The Rule of Self-Reliance in the Nineteenth Century Literature Essay

The Rule of Self-Reliance in the Nineteenth Century Literature - Essay Example The paper will discuss four points: an emphasis on interrelationships, separation of self-sufficiency from isolation, and solitude from loneliness, and the authors’ implication of preserving individuality. Humanity is said to be interconnected with one another, but in the nineteenth century, many of literary works have secluded this concept and embraced self-reliance. Thoreau, Emerson, and Douglass are some of those who have triggered the mindset of readers that self-reliance is not a hindrance to manhood. Starting with Thoreau, his line, â€Å"be sure that you give the poor the aid they most need† (Thoreau 61), suggests that everyone should help those in need. Walden by Thoreau clearly states his life lessons wherein he implies that despite self-reliance, people still need each other (Fletcher-Spear 59). From this point, it can be said that people need each other to survive. Also, a line from Emerson’s Self-Reliance depicts that one â€Å"cannot be happy and st rong until he too lives with nature† (Emerson 11). This is one of his most spiritually satisfying lines implicating that everyone is interconnected and interrelated (Gowler 76). With this in mind, Emerson tends to emphasize that happiness is unattainable unless people never understand that life must be lived alone. Furthermore, Douglass also embedded such a notion in a line in his Narrative stating that if only every master would teach his or her slave how to read â€Å"he would at once become†¦no value to his master† (Douglass 107). What Douglass tries to implicate is that education, literacy, and reason are significant for slaves who strive for emancipation and their masters can be the sole provider of such needs (Kohn 499; Radloff 84). From his piece, he emphasizes that even less-fortunate people in this world, such as slaves, and their respective masters have interrelationships, either it may be for the good of both, or for the benefit of only one party. Altoge ther, the three authors have unique approaches on emphasizing the interrelationships of individuals based on their experiences. Their principles clearly suggest that there is really no man in an island, and everyone needs one another in order to survive. In terms of self-sufficiency and isolation, from this line, â€Å"I lived alone†¦in a house which I had built myself† (Thoreau 5), Thoreau implies self-sufficiency as he can live without the help of anybody, and he separated the idea of isolation from using another line, â€Å"...in my neighborhood† (Thoreau 17). Thoreau emphasizes that self-sufficiency can be seen from living in isolation, but he separated the idea of isolation as he depicted that his neighbors live far from his location and the idea of self-sufficiency as he can construct his own house without the help of his neighbors. In this respect, Thoreau’s practical approach clearly separates self-sufficiency from isolation by means of being practi cal (qtd. in Bodily 213). Also, Emerson’s line, â€Å"a man is to carry himself in the presence of all opposition† (Emerson 4) depicts a clear division of self-sufficiency from isolation because he depicted nothing about being isolated; instead, he implied an optimistic perception that one can stand alone even if others attempt to oppose (Gowler 76). Emerson tends to imply that self-sufficiency can be referred to standing in one’s own principles even if others oppose--this opposition is an exemplary of

A Generalized Thermodynamic Correlation Based on Three-Parameter Essay

A Generalized Thermodynamic Correlation Based on Three-Parameter Corresponding States - Essay Example Moreover, there are discrepancies existing between the extended and the original correlations’ interface. The main objectives of the paper are the development of the analytical correlations basing on the stated three – parameter corresponding state principle. Also, the work is aimed at covering the whole range of Tr and Pr in the practical application of hydrocarbons processing (Lee and Kesler). Furthermore, the work focuses on the improvement of consistence and accuracy of the pre-existing correlations. The achievement of the above stated objectives was based on the two state equations that are similar to Rubin, Benedict and general fluid reference (Lee and Kesler). In the paper, there is the description of the methodologies that can be efficiently used in the in the representation of the thermodynamic functions and volumetric functions. The description is based on the on the 3-parameter corresponding state principle proposed by Pitzer (Lee and Kesler). The functions referred in the description include fugacity coefficients, densities, enthalpy departures, isochoric and isobaric. The description of the methodologies has resulted in the generation of two equations of state that can be effectively used for reference fluids and the two equations are adequately used to represent both the thermodynamic and volumetric properties of both vapour and fluids as a function of the pre-stated 3-parameters within a range where Tr =0.3 to Tr =0.4 and Pr = 0 to Pr = 10. Using the above stated analytical form, there is an improvement in the representation of the properties at critical regions and within low temperatures (Lee and Kesler). The article concludes that, the stated methods are reliable and due to this; they have found wide applications in various in various conditions. Also, it is connoted that the accuracy of the methodologies can be compared to the original Pitzer correlations,

Employment contract Essay Example for Free

Employment contract Essay To raise a grievance at work the first step would be to talk to your line manager, explain the situation and see if the problem can be solved informally. If, however, the grievance cannot be resolved informally then the issue can be raised formally using the following procedure: Stage 1 Employees may request in writing a formal meeting with the line manager to state the grievance. Where the issue involves the line manager, this request should be made to the manager’s manager (area manager). Grievances should be made as soon as possible and in any event within 3 months of the issue complained about taking place. A hearing will be arranged, normally within 10 working days, for the employee to discuss the issue with the manager. A decision will be made once the matter has been fully investigated and the manager will communicate their response in writing within 5 working days. This should include details of the employee’s right to appeal. Stage 2 If the employee is dissatisfied with the decision then they have received in stage 1 then they can take their grievance further and request in writing a formal meeting under stage 2 of the grievance procedure. This will be conducted by a manager other than the manager that carried out the stage 1 meeting. The employee will receive the decision of this hearing in writing within 5 working days. Stage 3 If the employee is still dissatisfied with the decision then they may appeal in writing to the Chief Executive of the Trust within 10 working days of receipt of the stage 2 decision. A further meeting will take place and the decision will be confirmed in writing within 5 working days of the hearing. The decision at stage 3 of the procedure is final, in so far as the Trusts internal procedures are concerned. Bv 1. Data Protection All confidential information should be kept secure by employees in order to protect customers and their families. Confidential information (e.g. customer support plans, support notes and medication administration forms) must not be left in a place where non-authorised individuals may view it. Data should not be passed on to anyone without the consent of the customer or their next of kin. 2. Grievance Any grievances should be reported to the line manager to try to resolve the issue informally. If, however, it is not resolved at this level then there is a grievance procedure in place which enables employees to pursue the matter formally. 3. Conflict Management If employees have a problem with another member of staff and it cannot be resolved between themselves then they should contact their line manager for assistance with resolving the issue. If the conflict involves the line manager or if the employee feels that they are not receiving adequate support then they should report to the area manager. 4. Anti-discriminatory Practice All employees are expected to act with dignity and respect towards each person’s individual beliefs and identity. Customers, accessing Oaklea care and support services, should not be treated less favourably based on their; age, sex, disability, race, religion or belief, sexual orientation, marital status or pregnancy/maternity or gender. 5. Health Safety All employees have personal responsibility in ensuring their own and others health, safety, and welfare at work. We are required to read and apply organisational policies and procedures regarding health and safety, undertake necessary training, wear personal protective equipment (PPE) provided, use safety equipment and safety devices where required and report any hazardous conditions to the line manager or Health and Safety Officer. 6. Confidentiality All information concerning customers and/or their families must be treated  with the upmost respect and all employees have an obligation to protect this information. Confidential information must not be disclosed to a third party either formally or informally (gossip). The sharing of information may be necessary for continuation of good care and support of customers (e.g. between other employees or professions). If employees are asked to disclose information about a customer and are concerned that doing so may breach confidentiality then clarification should be sought via the line manager. 