Influence Of Music On Fashion - 1930 Words

The research topic entitled influence of music on fashion is to be carried out to study and analyze the extend of influence music has on fashion. It will greatly dwell in providing evidence that the various trends in the music industry has had immensely influenced fashion and thus lead to improvement of the fashion industry. This examination is intentionally done with a specific end goal to see if music has any impact on fashion. This is significantly upheld by the way that music is a free factor and has everlasting impacts of different parts of the general public including style. INTRODUCTION Fashion and music has a very strong relation that they go hand in hand . As a practice of expression a way to individualism and of course a form of†¦show more content†¦Communication and our personality itself. Thus we say it influences fashion and many aspects of our culture and our threads can be way to diverse depending on our cities. The last five and a half decades in music history still have an imact on today’s trend. And to top it of, the connection also lies on how fashion and music both put a smile on our face . It can often be noticed that music fans create looks and follow their favourite musicians. And these trends later lead into creative fashion ideas within the industry. For example, the crop and highwaist fashion from Taylor Swift. When we looked back into previous decades we understood that the 60’s and 70’S were most influenced by the music industry.In the 60’s we had Beattle Mania that directly influenced the hippie look. This look was carried on over to the 70’s where David Bowie made Glam Rock possible.The 60 s was an imortant decade for design since it was the first time in the history that attire was equipped towards the adolescent market. Prior to that mold house were intended for develop and first class individuals from the general public. At that point a enormous social and political revoolution that transired in the midsixties. During the time the power of the young adultwas claimed as to be too major to be ignored. The music scene became the voice for that generation and heavily influenced the iconic fashion that wereShow MoreRelatedMusic Loves Fashion Essay1190 Words   |  5 Pages| Music Loves Fashion | | | Emily Poe, Nina Martinez, Josh Sandoval | 4/5/2011 | Research showing that in today’s society music has a big influence on what people choice to wear. We conducted surveys and distributed them though different web facilities. We asked people â€Å"How does Country/ Hip-Hop influences your fashion? â€Å" | Nina Martinez Emily Poe Josh Sandoval Music Loves Fashion History shows that music influences society with the choices we make regarding clothingRead More Pop Culture in 1960s and 1990s Essay802 Words   |  4 Pagesand expression. 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Although Australia’s national identity is evident in every part of popular culture, America and Britain both had a significant impact on the development of Australian culture since World War Two. Throughout out the decade they changed the way people thought about Australian fashion, music and entertainment. Fashion was basedRead More90s Hip Hop and Rap1320 Words   |  6 Pagesseen today in music and also in pop culture. A cultural phenomenon is an idea, trend, or movement that shapes and defines that time period. During the 1990 s, rap and hip-hop spread like wild fire across the nation, from the inner cities to the suburbs to anywhere where you can find a radio. Rap and hip-hop brought a different kind of lyrical rhythms and upbeat, energetic music that most people weren’t too familiar with. This cultural phenomenon didn’t only bring changes to music; it al so broughtRead MoreEssay on Fashion in the 1960s and 1970 s1003 Words   |  5 PagesFashion in the 1960s and 1970 s The sixties were a time of growing youth culture and youth fashions, which had already begun in the late fifties. In the west, young people were benefiting from the postwar industrial boom, and had no problem finding work. With extra cash in their pockets, they were able to spend more and had begun to refashion themselves accordingly. This higher demand in the fashion business brought out a new generation of designers. The freedom of extra cash meant roomRead MoreKanye West: Life of the Progressive Hip-Hop Star961 Words   |  4 PagesWest has been an icon in American hip-hop culture for over a decade. His music, fashion line, producing skills, and