodas issues VW re-aligned Company objectives to produce a quality value car and a strong brand image. In order to increase the efficiency and quality of the Skoda production, VW began to train employees in its management methods. Management across different businesses require consideration for organisational culture especially when working within an international setting (Naylor, 2004 pg120-121). The VW management had to deal with differences in business culture. Initially VW training did not improve the productivity of the Czech production plants, as the Czech engineers had adopted a very flexible improvisatory way of working. VW employed strict control on methods and made use lean production methods such as the just in time (JIT) management. Although it is generally more efficient and cost effective (Naylor, 2004, pg 510-511), JIT can involve short delays or pauses whilst waiting for the correct parts to arrive to maintain quality. This contrasted with the Skoda improvisatory style of working. VW took on more of a Human relations approach to its management, and by understanding and respecting Skodas business culture it was able to break down inflexible aspects of the old Skoda culture whilst working with other parts such as their vast and varied experience in order to bring about successful change. The management adapted their management style from a very directive role to include aspects of behaviour in order to deal with the cultural differences and more effectively manage the new workforce (Naylor, 2004 pg 10-11). The management also introduced novel methods to achieve Total Quality Management (TQM), this reduces the number of errors on the production by making everyone responsible for quality control as opposed to only checking for faults at the final stage of the production line and therefore increasing productivity (Naylor, 2004 pg 510-511). To achieve this VW introduced the Red Button which halted the production line when a fault was spotted by a member of staff. This introduction encouraged personal responsibility for fault checking. The knowledge that anyone could halt the assembly line and highlight individual errors combined with the fact that more errors were spotted and corrected before reaching the end of the assembly line resulted in less errors reducing the number of defects. After making changes to the management and workforce to deal with VWs culture, VW began to work with Skoda on its new vehicles, based on the VW common platform approach. The common platform approach allowed many cars to share the structure. This allowed Skoda to immediately take advantage of the latest advancements of VW technology, massively reducing the cost required to produce a new model. The common platform approach allows for innovation at the visible customer-facing parts of the vehicle. Creating a flexible management and employing VWs methodology worked well for Skoda. The result was the creation of cars which were as if not more reliable than VW badged counterparts. The Octavia beat its VW counterpart the Golf in endurance tests (North, 2009). The result of combining VW management and technology with Skoda know-how had resulted in cars that were more reliable than VW was producing on its own. Skoda now produces quality vehicles winning awards across Europe and the world (appendix 2.) including Car of the Year in India 2009 (Skoda, 2009). This high quality production also resulted in high customer satisfaction scoring Skoda highly in independent customer satisfaction surveys. In the 2007 European consumer satisfaction and quality studies, it ranked top ten in France and Germany and in Britain ranked 2nd (Edmondson, 2007). From internal customer research Skoda discovered that 98% of its customers would recommend Skoda to a friend (The Times Online). From the outset and throughout the introduction of the new VW based Skoda models, the branding of Skoda was overhauled. From the outset It was clear initially that Skodas brand was poor in most of Europe, Skoda was associated with cheap poor quality and unreliability and VW spend a large amount of money to Decontaminate the brand image adverts admitted flaws of the past 548 changes and Its a Skoda honest (North, 2009). In 2006 Skoda reviewed its market position and conducted a SWOT analysis. It was clear that the brand was still within a Niche Market an assessment of its brand suggested that although Skoda had been successful at disassociating itself with low-budget and low quality it still had a weak and neutral image compared with its competitors. (The Times Online) It was also clear that Skoda owners were happy about owning a Skoda and. Skoda decided once again to reposition its brand to gain market share in the mainstream car market. Skoda responded with a new marketing strategy, again leaving behind its successful brand defensive tactics. Its new market strategy was based around the happiness of its owners as shown in satisfaction surveys with the confident slogan the manufacturer of happy drivers. Promotion centred on this emotional draw with adverts such as the Cake during the advert the actual car is not shown at any point (The Times Online) This flexible management, commitment to quality and brand recognition gave Skoda the over-haul it needed. Since VWs take 20 years ago, Skoda sales have quadrupled to 650,000 cars and are responsible for 25% of VWs profits. Skoda product positioning was competing with other upmarket brands such as VW and Audi not only on price but also on quality (North, 2009). Skodas success followed the introduction of the Octavia and the Fabia, these were based on VW platforms this allowed the underlying chassis to be based on underlying modern, tried and tested technology. The Octavia beat its upmarket rival the Golf in endurance tests proving that management organisational and cultural changes at Skoda had allowed for the culmination of VW management and Skoda experience had produced a product even better than VW alone. In 2005 Skoda moved to diversify its brand by expanding its range into new and growth markets segments such as MPVs and SUVs allowing it to diversify and increase the size of its target market these also sold well. Similarities with Skoda can be found in Rover. Rover founded in 1877was nationalised in 1970 caused by labour strikes and financial difficulties. It was then privatised and passed around to various parent companies. Its issues with an out-dated and un-reliable product, with poor brand image and financial instabilities were never resolved and resulted in MG Rover declaring bankruptcy in 2004. Skoda was a struggling company, turned around by VW. Key to its success were VWs management strategies combining directive and organisation approach to management VW was able to aid Skoda in producing a competitive product and a strong brand image. Skoda is poised for future growth within both western and emerging markets (Edmondson, 2007). Bibliography (n.d.). Retrieved 03 1, 2011, from The Times Online: http://www.thetimes100.co.uk/downloads/skoda/skoda_13_full.pdf Edmondson, G. (2007). Skoda: Volkswagens Hot Growth Engine. Bloombery Businessweek, sep 14 2007. Lengyel, B., Cadil, V. (2009). Innovation Policy Challenges in Transition Countries: Foreign Business RD in the Czech Republic and Hungary. HUMAN CAPITAL, INNOVATION, KNOWLEDGE, Volume 16, Number 1, 174-188. Naylor, J. (2004). Management Second Edition. Prentice Hall. North, P. (2009). The Rise of Skoda . Engineering Automotive, pg 25-26. Skoda. (2009). Skoda Annual Report . Appendix 1. Laurin Klement is the original brand name used by the founders of the bicylcle company they started in 1895 which became Skoda, named after the company founders Và ¡clav Laurin and Và ¡clav Klement. As at the end of 2009, Ã…Â  koda Auto Groups worldwide workforce comprised 26,153 employees including 1,986 temporary employees and 1,336 people employed by subsidiaries of Skoda Auto Group. In 2009 Skoda Auto Groups injury rate was 1.6 injuries per one million hours worked. In 2008 Skoda Auto Group achieved 200,182 million CZK from sales and 10,818 million CZK in profit after tax. In 2009 Skoda Auto Group achieved 187,858 million CZK from sales and 3,462 million CZK in profit after tax Audi, Bentley, Bugatti, Lamborghini, Skoda, Seat and Scania are all part of the Volkswagen group. Source: Skoda Annual Report, 2009