7. Whistle blowing If employees need to raise concern about a risk, malpractice or wrongdoing that affects others such as customers, other staff members, the company or the public then the company’s whistleblowing procedure should be followed. The first stage of this procedure would be to raise concerns with the employee’s line manager either in writing or through a meeting. If the issue involves the line manager or if the employee has already raised their [emailprotected] ?U: concerns with the line manager and feel that they have not been adequately addressed then the second stage of the procedure should be followed. At this stage, issues may be raised either in writing or through a meeting with a Director. If stage 2 has been undertaken and the employees concerns are unresolved or if they feel that the matter is so serious that it should be investigated by the Chief Executive immediately then concerns should be raised either in writing or via a meeting. Any employee raising concerns under the whistleblowing procedure has the right to remain anonymous. Bvi As a Community Home Carer, my role is to provide individualized care and support to people with social care needs so that they may continue to live in their homes and in the community. A care plan is in place for each customer that explains their specific needs and what care they require from us. My duties/responsibilities may include: Assisting customers with washing, bathing, personal hygiene, dressing, toileting, continence and catheter care. Meal and drink preparation and help with feeding where necessary. Helping customers to comply with their prescribed medication and fill out Medication Administration Records (MAR). Supporting customers  with cleaning, laundry, shopping and other household duties as required. Helping customers with mobility skills, transferring them safely where required (e.g. from bed to chair) and helping them to use aids and personal equipment. Providing end of life care. Documenting the care given at each visit in the Daily Support Notes (DSN). Liaising with other carers and health care professionals to ensure continuity of care. By carrying out these duties to a high standard and conforming to all policies, procedures and guidelines, customers will receive a quality service that will help them to maintain as much independence as possible in a safe environment within their own homes. The safeguarding carried out by carers is essential in protecting the health, wellbeing and human rights of vulnerable adults, and ensures that they live free from harm, abuse and neglect. It is our duty to report any safeguarding concerns to the appropriate person(s) so that action may be taken to protect the wellbeing of service users. Bvii a) Following best practice within my work role helps to safeguard vulnerable adults living in the community and ensures that they receive a quality service that promotes health and wellbeing. It is important that I stay within my job role, follow policies and procedures, keep up to date with changes in policies and legislation and keep up to date with training to develop my skills in the workplace. It is also important to work as part of a team, passing on skills where necessary (e.g. to new staff members) and gaining feedback from colleagues. Good communication skills are essential between team members and other professions involved in the care of the service user as this enables continuity of care. b) Failing to carry out the requirements of my role by not following policies, procedures and legislation and not complying with regulatory bodies endangers the health and wellbeing of service users and may put other team members at risk. Not following manual handling procedures, for example, would put me and the service user at risk of injury and not wearing personal protective equipment  when necessary may put me and others at risk of infection. Poor practice may also result in complaints from service users, disciplinary action and in severe cases it may lead to me losing my job, being prosecuted and/or prevented from working in the health and social care setting. Bviii As a Community Home Carer I must follow best practice within my work role and work to the company policies and procedures that mirror laws and legislation. There are also external factors which influence the standards that I must adhere to in my work such as the Care Quality Commission (CQC) essential standards, Skills for Care’s Common Induction Standards (CIS) which are the standards people working in health social care need to meet before they can safely work unsupervised (e.g. manual handling, first aid, health and safety training), the Health and Care Professions Council (HCPC) codes of practice and ADASS’ ‘Safeguarding Adults: A National Framework of Standards for good practice and outcomes in adult protection work’, which sets out a framework of best practice standards. Government initiatives also have an influence on the roles of carers such as ‘Our Care, Our Health Our Say’ which sets out policy goals to make health and social care ser vices that are designed around the patient rather than the needs of the patient being forced to fit around the service already provided. ‘Putting People First’ also aims for a personalised approach to the delivery of adult social care. Bix a) Two different representative bodies which influence my area of work are the care quality commission and the health and care professions council. b) The role of the care quality commission (CQC) is to regulate, inspect and review all adult health and social care services in the public, private and voluntary sectors in England and make sure that they are meeting national standards. These services include hospitals, care homes, GPs, dentists and services in the home (e.g. home carers). The Health and Care Professions Council (HCPC) are a regulatory body set up to protect the public by keeping a register of health and care professionals that meet their standards for training, professional skills, behaviour and health. If professionals fail  to meet these standards then they may be removed from the register and prevented from practicing. The HCPC replaced the General Social Care Council (GSCC) which was abolished in 2012.

How important is Book 11 to the overall meaning of The Odyssey? Essay

How important is Book 11 to the overall meaning of The Odyssey? The overall significance of Book 11 to the epic is that it shows how things change over time (Anticleia's death, the suitors at his home), which can be missed if someone is not around. It also shows us that the Ancient Greeks believe in destiny and intervention from the gods. The sacrifices and prayers from Odysseus and the attention he pays to Teiresias about returning to Ithaca show this. If he did not pay attention to Teiresias he may have done something to displease the gods (such as killing the 'Sun-gods' cattle and sheep). This could have lead to intervention from the gods to prevent Odysseus and his men from returning to their home. Book 11 also shows that they believed greatly in the afterlife, but unlike modern religions they believed that everyone went to Hades (Hell), with the exception of those souls who were left to wander the earth for all eternity. The afterlife was always thought to be a lot darker and bleaker than people now seem to think. It is Circe who tells Odysseus of the trip which he and his men must take. He then has to tell all of his men. All of them are very distraught when they first find out that they must travel to the ends of the earth. They know it is going to be a journey of many perils. This is why Homer describes the men as 'heart-broken' telling us 'They sat down where they were and wept and tore their hair. But their lamentations achieved nothing.' (Book 10, lines 566-568.) This shows that they are greatly disheartened by the news, having thought that their next voyage would take them back to their homeland. They know that there is nothing that they can do to avoid this risk filled journey, which makes it an even more arduous a task for them. It is probable that the men were aware that their end was fast approaching. Any journey to Hades made by a living mortal is going to be dangerous. It would only usually be made by the souls of the dead, who would not need to sail, as Odysseus and his men did. This would have most likely made the men think that they would not complete their trip to Hades or would not return from it. At this point of the voyage I don't think that anyone, with the probable exception of Odysseus, expects to see Ithaca or their family again. It is more likely that knowing they are heading for Hades, t... ...tors and cheats whom this dark world brings forth in such profusion to spin their lying yarns which nobody can test.' (Lines, 364-366.) This too is a possibility, as Odysseus has no proof of what he is saying, and that could be another reason he has offered to stay up to a year. Alcinous then asks Odysseus to continue, as he has 'the artistry of a bard.' (Line 369.), asking more of his friends, their expedition to Ilium and their deaths, saying 'We have endless time ahead of us tonight, it's early for us to go to our beds.' (Lines 373-374.) Odysseus agrees to continue the tale, but does imply he is tired, saying that there is also time for sleep. I think that Homer sees humankind as chess pieces, which the gods or destiny are playing with. From the prophecies made, and what we know to happen after them, it seems that occurrences in the poem have been pre-destined. I think in The Odyssey Homer sees humans as insignificant overall. The have little influence over their lives; the gods decide what will happen with them. The lives of mortals seem to be a game for the gods, where they all want their character to win. Athene wants Odysseus to win, but Poseidon does not.