flamboyant personality has influenced many people for generations to come. Coming out of Chicago, many people in the music industry didnt even think Kanye had a chance to become a figure in hip-hop, but his hard work and persistence paid off. Kanye started off his music career as a producer. He produced music for the likes of major artis ts such as Common and Jay-Z. His first majorRead MoreThe New Queen Of Pop872 Words   |  4 Pagesdiverse music and art influenced the music industry, making her one of the most influential people in the world. Gaga grew up with an interest in music, her music influenced by Christianity in her family. She began singing at open mic bar nights in New York, with several small bands. Soon, she broke onto the scene, and released her album, The Fame. (â€Å"Lady Gaga†, 2010) Quickly, she grew in popularity, her music starting to influence the music industry. Through her messages in her music, fashion and statementsRead MoreEssay on The Evolution of the 1960s and 1980s: Jimi Hendrix1091 Words   |  5 Pagesâ€Å"Music doesn’t lie. If there is something to be changed in this world, then it can only happen through music,† said legendary American musician, singer, and songwriter Jimi Hendrix (â€Å"Jimi Hendrix Quote†). In the mid 1960’s Jimi Hendrix and many other musical artists extremely influenced this decade. In the 1980’s, there were also many influential musicians, singers, and songwriters that captivated the thoughts and movements of many people. Music influenced fashion and behavior in the 1960’s and 1980’s

Market Risk Management Through The Use Of Options - Free Essay Example

Sample details Pages: 8 Words: 2422 Downloads: 6 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? What is the role played by options, futures and forward contracts in managing market risks? The research critically analyzes this through the case study of Vodafone Group Plc. It first identifies the various factors that determine these risks since market risk includes different types of risks like commodity price risks, interest rate fluctuations risks and currency risks. Through the case study, it further aims to evaluate the effectiveness of using above derivatives, in managing market risks. Don’t waste time! Our writers will create an original "Market Risk Management Through The Use Of Options" essay for you Create order By considering the portfolio of company designed to hedge a particular amount of risk; the research also aims to critically evaluate the individual contributions of each of the above in risk management and also of the portfolio as whole. Introduction: Oxford dictionary defines risk as à ¢Ã¢â€š ¬Ã…“a situation involving exposure to dangerà ¢Ã¢â€š ¬? or à ¢Ã¢â€š ¬Ã…“expose (someone or something valued) to danger, harm, or lossà ¢Ã¢â€š ¬? (Oxford Dictionary). For a business entity à ¢Ã¢â€š ¬Ã…“Risksà ¢Ã¢â€š ¬? are connected to possible uncertainties that can result in negative effect on the entity. With the emergence of World Markets and various types of risks, risk management has become an integrated part of firms today. Different types of risks require different methods to handle, prevent or sometimes to absorb and benefit from risks. The downfall of risks has always been highlighted however they do have some arbitrage that results in potential gains. The Basel Committee that was formed in 1974 laid the regulatory framework for Financial Risk Management. (McNeil, Frey and Embrechts, 2005). Basel II (2001) defines Financial Risk Management to be formed of 4 steps: à ¢Ã¢â€š ¬Ã…“identification of risks into market, credit, operational and other risks; assessment of risks using data and risk model; monitoring and reporting of risk assessments on a timely basis and controlling these identified risks by senior management.à ¢Ã¢â€š ¬?(Alexander, 2005). It thus determines the probability of a negative event taking place and its effects on the entity. Once identified risk can be treated in following manners: Eliminated altogether by simple business practices. These are the risks that are detrimental to the business entity. Transferred to other participants. Actively managed at firm level. (Alexander, 1996). The risks basically depend on the time value of assets. Moreover with the increased level of multinational functioning of business entities and the highly volatile nature of markets, risk management has now become a critical part of running the business. It therefore becomes essential to understand as well as analyze the various factors