Juan Luna and Filipinos Great Pride Essay Example for Free

Juan Luna and Filipinos Great Pride Essay The first thing youll notice about the painting is its size. Standing at 4 meters in height and 7 meters in width, the painting no doubt commands attention and gives off a majestic aura. Any viewer of the painting will feel dwarfed by the large painting and may feel overwhelmed by the magnanimity of it. The next thing youll notice about the Spoliarium is the rich colors used. Predominantly, the painter made use of warm colors for his work of art, with reds being a central color that attracts the most attention. In person, the colors are striking and quite unique. The Spoliarium depicts an even during the Roman empire, where gladiators die for entertainment. The painting shows how gladiators are being dragged mercilessly by men towards an unknown darkness, where other tragically killed gladiators are brought. To the left is a cheering crowd, screaming for blood while to the right, a woman is crouched and seemingly in sorrow. The painting shows a tragic event, definitely. But it also shows a deeper meaning, especially for the Filipinos during the time of the Spanish colonization (which lasted over 400 years! ). According to art experts, the fallen gladiators who are being dragged are the Filipino people, while the men dragging them into the darkness are representative of the Spanish rule. The woman crouched on the right side of the painting is believed to be the Mother Country or the Inang Bayan who weeps for her Philippines. The blood thirsty crowd to the left is a representation of the social cancer of that time. Truly, there is more than meets the eye when it comes to Lunas painting. The Spoliarium shows the Spanish governments mistreatment of the Philippines. The dead bodies of the gladiators represent the Spanish killings of Filipino revolutionaries. The Spoliarium is famous among the Filipino people, to say the least. The fact that Luna had gained recognition among other Spaniards in Madrid because of this painting has given the Filipinos great pride. This also shows that the Filipinos have skills that can equal, if not, surpass the Europeans of that time. This is why the painting, along with Hidalgos, are deemed National Cultural Treasures, because they were able to contribute to the development of art in the Philippines. The Spoliarium can be found in the Hall of the Masters of The National Museum of the Philippines. Whether you are a foreigner or a local, take a few hours off your schedule to visit the museum and learn more about Philippine culture and history through the eyes of its artists. It is an educational and enriching experience. The first thing youll notice about the painting is its size. Standing at 4 meters in height and 7 meters in width, the painting no doubt commands attention and gives off a majestic aura. Any viewer of the painting will feel dwarfed by the large painting and may feel overwhelmed by the magnanimity of it. The next thing youll notice about the Spoliarium is the rich colors used. Predominantly, the painter made use of warm colors for his work of art, with reds being a central color that attracts the most attention. In person, the colors are striking and quite unique. The Spoliarium depicts an even during the Roman empire, where gladiators die for entertainment. The painting shows how gladiators are being dragged mercilessly by men towards an unknown darkness, where other tragically killed gladiators are brought. To the left is a cheering crowd, screaming for blood while to the right, a woman is crouched and seemingly in sorrow. The painting shows a tragic event, definitely. But it also shows a deeper meaning, especially for the Filipinos during the time of the Spanish colonization (which lasted over 400 years! ). According to art experts, the fallen gladiators who are being dragged are the Filipino people, while the men dragging them into the darkness are representative of the Spanish rule. The woman crouched on the right side of the painting is believed to be the Mother Country or the Inang Bayan who weeps for her Philippines. The blood thirsty crowd to the left is a representation of the social cancer of that time. Truly, there is more than meets the eye when it comes to Lunas painting. The Spoliarium shows the Spanish governments mistreatment of the Philippines. The dead bodies of the gladiators represent the Spanish killings of Filipino revolutionaries. The Spoliarium is famous among the Filipino people, to say the least. The fact that Luna had gained recognition among other Spaniards in Madrid because of this painting has given the Filipinos great pride. This also shows that the Filipinos have skills that can equal, if not, surpass the Europeans of that time. This is why the painting, along with Hidalgos, are deemed National Cultural Treasures, because they were able to contribute to the development of art in the Philippines. The Spoliarium can be found in the Hall of the Masters of The National Museum of the Philippines. Whether you are a foreigner or a local, take a few hours off your schedule to visit the museum and learn more about Philippine culture and history through the eyes of its artists. It is an educational and enriching experience.