Cognitive science Essay

Stylistics is the study and interpretation of texts from a linguistic perspective. As a discipline it links literary criticism and linguistics, but has no autonomous domain of its own. [1][2] The preferred object of stylistic studies is literature, but not exclusively â€Å"high literature† but also other forms of written texts such as text from the domains of advertising, pop culture, politics or religion. [3] Stylistics also attempts to establish principles capable of explaining the particular choices made by individuals and social groups in their use of language, such as socialisation, the production and reception of meaning, critical discourse analysis and literary criticism. Other features of stylistics include the use of dialogue, including regional accents and people’s dialects, descriptive language, the use of grammar, such as the active voice or passive voice, the distribution of sentence lengths, the use of particular language registers, etc. In addition, stylistics is a distinctive term that may be used to determine the connections between the form and effects within a particular variety of language. Therefore, stylistics looks at what is ‘going on’ within the language; what the linguistic associations are that the style of language reveals. * | Early twentieth century The analysis of literary style goes back to Classical rhetoric, but modern stylistics has its roots in Russian Formalism,[4] and the related Prague School, in the early twentieth century. In 1909, Charles Bally’s Traite de stylistique francaise had proposed stylistics as a distinct academic discipline to complement Saussurean linguistics. For Bally, Saussure’s linguistics by itself couldn’t fully describe the language of personal expression. [5] Bally’s programme fitted well with the aims of the Prague School. [6] Building on the ideas of the Russian Formalists, the Prague School developed the concept of foregrounding, whereby poetic language stands out from the background of non-literary language by means of deviation (from the norms of everyday language) or parallelism. [7] According to the Prague School, the background language isn’t fixed, and the relationship between poetic and everyday language is always shifting. [8] Late twentieth century Roman Jakobson had been an active member of the Russian Formalists and the Prague School, before emigrating to America in the 1940s. He brought together Russian Formalism and American New Criticism in his Closing Statement at a conference on stylistics at Indiana University in 1958. [9] Published as Linguistics and Poetics in 1960, Jakobson’s lecture is often credited with being the first coherent formulation of stylistics, and his argument was that the study of poetic language should be a sub-branch of linguistics. [10] The poetic function was one of six general functions of language he described in the lecture. Michael Halliday is an important figure in the development of British stylistics. [11] His 1971 study Linguistic Function and Literary Style: An Inquiry into the Language of William Golding’s ‘The Inheritors’ is a key essay. [12] One of Halliday’s contributions has been the use of the term register to explain the connections between language and its context. [13] For Halliday register is distinct from dialect. Dialect refers to the habitual language of a particular user in a specific geographical or social context. Register describes the choices made by the user,[14] choices which depend on three variables: field (â€Å"what the participants†¦ are actually engaged in doing†, for instance, discussing a specific subject or topic),[15] tenor (who is taking part in the exchange) and mode (the use to which the language is being put). Fowler comments that different fields produce different language, most obviously at the level of vocabulary (Fowler. 1996, 192) The linguist David Crystal points out that Halliday’s ‘tenor’ stands as a roughly equivalent term for ‘style’, which is a more specific alternative used by linguists to avoid ambiguity. (Crystal. 1985, 292) Halliday’s third category, mode, is what he refers to as the symbolic organisation of the situation. Downes recognises two distinct aspects within the category of mode and suggests that not only does it describe the relation to the medium: written, spoken, and so on, but also describes the genre of the text. (Downes. 1998, 316) Halliday refers to genre as pre-coded language, language that has not simply been used before, but that predetermines the selection of textual meanings. The linguist William Downes makes the point that the principal characteristic of register, no matter how peculiar or diverse, is that it is obvious and immediately recognisable. (Downes. 1998, 309) Literary stylistics In The Cambridge Encyclopedia of Language, Crystal observes that, in practice, most stylistic analysis has attempted to deal with the complex and ‘valued’ language within literature, i. e.  Ã¢â‚¬Ëœliterary stylistics’. He goes on to say that in such examination the scope is sometimes narrowed to concentrate on the more striking features of literary language, for instance, its ‘deviant’ and abnormal features, rather than the broader structures that are found in whole texts or discourses. For example, the compact language of poetry is more likely to reveal the secrets of its construction to the stylistician than is the language of plays and novels. (Crystal. 1987, 71). Poetry As well as conventional styles of language there are the unconventional – the most obvious of which is poetry. In Practical Stylistics, HG Widdowson examines the traditional form of the epitaph, as found on headstones in a cemetery. For example: His memory is dear today As in the hour he passed away. (Ernest C. Draper ‘Ern’. Died 4. 1. 38) (Widdowson. 1992, 6) Widdowson makes the point that such sentiments are usually not very interesting and suggests that they may even be dismissed as ‘crude verbal carvings’ and crude verbal disturbance (Widdowson, 3). Nevertheless, Widdowson recognises that they are a very real attempt to convey feelings of human loss and preserve affectionate recollections of a beloved friend or family member. However, what may be seen as poetic in this language is not so much in the formulaic phraseology but in where it appears. The verse may be given undue reverence precisely because of the sombre situation in which it is placed. Widdowson suggests that, unlike words set in stone in a graveyard, poetry is unorthodox language that vibrates with inter-textual implications. (Widdowson. 1992, 4) Two problems with a stylistic analysis of poetry are noted by PM Wetherill in Literary Text: An Examination of Critical Methods. The first is that there may be an over-preoccupation with one particular feature that may well minimise the significance of others that are equally important. (Wetherill. 1974, 133) The second is that any attempt to see a text as simply a collection of stylistic elements will tend to ignore other ways whereby meaning is produced. (Wetherill. 1974, 133) Implicature In ‘Poetic Effects’ from Literary Pragmatics, the linguist Adrian Pilkington analyses the idea of ‘implicature’, as instigated in the previous work of Dan Sperber and Deirdre Wilson. Implicature may be divided into two categories: ‘strong’ and ‘weak’ implicature, yet between the two extremes there are a variety of other alternatives. The strongest implicature is what is emphatically implied by the speaker or writer, while weaker implicatures are the wider possibilities of meaning that the hearer or reader may conclude. Pilkington’s ‘poetic effects’, as he terms the concept, are those that achieve most relevance through a wide array of weak implicatures and not those meanings that are simply ‘read in’ by the hearer or reader. Yet the distinguishing instant at which weak implicatures and the hearer or reader’s conjecture of meaning diverge remains highly subjective. As Pilkington says: ‘there is no clear cut-off point between assumptions which the speaker certainly endorses and assumptions derived purely on the hearer’s responsibility. ’ (Pilkington. 