that determine risks and the preventive measure s implemented against them. Also the hedging techniques being considered do not always ensure profits. The research would thereby include a detail study of the effectiveness of the methods implemented. One more important factor is the cost incurred. Risk management incurs certain costs and the process would therefore prove to be futile if the costs incurred donà ¢Ã¢â€š ¬Ã¢â€ž ¢t offer proportionally benefits. Literature Review: Market Risk constitutes of commodity risk, interest risk and currency risks. Commodity price risk includes the potential change in the price of a commodity. The rising or falling commodity prices affect the producers, traders and the end-users of the various commodities. Moreover if they are traded in foreign currency, there arises the risk of currency exchange rate. These are normally hedged by offering forward or future contracts at fixed rates. This is especially important for commodities like oil, natural gas, gold, electricity etc whose prices are highly volatile in nature. (Berk and Demarzo, 2010) Interest Risk relates to the change in interest rates of bonds, stocks or loans. A rising rate of interest would effectively reduce the price of a bond. Increased interest rates result in increasing the borrowing costs of the firm and thereby reduce its profitability. It is hedged by swaps or by investing in short term securities. Currency risks arise from the exceedingly vola tile exchange rates between the currencies of different countries. For e.g. Airbus, an aircraft manufacturing company based in France requires oil for its production. Oil being traded in US dollars and the company doing trading in Euros, has a foreign exchange risk. It would be therefore beneficial for Airbus to enter a forward contract with its oil suppliers. Options are another way of hedging against currency risks. (Berk and Demarzo, 2010). Forward contracts, Futures and Options are called the Financial Derivatives and are used largely to reduce market risks. Walsh David (1995) explains that if two securities have same payoffs in future, they must have same price today. Thus the value of a derivative moves in the same way as that of underlying asset. This is called arbitrage. Hedging of risks is nothing but the holder of an asset has two positions in opposite directions. One is of the derivative and opposite position is on the under-lying asset respectively. As such if t he value if the asset decreases then value of the derivative will also decrease. But the change in value is off-set by the opposite positions to each other. Thus risk is reduced. This is called hedging. Long Hedge refers when an investor anticipates increase in market price and therefore buys future contracts. Short Hedge is when an investor already has a futures contract and expects the value of asset to fall and therefore sells it beforehand. (Dubofsky and Miller, 2003) Long Hedge Short Hedge Change in value of position Change in price Change in value of position Change in price Fig.1 Hedging (Dubofsky, D and Miller, T. Jr. 2003) Forward Contracts- These involve buying or selling specific asset at a specific price at a specified time. It is basically a contract between two parties to trade a particular commodity or asset at a particular rate on a specified time. The buyer is said to be in à ¢Ã¢â€š ¬Ã‹Å"long positionà ¢Ã¢â€š ¬Ã¢â€ž ¢ while the seller hols the à ¢Ã¢â€š ¬Ã‹Å"short positionà ¢Ã¢â€š ¬Ã¢â€ž ¢. These are Over the Counter (OTC) Derivatives. These are used for locking-in the price and require no cash transfers in the beginning, thereby involve credit risks. Their main feature is the flexibility as forward contracts can be tailored as per the requirements of the traders. They are typically used to hedge the exchange rate risks. (Claessens, 1993) Futures- These are more standardized than the Forward contracts. They are traded at Foreign Exchanges. The standardized contract specifying the asset, price and delivery time is either bought or sold through broker. The delivery price depends on market and determined by the exchange. The default risk in futures is minimized due to clearinghouse. It acts as centred party and does the à ¢Ã¢â€š ¬Ã‹Å"marking to marketà ¢Ã¢â€š ¬Ã¢â€ž ¢ of tradersà ¢Ã¢â€š ¬Ã¢â€ž ¢ account; by doing profit-loss calculations daily. Initial margin amount is required and futures hence involve margin calls. Minimum credit risk is involved; but being standardized contracts, these cannot be tailored to individual