Introduction to corporate finance Essay Example | Topics and Well Written Essays - 1500 words

Introduction to corporate finance - Essay Example The essential element of such a relationship exists in the significant correlation between prevailing rates of interests and the past changes in the bond prices which are averaged on a weighted basis. This results in the reflection of the effects on the price levels over longer duration of time. (Irving Fisher) Fisher separation is the foundation to the theory of finance. (Moneyterms) This formed the foundation on which the modern day Present Value theories have been established. Fisher's contribution to the theory of finance with respect to the valuation of shares is based on the basis of future earnings and the present value of the earnings on the shares. This paper analyses the propositions on which the share valuation model advocated by Fisher was based and also the newer models that help mitigating the difficulties faced in the Fisher's Model. Fisher attributed the correlation between the prevailing rates of interest and the past changes in the prices of bonds which are averaged using a weighted index, to a not-so-perfect estimation about the expected inflationary tendencies and the resulting intention of the investor to extrapolate the likely future price level changes in the bonds so that the investor may be able to ad... This is known as 'Fisher effect' and is the model that Fisher advocated for use in the valuation of bonds. But it can be observed that the present day analysts use this proposition not only for bond valuation but also for the stocks. In the case of equities it is the forecast of the sustainable growth rate that replicates the interest rate factor of the bond valuation. The 'forecast growth rate' of stocks is the modern day innovation in the financial theory relating to the share valuation and trading. This stand of Fisher was substantiated by Robert F. Wiese. Wiese stated that "the proper price of any security, whether a stock or a bond, is the sum of all the future income payments discounted at the current rate of interest in order to arrive at the present value" John Burr Williams (1938) further describes this theory by stating, "A stock is worth the present value of its future dividends, with future dividends dependent on future earnings. Value thus depends on the distribution rat e for earnings, which rate is itself determined by the reinvestment needs of the business." Propositions of Fisher's Model of Share Valuation The assessment made by Irving Fisher immediately after the crash in the share prices in the year 1929, described the following attributes as determinants of the share price movements in the market, since the share price in the market is determined largely by the discounted value of future earnings in the form of dividends from the respective stock. According to Fisher basically these attributes contribute to the upward changes in the price levels of stocks: (1) "Because the earnings are continually plowed-back into business instead of being declared as dividends" In this statement

Possible Danger of Posting Personal Information in Networking Research Paper

Possible Danger of Posting Personal Information in Networking - Research Paper Example On the sites, the content creation of the users and the social interaction and networking between users are not separate. Both the activities take place in one environment and this poses a challenge to the policy developers. More than 50 per cent of the teens use these social networking sites and do not appear to have reservations about balancing privacy and awareness. The adults use it to remain connected and the businesses to derive benefits out of it. Despite the benefits, the pitfalls can be precarious. This paper will discuss whether this has led to a generational shift in how people relate between private and public space. Web 2.0 is the second generation of web-based services and tools that emphasize online sharing collaboration among users. It is no longer a place that holds static pages; it is no longer a â€Å"medium† that people come to. The web pages are now dynamic and organized and based on serving web applications to users. It is now a platform that enables or delivers Web-based services to users, independent of the computer they use. Web 2.0 has no ‘walled gardens’ which implies information can freely flow in and out of the web services (James, 2007). There are rich user experience and data organization; it provides services and has characteristics that support and enhance interaction among users. Web 2.0 helps to create websites that look and can act like desktop programs. Examples of web 2.0 include Blogs and Wikis, IM Chat, tagging, RSS Feeds, Google Maps and Docs. Photos and video sharing and social networking are the web 2.0 tools, social office suites and podcasts (C arpenter & Steiner, 2005).