Contributions of the Arrow Debreu model to financial theory

Contributions of the Arrow Debreu model to financial theory According to Elroy Dimson and Massoud Mussavian (1999), Arrow-Debreu model was developed as a model of general equilibrium that has been fundamental to economics and finance. Compared to earlier models, the Arrow-Debreu model basically generalized the notion of a commodity, differentiating commodities by time and place of delivery. For example, apples in Malaysia in July and apples in Singapore in June are considered as different commodities. Kenneth J. Arrow (1951) and Gerard Debreu (1951) work together to produce the first rigorous proof of the existence of a market clearing equilibrium, given certain restrictive assumptions. This field of research has had a profound impact not only on economic science, but also on financial markets, institutions and businesses all over the world. It often used as a general reference for other microeconomic models. As Ramu Gopalan (2008) stated, the pioneering work of Arrow and Debreu has had an enduring effect on the study of financial aspects of the economy in a general equilibrium framework. One of their key contributions is to introduce time and uncertainty into general equilibrium models. The Arrow-Debreu model was established since 1950s, many researchers had extended this model to both economics and financial economics. Although this model is criticized by various eminent economists, the dedication of this model in the history is indestructible. In this assignment, we are going to discuss the applications of Arrow-Debreu model majoring in the financial economics. The purpose of this assignment is to find out and understand more about the contributions of this model to financial theory. The applications of Arrow-Debreu model will be listed out and discussed further. Journals will be shown and summarized out in order to support our discussion. Finally, the last section in this assignment is the conclusion. 2.0 Background studies In this assignment, the applications of Arrow-Debreu model in financial economics will be discussed. But before that we have to know what the Arrow-Debreu model is. 2.1 Arrow-Debreu Model Arrow-Debreu model, also referred as Arrow-Debreu-McKenzie model (ADM model), is the fundamental model used in the General (Economic) Equilibrium Theory. It is named after its originator who are Kenneth J. Arrow (b. 1921) and Gerard Debreu (1921-2004) on Existence of an Equilibrium for a Competitive Economy as well as Lionel W. McKenzie (b. 1919). As what stated in the Farlex Financial Dictionary (2009), it says that this model is one of the most general models of competitive economy and is a crucial part of general equilibrium theory, as it can be used to prove the existence of general equilibrium (or Walrasian equilibrium) of an economy. Once we can prove the existence of such an equilibrium, it is possible to show that it is unique under certain conditions, but not in general. Furthermore, Arrow went on to extend the model to deal with the issues relating to uncertainty, stability of the equilibrium, and whether a competitive equilibrium is efficient. 2.2 Applications of Arrow-Debreu Model Arrow-Debreu model leads to a huge impact on economics and financial economics. First of all, it solves the long-standing problem of proving the existence of equilibrium in a Walrasian (competitive) system. This model analyzes the exact situations of those markets that are very competitive. In economics, Arrow-Debreu model suggests that a set of prices such as aggregate supplies will equal to aggregate demands for every commodity under certain assumptions made about the economic conditions (i.e. perfect competition and demand independence). Formulated in a purely mathematical form, the Arrow-Debreu model can be easily modified into spatial or intertemporal models with proper definition of the commodities based on the commoditys location or time of delivery. When commodities are specified to be conditional on various states of the world, the Arrow-Debreu model can easily combine expectation and uncertainty into the analysis. Besides, theoretical extensions and applications have been made to analyze financial and monetary markets and international trade, as well as other subjects. With a general equilibrium structure, the model is applicable in evaluating the overall impact on resource allocation of policy changes in areas such as taxation, tariff, and price control. Moreover, it applies to all general equilibrium models that are heavily dependent upon accurate mathematical proofs. In the field of financial economics, Arrow Debreu represents a certain kind of securities product which named as Arrow-Debreu security. This distinguished concept is a good teaching tool to understand the pricing and hedging issues in derivatives analysis. On the other hand, the Arrow-Debreu Model is also used in areas like financial engineering. But it has turned out to be very limited, especially in the multi-period or continuous markets. The model has been subject to the criticism that many of the assumptions it makes do not fit the workings of the real economy. However, the truth is that the Arrow-Debreu Model is very important for the derivative industry and helps the industry to grow at a rapid pace. 3.0 Literature Review In previous section, we have mentioned some applications of the Arrow-Debreu model both in the field of economics and financial economics. Now, the applications of this model majoring in financial economics will be discussed further. The functions of Arrow-Debreu model can be divided into six categories, asset pricing model, equity risk premium, corporate finance, Modigliani and Miller Theorem, Arrow-Debreu security and others. 3.1 Asset-pricing model From the studies, most of the Arrow-Debreu models applications are commonly used in shaping the asset-pricing model. Arrow-Debreu model was acted as an origin which gives the insight that consumption in different future states could simply view as different consumption goods according to Elroy and Massoud (1999). This result is proved and can be seen through various researchers journals. It is undeniable that the Arrow-Debreu model plays an important role in constructing the asset-pricing model. The evidences are given in following paragraphs. Based on the journal of Asset Pricing at Millennium written by John Y. Campbell (2000), he stated that theoretical and empirical developments in asset-pricing has taken place within a well establish paradigm for the last twenty years. While the well establish paradigm that he mentioned here is referred to the Arrow-Debreu model. Same as Franklin Allen (2001), he indicated that asset-pricing models are typically special cases of neoclassical Arrow-Debreu model. In the traditional Arrow-Debreu model of resource allocation, firms and households interact through markets and financial intermediaries