demands. (Hinkelmann and  Swidler, 2004). Futures could be contracts on real assets for e.g. gold, oil, corn etc. or they could also be contracts of financial nature for e.g. currency, interest rates etc. (Tamiso and Freedman, 1995). Fig.2: Hedging through Futures. (Walsh, D. 1995) Options- The holder can buy from or sell to, the asset at a strike rate at a future maturity date. However the holder of the option has no moral obligation to do so. The cost of buying the option involves a premium which is to be paid up front. The option that enables the holder to buy an asset is called Call option while in Put option the holder is able to sell the asset. (Claessens, 1993) These can be bought Over the Counter (OTC) at a bank or can be exchange traded options. An American option could be exercised at any time before it expires. On the contrary, a European option has to b e exercised on maturity. Option is normally executed when its strike price is less than price of the stock. However, is the price of the stock is less than the strike price; the holder will not execute the option. Black and Scholes (1973) gave the formula to determine the price of a European option. According to the formula, the value of Call option is given by: where The value of Put option is given by: P = Ke-r (T-t) à ¢Ã¢â€š ¬Ã¢â‚¬Å" S + C = N(-d2) Ke-r (T-t) à ¢Ã¢â€š ¬Ã¢â‚¬Å" N(-d1) S. Where N (.) is a cumulative normal distribution function s- standard deviation of the share price, rf- risk-free interest rate per annum and t- time to expiry (in years). The above formula, also known as the Black-Scholes option pricing model; is based on the assumptions that the stock doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t pay any dividends, it is possible to buy or sell even a single share, there are no costs incurred in these transactions and that arbitrage opportunity doesnà ¢Ã¢â€ š ¬Ã¢â€ž ¢t exist. According to Black and Scholes (1973), à ¢Ã¢â€š ¬Ã…“the option value as a function of the stock price is independent of the expected return of the stock. The expected return of the option, however, will depend upon the expected return of the stock.à ¢Ã¢â€š ¬? Hence as the price of underlying asset increases, the price of option will also increase owing to their linear relationship. Black and Scholes (1972) further carried on various empirical tests to validity of the formula. They observed that price paid by the buyers of the option was higher than that shown by the formula. This was mainly because the transaction costs that are incurred are always paid by the buyers of the options. These costs were found to be high for options of high risks and vice-versa. The sellers of options thus got the price that was predicted by the formula. The case study would make use of this formula to determine the value of options held by the company. Walsh David (1995) exp lains that options have a non-linear relation with payoff. Its payoff increases with the price of the asset if it is in-the-money and has a constant payoff which is the option premium if it is out-of-the-money. On the contrary, futures and forward contracts have a linear relation with the payoffs in both, profit as well as loss. Therefore options might be preferred over futures and forwards for hedging. He further highlights the difference between hedging through futures and forward contracts. While in forward contracts, the company merely sets up a rate for future trading, it doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t involve any monetary transfer. Futures however make use of margin account and marking to market is done daily. Hence the results of futures over their time span vary greatly with those of forward contracts. Hence the individual contributions of each to risk management would be calculated during the research. The case study would also include a study the similarities and differences in futures, forward contracts and options and their individual effects on risk management. Data and Methodology: Objectives: The research aims to: Increase the understanding of the factors that determine market risks. Understand the haven provided by financial derivatives against these risks. Have a clear understanding of the methods or risk management techniques. Understand the process of risk management. Understand the intricacies of derivative markets. Data and Methodology: The Research is essentially a case study of Vodafone Group Plc. Primary data would include the information of the forward contracts with service providers, options