Investment Appraisal Report Example

Investment Appraisal Report Example Re: Investment in Kingfisher Plc Following our conversation earlier, I have prepared a report into Kingfisher Plc to help you with your investment decision. I have split this report into two sections, to help you analyse the company’s financial management practices and also to determine what represents a fair price for the company’s shares. As we discussed earlier, when making any investment it is vital to consider the financial management policies and practices of the company. These include what the company invests in; how these investments perform; how the company raises funds to invest; and how the company treats its profits. As such, the first part of this section will address these four sections in turn, and how these affect the performance of the company. The second section will address the fair value of the shares of the company. This is because, whilst the company may perform well, if the shares are purchased for more than a fair value, based on the company’s ability to earn, they may not provide a good return to an investor. I hope this report will be of interest to you, please let me know if you have any questions about any aspects. Part A)  Financial Management Investments Kingfisher’s primary investment over the past five years has been in tangible assets, such as property, plant and equipment, which have made up over fifty percent of total assets over the past five years. The majority of the remaining assets are composed of goodwill, with small amounts devoted to pension plans, financial derivatives and other intangible assets. This can be seen in the table below: Table of non current asset values for Kingfisher Group Plc (all in  £ millions) Assets 2003 2004 2005 2006 2007 2008 Property, Plant and Equipment 3041 2781 3032 3265 3211 3698 Goodwill 2652 2455 2463 2559 2552 2532 Other Assets 309 146 289 354 380 532 (Source: Kingfisher, 2008) The main trend in the assets of Kingfisher has been a steady rise in the value of property, plant and equipment as well as other assets. The main change in the other assets is a rise in the level of post employment benefits; deferred tax assets; and derivative financial instruments, which were not on the balance sheet in 2003 but have a total value of over  £200 million in 2008. In addition, the drop in all values from 2003 to 2004 is a result of the disposal of the Chartwell Land property portfolio, which resulted in a reduction in the value of all asset classes due to the transfer of goodwill associated with the property sold. From 2004 onwards, the company has engaged in a significant expansion program based on organic growth and the opening of new stores. This has naturally increased the value of the total property, plant and equipment; with a small drop in 2007 where the company disposed of some of its less profitable stores. This balance in assets is largely expected because Kingfisher is a retail group, operating stores such as BQ, Screwfix, Castorama, and Brico Depot. As such, the group’s main source of income comes from sales from these stores; hence these stores are the most valuable asset the group owns. In addition, the company maintains a diverse portfolio of businesses across the UK, France and other countries including the Republic of Ireland, Poland, Italy, Spain, Turkey and China. In order to operate in these countries, the group needs to own assets such as stores, offices, and distribution networks. This further increases the percentage of total assets which will be taken up by property, plant and equipment. With regards to the level of goodwill, this became quite high prior to 2003, but has stayed quite constant over the period of the study. This indicates that a significant proportion of the business’ assets have been purchased for more than their book value. This is possibly how the group has managed to obtain such a large portfolio of businesses, and particularly how it has managed to ensure that all of its businesses are in the top three of the domestic markets. However, over the period of the study, the group has not experienced a significant increase or decrease in the level of goodwill, which implies that it has not significantly expanded its portfolio through acquisitions, and the majority of the increase in the value of the total assets has come through organic growth or purchases at close to book value. This is slightly complicated by the group’s goodwill policy, which makes an assessment of the ability of acquired businesses to generate cash each year, and amort ises the level of goodwill to compensate. As such, it is possible that the group has invested a significant amount in buying new businesses, and the value of the goodwill from these businesses has since fallen. However, the annual reports mention that new stores are being opened, not bought, which implies that the group’s expansion policy is to open new stores, rather than acquire existing ones from competitors. Investment appraisal Investment appraisal is generally done on a per project basis, with a company projecting the cashflows, both positive and negative, associated with a project; and then calculating whether the net cashflow will be positive or negative, and by how much. This value can be calculated based on either the absolute value of the cashflows, or on the discounted value of the cashflows which takes into account the fact that cashflows occurring in later years will be less valuable due to inflation and other factors (Knott, 2004). However, when considering an investment in Kingfisher, this methodology is not appropriate, as the company is a continuous operation with no definite start or end point. Indeed, all