1991, 53) In addition, the stylistic qualities of poetry can be seen as an accompaniment to Pilkington’s poetic effects in understanding a poem’s meaning. Stylistics is a valuable if long-winded approach to criticism, and compels attention to the poem’s details. Two of the three simple exercises performed here show that the poem is deficient in structure, and needs to be radically recast. The third sheds light on its content. Introduction Stylistics applies linguistics to literature in the hope of arriving at analyses which are more broadly based, rigorous and objective. {1} The pioneers were the Prague and Russian schools, but their approaches have been appropriated and extended in recent years by radical theory. Stylistics can be evaluative (i. e.judge the literary worth on stylistic criteria), but more commonly attempts to simply analyze and describe the workings of texts which have already been selected as noteworthy on other grounds. Analyses can appear objective, detailed and technical, even requiring computer assistance, but some caution is needed. Linguistics is currently a battlefield of contending theories, with no settlement in sight. Many critics have no formal training in linguistics, or even proper reading, and are apt to build on theories (commonly those of Saussure or Jacobson) that are inappropriate and/or no longer accepted. Some of the commonest terms, e. g. deep structure, foregrounding, have little or no experimental support. {2} Linguistics has rather different objectives, moreover: to study languages in their entirety and generality, not their use in art forms. Stylistic excellence — intelligence, originality, density and variety of verbal devices — play their part in literature, but aesthetics has long recognized that other aspects are equally important: fidelity to experience, emotional shaping, significant content. Stylistics may well be popular because it regards literature as simply part of language and therefore (neglecting the aesthetic dimension) without a privileged status, which allows the literary canon to be replaced by one more politically or sociologically acceptable. {3} Why then employ stylistics at all? Because form is important in poetry, and stylistics has the largest armoury of analytical weapons. Moreover, stylistics need not be reductive and simplistic. There is no need to embrace Jacobson’s theory that poetry is characterized by the projection of the paradigmatic axis onto the syntagmatic one. {4} Nor accept Bradford’s theory of a double spiral: {5} literature has too richly varied a history to be fitted into such a straitjacket. Stylistics suggests why certain devices are effective, but does not offer recipes, any more than theories of musical harmony explains away the gifts of individual composers. Some stylistic analysis is to be found in most types of literary criticism, and differences between the traditional, New Criticism and Stylistics approaches are often matters of emphasis. Style is a term of approbation in everyday use (â€Å"that woman has style†, etc.), and may be so for traditional and New Criticism. But where the first would judge a poem by reference to typical work of the period (Jacobean, Romantic, Modernist, etc. ), or according to genre, the New Criticism would probably simply note the conventions, explain what was unclear to a modern audience, and then pass on to a detailed analysis in terms of verbal density, complexity, ambiguity, etc. To the Stylistic critic, however, style means simply how something is expressed, which can be studied in all language, aesthetic and non-aesthetic. {6} Stylistics is a  very technical subject, which hardly makes for engrossing, or indeed uncontentious, {7} reading. The treatment here is very simple: just the bare bones, with some references cited. Under various categories the poem is analyzed in a dry manner, the more salient indications noted, and some recommendations made in Conclusions. Published Examples of Stylistic Literary Criticism G. N. Leech’s A Linguistic Guide to English Poetry (1969) Laura Brown’s Alexander Pope (1985) Roy Lewis’s On Reading French Verse: A Study in Poetic Form (1982) George Wright’s Shakespeare’s Metrical Art. (1988) Richard Bradford’s A Linguistic History of English Poetry (1993) Poem The Architects But, as you’d expect, they are very Impatient, the buildings, having much in them Of the heavy surf of the North Sea, flurrying The grit, lifting the pebbles, flinging them With a hoarse roar against the aggregate They are composed of — the cliffs higher of course, More burdensome, underwritten as It were with past days overcast And glinting, obdurate, part of the Silicate of tough lives, distant and intricate As the whirring bureaucrats let in And settled with coffee in the concrete pallets, Awaiting the post and the department meeting — Except that these do not know it, at least do not Seem to, being busy, generally. So perhaps it is only on those cloudless, almost Vacuumed afternoons with tier upon tier Of concrete like rib-bones packed above them, And they light-headed with the blue airiness Spinning around, and muzzy, a neuralgia Calling at random like frail relations, a phone Ringing in a distant office they cannot get to, That they become attentive, or we do — these Divisions persisting, indeed what we talk about, We, constructing these webs of buildings which, Caulked like great whales about us, are always. Aware that some trick of the light or weather Will dress them as friends, pleading and flailing — And fill with placid but unbearable melodies Us in deep hinterlands of incurved glass.  © C. John Holcombe 1997 Metre Though apparently iambic, with five stresses to the line, the metre shows many reversals and substitutions. Put at its simplest, with: / representing a strong stress representing a weak stress x representing no stress, and trying to fit lines into a pentameters, we have -| /| x| x| x| /| -| | x| /| x| | But| as| you’d| ex| pect| | they| are| ve| ry| x| /| x| x| /| x| /| x| | x| x| Im| pat| ient| the| build| ings,| hav| ing| much| in| them| x| x| | x| /| x| x| | /| /| x x| Of| the| heav| y| surf| of| the| North| Sea,| flurr| ying| x| /| -| /| x| x| /| x| /| x| | The| grit,| | lift| ing| the| pebbl| es,| fling| ing| them| | x| /| -| /| x| | x| /| x| | With| a| hoarse| | roar| a| gainst| the| agg| re| gate| x| | x| /| | x| /| /| x| x| /| They| are| com| posed| of,| the| cliffs| high| er| of| course| | /| x| | -| /| x| / | x| | | More| burd| en| some,| | un| der| writ| ten| as| | x| /| x| /| -| /| -| /| x| /| | It| were| with| past| | days| | o| ver| cast| | x| /| x| | /| x| | -| /| x| x| And | glit| ter| ing,| ob| du| rate,| | part| of| the| -| /| x x x| /| -| /| -| /| x x| /| x x| | Sil| icate of| tough| | lives| | dist| ant and| in| tricate| -| | x| /| x| /| x| | -| /| x| | As| the| whir| ring| bu| reau| crats| | let| in| x| /| x x| /| x| | x| /| x| /| x| And | set| tled with| cof| fee| in| the| con| crete| pal| lets| x| /| x x| /| x| | x| /| x| /| x| A| wait| ing the| post| and| the| de| part| ment| meet| ing| x| | x| /| x | /| x| x| | /| x| Ex| cept| that| these| do not| know| it, | at| least| do| not| -| /| x| /| x| /| x| /| x| | x| | Seem| to| be| ing| bus| y| gen| ER| all| y| | x| /| x x| /| x| | x| /| x| /| x| So| per| haps| it is| on| ly| on| those| cloud| less| al| most| -| /| x| /| x| | x| /| x x| | /| x| | Vac| uumed| af| ter| noons| with| ti| ER u| pon| ti| ER| x| /| x| | /| /| -| /| x| /| x| | Of| con| Crete| like| rib| bones| | packed| a| bove| them| | x| /| | /| x| | x| /| /| x| | | And | they| light| head| ed,| with| the| blue| air| i| ness| | -| /| x x| /| x| /| x| | x| /| x x| | | Spin| ning a| round| and| muz| zy,| a| neu| ral| gia| | -| /| x x| /| x x| /| x| /| x x| /| | | Cal| ling at| ran| dom like| frail| re| lat| ions a| phone| | -| /| x x x| /| x| /| x x| /| x| /| x| | Ring| ing in a| dist| ant| of| fice they| can| not| get| to| x| /| x| /| x| /| x x| /| /-| | | That| they| be| come| at| ten| tive, or| we| do| these| | x| /| x x| /| x x| /| | x| /| x| /| Di| vis| ions per| sist| ing, in| deed| what| we| talk| a| bout| -| /| x| /| x x| /| x| /| x| | | | We,| con| struct| ing these| webs| of| build| ings| which| | -| /| x| /| | /| x| /| x x| /| x| | Caulk| Ed | like| great| whales| a| bout| us are| al| ways| x| /| x x| /| x x| /| x| /| x| | | A| ware| that some| trick| of the| light| or| weath| ER| | | | /| x x| /| -| /| x x| /| x| | | Will| dress| them as| friends| | plead| ing and| flail| ing| | | x| /| x| /| x| | x| /| x x| /| x x| And| fill| with| plac| id| but | UN| bear| able | mel| odies| -| /| x| | -| /| x x x| /| | /| | | Us | in| deep| | hint| erlands of| in| curved| glass| | Poets learn to trust their senses, but even to the experienced writer these (tedious) exercises can pinpoint what the ear suspects is faulty, suggest where improvements lie, and show how the metre is making for variety, broad consistency, shaping of the argument and emotive appeal. Though other scansions are certainly possible in the lines above, the most striking feature will remain their irregularity. Many lines can only roughly be called pentameters; Lines 16 and 17 are strictly hexameters; and lines 27 and 28 are tetrameters. In fact, the lines do not read like blank verse. The rhythm is not iambic in many areas, but trochaic, and indeed insistently dactylic in lines 