and futures of the company in the market. Secondary data would be Qualitative in nature, comprising online journals, relative case studies and books. The research would be carried out in the following steps: Depending upon the nature of company, determine that factors that would affect the risk faced by the company. Evaluate the percentage of risk faced by the company. Determine the amount of this risk, which the company would want to hedge. The data would then be utilised to determine the amount of risk hedged by each of the above and then determine the total risk hedged by portfolio as whole. Calculate the cost of hedging the risk. Compare and contrast the findings with the defined à ¢Ã¢â€š ¬Ã‹Å"Effective Risk Management.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Critically analyze the results. Suggest improvements if any, in the portfolio. Calculate the risk hedged with the suggested changes. Proposed Timetable: Date Activity 6th May, 2011 Submission of final proposal (By) 20th June, 2011 Collection of data as required by case study and start working on calculations. 1st July, 2011 Define the parameters for à ¢Ã¢â€š ¬Ã‹Å"effective risk managementà ¢Ã¢â€š ¬Ã¢â€ž ¢ and complete calculations. Complete the initial declaration pages of report. 15th July, 2011 Complete the literature review pertaining to case study. Finish report writing till that part. (up to 5000 words) 1st August, 2011 Compare and contrast the findings to the established parameters. Evaluate results. Some more relative literature review. 15th August, 2011 Finish writing the calculations, explaining results. Complete up to 10,000 words of report. 1st September, 2011 Complete the report and submit the first draft for feedback. 15th September, 2011 Redraft using the suggested changes. Final draft for submission 19th September, 2011 Final submission of the report. REFERENCES Alexander, C. (1996). The Handbook of Risk Management and Analysis. West Sussex: John Wiley Sons. Alexander, C. (2005). à ¢Ã¢â€š ¬Ã‹Å"The Present and Future of Financial Risk Management.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Journal of Financial Econometrics, 3 (1), pp. 3-25. JSTOR (Online). Available at https://jfec.oxfordjournals.org/ (Accessed: 8th March, 2011). Berk, J and Demarzo, P. (2010). Corporate Finance. 2nd edn. Boston: Pearson. Black, F. and Scholes, M. (May Jun., 1973). à ¢Ã¢â€š ¬Ã‹Å"The Pricing of Options and Corporate Liabilities.à ¢Ã¢â€š ¬Ã¢â€ž ¢ The Journal of Political Economy.81 (3) pp. 637-654. JSTOR (Online). Available at https://www.jstor.org/stable/pdfplus/1831029.pdf?acceptTC=true (Accessed: 5th May, 2011). Black, F. and Scholes, M. (May 1972). à ¢Ã¢â€š ¬Ã‹Å"The Valuation of Option Contracts and a Test of Market Efficiency.à ¢Ã¢â€š ¬Ã¢â€ž ¢ The Journal of Finance.27 (2) pp 399-417. JSTOR (Online). Available at https://www.jstor.org/stable/2978484 (Accessed: 5th May, 2011). Claessens, S (1993). World Bank Technical Paper no 235.Washington DC: The World Bank. Dubofsky, D and Miller, T. Jr. (2003). Derivatives: Valuation and Risk Management. Oxford: Oxford University Press. Hinkelmann, C  Ãƒâ€šÃ‚  Swidler, S.  (2004). à ¢Ã¢â€š ¬Ã‹Å"Using futures contracts to hedge macroeconomic risk in the public sector.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Derivatives Use, Trading Regulation.  10(1),  pp. 54-69. ABI/INFORM Global (Online) available at https://proquest.umi.com/pqdweb?index=0did=679304171SrchMode=2sid=1Fmt=6VInst=PRODVType=PQDRQT=309VName=PQDTS=1304643921clientId=18060 (Accessed: 21st March, 2011). McNeil, A.J., Frey, R., Embrechts, P. (2005) Quantitative Risk Management. Princeton and Oxford: Princeton University Press. Oxford Dictionary (Online) available at https://oxforddictionaries.com/?attempted=true (Accessed: 21st March, 2011). Tamiso, R. Freedman, R. (1995). à ¢Ã¢â€š ¬Ã‹Å"Confronting Uncertainty: Int elligent Risk Management with Futures.à ¢Ã¢â€š ¬Ã¢â€ž ¢ Artificial Intelligence in the Capital Markets: State-of-the-Art Applications for Institutional Investors, Bankers and Traders, Probus Publishing, Chicago. pp. 209-222. Available at https://www.inductive.com/RMR-FUT.pdf . (Accessed: 4th May, 2011). Walsh, David.   (1995). à ¢Ã¢â€š ¬Ã‹Å"Risk management using derivative securities.à ¢Ã¢â€š ¬Ã¢â€ž ¢Ãƒâ€šÃ‚  Managerial Finance.  21(1),  pp. 43. ABI/INFORM Global (Online).  Available at https://proquest.umi.com/pqdweb?index=6did=4708471SrchMode=2sid=3Fmt=6VInst=PRODVType=PQDRQT=309VName=PQDTS=1301258415clientId=18060 (Accessed: 27th March, 2011).