Machines vs. Human Workers

Machines vs. Human Workers Introduction In the recent past, technology has evolved to such an extent that human labour has either been replaced either partially or completely by machines. People, companies and organizations have turned to research on machines as a possible replacement of human labour by. There have been postulations that machines make work easier. Work which was supposed to be done by several people can be done by only one person who is operating a machine. For example, a company has employed twenty people to be carrying some bags from point A to point B. If this company gets a machine with a conveyer belt to run from point A to B, the company will only need one person to operate the machine and the same work which was supposed to be done by twenty people will be done by one person. This fact has made most of the organizations to embrace technology and employ more machine labour than human labour with a view of cutting down the cost of production and at the same time increase the efficiency of work done. T his paper examines the effects of machines on human labour and how they interact. (Oscar, 2010). The need to make production similar in all aspects of the organization was a major problem facing most of the producers. Producers wanted to produce goods and services which were similar with one another. However, human labour was very different. People have different characteristics and behave differently in the same situation. This is also reflected at the work place. Two different people given the same work will not produce exactly similar results. This became an issue and the first solution was the development of protocols which would guide human beings in labour. These protocols would serve as guidelines to the workers in an attempt to produce similar results. However, the strategy did not yield very good results as expected. There was an increase in the administrative labour needs of organizations. In addition, there were a lot of conflicts between the laborers. The white color laborers and blue color were always in conflict. In addition, the companies could not produce the sam e goods. Research showed that the only way to produce similar products was by the use of a machine which led to the advent of machines. Although the first machines were not as advanced as the current ones, the machines replaced human labour partially. With time, a machine could do the work of very many people and thus reducing the need for human labour (Clay, 2010). Loss of Employment As mentioned above, machines have significantly reduced the need for human labour. Machines make work easier. With the advent of machines, an individual using a machine can perform work which would have needed several people to carry out. A machine will only need one person to operate it and then carry out duties which needed many people. An example is the transport industry. Initially, horses used to be the main means of transport. Each horse would need one individual to transport a person. However, the horses have been replaced by vehicles, planes and trains. These machines have completely replaced the need for horses and their operators. For one horse, one operator was needed and only one person could be transported. Currently, a train can carry one thousand people and with only one operator. In the normal case, transportation of one thousand people would have needed one thousand operators of the horses. However, the train has replaced the rest of nine hundred and ninety nine oper ators rendering them jobless. Machines carry out their functions with a lot of efficiency. Machines are continuously improved to work faster and become more efficient. Machines carry out the functions of human beings at relatively higher speed as compared to human beings. In the transportation of goods from one place to another, a machine can move at a speed which is one thousand times more than the human being or even more. The implication of this is that work which would have needed one thousand days of human labour will only need one day of machine labour. As a result, the machine will replace one thousand days of human labour with one day of human labour. An individual would have worked for a thousand days without the machine. This is thus reduced to just one day. If only two thousands day equivalent of human labour was available, the person will only work for two days only making him or her jobless for the rest of the remaining days (Penslar, 1995). The combination of the fact that a machine can carry out work of several individuals at the same time and do work faster than humans makes it displace human beings effectively. A machine will perform a certain duty faster than human beings and at the same time perform duties of several human beings at the same time. Most organizations will opt to use machines which will reduce the cost of operation by reducing the number of people needed for the job. Machines are therefore being a favorite for most of manufacturers. They will buy and install as many machines as possible so as to minimize human labour as much as possible. The end result will be a situation where very few people are needed for the running of an organization while the rest of the people are replaced by machines. Advancement of Capitalism Machines reduce the need of the company management of employing human workers. The organization will only need to buy a machine and then the organization will not pay human beings salaries and wages. The money which was supposed to be paid as wages and salaries is maintained by the organization as profit. Thus, the machines will divert the money which was supposed to be given to several people to the pocket of one individual. The owner of the organization will continue increasing his profit while the rest of the people who would have served as employees to the organization continue getting poorer as they do not have an income. The income for more than a thousand people will end up going to one person. This means that the people who have the capital to buy machines are more likely become rich while those without capital will become poor. Companies will invest more in buying technology. The organizations will buy software which is for replacement of the administrative duties of the human beings. Software will be designed such that it can perform most of the administrative duties in the organization. This makes the software very expensive and thus making the organizations which make such software benefit much from them. The result will be a boom in the software manufacturing industries. Thus, organizations and institutions which train people on the skills of performing certain job will become obsolete. An organization, for example, training people on the way to ride a horse for transport will become useless as no one will need such people. The machines are thus replacing the need to acquire certain skills. The training institutions for such skills will therefore not be needed and the people employed in those institutions become jobless. Replacement of Human Beings with Robots Part of the functions of human beings has been replaced by machines and robots. In some cases, the functions of human beings have been replaced completely. For example, in the transit of goods in production from one section to another has been replaced completely by the robots. These robots are able to move the goods at very high speed from one region