Financial Markets in Pakistan Essay Example for Free

Financial Markets in Pakistan Essay A financial market is a place for buying and selling of financial securities such as stocks and bonds. It facilitates: * The raising of capital (in the capital markets) * The transfer of risk (in the derivatives markets * In matching those who want capital to those who have it. Financial Market in Pakistan consists of (i) Money Market which provides short term funds and (ii) Capital Market which makes long terms funds available to businesses and industries. The Financial market can be reclassified into (i) Primary Market in which new shares or bonds are issued and (ii) Secondary Market in which securities previously issued are traded such as Shares, Bonds, Commercial Papers, Options and Mutual Fund. Of this, the banking sectors and non-banking sectors are regulated by the central bank, State Bank of Pakistan. While rest of the market (lease, stock exchanges, modarba, mutual funds and insurance) is regulaled by Secruities and Exchange Commission of Pakistan. FINANCIAL MARKETS AND THEIR ROLES: COMMERCIAL BANKS A type of bank providing checking and saving accounts, credit cards and business loans. Such a bank induces general public to deposit their savings in the banks and offers a wide range of services such as: * Deposit Mobilization * Money transfer * Financing Working Capital * Financing other trade related mode (import and export) * Investing in government securities * Call money operations These banks are of three categories (i) Public Sector Banks, (ii) Private Bank and (iii) Foreign Banks. LEASE -FINANCE EQUIPMENT INVESTMENT BANKS Investment banks perform a variety of functions. Primarily, they assist corporations to raise equity-capital by underwriting the public issues. They also assist companies desiring of mergers and acquisition and derivatives. In addition, they provide services like trading of derivative, foreign exchange, fixed income instruments and shares listed on the stock exchanges. Such banks cannot take deposits. They manage their affairs by charging fees such as (i) retainer fee, (ii) advisory fees based on the transactions, (iii) commission on underwriting and (iv) other financial services. PICIC was once a premier development in Pakitan but has merged with a commerical bank. BOND MARKET OUTLOOK DEVELOPMENT BANKS These banks provide guidance in selection of industrial units and extend direct financial assistance to partly cover their financial requirements. Also, they engage themselves in promotional activities to attract investors towards neglected sectors through publishing brochures and research papers. Besides, they help in assessing feasibility of potential projects. Such banks are responsible for speeding up the pace of economic growth in the country in conformity with the national objectives, plans and priorities. Their core functions are: * Direct financial assistance * Catalytic function * Mobilization of domestic savings * Ensuring balance regional and industrial growth * Expanding entrepreneurial base by encourage new comers At one time, there were 14 Development Banks in Pakistan. However, most of them have been closed one after another as their bad debts mounted up. It is natural as they take substantial risks in promoting new types of industrial projects in underdeveloped areas sponsored preferably by new-comers. Nevertheless, their contribution brings fruits to the economy in the shape of successful industrial units and transfer of technology. At present, 8 development banks are operating which mostly are joint-venture with other Islamic Countries. MICROFINANCE BANK A microfinance bank would cater to the credit needs of poor households and their small enterprises. Thus microfinance bank provide credit to those poor who are not considered creditworthy by the commercial banks and other financial institutions. On the other hand, the microfinance bands recognize every single human being as a potential and creditworthy entrepreneur. In addition, they provide basic training in start of a small business, simple book-keeping and accounting. The main aim of microfinance institutions is alleviation of poverty through helping poor persons to earn some money especially the women. ISLAMIC BANKS In Islam, it is prohibited to charge interest on any loan. However, it is acceptable to pass on funds to a needy person or corporation for trade purpose in which case profit could be shared on an agreed basis whereas loss should be shared according to the funds invested. Besides, there are certain businesses where any form of deal is forbidden like alcohols and pork. Accordingly, Islamic bank refer to a banking activity which is consistent with the Sharia, the Islamic Laws. Otherwise, there is no difference between the traditional banks and the Islamic