Western Colonialism and Capitalism Free Essays

string(104) " makes both commodities and the workers circulating commodities that circulate in the expanding market\." A lot of negative effects caused by Western colonialism and capitalism in the third world countries that have contributed to their current political and economic crises have been discussed; however, the main objective of this presentation is to discuss the progressive role played by Western colonialism and capitalism in the third world countries when contrasted with pre-colonial period and where they were left by their colonial masters to present date. Colonialism Colonialism refers to as a system whereby a state holds sovereignty over territory and people who are outside its own boundaries. It assumes the right of one people to impose their will to others. We will write a custom essay sample on Western Colonialism and Capitalism or any similar topic only for you Order Now Between nineteenth and twentieth centuries, most rich and powerful states in the European countries such as Britain did own third world colonies. Up-to-date, the legitimacy of colonialism by European countries to these third world countries has elicited a heated debate in political arena and among the moral philosophers all over the world. Colonialism is not a new phenomenon. In the past society used to expand to immediate territories and settling it own natives on the newly conquered land. Such example includes the ancient Greeks, Romans and Ottomans to mention but a few. But it is evident that colonialism was not static but evolving due to technological advancements particularly in navigation that enabled connecting to the remotest parts of the world. Invention of the fast sailing ships facilitated reaching the distant ports in other side of the world while managing to maintain closer ties between the mother land of the master colonialism and their colonial territories. Therefore, the modern European colonialism materialized when it was possible to move large number of people across the ocean and maintain political sovereignty regardless of geographical scatteredness. Many political theorists have troubled themselves in attempt to reconcile ideas about the justice and law with the practice with which European ruled over the third world countries. In nineteenth century, conflict emerged that made tension to build up between the proponents of liberal thought and colonial practice. Many of political philosophers stood to defend the principles of attainments of universalism and equity while on the other hand they were antagonistic in bid to legitimize colonialism and imperialism. They reconciled this controversy with idea that, there was a need for ‘civilization mission’ which was to be for temporal period of what they called political dependence that was vital so that to make ‘uncivilized’ societies to advance in a state of achieving sustainable liberal institutions and self government. Capitalism Capitalism refers to European practices that not only include social practices that are easily practiced over geographical and historical distances but also encompass the ‘way of thinking’. The term capitalist has been widely used in the Marxist theory which refers to means of production that are on the hands of a few and operated for making profit and that the benefits realized from the production belong to the owners of the means of production. Mercantilism was the earliest form of capitalist in the olden days that originated in the Middle East, Rome and also existed during early Middle Age. It involved distribution of goods in the transactions in such way that there is profit making. In this situation, goods were bought from one place and move to another site to be sold at relatively higher prices. Beside Romans, Arabic cultures were also known of mercantilism. They had a long history on their trade routes in their major empires. Medieval Europeans learnt learned about this type of economy from their Islamic neighbors as it has been noticed in large number of economic terms found in European languages some which are derivatives from Arabic. Gradually, mercantilism in Europe evolved into economic practices that were eventually referred to as capitalism. Capitalism employs the same principle as mercantilism that involves large scale profit realization by acquisition of goods at lower price than selling them at a profit. Capitalism is characterized by several features. First, there is accumulation of means of the production such as materials, land and tools by minority of people. This property accumulation is referred to as capital and the owners of these means of production are known as capitalists. The second characteristic of capitalism is productive labor. Human work is of great importance because it facilitates the production of goods and their distribution. This happens in form of the wage labor. The striking aspects of wage labor here is that it is not invested in the product and it is considered to be efficient in terms of productivity. Capitalism boosts individual productivity by means of division of labor whereby productive labor is divided into smallest components possible. In capitalism, the means of production and labor is manipulated by the capitalist by use of rational circulation to gain profit. On the other hand, capitalism as a way of thinking is basically individualistic. This is true because it focuses on capitalist endeavor. This bring out the Enlightenment concepts of individuality in that all the individuals are not the same; the society is composed of individual in pursuit of their own interest and that they should be free to peruse their own interests, that is ,economic freedom. Also, this concept advocates for democratic sense in that individuals perusing their own interests can guarantee the interests of the whole society. Therefore, Enlightenment idea of progress is grounded on the fact that the large-scale social goal of unregulated capitalism can produce wealth and make the national economy wealthier and more affluent than it would otherwise have not been. So, essentially, capitalism as a way of thinking is built on the concept of economic growth (Friedman Friedman, pp5). While this may be true, capitalism has been having a close link with adverse effects of human inequality and valorization that has characterized