play no role. On the other hand, the key element of the analysis in the modern version is the stochastic discount factor, which incorporates the Arrow-Debreu state prices and allows the assets to be priced. He also commented that this approach and the focus on the risk-return trade-off have allowed a rich interplay between the empirical and theoretical work. The equity premium puzzle is given as an example of special cases within the Arrow-Debreu framework in order to support his statement. Moreover, Elroy and Massoud (1999) narrated the historical development of asset pricing and derivative valuation on Three Centuries of Asst Pricing. He pointed out the success of conceptual framework that setting up the theory of asset pricing is down to Arrow (1953)s hard work. Dissatisfied with the current Arrow-Debreu framework, Arrow built up a series of contingent claims that follow the resolution of uncertainty to explain how one can achieve markets that are almost complete. Varian (1985) analyzed the impact of divergence of opinion on asset prices in an Arrow-Debreu economy. By considering the Arrow-Debreu model with agents who have different subjective probabilities, he compares and concludes the differences of opinion in an Arrow-Debreu contingent claim context. Based on his journal Divergence of Opinion in Complete Markets: A Note, three results were established. He concluded that in practice, increased dispersion of beliefs will generally be associated with the reduced asset prices in a given Arrow-Debreu equilibrium. Also, he uses this model to show that other things equal, if risk aversion does not decrease too rapidly, then assets with more dispersed opinion will have lower prices or vice versa. P. Bossaerts and C. Plott (2004) had done six financial markets experiments of testing two of the most basic propositions of modern asset pricing theory. The Arrow-Debreu model and the Sharpe-Lintner-Mossin Capital Asset Pricing Model (CAPM), these two theoretical models are used to be the framework of their experiments. In the end of their experiments, they discovered a swift convergence towards equilibrium prices of Arrow-Debreu model or the CAPM. This discovery is significant because they use the subjects that lacked of information to intentionally set the asset prices. Sometimes, the equilibrium is not found to be robust which clearly shows a result of deviations of subjective beliefs from objective probabilities. However, they still find the evidences that prove this does not destroy the tendency for markets to equilibrate as predicted by the theory. 3.2 Equity Risk Premium Next, the Arrow-Debreu model is applied to explain the equity risk premium. In an attempt to explain the equity risk premium, Rajnish Mehra and Edward C. Prescott (1985) developed an Arrow-Debreu asset pricing model. They found that historically the average return on equity has far exceeded the average return on short-term debt and Treasury bills. Thus, they try to use the Arrow-Debreu model to interpret this situation. In the end of the journal The Equity Premium: A Puzzle, they concluded that only those equilibrium model with friction (i.e. non-Arrow-Debreu models) will be the one that successfully explain both high equity risk premium and low risk-free returns. However, Rietz (1988) overthrew the conclusion of Mehra and Prescott (1985) in The Equity Risk Premium: A Puzzle. He mentioned that the reason for them to reject the Arrow-Debreu model is their specifications which cannot explain the high equity risk premium and low risk free returns that characterize the U.S. economy. Hence, he re-specified their model to include a low-probability, depression from a high return of compensation for the extreme losses during the market crashes, captured those possible effects from the market crashes and finally successfully proved that these crashes allow it to explain both high equity risk premium and low risk free returns without abounding the Arrow-Debreu paradigm as well as not altering their models attractive features. In the journal The Equity Risk Premium: A Solution, he explained further that it does so with reasonable degrees of time preference and risk aversion provided the crashes are apparently severe and not too unimaginable. 3.3 Corporate Finance According to Jean Tirole (2006), he specified that a substantial and important body of empirical work has provided a clearer picture of patterns of corporate financing and governance, and of their impact for firm behaviour and macroeconomic activity. One of them is the Arrow-Debreu model. During 1970s, the dominant Arrow-Debreu model of frictionless markets (presumed perfectly competitive and complete, unhampered by taxes, transaction costs, as well as informational irregularity) can prove to be a powerful tool for analyzing the pricing of claims in financial markets, but little about the firms financial choices and about their governance. Besides, in the complete market paradigm of Arrow (1951) and Debreu (1951), the financial claims returns depend on some choices such as investments, are assumed to be contractible and therefore are not affected by moral hazard. In Jean (2006)s opinion, financial markets were not plagued by problems of asymmetric information because investors agree on the distribution of a claims returns. Viewed through the Arrow-Debreu lens, he identified that the key issues for financial economists are the allocation of risk among investors and the pricing of redundant claims by arbitrage. Michael J. Brennan (1995) also clarified that the abstract simplicity of the Arrow-Debreu model yields few insights for corporate finance beyond the value additivity principle that was used to refute the conventional wisdom that conglomerate mergers will add value to the company through the corporate diversification. 3.4 Modigliani and Miller Theorem (M-M Theorem) Another application of Arrow-Debreu model is related to M-M theorem which devised by Franco Modigliani and Merton Miller (1958). This theorem explains that a firms financial structure is irrelevant under certain conditions, Arrow-Debreu environment. The value of a financial claim or a firm which equal to the sum of the values of the claims it issues is thus equal to the value of the random return of this claim or the firm computed at the Arrow-Debreu prices (the prices of state-contingent securities). Therefore, Arrow-Debreu model is used as a fundamental of economy in formulating M-M theorem. 3.5 Arrow-Debreu Security (State Contingent Claim) Mostly, Arrow-Debreu security will be the answer of the applications of this model majoring in financial economics if we searching it through the internet. Based on the journal A re-examination of the Modigliani-Miller theorem written by Joseph E. Stiglitz (1969), in a section entitled Arrow-Debreu securities, he not only showed the M-M theorem in a complete markets setting but also mentioned about the Arrow-Debreu model under uncertainty in which individual can buy or sell the promises to pay if a given state of the world occurs. This shows a direct relationship between the Arrow-Debreu model and the Arrow-Debreu security. Through the calculation, he observed that if he takes literally the Arrow-Debreu definition of a state of nature, there is undoubtedly will be more states of nature than firms and most of these states are similar with each other. An example, variation in the return on stocks can be explained by the business cycle, is given to support his statement. Robert E. Lucas (1984) analyzed the unified theories of money and finance on Money in the Theory of Finance. He examined and commented that financial and monetary theory have different objective, however, the desirable theoretical unity may be, one can identify strong forces that will continue to pull apart these two bodies of theory. He mentioned that the theory of finance is conducted almost entirely within the Arrow-Debreu contingent claim framework such as the three pillars of modern financial theory which have been reformulated in contingent claim terms. Besides, he wrote that the applications of the Arrow-Debreu contingent claim formulation of a competitive equilibrium for an economy operating through time is subjected to stochastic shocks. In the end, he concluded that the power in applications of the contingent claim point of view is obviously evident in finance, will be as usefully applied to monetary theory. One more thing that he suggested is the source of this power which is the ability of this framework to permit the reduction of the study of asset demands to the study of demands for the more fundamental attributes to which assets are claims. 