to another without any delays. The machine will work without fatigue and thus can work for even twenty four hours per day. Some of the robots will need the input of human beings as a controller while others will not need such a controller. Depending on whether the robot needs human control or not, there can be complete replacement or partial replacement. Robots which need some human control are better because they do no replace completely the human labour. However, some machines and robots will replace humans completely since they need no human input in their running. They are just programmed and thus run without needing any input from human being. There however some instances in which human labour are very essential. An example is the medical field. Although there have been a lot of advances in medicine, it has become almost impossible to replace human labour with robots (Peterson, 2010). In the diagnosis, robot cannot accurately make a diagnosis. Even with advancement in technology in the medical field, there is no machine which is intelligent enough to carry out the functions of the doctor. Thus, although the machines are taking over most of human functions, there are some of the functions which the machine cannot perform (Williamson, 2000). Human beings have an advantage than robot in that they are intelligent. Human beings are able to think and adjust according to the situation. For example, during an operation, a human being is able to feel the force of pulling a suturing thread and estimate the need for applying more or less energy. However, a robot can easily cause damage because it does not have the feedback mechanism which human being has making it not appropriate for the performance of the specific functions which need a lot of intelligence. Human beings can look at a situation and think on the best way forward (Sheila, 2006). However, a robot or a machine will perform a certain duty in the same manner in all the cases making it not very appropriate for tasks which need thinking (Stevenson, 2010). Advantages of Machines over Human Beings Machines have very many advantages as compared to humans. First, machines perform work faster than human beings. Machines have a very high efficiency and they perform certain tasks at a faster rate than humans (Penslar, 1995). As outlined above, a machine can perform work which human being can take a thousand days in one day. This makes it efficient for the performance of most of duties especially where the time is a limiting factor. An organization will employ machines which will enable it produce a lot of goods or services within a short duration of time. With a machine, an organization will be able to beat all the deadlines and ensure that there are no delays to their customers. Machines have an advantage that they do not get exhausted. As opposed to human labour, most of machines can work for a full day without getting fatigued. This makes them be able to perform tasks which need to be performed throughout. For example, a lift can work for twenty four hours without getting exhausted. This makes it appropriate for use in the buildings. If it were a human being he or she would not be able to withstand the work and would eventually lose control. A machine is also not governed by the laws of labour concerning its working hours as opposed to the human beings who will only work for eight hours per day and any hour above that will be paid as overtime. Machines will not have overtime. Machines are not paid. Although their acquisition is very expensive, they do not need to be paid a salary or a wage. They do not need allowances like human beings. This makes them very cost effective. The money which the organization would have used as salaries forms part of the profit. The organization reduces its cost of production by a high percentage as the machines will replace the need of human labour and thus making it cheap for the organization to operate. The only expenses for the machines are its acquirement and its maintenance which is far much less than what would be the cost of paying employees if they were the ones working. Machines are able to products which are similar. A machine will operate in the same way and will not vary with time. Where it has been adjusted, it produces the goods with that standard. This is very important especially in mass productions where the organization needs to produce a lot of goods which are similar with one another. It makes it easier to test the quality of the goods since just a sample is needed and it acts as a representative of the rest of the products. The sample is a true representation since the machine produced goods which were all the same. For example, in the packaging of oil in the oil cans by ExxonMobil, all the cans contain the same volume and quality of oil as long as the settings were not altered. Thus when someone wants to tests the quality of goods being produced, he or she will just need to test one product. Machines are not vulnerable to corruption. Corruption is gaining root in most of the places especially in the third world countries. To reduce this corruption, machines are employed. A machine will apply one standard to all situations regardless of whatever situation presents. This is as opposed to human beings where a brother or a friend may receive favors of the person in charge. For example, in the automated betting systems, the machine is able to decide without bias who has won which is opposed to a situation where a human being is in control and therefore will be biased (Thompson, 2003). Disadvantages of Machines over Human Beings Machines are at times not able to completely replace human beings. Machines are not able to think and conform to the situation at hand (Zainab, 2010). A machine will not be able to adjust according to the situation so as to make it possible for it to do the best at that time. A machine cannot notice that there needs to be a change in the actions since the environment demands a different way of operation. Human beings can adjust to the situation and change accordingly. A machine will only operate on commands and without the commands, the machines will not operate. What the machine or the robot has been commanded will form its actions until a different command is given (Ridley, 1998). Machines have reduced the need for human labour. Human labour has lost mean because of its cost and its effectiveness. Organizations sack people and their duties taken over by machines. Employees will lose their way of life and make them baggers. Most people will become jobless as the machines take over all the functions of humans. With very efficient and effective machines being produced, they can completely replace all the functions of human beings in an organization. An organization will depend almost completely on the machine for the labour. Conclusion Technology has gone to a very high level in the recent years. Technology has concentrated on making work easier and reduces the need for employing many people. This has led to the decrease in the importance of human labour. People have been losing jobs and their duties played by the machines. The machines have the advantage that they are faster and more effective. They enable an organization to meet its deadlines and thus avoid a situation where the organization is not able to carry its duties in time. On the other hand, machines lead to loss of jobs for people and thus making them not have an income.