bank. DISCOUNT HOUSES These are firms which buys and discounts bills of exchange, banker acceptance, commercial paper, etc. Discount houses also tender for treasury bills, deal in short-dated government bonds, and are an important part of the short-term money markets. INSURANCE COMPANIES Insurance is a hedge against the risk of a contingent and uncertain loss. In other words, it is the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. For this service, the insurer charges a fee called premium depending upon the risk involved. Besides traditional insurance companies, there are many Islamic insurance companies in Pakistan known as Takaful operators. Takaful is an Islamic insurance concept based on mutual co-operation, responsibility, assurance, protection and assistance between groups of participants. These companies believe in promoting the cause of Takaful as well as promoting the insurance business in a Shariah Compliant i.e. halal and absolutely Riba-Free insurance. STOCK EXCHANGES Stock exchange is a place where securities are bought and sold. Such securities include shares, derivative, unit trusts and bonds. It also provides facilities for the issue and redemption of securities. Prices of shares and bonds are influenced by their demand and supply like in other commodities. In order to list a security on the stock exchange, there are certain requirements. Transactions in the stock exchange are conducted by members only. Stock exchange serves both as a primary market for the initial public offerings and as a secondary market for their subsequent buying and selling Investors are not bound to sell stock or bond through the stock exchange. They can directly deal with the seller. Similarly, there is no compulsion that stock must be traded on the exchange. The securities can change ownership out of the exchange which is called ‘over the counter† or â€Å"curb dealings.† LEASING It is a contract where owner of an asset agrees to allow someone to use it for a fixed rental. It can be for fixed or indefinite period of time. It is a binding contract which sets out terms of lease agreement between the owner and the user. Leases are of various types mainly (i) a financial lease and (ii) an operating lease. The financial lease is long-term and non-cancellable contract where the user assumes some of the risks of ownership and has the right to keep the assets or get it transferred to its own name after fulfilling the necessary conditions. In operating lease, the owner transfer only the right to use the assets which is returned back at the end of the lease. There are some other types especially in the aircraft industry like wet lease and dry-lease and. In wet lease, a company agrees to provide an aircraft along with pilot and crew and would be responsible for the maintenance of the aircraft. Dry lease, on the other hand, refers to leasing only the aircraft. MODARBA If is a form of partnership which has two distinct parties: (i) the financier and (ii) the manager. The financer takes no part of management of the business. The profits are distributed among the subscriber while the manager is paid the usual salary. Modarba is one the modes of Islamic finance. It is like mutual fund minus its un-Islamic features. Not only in Pakistan, the Islamic financial services industry has witnessed a phenomenal growth all over the Islamic world. In particuar, the Modaraba Sector has been able to create a market niche for itself in the corporate sector. This model is enjoying a unique recognition due to its well designed structure with proper rules and regulations defined by the regulators. It has proved its resilience in this time of global financial turmoil. MUTUAL FUND It is a professionally managed type of pooled investment for acquiring securities like stocks, bonds, marketable securities and commodities. The profit is distributed by way of dividend to all investors. Financial market in Pakistan experienced boom conditions in1991 due to liberalization policies of the government. There was a manifold increase in the number of listed companies; number of commercial banks, local and foreign and financial instruments like commercial paper. But it has still to develop and a number of suggestions have been made: * The public sector should reduce its dependence on State Bank of Pakistan. * The infrastructure projects should be financed through domestic bonds of longer maturities (10-20 years). * The financial sectors (capital markets, micro credit, banking and non-banking sector) should have a better and more clearly delineated division of responsibilities. * Foreign institutional investors should be encouraged to take up (i) private equity funds, (ii) private pension funds, (iii) provident and gratuity funds and (iv) Real Estate Investment Trusts. * Mortgage financing should be encouraged.