9 and 10, 21 and 22 and 28. Line 27 is predominantly anapaestic, and line 3 could (just) be scanned: x x| / x| /| x x | /| | /| x x | Of the| heavy| surf| of the North| Sea| | flurr| ying| Reflective or meditative verse is generally written in the iambic pentameter, and for good reason — the benefit of past examples, readers’ expectations, and because the iambic is the closest to everyday speech: flexible, unemphatic, expressing a wide range of social registers. Blank verse for the stage may be very irregular but this, predominantly, is a quiet poem, with the falling rhythms inducing a mood of reflection if not melancholy. What is being attempted? Suppose we set out the argument (refer to rhetorical and other analyses), tabbing and reverse tabbing as the reflections as they seem more or less private: {8} 1. But, as you’d expect, 2. they are very impatient, the buildings, 3. having much in them of the heavy surf of the North Sea, 4. flurrying the grit, 5. lifting the pebbles, 6. flinging them with a hoarse roar against the aggregate they are composed of — the 7. cliffs higher of course, more 8. burdensome, 9. underwritten as it were with past days 10. overcast and glinting, 11. obdurate, 12. part of the silicate of tough lives, 13. distant and intricate as 14. the whirring bureaucrats 15. let in and settled with coffee in the concrete pallets, awaiting the post and the department meeting — 16. except that these do not know it, 17. at least do not seem to, being busy, 18. generally. 19. So perhaps it is only on those cloudless, almost vacuumed afternoons with tier upon tier of concrete like rib — bones packed above them, and 20. they light-headed 21. with the blue airiness spinning around, and 22. muzzy, a 23. neuralgia calling at random like 24. frail relations, a 25. phone ringing in a distant office they cannot get to, that 26. They become attentive, 27. or we do — 28. these divisions persisting, 29. indeed what we talk about, 30. we, constructing these webs of buildings which 31. caulked like great whales about us, are 32. always aware that some trick of the light or weather will dress them as friends, 33. pleading and flailing — and 34. fill with placid but unbearable melodies 35. us in deep hinterlands of incurved glass. The structure should now be clear. Where Eliot created new forms by stringing together unremarkable pentameters, {8} this poem attempts the reverse: to recast an irregular ode-like structure as pentameters. And not over-successfully: many of the rhythms seemed unduly confined. But once returned to the form of an eighteenth century Pindaric ode, however unfashionable today, the lines regain a structure and integrity. Each starts with a marked stress and then tails away, a feature emphasized by the sound patterns. {9} Sound Patterning To these sound patterns we now turn, adapting the International Phonetic Alphabet to HTML restrictions: 1. But | as | you’d | expect | u | a | U | e e | b t | z | y d | ksp kt | 2. They | are | very | impatient | the | buildings | A | a(r) | e E | i A e | e | i i | th | – | v r | mp sh nt | th | b ld ngz | 3. Having | much | in | them | of | the | heavy | surf | of | the | North | Sea | a i | u | i | e | o | e | e | e(r) | o | e | aw | E | h v ng | m ch | n | th m | v | th | h v | s f | v | th | n th | s | 4. flurrying | the | grit | u E i | e | i | fl r ng | th | gr t | 5. lifting | the | pebbles | i i | e | e | l ft ng | th | p b lz | 6. flinging | them | with | a | hoarse | roar | against | the | aggregate | they | are | composed | of | i i | e | i | e | aw | aw | e A | e | a E A | A | a(r) | o O | o | fl ng ng | th m | w th | – | h s | r | g nst | th | gr g t | th | – | k MP zd | v | 7. the | cliffs | higher | of | course | more | e | i | I e | o | aw | aw | th | kl fs | h | v | s | m | 8. burdensome | u(r) e e | b d ns m | 9. underwritten | as | it | were | with | past | days | u e i e | a | i | (e)r | i | a(r) | A | nd r t n | z | t | w | w | p st | d z | 10. overcast | and | glinting | O e(r) a(r) | a | i i | v k St | nd | gl NT ng | 11. obdurate | o U A | bd r t | 12. part | of | the | silicate | of | tough | lives | (a)r | o | e | i i A | o | u | I | p t | f | th | s l k t | v | t f | l vz | 13. distant | and | intricate | i a | a | i i e | d St NT | nd | NT r k t | 14. as | the | whirring | bureaucrats | a | e | e(r) i | U O a | z | th | w r ng | b r kr ts | 15. let | in | and | settled | with | coffee | in | the | concrete | pallets | e | i | a | e ie | i | o E | i | e | o E | a e | l t | n | nd | s tl d | w th | k f | n | th | k Kr t | p l Ts | awaiting | the | post | and | the | department | meeting | e A i | e | O | a | e | E e | E i | w t ng | th | p St | nd | th | d p tm NT | m t ng | 16. except | that | these | do | not | know | it | e e | a | E | U | o | O | i | ks pt | th | th z | d | n t | n | t | 17. at | least | do | not | seem | to | being | busy | a | E | U | o | E | U | E i | i E | t | l St | d | n t | s m | t | b ng | b z >/td> | 18.generally | e e a E | j nr l | 19. so | perhaps | it | is | only | on | those | cloudless | almost | vacuumed | afternoons | O | e(r) a | i | i | O | o | O | ou e | aw O | a U | a(r) e oo | s | p h ps | t | z | nl | n | th z | kl dl s | lm St | v k md | ft n nz | with | tier | upon | tier | of | concrete | like | rib | bones | packed | above | them | and | i | E e(r) | e o | E e(r) | o | o E | I | i | O | a | e u | e | a | w th | t | p n | t | v | k nkr t | l k | r b | b nz | p Kt | b v | th m | nd | 20. they | light | headed | A | I | e e | th | l t | h d d | 21. with | the | blue | airiness | spinning | around | and | i | e | U | (A)r i e | i i | e ou | a | w th | th | bl | r n s | sp n ng | r nd | nd | 22. muzzy | a | u E | e | m z | – | 23. neuralgia | calling | at | random | like | U a E a | aw i | a | a o | I | n r lj | k l ng | t | r nd m | l k | 24. frail | relations | a | A | e A e | e | fr l | r l zh nz | – | 25. phone | ringing | in | a | distant | office | they | cannot | get | to | that | O | i i | i | e | i a | o i | A | a o | e | oo | a | | f n | r ng ng | n | – | d St NT | f s | th | k n t | g t | t | th | | 26. they | become | attentive | A | E u | a e i | th | b k m | t NT v | 27. or | we | do | aw | E | oo | – | w | d | 28. these | divisions | persisting | E | i i e | e(r) i i | th z | d v zh nz | p s St ng | 29. indeed | what | we | talk | about | i E | o | E | aw | e ou | in d | wh t | w | t k | b t | 30. we | constructing | these | webs | of | buildings | which | E | o u i | E | e | o | i i | i | w | k nz str Kt ng | th z | w bs | v | b ld ngz | wh Ch | 31. caulked | like | great | whales | about | us | are | aw | I | A | A | e ou | u | a(r) | k kd | l k | gr t | w lz | b t | s | – | 32. always | aware | that | some | trick | of | the | light | or | weather | will | dress | them | as | friends | aw A | e (A)r | a | u | i | o | e | I | aw | e e(r) | i | e | e | a | e | lw z | w | th t | s m | tr k | v | th | l t | – | w th | w l | dr s | th m | z | Fr ndz | 33. pleading | and | flailing | E i | a | A i | pl d ng | nd | fl l ng | 34. will | fill | with | placid | but | unbearable | melodies | i | i | i | a i | u | u A(r) a e | e O E | f l | w th | PL s d | b t | n b r b l | m l d z | | 35. us | in | deep | hinterlands | of | incurved | glass | u | i | E | i e a | o | i e(r) | a(r) | s | n | d p | h NT l ndz | v | nk v d | GL s | Sound in poetry is an immensely complicated and contentious subject. Of the seventeen different employments listed by Masson {10} we consider seven: 1. Structural emphasis All sections are structurally emphasized to some extent, but note the use (in decreasing hardness) of * plosive consonants in sections 1, 5, 6, 7, 10-13, 19, 28-50; 31 and 35. * fricative and aspirate consonants in sections 2, 3, 6, 7, 12, 19, 25, 28, 32, 35. * liquid and nasal consonants in sections 3, 4, 12, 15, 17, 18, 19, 21, 23, 31-35. Also: * predominance of front vowels — in all sections but 6, 7, 11, 16, 17, 19 and 31. * predominance of vowels in intermediate positions — only sections 16 and 17 having several high vowels and section 3 low vowels. 2. Tagging of sections Note sections 1, 7, 13 and 15. 3. Indirect support of argument by related echoes * Widely used, most obviously in sections 3-7, 12-13, and 15. 4. Illustrative mime: mouth movements apes expression * Sections 2, 6, 11-13, 19, 31 and 35. 