the new stores the company opens are intended to remain operational for the foreseeable future, hence making it very difficult to calculate their rates of return and net present values. Whilst the company will undoubtedly have an internal method for doing this, perhaps taking the cashflows f or the first five years of operations, this method is not detailed in the annual reports. Nor does Kingfisher reveal details of the exact costs of the investment into stores or their cashflows in the annual reports, thus making it impossible to attempt such an analysis with the available data. As such, it is necessary to analyse the performance of Kingfisher’s overall business, from the point of view of an investor looking to buy shares. As such, the initial purchase of the shares represents the initial investment, and the return made on these shares can be taken to be the future cashflows for the purposes of the analysis. On this basis, it is necessary to look at the annual returns provided by Kingfisher, as well as the change in the value of the shares (Lumby, 1994). Kingfisher annual share price from May 2003 to May 2008 Date Closing Price 27/05/2003 257.25 27/05/2004 285.5 27/05/2005 259 26/05/2006 235.75 25/05/2007 252.75 27/05/2008 138.1 (Source: Yahoo Finance, 2008) Kingfisher earnings per share from 2003 to 2008 Year Earnings per share 2003 16.4 2004 17.4 2005 20.8 2006 12.2 2007 11.8 2008 11.7 (Source: Kingfisher, 2008) As can be seen from these graphs above, Kingfisher’s share price and earnings per share have both fallen over the period of the study. As such, one share purchased for 257 pence in 2003 would be worth just 138 pence in 2008, and the total dividend earnings per share would be just 90 pence. As such, the total return from an investment of 257 pence would be only 228 pence. This implies that an investment in Kingfisher over the past three years would have performed very poorly, with a return of -12.7% over five years, even without considering discount factors and net present values. Indeed, given that the positive cashflows have occurred after the negative cashflows, any investment in Kingfisher would have a negative net positive value for any positive discount factor. In addition, the earnings per share have fallen from 2003 to 2008. Within the period of the study, earnings per share rose from 2003 to 2005, before falling sharply between 2005 and 2006 and then remaining relatively constant. This fall is specifically mentioned in Kingfisher’s 2006 annual report as being due to a significant fall in profits from the UK market, which was driven by â€Å"rising energy costs, higher taxes and pension contributions and [consumer] confidence has been affected by a weaker housing market† (Kingfisher, 2008). This implies that Kingfisher’s investments in the UK have performed poorly over the past three years, and indeed the 2008 annual report shows that the UK investments have further weakened against the background of the global â€Å"credit crunch†. Whilst the credit crunch has affected all markets around the world, Kingfisher specifically points out that the high level of debt in the UK has created even more problems for consu mers, who have less money to spend as their debt payments have risen. As such, Kingfisher’s investments in the UK, which account for around 47% of the group’s total revenue, are unlikely to improve their performance in the near future. Sources of funding Kingfisher main sources of funding All in  £ millions 2003 2004 2005 2006 2007 2008 Total long term debt 1528 744.9 828.3 1255.5 1432 1620 Total equity 4463 4407 4387.3 4320.4 4421 4724 (Source: Kingfisher, 2008) Kingfisher is strongly dependent on equity as a source of funding, with total shareholder’s equity making up at least three times as much of the funding as long term debt. Short term debt has been excluded from these calculations, partly because short term debt appears to be used only to settle any cashflow issues, and partly because prior to the 2006 accounts short term debt was not declared separately from trade payables. As such, it would be impossible to compare short term debt across the entire period. It is worth point out that the decrease in debt from 2003 to 2004 is largely due to the sale of the Chartwell Land property portfolio mentioned above. The proceeds of this sale were largely used to reduce the level of long term borrowings, thus resulting in a significant drop between 2003 and 2004. However, following this sale, when the debt to equity ratio fell to just 0.17, the amount of debt has risen steadily, to the point where it reached 0.34 in 2008, the same level as in 2003. This rise has been accompanied by a small rise in the level of shareholder equity, but not to the extent that the total asset value has risen as seen in the investments section above. This implies that the store expansion and refurbishment programs mentioned throughout the Kingfisher annual reports during the period of the study have been funded largely by debt. This has caused the company’s debt to equity ratio to rise quite significantly over the period of the study, which has more than doubled the debt to equity ratio. This significant increase in the debt to equity ratio could be a cause for concern, as it potentially places a higher debt burden on the company which must be serviced from profits. As such, if the company’s fortunes continue to suffer due to the effects of the credit crunch, the company may have difficulty paying its debts and may suffer liquidity problems. However, in the 2008 financial statements the net finance costs on the debt are just  £62 million, whilst the operating profit is  £453 million. As such, the company can cover its interest