Lasers And Their Uses :: essays research papers

Lasers and Their Uses We have all at some point in our lives used or seen someone use a laser. They are used in compact disc players for stereos or computers, laser surgery, laser printers, holography, cutting and borring metals, communication, bar-code scanners, etc. Over the past three decades' lasers have become a tool used daily by many people and they have become very useful in scientific research. As you can see lasers are a very useful and important tool which is why I have chosen this topic to write about. The term laser is an acronym. It stands for "light amplification by stimulated emission of radiation". They produce a narrow, intense beam of coherent light. In a laser the atoms or molecules of a crystal, like ruby or garnet-or of a gas, liquid, or other substance-are excited so that more of them are at higher energy levels than are at lower energy levels. If a photon whose frequency corresponds to the energy difference between the excited and ground states strikes an excited atom, the atom is stimulated, as it falls back to a lower energy state, to emit a second photon of the same frequency, in phase with and in the same direction as the bombarding photon. This process is called stimulated emission. The bombarding photon of the emitted photon may then strike other excited atoms, stimulating further emission of photons, all of the same frequency and phase. This process produces a sudden burst of coherent radiation as all the atoms discharge in a rapid chain reaction. The light beam produces is usually pencil thin and maintains its size and direction over very long distances. Lasers vary greatly in the way they look and what they are used for. Some lasers are as large as buildings while others can be the size of a grain of salt. There are many parts to lasers. I will now explain what they are and their uses. 1) Pumping systems: The pumping system is used to transmit energy to the atoms or molecules of the medium used in the laser. a. optical pumping systems uses photons provided by a source such as a Xenon gas flash lamp or another laser to transfer energy to the lasing material. The optical source must provide photons which correspond to the allowed transition levels of the lasing material. b. collision pumping relies on the transfer of energy to the lasing material by collision with the atoms or molecules of the lasing material. Again, energies which correspond to the allowed transition must be provided. This often done by electrical discharge in a pure gas - or gas mixture - in a tube.

To what extent was the USA’s response Essay

In the years 1991 to 2004 the USA’s response international aggression was often based on protecting its own national interests. Post 9/11 especially saw the USA base nearly all of its responses on protecting its own national interests. However, on some occasions prior to 9/11 they did show some desire to protect global interests rather than just their own. Due to the events of the 11th September 2001 the USA began its war on terror, and specifically targeted was George Bush’s ‘axis of evil’ which included; Iran, Iraq and North Korea. The USA used their war on terror so to legitimise their actions worldwide thus destroying any hopes for a post cold war collective international security, therefore basing their response to international aggression on protecting their own national interests. This is seen with the invasion of Afghanistan in October 2001. Together with Britain they acted unilaterally in order to remove the al-Qaeda and capture bin Laden, who was the prime suspect for the 9/11 attacks. The USA believed its actions were justified by labelling them as self defence under Article 51 of the UN charter. This clearly shows that the USA based its responses to international aggression on protecting their own national interests. In addition, the USA further showed that their response to international aggression was based on their own national interests with their invasion of Iraq in March 2003. The USA believed Saddam Hussein to have been harbouring weapons of mass destruction which could be made available to the al-Qaeda to which they invaded with Britain, legitimising their actions by again stating it was due to self defence as they perceived themselves to be under threat. This was against the wishes of member counties in the United Nations (UN), as many believed there was little evidence to support their claim of Iraq having weapons of mass destruction. However, the USA only ignored these beliefs and continued to respond to international aggression based on protecting the ir own interests. Furthermore, the USA often decided to not work with the UN. This was because the USA’s own national interests were not being fully served through doing so. This resulted in the UN becoming weaker. This is clearly seen in Somalia in 1992-1995. The USA withdrew all its support by 1994 and with it their commitment towards any multilateral  military action. This withdrawal caused the UN mission in Somalia to fail and the country to be left without any central government, facing considerable humanitarian crises. This further shows how the USA based its response to international aggression on protecting its own national interests. However, as stated, the USA did show some desire to base its response to international aggression prior to 9/11. For example; the 1991 Gulf war with Kuwait and Iraq which they worked collectively with the UN. Iraq had seized considerable amount of the world’s oil supply by invading Kuwait. The USA went through the UN Security Council and committed large numbers of troops and also formed a coalition task force comprised of Syria and Egypt. The USA and its coalition task force took back Kuwait on January 1991. Furthermore, the USA opted not to overthrow Hussein’s government. This showed that the USA had some desire to base its response to international aggression not just on protecting their own national interests. Post 9/11 the USA were a part of some very small missions with the UN. This showed a small desire to base its response to international aggression on other goals other than protecting its own national interests such as world peace. An example of this is Cambodia in 1993. The US helped the UN produce a durable settlement to the Cambodian conflict and implement free elections. Overall, the USA responded to international aggression based on protecting its own national interests however, their response cannot be said to be ‘solely’ based on protecting their national interests. Indeed, this was the case with nearly all of their responses post 9/11 however; prior to 9/11 they did base some actions on furthering global interests rather than just their own. This is because 9/11 was a pivotal moment in USA relations with the rest of the world because of their war on terror and due to the fact they legitimised their actions worldwide through the war. In effect, they became a complete imperialist state that only really aimed at protecting its only national interests.