5. Illustrative painting * Sections 3-6, 10-13, 15, 19 and 33. Most sections are closely patterned in consonants. Those which aren’t (and therefore need attention if consistency is to be maintained) are perhaps 8, 9, 14, 18, 20, 22, 24, 26 and 27. Originally the poem was cast in the form of irregular pentameters. But if this is set aside in favour of the 35 sections listed above, how are these sections to be linked in a self-evident and pleasing form? A little is accomplished by alliteration: * f in sections 3 to 7. * s and t in sections 12 to 15 * w in sections 29 to 32 And also by the predominance of front and intermediate level vowels, but these do not amount to much. Certainly we do not find that the overall shaping of the poem emphasizes the argument or content. Sociolinguistics Language is not a neutral medium but comes with the contexts, ideologies and social intentions of its speakers written in. Words are living entities, things which are constantly being employed and only half taken over: carrying opinions, assertions, beliefs, information, emotions and intentions of others, which we partially accept and modify. In this sense speech is dialogic, has an internal polemic, and Bakhtin’s insights into the multi-layered nature of language (heteroglossia) can be extended to poetry. {11} Much of Postmodernist writing tries to be very unliterary, incorporating the raw material of everyday speech and writing into its creations. This poem seems rather different, a somewhat remote tone and elevated diction applying throughout. Let us see what’s achieved by grouping under the various inflections of the speaking voice. * urgently confidential But, as you’d expect, cliffs higher, of course, that they become attentive or we do * obsessively repetitious flurrying the grit, lifting the pebbles, flinging them†¦ burdensome, underwritten†¦ overcast and glinting, obdurate * over-clever silicate of tough lives  distant and intricate constructing these webs of buildings distracted and/or light-headed except that these do not know it at least do not seem to with the blue airiness spinning around calling at random like frail relations * melancholic and/or reflective some trick of the light or weather will dress them as friends pleading and flailing and fill with placid but unbearable melodies. The exercise hardly provides revelation. Heteroglossia is an interweaving of voices, moreover, not shifts of tone or reference. And yet there is something very odd about the opening line. Why should we expect the buildings to be very impatient? This is more than the orator’s trick of attracting attention, since the animate nature of buildings and their constituents is referred to throughout the poem. To be more exact, the attitude of the inhabitants — observers, bureaucrats, architects — to the buildings is developed by the poem, and is paralleled by the tone. But why the confidential and repetitious attitude at the beginning. Why should we be buttonholed in this manner? Why the But, which seems to point to an earlier conversation, and the urgency with which that earlier conversation is being refuted or covered up? Because the blame for something is being shifted to the buildings. What error has been committed we do not know, but in mitigation we are shown the effect of the buildings on other inhabitants. Or perhaps we are. In fact the whirring bureaucrats seem to grow out of the fabric of buildings, and we do not really know if the we, constructing these webs of buildings is meant literally or metaphorically. The poem’s title suggests literally, but perhaps these constructions are only of the mind: sections 17, 20-29, 32 and 34 refer to attitudes rather than actions, and there is an ethereal or otherworldly atmosphere to the later section of the poem. So we return to heteroglossia, which is not simply borrowed voices, but involves an internal polemic, {12} that private dialogue we conduct between our private thoughts and their acceptable public expression. The dialogue is surely here between the brute physicality of a nature made overpoweringly real and the fail brevity of human lives. That physicality is threatening and unnerving. If the we of the later section of the poem is indeed architects then that physicality is harnessed to practical ends. If the constructing is purely mental then the treatment is through attitudes, mindsets, philosophies. But in neither case does it emasculate the energy of the physical world. Architects may leave monuments behind them, but they are also imprisoned in those monuments (us in deep hinterlands) and hearing all the time the homesick voice of their constituents. Conclusions: Suggested Improvements The greatest difficulty lies in the poem’s structure. An pentameter form has been used to give a superficial unity, but this wrenches the rhythm, obscures the sound patterns and does nothing for the argument. If recast in sections defined by rhythm and sound pattern the form is too irregular to have artistic autonomy. A return could be made to the eighteenth century Pindaric ode in strict metre and rhyme, but would require extensive and skilful rewriting, and probably appear artificial. A prose poem might be the answer, but the rhythms would need to be more fluid and subtly syncopated. Otherwise, blank verse should be attempted, and the metre adjusted accordingly. The internal polemic is a valuable dimension of the poem, but more could be done to make the voices distinct. http://www. textetc. com/criticism/stylistics. html1. On StylisticsIs cognitive stylistics the future of stylistics? To answer this question in the essay that follows, I will briefly discuss Elena Semino and Jonathan Culpeper’s Cognitive Stylistics (2003), Paul Simpson’s Stylistics (2004), and a recent essay by Michael Burke (2005). However, because questions are like trains – one may hide another – any discussion of the future of stylistics raises intractable questions about stylistics itself. French students of stylistics, for example, will come across definitions of the discipline like the following. According to Brigitte Buffard-Moret, â€Å"si les definitions de †¦ [la stylistique] – que certains refusent de considerer comme une scien

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Sample details Pages: 10 Words: 2925 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? In Georgia, as in the worlds most ancient civilized countries, the monetary-credit relations, the existence of different credit facilities and banks have a very long history. Different types of credit institutions, such as credit unions appeared in the VIth century BC in ancient Georgian kingdoms of Colchis and Iberia. These institutions were the precursor of todays banking system. Don’t waste time! Our writers will create an original "Role Of The National Bank And Its Intervention Finance Essay" essay for you Create order This process permanently continued and further accelerated, and in the 8th century, wide variety of credit organizations banks in todays term already existed giving credits with or without the basis of collaterals. In the XI-XIII centuries, Georgia was involved in the world trade, after which the credit unions were more developing, however, after the second half of XIII century Georgian territory became the fighting arena, while it continuously had invaders from different countries.1 Therefore any kind of materials or historical sources on credit facilities is no longer available. After that period the financial-banking system in Georgia was gradually developing and refining. But in this paper we will mainly consider todays banking system and its role in the countrys economy starting from the period of Georgias independence. After declaring its independence, the financial system of Georgia has experienced significant changes. The financial infrastructure designed the following t ransformation: The National Bank of Georgia (NBG) has been created; the national currency Georgian Lari (GEL) has been issued; the commercial banks have been certified. Except banking system, the financial system includes other financial institutions. In 2010 in Georgia 19 Commercial banks operated, from which 16 are operating with the foreign capital participation. As for non-banking depository institutions, there are 49 microfinance organizations (MFO), 18 credit unions; 1,624 exchange bureaus; 24 money remittance service providers; 16 insurance companies; 6 pension funds and 1 stock exchange.0 Among these financial institutions most profitable and important for financial sector is the banking system, which is reflected with the mobilization of the finances and their formation into investment sources by means of the banking institutions. According to this, banking system plays an important role in increasing the pace of Georgian economy. The banks operate in accordance with moder n market model in every respect. An active involvement of the Georgian banks helps the small and medium sized business development in the country. Georgia have done lost of success in developing its financial sector during last years after its independence, however external