A Comparison of Persuasive Techniques in To His Coy Mistress and An

A Comparison of Persuasive Techniques in 'To His Coy Mistress' and 'An Answer To A Love Letter' 'To His Coy Mistress' is a poem written by Andrew Marvell (1621 - 1678). From the poem, it can be seen that he is trying to persuade his mistress to have sex with him. Although the male persona that reveals this story, the intent of Marvell was probably for humour and as entertainment for others. 'An Answer To A Love Letter' is another poem, written by Lady Mary Wortley Montagu (1689 - 1762), but in contrast to Marvell's, it is used to reject an admirer's interest and could be seen as a reply. The poem describes how a female persona declines an admirer. While this story takes place, Montagu simultaneously rebukes men in general. This inclination may have been caused by her bad experiences in marriage. Both poems use persuasion, although for different purposes. Andrew Marvell was born at Winestead-in-Holderness, Yorkshire, on March 31, 1621. At 3 years old, he moved to Hull where his father, Reverend Andrew Marvell became a lecturer at Holy Trinity Church. Andrew Marvell was educated at Hull Grammar School and studied at Trinity College in Cambridge. Two poems that he had written, one in Greek and one in Latin, were printed in 1637. The next year he was accepted as a Scholar of Trinity College and took his B.A. degree. Within a few days, his mother had died and after his father died also within 2 years, he left Cambridge. It was in this period, after he started travelling in Europe, that he wrote 'To His Coy Mistress'. Lady Mary Wortley Montagu was born in 1689, the eldest daughter of the Duke of Kingston. Her family were wealthy, but n... ...rue of Montagu's poem. In the same way, Montagu's logical argument is shown by the structure. Montagu has different sections in her poem and although she has not split it into stanzas, the divisions are quite obvious. The first section is about the admirer, how he has everything, is married and should not try to seduce her. She then scolds men in general in the next section, insulting men and showing her disgust. In her next section, she describes how she had been hurt before, how someone has already taken her heart and broken it. She tells how she feels men lie and deceive in the following section before ending with a section on the consequences. Although both do use logical argument, it is more evident in "To His Coy Mistress" as his is split into the different stanzas while "An Answer To A Love Letter" is not.