Organic Foods Essay

When we see the word ? organic’ on a carton of an organic whole milk or on a plastic bottle of Stonyfield Farm’s organic low fat yogurt, the words and phrases such as ? pure’, ? chemical-free’, ? natural’ and ? healthy’ naturally comes to mind, and there is little doubt in these assumptions. Organic foods are dairy, produce and poultry products that were treated with no pesticides, growth hormones, or antibiotics. Organic foods have been generating a lot of hype because of the food safety that it offers an individual. Another reason is the documented claims proving organic foods having a generally fresher taste than their conventional counterparts. And lastly, organic foods offer much more healthy benefits, meaning it has a higher nutritional amount than a non? organic food. The question that potential organic consumers seem to ask pertaining to this issue is that is it worth paying for. Even with its higher cost, organic foods are a worthwhile choice for a better health and nutrition. Various tests by the United Nations Food and Agriculture Organization demonstrated that some apples, such as the Golden Delicious, scored higher taste scores when grown organically. Also, because organic farms tend to be smaller, they often sell their products closer to the point of harvest. Thus, organic fruits and vegetables taste more farm fresh than comparable conventional produce. However, organic foods might also have more flavor because organic farmers often breed with taste instead of marketability as the primary factor. Conventional tomatoes, for example, are often bred to be perfectly red and round, to match the ideal appearance of a tomato, meaning that taste is an attribute that has a lower priority in these products. In addition to crop diversity and selection practices, organic farming emphasizes soil nutrition, which can positively influence the taste of the food. The main criticism surrounding organic food is that its costs are expensive and is elitist, because of how only rich people can afford it. The magazine Consumer Reports stated in its article â€Å"When It Pays to Buy Organic† that typical organic foods costs from 50% to 100% the price of conventional items, but according to a Primary Health Care article, published studies concluded that an organic produce is packing with a significant increase in nutrients and dry matter. Organic produce has 27% more Vitamin C, 29. 3% more magnesium, and 21% more iron compared to the non-organic; also contain 26% more dry matter, which means that it does not shrink as quickly when cooked as there is less water that will evaporate. Organic food may seem to be expensive at first glance, but when you look at all the factors that come with the product, it is a better buy in the end. Knowing what organic products to buy, and what not to buy will also help out cut the unnecessary purchases of everything organic. The United States of Department of Agriculture listed apples, bell peppers, celery, cherries, grapes, nectarines, peaches, pears, potatoes, red raspberries, spinach and strawberries as the â€Å"dirty dozen† that should be consumed as often as organic. The USDA’s own testing reports that their conventional counterparts accumulate a good number of pesticide residues, which has numerous negative effects. The USDA continues by suggesting to consume organic meat and poultry to help avoid the effects of the mad-cow disease, and buying organic baby food in order to prevent the baby from having exposure to toxins. Organic seafood, on the other hand, were not suggested to be purchased, for there is not enough documentation that it has significant differences with its conventional counterpart. The health benefits that organic products offer just outweigh the costs so far. In 2002, Danny Asami et al.of the Department of Food Science and Technology did a research on the amount of phenolic content (which provides protection against cancer) and Vitamin C content of conventional and organic produces, and concluded that the fruits that were grown organically possessed significantly higher concentrations of both phenolic and Vitamin C. Organic tomatoes have much more lycopene in them, and organic fruits and vegetables contain more flavonoids. Organic milk has its perks too, for Danish Institute of Agricultural Research proclaimed that it has higher amounts of Vitamin E, beta-carotene and several antioxidants than regular whole milk. The food safety that organic products offer can’t be denied either. Pesticides that are often found on non-organic foods have its obvious negative effects, and also some subtle ones. Such effects like immune suppression, hormone disruption, neurological damages are the risks that pesticide residues are leaving in a non-organic food. New studies also show that pesticides are capable of being passed from the woman’s womb to its offspring, which may cause numerous implications to the fetuses’ brain. Unfortunately, organic products do contain pesticide remains at all, however for the people who seek to reduce the risks of a pesticide residue, organic products are a much better option. Organic foods can not only give us peace of mind, but it provides us with such substance that non-organic food is lacking. It gives us the freshness that nature has intended for us all along, and in a society where health gives us power, we cannot go wrong on eating healthy and enjoying it at the same time. Our health is worth everything, so while the cost may be too steep, the profits that it brings back to us are far more redeeming.