exploitation of one or more groups by others. It has been argued that capitalist relations evoke alienation of workers from the products they make. This makes both commodities and the workers circulating commodities that circulate in the expanding market. You read "Western Colonialism and Capitalism" in category "Papers" When the laborers are considered to be interchangeable, it becomes the interest of the capitalist to give workers low wage or no wage at all. By doing this, capitalists are able to create surplus of money from their capital invested meanwhile their commodities circulate in the market. Because human beings were one of the vital commodities for success in early capitalism, enslaved workers could be shipped between the colonial territories to the help in monocropping on the large plantations. Presently, capitalist is usually understood to be a mean of system whereby the allocation of resources is by dictates of mechanism of the markets that are driven by profit motive. The advantages of the capitalism are that the government does not interfere with the business because there is limited control over it and that people have choice on what they want to do and where. Also, people are at liberty to do what they want with their money. However, this mode of economy has negative outcomes. Because the government is required to liberalize the market it has limited control over it and this can make few businesses to take monopoly which may lead to inefficiencies. In addition to this, capitalism only reward those who are fortunate to have natural scare abilities and not necessarily as result of hard work and this lead to huge inequities in income and wealth. The Progressive role of Western colonialism and capitalism in Third world Even though colonialism and capitalism had its own shortcomings, nevertheless, there is also a positive effect on balance we can talk about. Before colonialism, Africa only knew of socialism which was widely practiced among different communities. Socialism is a system that advocates for collective ownership and management of the means of production and distribution of goods. It is the opposite of capitalism which is a system hereby economy is based on private ownership of the means of production and personal profit can be realized through capital investment and employment of labor. Colonialism brought a new idea to Africa that the material progress and prosperity were possible for the masses of people. Africans in pre-colonial period did not imagine that could ever happen. They assumed that the material possessions they had were fixed. They believed in such things like plenty of the harvest could result to increase of food in the basket but the idea that living conditions could be changed was strange to them. They did not have a clue of the prospect that instead of trekking for miles in search of water it was possible to have piped water homes. Colonialism brought idea of progress in humanity. They enabled them to realize that people have capability to improve their condition of existence and that tomorrow could be much better that today (Ondeng, pp 26). Development of Infrastructure When colonialism stepped into sub-Saharan Africa three main objectives were the driving force. First objective was to meet the increasing demand of the raw materials for their industries. Second objective was to be able to secure areas and their territories that could form the market for their industrial goods produced by the capitalisms as it was are of industrial evolution. The last objective was that, they wanted to identify and dominate certain strategic areas that would be their future potential region for their investments. Therefore, as it can be seen, the main aim of capitalism expansion through colonialism was purely economic. But it was first necessary through political process of colonialism to create colonial territories to be able to achieve economic goals. Establishment of colonial territories was immediately followed by setting out diversified changes that included both social and economic among subdued societies in order to fulfill economic targets. This called for breaking down the already existed social and political system which resulted in replacement of traditional chiefdoms and kingdoms by Western European political system and consolidation of colonial state. Greater portions of fertile lands were given to settler farmers who produced non-agricultural raw materials for western industries. In order to make this kind of economy efficient, there was a dire need to establish communication infrastructure such roads, railway lines and ports so that there can be a linkage between hinterland and coastal to facilitate securing resources and human labor. In such regions only footpaths did exist that were used by human porters and animal. Most of the roads and railway network seen today in many parts of African countries speaks of a positive legacy from Western colonialism and capitalist in Africa and other third world countries. A good example of such country is Nigeria. In pre-colonial period, transport systems were limited to porterage over the land that was only utilized by animal and humans and small boats in waterways that are in southern and central Nigeria. In states of Nigeria, there were extensive trade routes in its territories which also facilitated movement of goods across the deserts to trade with North Africa and extended to the coast that involved trade with European. The roads were maintained by local leaders using hired labor or conscripted locals on the basis of the age. During this period the basic means of transport were pack animals and human porters. When British claimed Nigeria to be its colony, is started building transport network that would make efficient its ruling over this territory and make easier utilization of the resources in the region. It started with construction of the roads which was later followed by railway lines construction. This facilitated movement of good and people from one place to another as the need demanded which was critical as it helped to maintain strong economic and political ties within its territory. Since Nigeria gained independence there has been little in building new infrastructure network apart from what was established by their colonial master. This has been so because the Civilian