factors have hampered countrys development to some extent recently, which reflected on Georgias economy and consequently on its financial sector. Nowadays, positive changes are being implemented which gives us the possibility to presume, that the financial system will further develop and promote countys economic development. The Institutional Reforms in the Banking Sector The transformation of Georgias financial system was going on the background of heavy economic and political crisis. During 1991-1994, the production capacity dropped dramatically by 70 percent, which caused a serious financial crisis, suspension of traditional foreign economic links, weak requirements for licensing and, moreover hyperinflation increased instability of banking system. Extremely low required initial capital and the absence of regulation norms from the national bank facilitated the process of the creation of new private banks. From 1989 to 1993, number of commercial banks functioning in the country increased from 20 to 228 (See Table 3 for details), but because of a weak financial base biggest part of them faced financial difficulties, consequently volume of deposits dropped to zero; they couldnt provide high-quality services to their customers. Because of the lack of credit recourses, commercial banks began to compete in attracting money amounts from the population i n return for huge interest rates. Interest rates reached 25-30 percent per month. Unfortunately, such promises were beyond reasonable. After a year, already in 1995, such promises gave deplorable results these banks became bankrupts.3 The tendency of opening commercial banks easily and providing credits from the national bank was finally stopped by the introduction of a new regulation and strict requirements for commercial banks. As a result, in 1996, a two-tier banking system has been developed. The national bank became the upper level of the banking system. All other banks, being under private ownership, constituted the lower tier. The National Bank of Georgia was formed as a classic central bank. The central bank supported Georgian banking system to become larger and secured. In 1998, in order to improve the banks equity liquidity, the requirements for the charter capital were made stricter. The national bank introduced minimal charter capital with the amount of 5 million GEL . Later it increased up to 12 million GEL. This policy led to the reduction of number of commercial banks and in 2009, only 20 commercial banks were functioning out of 228 (Mosiashvili, 2009). Table 3. Number of registered commercial banks /end of the year/ 1993 2001 2002 2003 2004 2009 2010 Number of Banks Total 228 29 27 25 21 20 19 Number of Bank Branches _ 206 199 201 162 159 119 Nowadays, 17 of the existing commercial banks are national (private owned) and 2 are branch establishments of Turkish and Azerbaijan Banks. All in all, 16 out of the 19 commercial banks were founded under the participation of foreign financial institutions such as HSBS, Commerzbank and Societe Generale and others. From 1997, the banking system of Georgia grew significantly rapidly. The banking sector compared to other sectors was annually developing at a preceding rate. During 1997-2004, financial intermediation, as one of the types of economic activities, grew almost 8.7 times in real terms, while the GDP only grew 1.6 times. Despite the fact, that banking sectors share itself is rather small, it offers its clients almost all kinds of banking services currently available in the developed countries. Role of Banks in Developing the Economy As we already mentioned, nineteen commercial banks operated in 2010, from which 17 are resident banks and two as branches of a foreign bank. The total number of service centers and branches of the commercial banks in Georgia equals 632, or 26 units less compared to the previous year (probably because of the cost minimization policies). The share of commercial banks with foreign capital participation equals 89 percent in total assets and 88.3 percent in equity capital. 78.7 percent of paid-in capital represents investments, a two percentage point increase in annual terms. The Georgian banking sector received investments in the total amount of 58.14 million GEL in terms of flows between June 2009 and June 2010. The total assets of the banking system comprised 9.215 million GEL at the end of Q2 2010, which in 19.2 percent more compared to 2009. As for the rations of total banking assets and loans with respect to GDP, these parameters were subject to certain fluctuations in the acco unting period. At present, the assets-to-GDP ratio equals 48.7 percent, being 6 percent more compared to previous 2009 year. The loans-to-GDP ratio in 2010 stood at 30.3 percent, posting an insignificant change in annual terms. Commercial banks credits to economy Deposits Share of Households in Deposits (%) Total in national currency in foreign currency 2003 785923 618852 85863 532989 60.3 2004 964917 895940 230104 665836 50.5 2005 1730466 1174896 333611 841285 54.7 2006 2704384 1859075 565143 1293932 50.2 2007 4632048 2863060 984903 1878157 45.1 2008 6059598 3221187 778560 2442627 50.9 2009 5253905 3427324 91002 2517322 52.7 Source: NBG Deposits The deposits in commercial banks showed a mild increase by 6.4 percent in 2009 compared to 2008, which can be explained by a high growth rate (16.9 percent) of deposits in national currency. Their share in total deposit volume increased significantly by 2.3 percent and comprised 26.5 percent compared to 2008. Hence, the deposit dollarization coefficient decreased from 75.8 percent to 73.5 percent. In 2008, an upward trend in foreign currency denominated deposits continued, although the growth rate was much lower by 5.5 times that of the deposits in national currency. The increase in the deposits in foreign currency was mainly achieved due to the rise in term-deposits by 14.2 percent, while current account deposits decreased by 19.9 percent. It should be noted, that the interest rates on deposits tended to decrease: the respective interest rates on deposits in lari and foreign currency decreased from 11.4 and 10.2 percent in June 2009 to 10.7 and 9.3 percent at the end of the year, and 9.5 and 8.0 percent at the end of June 2010. Compared to 2009, the overall share of deposits increased by 45.3 percent in 2010; Loans The amount of loans issued by commercial banks significantly decreased in 2008 (by 13.3 percent). 95 percent of these loans accounted for term loans, according to which 3 percent and 1.4 percent accounted for overdue loans and accrued interest. In 2009, 59.8 percent of credits to the national economy issued by commercial banks both in national and foreign currencies went to different sectors of the economy, while 40.2 percent went to households. Source: NBG The structure of credit to the economy experienced significant changes in 2008: the share of industry has increased by 2.3 percent. At the same time slightly increased healthcare and transport and communications share (0.5 and 0.3 percent). In contrast, notable decrease was seen in the share of trade (1.3 percent). And last but not least, the shares of real estate transactions and construction experienced a decrease as well by 0.9 percent and 0.6 percent. In 2009, fewer amounts were channeled towards crediting of sectors o f the economy as compared to a year before mainly because of the decrease in loans to trade and construction by 12.8 and 14.9 percent. In 2008, the average annual interest rate on loans of commercial banks comprised 18.6 percent; then in 2009 it increased by 0.7 percent and in 2010 decreased again by 1.4 percent and comprised 18.1 percent. The total assets of commercial banking sector showed a moderate decrease by 6.5 percent falling to GEL 5,185 million in 2009 due mainly to a notable drop in loans to the entrepreneurial sector and households because of higher credit risks. The decrease in total liabilities, on the other hand, was caused by a sharp decline in borrowings by commercial banks. However, starting from January 2010 a permanent uptrend has been manifested showing signs of economic recovery. As for June 2010, the volume of loans equals GEL 5,737 million. In particular, the loans to legal entities grew by 10.9 percent year-on-year, while loans to individuals increase d only slightly at 0.6 percent. Overall, the real growth of the credit portfolio of the banking sector equaled 3.1 percent in the accounting period. Strong growth of loans in the first half of 2010 should be noted with the real growth amounted to 8.43 percent during that period. In 2010, 42.5 percent of the interest income of the banking sector came from loans to individuals, and 55 percent from loans to legal