3.6 Others Apart from those above categories, Arrow-Debreu Models can be used for other purpose. For instance, it acts as a fundamental to explain the pattern of trade, to formulate the fixed price equilibrium or to find out whether the financial markets are arrangements for risk-sharing. Furthermore, it is extended further to analyze the restrictions and developed further that include a sequential market model with the financial markets. One of the section in the journal Differences of opinion in financial markets written by Hal R. Varian (1989), an Arrow-Debreu contingent consumption model of the sort studied by Milgrom and Stokey (1982) was examined. Through the mathematical calculation and the analysis of the consequences for assets market equilibrium based on the Arrow-Debreu model, it ends with a similar result, prices are determined by information, but the pattern of trade is determined by differences in opinion. In order to establish the important difference for trade is the opinion, he analyzed some of its consequences for assets market equilibrium. At last, he stressed that the volume of trade in an Arrow-Debreu model is due primarily to the differences of opinion. Next is the Claus Weddepohl (1983). He discussed and addressed the development of the theory of general equilibrium during the last twenty-five years. Considering and analyzing the Arrow-Debreu model with futures markets, he showed the result that this model gives rise to temporary equilibrium models. He stated that the fixed price equilibrium models are formulated through the study of these models and the study of the stability of price adjustments. The simple fixed price equilibrium model as defined by Barro and Grossman (1971) and Malinvaud (1977) is what he emphasized in the journal Developments in the Theory of General Equilibrium. Ouattara (1994) applied the Arrow-Debreu model to the small villages in the McCarthy Island Division South (MID-South) of The Gambia to find out whether financial markets are arrangements for risk-sharing. The main objective of risk-sharing is to verify that observed consumption patterns are consistent with patterns predicted by insurance models. The Arrow-Debreu full insurance model focuses on consumption smoothing across different states of nature at each particular point in time through state-contingent contracts. In the end of his research, the results supported the hypothesis that state-contingent loans are accepted in rural Gambia and there is full risk-sharing among participants in the financial markets. Peter H. Friesen (1979) extended the Arrow-Debreu model to financial markets which include the sequential market model. It is done by dropping the contingent contracts from the Arrow Debreu model, leaving only a sequence of spot markets for commodities. This leads to an inefficient market structure but efficient for sequence of stock markets and option markets. The purpose of the journal The Arrow-Debreu Model Extended to Financial Markets is to develop further the Arrow-Debreu model. The method that he used is through the extension of Arrow (an equilibrium in one model was constructed from that of another). For example, financial securities, Arrow certificates can be constructed from options on common stock and the advantage in the general equilibrium theory of financial markets, are the proofs of using Arrows method. On the other hand, the sequential market model for which equilibrium are constructed from the Arrow-Debreu equilibrium derived in Debreu (1951). From the fact that Arrow-Debreu equilibrium exist, it follows by construction that equilibrium for this model exists. It also follows that the equilibrium is efficient. Peter (1979) stressed that such models are used both to study financial markets and to explore the effects of a gradual resolution of uncertainty. Lastly, he concluded that it not only shows the close relationship between these two models but also reminds us that the potential value of finite-horizon Arrow-Debreu models for the study of sequential economies. Investors in financial markets face several restrictions apart from wealth constraints. So, we have the right to understand the restrictions in a general competitive equilibrium. Based on the journal Contributions to Intertemporal Models in Financial Economics written by Ramu Gopala (2008), the Arrow-Debreu model was extended further for the usage of analyzing those restrictions. He indicated that the traditional Arrow-Debreu model can be extended to a more realistic setting. Following Angeloni and Cornet (2006), this extension of the Arrow-Debreu model in the multi-period setting with restricted participation is established. Arrow-Debreu model was used to elaborate, to compare, to extend and to emerge for shaping those important finance theories. 4.0 Supporting Theories In this section, the theories that are related to Arrow-Debreu model will be further discussed. Apart from that, in order to let us have a more complete picture about this model, the theories that we displayed previously will also be stated and explained, as well as deliberated further. 4.1 General Equilibrium Theory General equilibrium theory is the core of economic theory. Before the Arrow-Debreu model is established, this theory has been proposed by L. Walras (1874). As reported by Arrow and Debreu (1954), he was the one who first formulated the state of economic system at any point of time as the solution of a system of simultaneous equations representing the demand for goods by consumers, the supply of goods by producers, and the equilibrium condition that supply equal demand on every market. In other words, Walras (1874) is the pioneer who first attempts to model the price for a whole economy. Walras uses mathematics to construct a complete structure of general equilibrium theory. This research has lead to results in contribution to neoclassical economics. However, the mathematics that he used to set up the foundation of this theory was unstable due to the existence of general equilibrium does not solved in a satisfactory manner. Hence, theoretically, if he cannot prove this existence, then this theoretical system will become meaningless. General equilibrium theory is therefore developed and improved by Vilfredo Pareto (1897), John R. Hicks (1939), John Von Neumann (1937), Paul A. Samuelson (1941), Kenneth J. Arrow (1954), Gerard Debreu (1954), Lionel W. McKenzie (1954) and others, which becomes an integral part of economics. 