buy custom Psychopaths essay

buy custom Psychopaths essay Sociopaths or psychopaths is a term used to describe individuals who lack conscience or feeling for others and does not consider social rules to have any meaning. It is very probable that at one time or the other we come across sociopathic individuals without knowing it, since they cover a much broader spectrum than we would imagine. They are social predators and they manipulate, charm, and ruthlessly work their way through life (Patrick, 2006). Psychopaths never have any sense of guilt or regret, regardless of the fact that they leave behind shattered expectations and a broad trail of broken hearts on bewildered victims who are left wondering what kind of people psychopaths really are. Psychopaths are morally depraved individuals who commit planed, purposeful and emotionless violence. When these persons are 50 years of age, the violence is at a plateau then it tampers off. They reflect a detached, fearless, dissociated state, revealing a low-state automatic nervous system and lack of anxiety due to lack of emotions. Their most probable motivator is control and dominance as have no strong bonds with or much rhyme to their reason with others Many are times psychopaths are thought to be the disturbed criminals who are on headlines and are crowded in a nations prison. However, this is not always the case as they might be individuals who live in supreme self confidence bu lack conscience since not all psychopaths are killers. Due to this lack of conscience it is thus evident that psychopaths are likely to engage in criminal behavior (Cooke, 2001). Psychopaths are influenced to commit a crime by several factors. Lack of guilt, shame and a combination of a tendency for impulsive risk-taking can lead to a criminal career or a business one depending on the circumstances. Their conquest is based on manipulation and lying. A debate concerning this issue has been provoked on whether the phenomenon is just an aberration or whether it is favored by natural selection especially when it is found rare in a given population. Prisons are perfect places to keep psychopathic individuals in order to protect ourselves, otherwise without them; even crime is the preferred remedy of safeguarding ourselves. The factors that would reduce the likelihood of a psychopathic engaging in criminal behaviors is by firm refusal of having a nervous breakdown anytime they deny reality or claim that we are suffering from delusions and that we are not mentally stable (Hill et al, 2004). Victims should also learn to have a good memory as opposed to the psychopaths selective memories which only allow them remember things that only suit their purpose. This way we will challenge their wits and make thhem reluctant in committing their evil acts whenever persons that challenged them are concerned. The other most convenient tool of curbing criminal acts by psychopaths is by avoiding them especially if you suspect what they are. In a biological point of view, it affects both sexes although similar to color blindness biologically. Psychologically, a deficit picture is seen among men only, since it is toned down among women by an effect of a second normal allele. The condition is inherited through a semi-dominating gene via the X chromosome (Patrick, 2006). Psychopaths can be appropriately discussed under the psychological theory. This is mostly due to the lack of conscience and the fact that not all psychopaths have inherited the trait. Whether or not psychopathic character is as a result of brain disorganization or dysfunction, abnormal cerebral asymmetry, or general difficulties in information processing or simply psychological effects, it is a vice the needs to be curbed. Psychopath pulls down development and breaks decent families. It is a social setback that needs to be dealt with using all available suitable means. The improving of boardrooms or prisons is among the best measures that curb this evil vice and need to be upheld to have a better human environment. Buy custom Psychopaths essay

Rights of Third Parties Case Study Example | Topics and Well Written Essays - 3000 words