entities. If we compare the interest expenses, the net interest margin equaled 14.7 percent for households and 12.1 percent for legal entities. General Trends in System Development During last ten years, Georgian economy was growing quite successfully. The major factor of economic growth was a correct macroeconomic policy which along with economic liberalization envisaged the establishment of European market regulations. In such conditions, the banking sector has achieved very good indicators, particularly in loans and consumer deposits; growth prospects are also very important. After all of the above-mentioned circumstances significantly increased financial interests of international organizations through the Georgian banking system. Today, as a result, many foreign and international financial institutions are making investments in Georgia. They are as follows: EBRD, IFC, Kreditanstalt fà ¼r Wiederaufbau (KfW), JSC Procreditbank, German Komerzbank, German Investments and Development Company (DEG), Russian ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã‚ ¾Vneshtorbank and many more. Growth of foreign capital in Georgian banking system significantly increased the availability of new resources and new banking products, and at the same time was an important contributor of introducing modern management principles. Participation of foreign financial institutions in Georgian banking system is also reflected by allocation of credit lines, which started from 1996 and consisted three main directions: Structural strengthening of banks; Support of small and medium sized businesses (SME); Mortgage market development. In this direction leads EBRD and its capacity of credit line to Georgian banks is growing annually. Only in 2001-2005, the amount of credit line increased from GEL 32 to 50 million and was distributed to six commercial banks. Recently, on July 2010, the EBRD has approved a financing USD 50 million package for the Bank of Georgia consisting of three transactions: USD 20 million for Medium-Sized Co-Financing Facility (MCFF) with full recourse to the company; USD 20 million credit line for Small and Medium Enterprise Lending (SME) and USD 1 0 million credit line for Energy Efficiency.7 Bank of Georgia is the leading bank in Georgia with a market share of 33 percent of total assets on the London Stock Exchange. The second largest share of credit line has IFC, a member of the World Bank Group, which is also growing its credit lines annually. In the same period, the amount of loans for three commercial banks increased from GEL 8 million to GEL 31 million. Also should be mentioned the fact, that it declared of lending USD 20 million to Bank Republic, Societe Generale Group for financing small and medium sized enterprises. SME in Georgia represent one of the most important segments for economic growth as well as employment. It consists of lots of sectors such as small retailer shops, traders from agriculture and many more. SME business has high potential and the most interesting field to develop is manufacturing, in order to be able to produce products, to be exported and development of export is crucial for the country in order to capture inflow of foreign currency.8 It is also noteworthy to mention German DEG and KfW with their modest share. KfW is very actively involved in financing the land market development project and establishment of technical support in deposit insurance system, which will have a great importance on the future development of banking sector. As for the current situation, in 2010, after activating the processes of consolidation and concentration, the following major groups have been firmly established: Large Banks (6) with the 87 percent assets of the overall banking sector (each bank consists of more than 5 percent total assets of the banking system); Medium sized banks are represented with three commercial banks, each of them owns from 1 to 5 percent of overall banking assets (total group includes 7 percent of total assets); Small banking group includes 10 banks (each owns less than 1 and together 6 percent of the overall banking assets). The quantitative and qualitative growth rates in Georgian banks were challenged by strong financial conditions of large banks, which caused stability of the banking system. The main competition was held among these strong banks and they become the pioneers of implementing new products and services. Operating Licensed Commercial Banks in Georgia Bank Date of Licensing Licensing Number Current Number of Branches JSC Bank Republic 04.02.1992 N5 46 JSC TaoPrivatBank (Former JSC kavkasioni, JCS Tao Bank, JCS First Commercial Bank 25.02.1992 N10 40 JSC TBC Bank 20.01.1993 N85 35 JSC Bank of Georgia 15.12.1994 N86 138 JCS Liberty Bank (Former Peoples bank, JCS Agro-industrial Bank) 10.02.1993 N96 72 JCS Basisbank 11.04.1993 N173 18 JSC VTB Bank Georgia (Former JSC United Georgian Bank) 07.05.1995 N226-a 15 JCS Cartu Bank 09.01.1997 N229 9 JSC Procredit Bank (Former JSC Microfinance Bank of Georgia) 13.05.1999 N233 55 JSC BTA Bank (Former JSC BTA Silk Road Bank, JSC Silk Road) 13.03.2001 N238 7 JSC Investbank 29.09.2003 N241 3 JSC The International Bank of Azerbaijan-Georgia 07.02.2007 N0110242 1 T.C. JSC Ziraat Bank A.S. Tbilisi Branch 31.03.1998 N231-1 1 Open JSC Transcaucasus Development Bank Tbilisi Branch 02.12.1999 N234-1 1 JSC HSBC Bank-Georgia 30.07.2007 N000226 1 JSC Progress Bank 31.12.2007 N0110244 2 JSC KOR Standard Bank 25.01.2008 N01100245 14 JSC Halyk Bank Georgia 29.01.2008 N0110246 1 JSC Bank Constanta 03.07.2008 Decree N130 issued by the Head of FSA 17 From these commercial banks the leading banks can be considered Bank of Georgia, TBC Bank, Bank Republic and Procredit Bank. This is mainly due to the amount of loan portfolio, with the share of deposits, with a good service and international recognition (with respect to other banks). For example, Fitch Ratings, a global credit rating agency, has improved TBC Banks rating and assigned B+ category. Growth of TBC Banks rating is a very positive event since the difficult economic and political processes in Georgia during 2008-2009 had a negative effect on the countrys economy, including banking sector. Experts of Fitch Ratings claim that growth of TBC Banks rating along with the stab le and dynamic development of the bank has been conditioned by a large scale investment in TBC Bank in the first half of 2009 as well as by the changes that took place in the structure of shareholders. Moodys Investors Service has upgraded by two notches to B1 from B3 the long-term foreign currency deposit rating TBC Bank. At the same time, Moodys has the banks D bank financial strength rating (BFSR), which maps to a Ba3 baseline credit assessment (SCA), and has changed its outlook to stable. Similarly, the banks Ba3 long-term global local currency (GLC) deposit rating was confirmed with a stable outlook. Raising USD 161 million from leading international institutions such as EBRD, enterpreneual development bank of the Netherlands FMO, JP Morgan and Ashmore was banks major achievement in 2009. TBC Banks performance in the SME segment is improving annually. At the same time, the Banks structure and approaches are being developed in order to increase the quality service. Th e TBC bank main financial data for 2010 can be characterized as follows: net profit of GEL 43 million was achieved; Bank evaluated another successful year from its 18 year history. According to the banks information, loan portfolio was increased by 33 percent (GEL 369 million), deposits increased by 38 percent (GEL 370 million) and total assets by 30 percent (GEL 522 million). From the beginning of 2010, taking into account countrys improvement, TBC Bank has reinforced its credit policy and softened the terms of lending. It introduced several social projects, implemented a new service as well as expanded its branch networks and so on.9 Banks market share in total assets is 20.8 percent; market share in loans 21.6 percent and market share in deposits accounts for 24.9 percent. Abbreviations IFC International Financial Corporation KfW Kreditanstalt fà ¼r Wiederaufbau SME Small and Medium sized business BFSR Bank Financial Strength Rating GLC Global Local Currency 0 National Statistics of Georgia: www.geostat.ge 1 see www.cac-biodiversity.org for details. 2 Kartl-Kakheti Kingdom in Georgia dont exist anymore. Instead they represent two regions of Georgia: Kartli and Kakheti. 7 See www.ebrd.com 3 According to expert estimation, total amount accumulated in these companies and banks, fluctuated between 25 million and 50 million USD, composed 20-35 percent of a state budget in 1995. 4 Mwenda (2006), pp. 31-32. 8 see www.finchannel.com 9 see www.economy.ge