4.2 Fundamental Theorems of Welfare Economics Before the Arrow and Debreu began their famous collaboration, both of them had proved the same theorem which is the Fundamental Theorems of Welfare Economics or First and Second Welfare Theorems. There are two fundamental theorems of welfare economics. The first theorem states that every general equilibrium involves a Pareto efficient allocation of resources under the three assumptions. The three assumptions are if there are no externalities, all agents are price-taker, and prices for each good are known to each agent. While the Pareto efficient named after Vilfredo Pareto (1897), is a type of efficiency that results if one person cannot be made better off without making someone else worse off. The First Welfare Theorem is viewed by many economists as the formalization of Smiths Invisible Hand. As Makowski and Ostroy (1995) stated, it provided a set of sufficient conditions for a price system to efficiently coordinate the economic activity. Besides, this theorem supports the case for non-intervention in ideal conditions. For instance, the outcome is said to be Pareto efficient if we let the markets to do the work. The Second Welfare Theorem says that if preferences are well-behaved (especially convex) then every Pareto efficient allocation can be supported by a general equilibrium set of prices, given a suitable reallocation of the endowment. Referring to Varian (1985), this theorem effectively said that if you think an equilibrium is unfair, just move the endowment of the economy and a different general equilibrium will be obtained. Due to the convexity, the second theorem is stronger than the first theorem. The difference between these two theorems is the second theorem requires existence of general equilibrium from all endowment points, whereas the first theorem required only that if a general equilibrium existed it was efficient. According to Michael A. S. Guth (1994), Arrow (1951) provided a rigorous proof of the connection between competitive equilibrium and Pareto optimal. Gerard Debreu (1951) introduced convex analysis methods into welfare theory and independently proved the same theorems. As a result, these theorems have an important relation to Arrow-Debreu model; the existence of solutions to a competitive equilibrium is finally solved. 4. 3 Theories in relation to the Restriction of General Competitive Equilibrium Previously, the Arrow-Debreu model was used to analyze the restrictions. In order to understand those restrictions in the general competitive equilibrium framework, tracing back those following theories is necessary for us to know how the Arrow-Debreu model was used to be compared and proved other economic theory. 4.3.1 Radner Equilibrium Roy Radner said that the Arrow-Debreu model is not originally put forward for the case of uncertainty, but a powerful device introduced by Arrow (1953), and further elaborated by Debreu (1953), enabled the theory to be reinterpreted to cover the case of uncertainty about the availability of resources and about consumption and production possibilities. Hence, he extends the Arrow-Debreu equilibrium and forms an economic concept-Radner Equilibrium. Radner (1972) is the first who considers the general equilibrium with incomplete markets. He shows that unlike the Arrow-Debreu models, the possibility of trading commodity futures for every contingency is sufficient to enable income transfers across all spots. In addition, the assumption that he made, short-sales of these contracts are limited for every agent, is a driving force in his proof of the existence of a general financial equilibrium. This can be seen as the first attempt to incorporate this idea in their asset market participation. 4.3.2 Concept of Constrained Pareto Optimality Radner Equilibrium, however, is imperfect. Oliver D. Hart (1975) uses some disturbing but perceptive counter-examples to display some of the weaknesses of Radners concept of equilibrium. He showed that existence of such an equilibrium cannot be proved under the standard Arrow-Debreu assumptions. He specified that when the asset returns are price dependent, the market sub-space may not be continuous in the spot prices which may lead to discontinuous demand functions. This reason causes a failure of the existence of Radner equilibrium. In other words, an equilibrium may not be Pareto efficient in the case of incomplete markets which shapes the concept of Constrained Pareto Optimality. 4.4 Limitations of Arrow-Debreu Model Although the Arrow-Debreu model has many influences on either economics or finance, however, there are the limitations. There are three limitations of Arrow-Debreu model. In this model, it excludes the trade in shares of firms because the stock certificate is not an Arrow-Debreu commodity. When the descriptions are so precise that further refinements cannot yield imaginable allocations which increase the satisfaction of the agents in the economy, then the commodities are called Arrow-Debreu commodity. Trading in shares of firms cannot be classified as Arrow-Debreu commodity due to its possession entitles the owner to additional commodity which he need not obtain through exchange. Bankruptcy is not allowed in Arrow-Debreu equilibrium. All agents must meet their budget constraints. In a game theoretic formulation of equilibrium, it is achieved by enforcing an infinite bankruptcy penalty. Since every Arrow-Debreu equilibrium is Pareto efficient, there would be no benefit in reducing the bankruptcy penalty to the point where someone might choose to go bankrupt. Money does not appear in this model. Although the reasons for the existence of money in real life are already taken care of in the Arrow-Debreu model, money does not affect the allocations of commodities. Therefore, there is no point in making the role of money explicit in the Arrow-Debreu model. 5.0 Conclusion In fact, Arrow-Debreu model is not simultaneously created by K.J. Arrow and Gerard Debreu. Debreu is the one who extends further the Arrows pure exchange model in several important ways. Their contribution in formulating Arrow-Debreu model has laid a foundation for economic theory. The application of Arrow-Debreu model emphasizes more on the general competitive equilibrium framework of the economics. From the studies, we notice that most of its application majoring in the financial economics is act as a fundamental theory or economy in shaping the asset pricing model. Other functions like analyzing the market structure, risk and etc, also show that the usefulness of this model. Besides, it is applicable in evaluating the impact of all uncertainties with a general equilibrium structure. The analyzers use a series of mathematical equation to prove their statements. The pioneering contributions of Arrow and Debreu have forever changed the way economic theorists formulate uncertainty models.   After more than forty years of analysis and extensions, their general equilibrium framework and approach continues to be the starting point for new theories on the operation of competitive markets under uncertainty. As a conclusion, it is undeniable that the Arrow-Debreu model had turn on a new leaf in the history of economics. It is the modern concept of general equilibrium in economics which indirectly set up several important theories. Nothing is perfect in this world. Of course, Arrow-Debreu model as well. Some assumptions have to be made. Criticism also may happen. However, those brilliant economists or researchers still can use this model to formulate their own theory and then ends up with a perfect ultimate theory in both economics and finance. Lastly, mistakes, problems, and weaknesses should be pointed out, corrected and improved so that Arrow-Debreu model can be applied and developed effectively.