Reliability of Human Memory

The reliability of human memory, though typically seen as quite accurate and trust- worthy, has been questioned by researchers in recent decades. In particular, one area of memory that has raised questioning is emotional memories that are extraordinarily vivid and detailed, which were first referred to as flashbulb memories' in 1977 by Roger Brown and James Kulak, which occur due to powerful events such as the death of Princess Diana, and the terrorist attacks on 9/1 1 . These memories are not as reliable as perceived, and do not provide accurate details of past events liable.This can be seen in the following two Journal articles; one which looks at memory recollection after 9/1 1 occurred over 3 different time periods, straight after, 1 year after and 3 years after, and the other looks at the flashbulb memories produced after the nuclear attacks in Japan in 1999. It is important to adopt the idea that flashbulb memories do not provide accurate details of past events reliably, and mo re so look at them Just like every other memory. The first Journal article examines long-term retention of memory from the tragedy hat is the terrorist attacks of September 1 1 .The study had over 3000 individuals from seven US cities report on their learning of the attacks, as well as details about the attack, one week, 11 months and 35 months after the assault. The following were focused on in the study: † (1) the long-term retention of flashbulb and event memories, (2) the comparative retention of emotional reactions with the retention of other features of a flashbulb event, (3) possible difference in the underlying processing associated with the formation and retention of flashbulb and event memories, and (4) the factors that shape long-term retention, including the role of memory practices. † (Hirsh W.Et al, 2009, Para. 3) The study was conducted simply through 3 similarly designed surveys for the different time periods, with the first 6 questions relating to develo ping consistency of flashbulb memories, the next 4 on the accuracy of event memories, and the remaining questions on predictors, with confidence levels recorded for each answer as well. Concluding the research study, it was found that the rate of forgetting for flashbulb memories and event memory lows after a year, the strong emotional reactions drawn out by flashbulb events are remember poorly, and that the content of flashbulb and event memories stabilizes after a year.The second Journal article consists of a study that looks at the nuclear accident that occurred in Japan, in 1999 and whether or not different aspects such as the source, place, activity or people have an effect on the accuracy of flashbulb memories. The study was conducted through a questionnaire which was distributed twice; 3 weeks and a year after the event occurred, to people that lived on the site of the bombing as ell as in the surrounding area. The questionnaire asked such questions as â€Å"from where did y ou receive the news? And, â€Å"how many times did you talk about it with other people? † at both time periods to see the consistency of answers, along side to see if there was any outside influence on the persons memory. The results from the study determined that only a small portion of participants indicated accurate flashbulb memories, alongside this, those that did have accurate flashbulb memories reported rehearsing the memory more than those that had inaccurate memories – his encourages the idea that flashbulb memories are formed through rehearsal, rather than at encoding. (Attain, h. , et al. , 2005, p. ) Like every study, the one regarding September 1 lath also has strengths and weaknesses when collecting and evaluating the data to come to a conclusion on the accuracy of flashbulb memories, however the strengths of the study outweigh that of the weaknesses. The first strength of the study is that it provides data not only from one time period from when the even t occurred, but from multiple so that it can not only look at how much is remembered over a certain period of time, but also to an extent at what rate memory retention declines, as well as stabilizes, which as mentioned earlier the rate of forgetting slows after a year.Another strength of the study is that by providing confidence levels, it also helps to show whether or not the person doing the survey was guessing to fill in the answers, or if they genuinely believed what their memory was telling them, which as a result showed on a whole that memory is not as trustworthy as perceived, with many people reporting different Tories several years later, with very high confidence levels. Weaknesses are also evident in the study, however not as weighted as the strengths for it.One weakness that is prominent in the study is that because the survey is not done in a controlled environment, and is rather sent in the mail to the person, when completing the survey there could be other factors in the persons home which may potentially affect what they are thinking at the time, and thus could provide inaccurate data in the long run. Another weakness in the study, although it does not have too large of an impact, s that health issues had not been accounted for, which in turn could potentially alter the overall data.Overall it can be seen that the strengths of the study outweigh that of the weaknesses, and therefore the study provides accurate data which in turn shows that flashbulb memories do not provide accurate details of past events reliably. The study conducted regarding the nuclear accident in Japan has numerous strengths and weaknesses involved in the collection and evaluation of the data, which ultimately affects the outcome of the study.In this study the strengths outweighed that of the weaknesses. The first noticeable strength in the study is that it looks at the four different aspects – the source, place, activity and people – which provides a broader understanding of what information, if any, is retained accurately. Though from the study it showed that each factor didn't have too large of an impact, and that flashbulb memory is not as accurate as first thought.Another strength of the study is that unlike in the first study, for this one the exact same questionnaire was used at both different time periods, so that it is a lot easier to compare insistence, rather than having different questions which potentially could be interpreted incorrectly. Alongside the strengths of the study, there are also weaknesses, one of which being that it does not look at lengthier time periods after the event happened, and it only looks at 2, unlike the other study which looked at 3.This could throw out the overall results of the study, however it still provides a general idea. Another weakness in the study is that Just like the first study, it does not take into account peoples health problems, or even age, which has a chance of providing incorrec t data. However, looking at the strengths of the study, they outweigh the weaknesses in the sense that they show that flashbulb memories do not provide accurate details of past events reliably.In conclusion, the human memory, is not reliably accurate in providing details of past events. This was shown specifically after analyzing different Journal articles that look at flashbulb memories. In conclusion to the Journal article that tested flashbulb memory against the 9/1 1 attacks, it was concluded that the strong emotional reactions drawn out by flashbulb events are remember poorly, and that the content f flashbulb and event memories stabilizes after a year.In the following study that was conducted after the nuclear accident that occurred in Japan in 1999 was analyses, it was concluded that the idea that flashbulb memories are formed through rehearsal, rather than at encoding. After analyzing the following articles, it has been concluded that flash bulb memory is not and has not been reliable for recollecting events accurately. For future research for each of the studies, the surveys should be consistent over the time period so that accurate information is collected.Also, health ND age should be taken into account to reduce risk for incorrect data.