more than seven times from profits, which means that this rise in the level of debt is not currently a significant concern. Of course, running counter to this is the fact that the global credit crunch is expected to increase the effective rates of borrowing, which could increase the interest payments as well as reducing the long term levels of consumer spending. As such, it is possible that the credit crunch will continue to reduce K ingfisher’s profits whilst increasing the interest cost, thus potentially creating financial troubles in the next few years. This potential issue is compounded by the fact that the company capitalised  £1 million of borrowing costs in 2007, and a further  £3 million in 2008, which may indicate issues in paying these loans out of profit. The major sources of debt finance for the business at the current time are medium term notes and other fixed term debt, which make up  £1,436 million of the debt. These have been placed on markets in the UK, Eurozone and United States and have raised capital at a net cost of between 4.1% and 6.9%. As such, the company has relied on non convertible loans raised on public markets. The majority of the remainder is made up of non secured bank loans. This indicates that, even if the company should encounter financial difficulties, it will not necessarily lose any of its property or have its equity diluted by convertible loans. Treatment of profits and dividend policy Year 2003 2004 2005 2006 2007 2008 Dividend per share (pence) 9.5 9.65 10.65 10.65 10.65 7.25 Earnings per share (pence) 16.4 17.4 20.8 12.2 11.8 11.7 (Source: Kingfisher, 2008) From 2003 to 2005, Kingfisher’s dividend grew by a reasonable amount, although this was not proportional to the increase in earnings per share over the period. This indicates that Kingfisher was using partly using the increase in earnings to boost the dividend, but mainly using it to build up the volume of reserves, pay back debt, and expand the company. As a result of this, the company allowed its earnings per share to rise by more than the level of the dividend. Following the decline in the UK market from 2005 to 2006, and the subsequent fall in the earnings per share for the company, Kingfisher attempted to maintain its dividend at 10.65 pence per share in spite of the fact that this left very little retained earnings. However, in 2008, following a significant fall in the share price, the dividend yield has also fallen to 7.25 pence in spite of the earnings per share remaining at the same level as in previous years. This implies that the company is now encountering difficul ties maintaining its dividend yield at this level, and thus is having to drop its dividend in order to accumulate further reserves. Unfortunately, there is no detail in the Kingfisher accounts around exactly why this reserve is being built up. However, it is interesting to note that the reserves have now been built up to the  £2.2 billion mark, after being maintained at around the  £1.9 billion mark for the period from 2005 to 2007. This may indicate that the company feels that the tough trading conditions will continue for some time, and hence there may be a need to retain more earnings to help cover interest payments in the future. Another potential explanation is that, as a retail company owning a significant amount of property, plant and equipment; Kingfisher has a significant level exposure to the property market in both the UK and France. As such, the company may feel that, with the property markets in the UK and France showing signs of weakness due to the credit crunch, there may soon be a need to revalue the property portfolio in each of these countries. Therefore, the reduced dividend and increase re serve may be an attempt to boost the equity and net asset value of the company in order to protect the value of the company against such a fall. However, the balance sheet tends to reveal a different potential explanation. The rise of  £300 million in the value of the reserves of the company has occurred at the same time as a  £300 million rise in the value of the inventory held by the company. This could be due to the fact that cost price inflation is significantly boosting the cost of inventory and the price of sales, and hence has increased the value of the inventory held by the company. However, the annual report indicates that cost price inflation for the company was just 4% over the previous year. As such, this cost price inflation is unlikely to have created a  £300 million rise in the value of inventory, which is a 20% rise in the total value of inventory. This implies that the rise in the value of the inventory is for another reason, potentially due to a lack of sales or by overbuying of replacement inventory. As such, this does not indicate that the company is making the best use of its profits, nor that it is efficiently pursuing a goal of maximising value for its shareholders. Part B) Fair Value When attempting to assess whether the current share price of Kingfisher Plc represents a fair value for the company, it is necessary to look both as the share price and the market capitalisation; which is the total market value of all the shares. This price is determined by the shares traded on a stock market where brokers buy and sell shares on behalf of their clients. For Kingfisher, the stock market is the London Stock Exchange, and Yahoo Finance (2008) quotes the current share price of the company as 128.2 pence. In addition, the 2008 annual report states there are 2,361 million shares outstanding. This gives the company a total market capitalisation of  £3.027 million as of the 18th August. One potential method of calculating the fair value of the