The Most Influential Woman of the Past Millenium: Elizabeth Cady Stanto

The Most Influential Woman of the Past Millenium: Elizabeth Cady Stanton, Mary Wollstonecraft, and Rosa Parks Elizabeth Cady Stanton If there had never been born an Elizabeth Cady Stanton, women may have never seen the rights and privileges granted to us in the Nineteenth Amendment. She was the leading fighter and driving force for women's rights; she dedicated her whole life to the struggle for equality. Elizabeth had learned from her father at an early age how to debate and win court cases, and she had also experienced the discriminations against women first hand. These two qualities lead to the most influential and motivating speeches against inequality when she was older. Elizabeth vowed to herself that she would "change how women were viewed in society" (Hildgard 2); and that, she did! Due to her strong belief in equality, she had the word "obey" removed from her wedding vow before she would marry Henry Brewster Stanton, an abolitionist, who "loved her haughty nature and strong will" (Raven 85). While partaking in their honeymoon, they attended the World's First Anti-slavery Convention in London, Stanton and Lucretia Mott were failed to be noticed as "legitimate delegates"(Read 417). The convention's sexual barrier humiliated and angered Stanton; she promised to start a women's convention to battle the issue of equality. A cause that she faught against for most of her lifetime. Eight years later, Stanton, along with four other women, held the first women's convention at Seneca Falls. Here hundreds of women met to discuss the fact that they had been denied their natural rights and religious freedom. The women used the Declaration of Independence to write the Declaration of Sentiments, which included the women's bil... ...king Press, 1972. "Hildgard." Distinguished Women, Fields of Activtity. Distinguished Women. 28 January 2000 . James, Edward T., et al ed. Notable Women. Volume I. Cambridge, Massachusetts: The Belknap Press. Martin, Linda, et al., eds. 1000 Makers of the Millenium. New York: DK Publishing, 1999. Raven, Susan, and Alison Weir. Women of Achievement. New York: Harmony Books, 1981. Read, Phyllis J., and Bernard L. Witlieb. The Book of Women's Firsts. New York: Random House, 1992. Saari, Peggy, ed. Prominent Women of the 20th Century. Volume 4. New York: International Thompson Publishing Company, 1996. Schlesinger, Arthur M. Jr. Eleanor of Acquitaine. New York: Chelsea House Publishers, 1987. "The National Women's Hall of Fame." Internet. 19 January 2000 .

hand tools :: essays research papers

Hand Tools and Devices Ergonomically oriented hand tool design: Maintain a straight wrist  Ã‚  Ã‚  Ã‚  Ã‚  Maintain a straight wrist   Ã‚  Ã‚  Ã‚  Ã‚  Bent Nose Pliers. Such tools permit grasping, cutting, or turning objects while the wrist remains in a relatively straight position.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Hammer With Deviated Handle. The slightly bent handle maintains a straight wrist during the final impact position. Maintain a straight wrist  Ã‚  Ã‚  Ã‚  Ã‚  Maintain a straight wrist   Ã‚  Ã‚  Ã‚  Ã‚  Soldering Iron. The perpendicular bend of the head permits application of heat to a distal object while avoiding deviation of the wrist.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Saws, Power Wrench, Knife. A perpendicular handle (pistol grip) maintains a straight wrist during cutting, sawing, or rotary operations such as drilling or nut tightening. Maintain a straight wrist  Ã‚  Ã‚  Ã‚  Ã‚  Provide an optimal grip span   Ã‚  Ã‚  Ã‚  Ã‚  Cylindrical Handle. A tool for rotary action on a horizontal work piece maintain the wrist in a straight position.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Excessive grip span does not allow optimal application of force and imposes undue stress upon the joints. Avoid tissue compression  Ã‚  Ã‚  Ã‚  Ã‚  Protect against heat, cold, vibration extremes   Ã‚  Ã‚  Ã‚  Ã‚  Excessively thin or short handles cause small surface areas which in turn cause excessive pressure on tissues, leading to loss of local circulation.  Ã‚  Ã‚  Ã‚  Ã‚  Circulation is also affected by other factors such as vibration and temperature extremes from the tool of from the immediate environment. Gloves and insulating materials are used as protective devices. Second handle  Ã‚  Ã‚  Ã‚  Ã‚  Expanding spring An additional handle for powered tools, located near the front end, helps support a heavy tool, resistance to excessive torque, and safe placement of the tool on to the work piece.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Expanding spring on handles opens handles without stressful operator effort. Thumb stop  Ã‚  Ã‚  Ã‚  Ã‚  Gloves   Ã‚  Ã‚  Ã‚  Ã‚  A thumb stop improves stability, increases thrust force, and avoids slippage.  Ã‚  Ã‚  Ã‚  Ã‚  Gloves may be unavoidably used in inclement circumstances. Compensations must be made, when gloves are used, for a diminished grip force, diminished manual dexterity, and increased bulkiness which requires large handle dimensions. General considerations  Ã‚  Ã‚  Ã‚  Ã‚  Loss of grip   Ã‚  Ã‚  Ã‚  Ã‚  The functional assignment of the hands. Hands, when used with a tool, may be classified into the holding hand and the assisting hand.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Dropped Tool. Power saw dropped on foot. Loss of grip  Ã‚  Ã‚  Ã‚  Ã‚  Loss of grip   Ã‚  Ã‚  Ã‚  Ã‚  Slipping Hazard. Hand slips on to unguarded surface.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Curved Knife Guard. Loss of grip  Ã‚  Ã‚  Ã‚  Ã‚  Loss of grip   Ã‚  Ã‚  Ã‚  Ã‚  Knife. Ring guard. Enclosure for one finger.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Knife. Handle guard. Enclosure for all fingers. Balanced power tool  Ã‚  Ã‚  Ã‚  Ã‚  Second handle   Ã‚  Ã‚  Ã‚  Ã‚  Handle located at center of gravity.  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  A second handle near the front of a large tool allows added control. A second handle will also aid in resisting high torque forces. Crushing in between  Ã‚  Ã‚  Ã‚  Ã‚  Accidental activation   Ã‚  Ã‚  Ã‚  Ã‚  Handle Stops. Handle stops allowing at least 2.5 cm clearance prevent crushing fingers between handles.