Power Struggles in Society

Mills, Schudson, and Gitlin show different approaches to society and the role of mass media. Each approach helps illustrate a different focus on society. They each hold special relevance in a discussion of the history of societal beliefs. The Mass Society refers to the overall belief C. Wright Mills held in relation to the type of society he believed we live in.Mills began The Power Elite with a bold statement saying, â€Å"The powers of ordinary men are circumscribed by the everyday words in which they live, yet even in these rounds of job, family, and neighborhood they often seem driven by forces they can neither understand nor govern† (Mills, 1956, p. 3). This opening sentence helps describe the attitude and beliefs of the entire book. A â€Å"power elite† exists in a society that is made up of three spheres. They are divided into economy, political, and military, with the same group of people interchanging between the three.This large group of elite is at the top ma king all the decisions, while the masses are at the bottom, unaware of the process that molds public opinion. Masses within this view of society are irrelevant and do not have any type of influence. The media functions as an entertainment source, keeping the masses entertained while the elite is taking care of all the important matters. It helps keep the reality and truth of the world obscured from the masses.Mills explained what the media does for the masses as â€Å"they distract him and obscure his chance to understand himself or his world, by fastening his attention upon artificial frenzies that are revolved within the program framework, usually by violent action or by what is called humor† (Mills, p. 315). This helps illuminate how the mass media guides, tries to control, and manipulates the masses. Mills describes the effect of mass media as â€Å"a sort of psychological illiteracy† to the extent that we â€Å"often do not believe what we see before us until we read about it in the paper or hear about it on the radio† (Mills, p. 311).The masses â€Å"standards of credulity, standards of reality, tend to be set by these media rather than by ‘the masses' own fragmentary experience† (Mills p. 311). Mass media's role helps prevent the questioning of the elite. â€Å"Families and churches and schools adapt to modern life; governments and armies and corporations shape it; and, as they do so, they turn these lesser institutions into means for their ends† (Mills, p. 6). The family into which someone was born or marries into helps improve or decrease their social status. The school where one is educated or the church where one worships also plays a major role in the social standing.Schools teach skills to the masses that enable them to function in society. Institutions shape life and the masses adapt to what institutions create. The masses in the theory are very disorganized and not connected to others. An excellent way to describe to masses can be shown by watching The Twilight Zone movie. It is a state of total confusion for everyone, with each doing their own thing. The elite enjoy the state of confusion with the masses, because they are able to control the major decisions that must be made. They determine the policies and the people enlist in them.In the mass society, the elite control the policies and ways of thinking for the confused masses. Schudson approaches the nature of society in a much different way, through the idea of the democratic society. In Discovering the News, he discussed â€Å"an even distribution of income† and described the 1800's as â€Å"more people acquired wealth and political power ‘bringing' with them a zeal for equal opportunity that led to the expansion of public education† (Schudson, 1978, p. 44). When looking at society as a whole, you have them socially, economically, and politically integrated. Economic development was promoted and shared by ma ny rather than few† (Schudson, p. 45). The press does not cause, but picks up elements, reflects, and builds from a democratic society. â€Å"The democratization of economic life brought with it attitudes that stressed economic gain to the exclusion of social aims; business practice more regularly began to reward strictly economic ties over broader ones† (Schudson, p. 46). Schudson believed that society was grounded in the perception of society, with the middle class dominating and developing.Media's relationship with its audience helped sustain them, but it did not create the worldview. The media cannot be proven to have many effects on society, and the ones that exist have to do with advertising as a cultural institution. Advertising functions more as a way of celebrating products and buying. It functions to remind and refocus as it orients people to the world and let them know that others share the same views. Advertising reminds us of things in society and reinforce s some social trends. The trends and cultural symbols make us aware while reminding us of what we already know.Objectivity occurred in writings as a response to a problem, not as a correct way to see the world. â€Å"As our minds become deeply aware of their own subjectivism, we find a zest in objective method that is not otherwise there† (Schudson, p. 151). Objectivity developed in response to crisis, when journalism became so overwhelmed with subjectivity. There are three views in reference