governments had experiencing budgetary deficit and their priorities were to maintain regional divisions rather than improving transportation network and building better one in accordance modern world technology. However, while some few military governments were interested in development of better transport system, this turned to be a day dream. Therefore, post-colonial transport systems currently existing are just minimal maintenance of the infrastructure which their colonial master had set. This is a clear indication of the progressive role the Western colonialism and capitalism did play in Nigeria before they had left (Husher, para. 4-9). Suppression of barbaric practices Colonialism brought enlightenment in Africa. During pre-colonial period some African countries cannibalism and pagan worship was common practices. Practices such as cannibalism were usually restricted to specific regions particularly in West Africa. Such practices were not necessarily driven by craves for human flesh but were basically for rituals and sacrifices. The belief behind these practices of man eating were to receive imbibe magic strength that was considered to be transferred by through soul material. This soul material was particularly identified by certain body part of the victim particularly the head. In the community that practiced such behavior they had a belief that if a young man ate the elder, such individual could get wisdom or if it was an elder who ate a young victim this could have added vigor. African had a strong attachment with the dead. In fact, cannibalism in Africa was part of religious act that consisted of complex rules that actually prescribed who should partake of the human flesh and who is supposed to be eaten and also clearly spelt out which part were to be eaten. It also described what parts of the victim’s body were to be kept as part of relics. There were other instances where medicines were made out of the human flesh. For instance, in Leopard societies in Sierra Leone, they used human entails to make certain kind of medicines. When the Sierra Leone became a British colony, the first thing they did was to bring to an end this practice. First, the British investigated what was happening in the jungle. When it had a breakthrough in its investigations to address this extraordinary killing of human beings, it passed a bill which was called ‘The Leopard Ordonance’. This outlawed any possession of a leopard skin that were usually worn by these people who practiced these rituals, a three- pronged knife and a special native medicine called Borfina that constituted a concoction of human flesh such as fat and blood. It was potent in the hand of its owner as it was believed to help one to be powerful and rich . Through use of law and assimilation of European culture Africans experienced a transformation that played a great role in liberating them from such practices. This helped to uphold human dignity and universal human rights particularly right to life (Karoline, para. 7-14). Modern medicine As many of colonial powers embarked on a political project to control much of the world, diseases were the major obstacles for their expansion particularly in African continent. Tropical diseases such as malaria among others posed great challenge because there was no efficient form of medical treatment that existed in African land before except traditional medicine. Many African had a belief that disease was as result of witchcraft or evil spirits as opposed to empirical approach in treatment and management of the disease by European countries . This necessitated them to have attachment of medical personnel to commercial marines and putting up of rudimentary hospital facilities at their colonial territories. A good example is development of medical care in Tanzania. Christian missionaries were the first to introduce allopathic medicine in the territory. Eventually the colonial master in Tanzania assumed the responsibility of providing the health care to serve the army garrison that was stationed in the region partly to counter indigenous resistance and also to provide health care to European settlers. In British colonies they promoted establishment of the London and Liverpool schools of medicine where the study of tropical disease such as those found in the region was given the first priority. After World War 1, Tanzania became a British colony and it assumed the control of colonial medical care where it provided medical care at provincial and district administration levels, voluntary services that involved missions and employer-based that catered for the medical needs at plantations, mines and factories. They also implemented preventative measures that were in form of public health programs. This greatly helped to address the health needs of African that never existed before. It is on the basis of these colonial efforts to address tropical diseases which were a threat to their lives helped to see African countries with improved health care and reduced mortality rate from fatal tropical diseases (Baer, Singer and Susser, pp 18-22). Conclusion Colonialism by the Europe countries was considered to be a mission of civilization to the ‘uncivilized societies’ to be able to advance in state of achieving sustainable liberalized institutions and self government. However the legitimacy of colonialism by these European nations has always staged unsettled debate both in political sphere and with moral philosophers all over the world. Colonialism proved to be the only way through which West Europe could peruse their capitalism motives in the third world countries. Even though there have been shortcomings associated with colonial rule there has been an overall positive effect for Africa. Colonial rule brought enlightenment where ignorance did thrive. It helped to suppress barbaric practices such as pagan worship and cannibalism among others. It laid the seeds of the intellectual and material development as seen through infrastructure development, formal education and modern medicine that saved many Africans lives from deadly tropical diseases that were considered to be caused by witchcraft. Also it helped to reduce the economic gap whereby integration of colonies into international capitalist economy ushered in initial stages of globalization. How to cite Western Colonialism and Capitalism, Papers