The Truly Tragic Shakespeares Macbeth :: GCSE English Literature Coursework

Macbeth: Truly Tragic Macbeth is the epitome of what the literary world regards as a "tragic hero". His admirable qualities are supplanted with greed and hate when three witches dupe him. The three witches enter with the first scene from William Shakespeare's, Macbeth, a tragic tale of one man's quest for power that leads to his ultimate defeat. The story revolves around our tragic hero, Macbeth, and how an admirable and noble man, so established in society, can fall so greatly. Throughout the play, he is driven by an obsession to become King of Scotland, and in the process commits acts of betrayal and treachery to achieve this goal. However, Macbeth is not the only character involved in this sordid affair. His wife, the manipulative Lady Macbeth, three prophetic witches and members of the Scottish aristocracy all play pivotal roles in the drama. Lady Macbeth, the great woman of influence behind the Macbeth, plots, schemes and propels her husband into a nightmare of falsehood and guilt. The witches, or w eird sisters, (Shouldn’t â€Å"weird sisters† be in quotes and cited?) embody the supernatural element of this tragedy. With their imperfect predictions and calculated duplicity, they created chaos in Macbeth's mind as they toy with his sense of security. (Be careful of matching tenses. â€Å"Created† is past tense and â€Å"toy† is present.) The Scottish aristocracy comprises of King Duncan, the two princes - Malcolm and Donalbain, and various other thanes and nobles, including Macbeth's friend Banquo. They all serve as barriers for Macbeth and, regardless of friend or foe, he chooses to either fall down or overcome these hurdles. However, one hurdle that proves too great is his nemesis: Macduff. After Macbeth's false sense of security is shattered, a mighty swipe of Macduff's sword releases Macbeth from a tangled web of desire, design and deceit. (What is your thesis? That Macbeth is the epitome of a tragic hero? Make sure you stick to your topic a nd don’t get sidetracked.) Macbeth has, as his wife says, the milk of human kindness, the kind of affection that many people have for others when self-interest is not rampant. He has a high regard for Duncan and Banquo, defaming the latter only once (III.i.74 ff.). He differs from Duncan in that the King's charity is of a quality that works to transform human society into a family and that makes the spirit of Duncan persist through the play after his death. The Truly Tragic Shakespeare's Macbeth :: GCSE English Literature Coursework Macbeth: Truly Tragic Macbeth is the epitome of what the literary world regards as a "tragic hero". His admirable qualities are supplanted with greed and hate when three witches dupe him. The three witches enter with the first scene from William Shakespeare's, Macbeth, a tragic tale of one man's quest for power that leads to his ultimate defeat. The story revolves around our tragic hero, Macbeth, and how an admirable and noble man, so established in society, can fall so greatly. Throughout the play, he is driven by an obsession to become King of Scotland, and in the process commits acts of betrayal and treachery to achieve this goal. However, Macbeth is not the only character involved in this sordid affair. His wife, the manipulative Lady Macbeth, three prophetic witches and members of the Scottish aristocracy all play pivotal roles in the drama. Lady Macbeth, the great woman of influence behind the Macbeth, plots, schemes and propels her husband into a nightmare of falsehood and guilt. The witches, or w eird sisters, (Shouldn’t â€Å"weird sisters† be in quotes and cited?) embody the supernatural element of this tragedy. With their imperfect predictions and calculated duplicity, they created chaos in Macbeth's mind as they toy with his sense of security. (Be careful of matching tenses. â€Å"Created† is past tense and â€Å"toy† is present.) The Scottish aristocracy comprises of King Duncan, the two princes - Malcolm and Donalbain, and various other thanes and nobles, including Macbeth's friend Banquo. They all serve as barriers for Macbeth and, regardless of friend or foe, he chooses to either fall down or overcome these hurdles. However, one hurdle that proves too great is his nemesis: Macduff. After Macbeth's false sense of security is shattered, a mighty swipe of Macduff's sword releases Macbeth from a tangled web of desire, design and deceit. (What is your thesis? That Macbeth is the epitome of a tragic hero? Make sure you stick to your topic a nd don’t get sidetracked.) Macbeth has, as his wife says, the milk of human kindness, the kind of affection that many people have for others when self-interest is not rampant. He has a high regard for Duncan and Banquo, defaming the latter only once (III.i.74 ff.). He differs from Duncan in that the King's charity is of a quality that works to transform human society into a family and that makes the spirit of Duncan persist through the play after his death.

Report On Philippine History

In 1839, Apolinario de la Cruz went to Manila to pursue priestly vocation under the Dominican order. He was not accepted on the gro8und that he was an Indio for the reason of all religious orders was closed to indios. In June 1840, Apolinario, known as Hermano Pule returned to Lucban, Tayabas Province, and founded the Confradia de San Jose, a nationalist fellowship which fostered the praise of Christian virtues. On November 1, 1841, LT. Col. Joaquin Huet, launched a massive assault on Alitao, killing hundreds of defenseless old men and women and children.Hermano Pule was captured the following evening at Barrio Ibanga and was executed on November 4, 1841. 24. MUSLIM WARS (1578-1898) The Spaniards made attempts to subdue the inhabitants of Mindanao by deploying its military forces in the South. The Muslims on the other hand, valiantly resisted and repulsed the colonizers. They retaliated by raiding territories under Spanish rule with varying degrees of intensity. The war between the M uslim Filipinos and the Spaniards lasted for more than 300 years.The Muslim wars were brought about by the Spanish invasion of Mindanao and Sulu, preservation of Islam, and the love of adventure arising from the spoils of wars. In 1597, the Spanish colonizers tried to seize Jolo and force the sultanate into submission. The Governor ordered the pacification of the place and payment of tribute by inhabitants to the colonial government. 25. THE RISE OF FILIPINO NATIONALISM Nationalism was said to have rooted from a strong feeling among populace that they belong to the same race.Such sentiment has not yet existed in the Philippines prior to the 19th century. Although the cultural traits of the early Filipinos had striking similarities, their linguistic differences as well as the local autonomy of each political unit in the archipelago barely yielded to the development of this national sentiment. The absence of adequate means of transportation and communication made the situation even mo re dismal. The following have been regarded in history as factors that gave rise to Filipino Nationalism: 1. Spread of liberalism.When Spain exposed the Philippines to international commerce in the late 18th and 19th century, liberal ideas from Europe filtered in. the thoughts of political philosophers were made known through books and periodicals brought into the country by men from foreign ports. 