to objectivity. â€Å"The first view, then, holds that form conceals content in the news story. A second position is that form constitutes content, that the form of the news story incorporates its own bias.A third sees the form of a news story, not as a literacy form, but as a social form tightly constrained by the routines of new gathering† (Schudson, pp. 184-185). The â€Å"moral wars† in journalism showed each class held differing beliefs on what was acceptable. The Time s wrote a speech by Reverend Dr. W. H. P. Faunce saying: â€Å"The press engages in a fearful struggle, one class against another. On one side stands the reputable papers and on the other, is what calls itself the new journalism, but which is in reality as old as sin itself† (Schudson, p. 114).Class conflict was the main reason for problems inside the newspaper industry. Different societal classes produced different types of newspapers. Schudson tracks the middle class because he fells it is the most important. He said the press emerged to serve the middle class audience. Schudson said the political aspects of society went from public to private. Reality was public, but became more concerned with what the individual was thinking instead of what everyone was thinking. Voting was one area effected by this new political and reality change.People began to vote in secrecy, such as in the separate voting booth presently used. This new secrecy allowed people to make decisions on the ir own instead of relying on others. Gitlin discusses how many aspects of society are the result of hegemony, defined as â€Å"the name given to a ruling class's domination through ideology, through the shaping of popular consent† (Gitlin, 1980, p. 9). â€Å"Hegemony is a historical process in which one picture of the world is systematically prefered over others, usually through practical routines and at times through extraordinary measures† (Gitlin, p. 57). Society is maintained by hegemony instead of class structure. This type of society is possible because it has a common reality, shared language, common cultural forms like mass media, shared government, common education and religion, and common transportation. Hegemony says we live in a society where all ideas are not treated equally. As a result, we are predisposed to accept some views and slower to accept others. It is not a conspiracy theory but it holds that everyone is doing their job. The ideas of the dominan t in society are being told.If someone outside the dominate group feels their idea is right, they must do something out of the ordinary to get attention. The dominate class is not particularly the elite or the middle class, but it is the group whose ideas are most important to be heard in society. We grow up in a world that already has meaning; we must therefore decide where we belong. In return, society produces the kind of people it needs. Many people spend their lives trying to figure out where to belong. The routines of journalists are the main way standardized frames are put into reporting. These routines are structured in the ways journalists are socialized from childhood, and then trained, recruited, assigned, edited, rewarded, and promoted on the job; they decisively shape the ways in which news is defined, events are considered newsworthy, and ‘objectivity' is secured† (Gitlin, pp. 11-12). People think the world is being reported, but it is actually being create d. Mills, Schudson, and Gitlin share few beliefs in relation to the nature of society. Each believes that separate social classes exist and that each class relates to society in a much different way.They also agree that problems do occur within society and its current division, but at that point their beliefs begin to diverge. Mills and Gitlin are the most similar among the three. They both believe there is a separation between one dominate class and the masses. Mills believes the one dominate is the elite and Gitlin does not feel it is any particular social class. Schudson, on the other hand, believes there are separate classes with the middle the most important. The most persuasive is a combination of Schudson and Gitlin. Different times make the separation on which is most important.Schudson is correct in saying the media and society play off each other. Things which occur in society would not be made as important without the media stressing its importance and society tuning in t o hear the details. Gitlin is also very true in his beliefs of hegemony with a ruling class being dominate over society. The world in which we live is very centered around the fact that one group's ideas are heard through the media more often than that of others. The nature of society is explained differently when looking at Mills, Schudson, and Gitlin. Each person is very persuasive in the views they express.There are also weaknesses that exist in some of the views. Gitlin's hegemony comes across as the most persuasive of the ideas. It can explain most things in society that the other two cannot. Society is complex in every way, but hegemony helps make it more simple to understand. References Gitlin, Todd. (1980). The Whole World Is Watching. Berkeley: University of California Press. Mills, C. Wright. (1956). The Power Elite. London: Oxford University Press. Schudson, Micheal. (1978). Discovering the News: A Social History of American Newspapers. USA: Basic Books.