Rights of Third Parties - Case Study Example Contract is an agreement or set of promise between two or more persons which is binding and therefore legally enforceable. It covers transactions like buying and selling, employment of staff, partnership agreement and so on. It can also be described as: "an agreement which is legally binding on the parties to it and which broken may be enforced by action in court against the defaulting party. Existence of contract - Damages sought by claimants on the basis of fraud and breach of fiduciary duty in respect to diverted insurance premiums - Negotiations between the parties taking place after proceedings issued - Letter sent by claimant asking whether defendant accepted responsibility for the fraud - Letter signed and returned by defendant but with caveat - Whether binding agreement concluded between parties. Willis Management (Isle of Man) Ltd v Cable and Wireless plc [2005] 2 Ll L R 597 (CA/UK) A trust is an equitable obligation, binding a person (who is called a trustee) to deal with property over which he has control (which is called the trust property) either for the benefit of persons (who are called beneficiaries or cestuis que trust) of whom he may himself be one, and any one of whom may enforce the obligation, or for a charitable purpose, which may be enforced at the instance of the Attorney-General, or for some other purpose permitted by law though unenforceable. Pettit Equity and The Law of Trusts 8th ed. (1997) p 24. CONSTITUTION OF TRUSTS Constituting the Trust - act of vesting the trust property in the hands of the trustee. If inter vivos transferor will vest the property concurrent with declaration of trust, If testamentary property will vest upon testator's death in executors/administrators, - Rule - if trust not constituted, it is invalid- Problems: A declares trust in favour of B on Day 1, but doesn't transfer $$ to trustee until Day 5. - Rule - until the trustee receives the property, trust incompletely constituted invalid - Curative: On day 5, trust valid & operative b/c trustee has property - Settlor can be compelled to transfer property they promised to place in trust - where S received valuable consideration for promise to create trust RIGHT OF THE THIRD PARTY The Contracts (Rights of Third Parties) Act, which was given Royal Assent on 11th November 1999, radically changes a fundamental principle of English law, namely that only those who are parties to a contract can enforce rights under that contract - the 'privity of contract' rule. The Act applies to virtually all contracts. Therefore the construction industry must consider its impact on all its contracts - building contracts, subcontracts, consultants' appointments, collateral warranties, insurance policies, bonds, adjudication agreements etc. Right of third party to enforce contractual term: The third party must be expressly identified in the contract by name, as a member of a class or as answering a particular description but need not be in existence when the contract is entered into. This section does not confer a right on a third party to enforce a term of a contract otherwise than subject to and in accordance with any other

Leishmaniasis Disease Emergence and Re-emergence Analysis Essay

Leishmaniasis Disease Emergence and Re-emergence Analysis - Essay Example In the previous decade, endemic areas have extended, occurrence increased and the substantial unrecorded cases of the disease identified. Leshmaniasis is one of the most significant human vector-borne disorders. Leishmania parasite causes nodules and skin ulcers to individuals. Numerous Leishmania parasites can have an effect on mucous membranes of an individual and may cause nose disfiguration (Ashfold & Bettini, 1987). In addition, other leishmania species may harm the internal body organs of an individual. According to a report by Ready (2010), dogs are the most significant domestic animals in epidemiology of Leishmaniasis. This is because dogs are reservoir hosts for L. Infantum, a significant organism in human visceral Leishmaniasis. Leishmaniasis is caused by species of leishmania, a protozoan that belongs to the family of Trypanosomatidae. Leishmania genera are divided into two subdivisions that are Leishmania and viannia. These two different types of parasites live and multip ly in the digestive tract of causative agent. The difference between the two sub divisions lies in where they multiply in the digestive system of the causative agent. Human leishmanisis is caused by leishmania which is transmitted between individuals who are reservoir hosts. ... In this regard, the activity of the sand flies intensifies at dawn, dusk and at night when perturbed in their hiding places. Sand flies are always attracted by light at night and enter buildings at night, bite people and cause the spread of Leishmaniasis. Leshmania parasite may also be transmitted by canine fleas and ticks (Ashfold & Bettini, 1987). Ticks are most importantly used to transmit the parasite between dogs. Presently, sand fly transmission seems to have reduced due to the effects of global warming. Global warming has brought changes in the climate which has caused hot regions to be hotter and cold regions to be colder. This change in climate has adversely affected the activities of sand flies whose activities are high when it is cool, humid and fewer rains. Present transmission seems to be done by mammals that can traverse the harsh climatic conditions. Leishmaniasis disease was initially termed as a disease of the rural areas. Presently, large outbreaks have been reporte d in large cities across the world because of encouraging epidemiological conditions linked to the reduction of natural ecological space of the vectors due to droughts, deforestation due to population growth and famine which are effects of climate change (World Health Oragnization, 2009). Mammals can remain infected with Leishmania for long and can still infect with the parasite even after clinical cure. Infected mammals can in turn transmit the parasite to sand flies. Presently, the parasites have been transmitted to people through blood transfusions in dogs and people (Ready, 2010). Leishmaniasis may also be caused by l. infantum which can be transmitted through saliva, semen, urine and conjunctiva secretions and blood. In the contemporary world, the