2. Sentiment against the principales. There was a mounting dissatisfaction against the principales accommodated as intermediaries of the Spanish government from the inception of its colonial rule. 3. Racial prejudice. The Spaniards commonly regarded the Filipino natives as belonging to the inferior race and haughtily called them as indios.The preconceived notion of the Spanish colonizers that the natives could not rise beyond their limited intelligence instigated the enlightened Filipinos to struggle for equality. 4. Cultural changes. The educational reforms of 1863 dramatically improved the standards of education in the primary level. With the implementation of a new education system, qualified Filipinos were able to pursue higher education. 5. Secularization controversy. The mandatory provision of the council of Trent affirmed that secular priests be appointed to administer the parishes in the colony.Due to lack of secular priests, pope pius V issued in 1567, upon the request of King Philip II, the Exponi Nobis, which allowed the regular clergy to serve as parish priests without diocesan authorization and be exempted from bishops’ authority. 6. Cavite mutiny of 1872. In 1868, a revolution led by the liberals in Spain deposed Queen Isabella II and gave rise to the provisional republic of spain. With the victory of the Spanish revolution, many colonial officials with democratic iseals were sent to Manila, which included Governor General Carlos Maria de la Torre in 1869.La Solidaridad (solidarity) A purely Filipino organization Established in Barcelona on Dece mber 31,1888 Galiciano Apacible was the president and Graciano Lopez Jaena as vice-president. To make known of the objectives of their propaganda, Lopez Jaena founded a fortnightly newspaper, it was entitled la solidaridad. It was printed in Barcelona from February 15- October 31, 1889 then in Madrid, from November 15,1889 until its last issue on November 15, 1895. 27. THE KATIPUNAN Some of the men of la liga Filipina found out that peaceful agitation for reforms was not enough.So they opted for the country’s freedom more than anything else. Andres Bonifacio was one of them. This faction pledged to continue supporting the propaganda movement in Spain. One of the night of July 7, 1892, Bonifacio and his friends met secretly at deodato arellano’s house. They decided to form a secret revolutionary society, modeled in part on Masonic order called kataastaasang kagalang-galangang katipunan ng mga anak ng bayan otherwise known as K. K. K or katipunan, decided to national ind ependence through armed revolution. Report On Philippine History In 1839, Apolinario de la Cruz went to Manila to pursue priestly vocation under the Dominican order. He was not accepted on the gro8und that he was an Indio for the reason of all religious orders was closed to indios. In June 1840, Apolinario, known as Hermano Pule returned to Lucban, Tayabas Province, and founded the Confradia de San Jose, a nationalist fellowship which fostered the praise of Christian virtues.On November 1, 1841, LT.Col.Joaquin Huet, launched a massive assault on Alitao, killing hundreds of defenseless old men and women and children. Hermano Pule was captured the following evening at Barrio Ibanga and was executed on November 4, 1841. 24. MUSLIM WARS (1578-1898)The Spaniards made attempts to subdue the inhabitants of Mindanao by deploying its military forces in the South. The Muslims on the other hand, valiantly resisted and repulsed the colonizers. They retaliated by raiding territories under Spanish rule with varying degrees of intensity. The war between the Musl im Filipinos and the Spaniards lasted for more than 300 years.The Muslim wars were brought about by the Spanish invasion of Mindanao and Sulu, preservation of Islam, and the love of adventure arising from the spoils of wars. In 1597, the Spanish colonizers tried to seize Jolo and force the sultanate into submission. The Governor ordered the pacification of the place and payment of tribute by inhabitants to the colonial government.THE RISE OF FILIPINO NATIONALISMNationalism was said to have rooted from a strong feeling among populace that they belong to the same race. Such sentiment has not yet existed in the Philippines prior to the 19th century. Although the cultural traits of the early Filipinos had striking similarities, their linguistic differences as well as the local autonomy of each political unit in the archipelago barely yielded to the development of this national sentiment. The absence of adequate means of transportation and communication made the situation even  more di smal. The following have been regarded in history as factors that gave rise to Filipino Nationalism: 1. Spread of liberalism.When Spain exposed the Philippines to international commerce in the late 18th and 19th century, liberal ideas from Europe filtered in. the thoughts of political philosophers were made known through books and periodicals brought into the country by men from foreign ports. 2. Sentiment against the principales. There was a mounting dissatisfaction against the principales accommodated as intermediaries of the Spanish government from the inception of its colonial rule. 3. Racial prejudice. The Spaniards commonly regarded the Filipino natives as belonging to the inferior race and haughtily called them as indios.The preconceived notion of the Spanish colonizers that the natives could not rise beyond their limited intelligence instigated the enlightened Filipinos to struggle for equality. 4. Cultural changes. The educational reforms of 1863 dramatically improved the s tandards of education in the primary level. With the implementation of a new education system, qualified Filipinos were able to pursue higher education. 5. Secularization controversy. The mandatory provision of the council of Trent affirmed that secular priests be appointed to administer the parishes in the colony.Due to lack of secular priests, pope pius V issued in 1567, upon the request of King Philip II, the Exponi Nobis, which allowed the regular clergy to serve as parish priests without diocesan authorization and be exempted from bishops’ authority. 6. Cavite mutiny of 1872. In 1868, a revolution led by the liberals in Spain deposed Queen Isabella II and gave rise to the provisional republic of spain. With the victory of the Spanish revolution, many colonial officials with democratic iseals were sent to Manila, which included Governor General Carlos Maria de la Torre in 1869.La Solidaridad (solidarity) A purely Filipino organization Established in Barcelona on December 31,1888Galiciano Apacible was the president and Graciano Lopez Jaena as vice-president. To make known of the objectives of their propaganda, Lopez Jaena founded a fortnightly newspaper, it was entitled la solidaridad. It was printed in Barcelona from February 15- October 31, 1889 then in Madrid, from November 15,1889 until its last issue on November 15, 1895.THE  KATIPUNANSome of the men of la liga Filipina found out that peaceful agitation for reforms was not enough. So they opted for the country’s freedom more than anything else. Andres Bonifacio was one of them. This faction pledged to continue supporting the propaganda movement in Spain.One of the night of July 7, 1892, Bonifacio and his friends met secretly at deodato arellano’s house. They decided to form a secret revolutionary society, modeled in part on Masonic order called kataastaasang kagalang-galangang katipunan ng mga anak ng bayan otherwise known as K.K.K or katipunan, decided to national independence t hrough armed revolution.