company is through the net asset value of the company. This is because, provided the company can sell all its assets and pay off all its liabilities at their book value, it will realise its net asset value in cash. In addition, in theory the shareholders own a share of the net assets of the company equal to their share of the market capitalisation. Therefore, if the market capitalisation of the company was equal to the net asset value of the company, the share price would be at a fair value. For Kingfisher, the net asset value in the 2008 financial statements is  £4,724 million. This implies that a fair value for the market capitalisation would also be  £4,724 million, which is around 56% higher than the current value of the shares. This would further imply that a fair share price for the company would be 200 pence. However, this method is somewhat flawed because it assumes that all assets can be sold for fair value and al l liabilities can be settled at fair value. In reality, the only time when all assets and liabilities will be sold is if the business is wound up under bankruptcy or liquidity problems. As such, assets are most likely to be auctioned off by the creditors and shareholders are unlikely to receive a fair value for them. Indeed, assets such as inventory are often sold at less than ten per cent of their market value. As such, this method is likely to be unreliable, particularly for a business with such a large volume of inventory (Lumby, 1994). Another method of calculating the potential fair value of a company is to use the value of net earnings and compare this value to the historical price / earnings ratio to work out what the current fair price should be for the shares. Based on this method, the average price / earnings ratio of Kingfisher has been 16.18 over the past five year period. Year 2003 2004 2005 2006 2007 2008 Average Earnings per share (pence) 16.4 17.4 20.8 12.2 11.8 11.7 15.05 Share price (pence) 257.25 285.5 259 235.75 252.75 138.1 238.0583 Price / Earnings Ratio 15.68598 16.408046 12.45192 19.32377 21.41949 11.80342 16.1821 Applying this to the earnings per share over the past year of 11.7 gives an estimate of the fair value of the share price of 189.33 pence: this is 47% higher than the market value of the shares. As such, this also implies that the current market value of the shares is too low. However, valuing the company on this basis is also flawed, in that it assumes that the company will maintain its past performance, and that the past performance of the shares has been efficient. Indeed, for Kingfisher this is arguably even less of a relevant method by which to judge the shares, as Kingfisher is currently suffering significant problems in its main UK market. Therefore, attempting to value the company based on its past valuations assumes that the company is still performing as it did in the past, something which is arguably not the case. In addition, with many predicting that the Kingfisher’s UK market will continue to shrink, it is possible that the company’s ability to generate ea rnings will be further impaired, and its earnings per share ratio will fall below its average (Lumby, 1994). As such, and given that there is significant uncertainty over the future value of Kingfisher’s assets and liabilities as well as the ability of the company to generate earnings, it is difficult to come up with an analytical method for calculating the fair value of the company. Therefore it is necessary to use the efficient market hypothesis when attempting to value the company. This hypothesis is based on the view that the market produces the fair value of the shares of the company using all available information. As such, the market should already have priced in the potential for Kingfisher’s properties to decrease in value and the potential for the company to be unable to make as much money in the future. This is based on the argument that the market as a whole has access to all the information available, and also has experience in reading and judging signals regarding the value of a company. As such, if Kingfisher were currently trading at too high a price, people wo uld sell the shares until the value moved to a fair value. In contrast, were the company currently trading at too cheap a price, participants in the market would buy the shares until the value was driven up to a fair price. As such, the efficient market hypothesis implies that the current fair price for the Kingfisher shares is the price at which they are currently traded on the open market. Therefore, the fair price of the shares is 128.2 pence. However, the efficient market hypothesis is based on markets only being able to act on available information. As such, it is possible that there is a fundamental problem with Kingfisher which will affect the share price but which is not included in the publicly available information. In addition, the market price for the shares can be driven by factors such as investment banks buying up shares, or takeover rumours. Therefore, in the short term the market value of shares may not reflect their fair value, as the market may not have all the information or may be being driven by other factors. However, in the long term, the professional analysts who are employed by many of the banks and investment funds which buy and sell shares will be best able to value the share s, and hence the best estimate of the fair value of the shares is their current market value: 128.2 pence. References Kingfisher (2008) Kingfisher Plc. http://www.kingfisher.co.uk/ Accessed 16th August 2008. Knott, G. (2004) Financial Management. Palgrave MacMillan. Lumby, S. (1994) Investment Appraisal and Financing Decisions. Thomson Learning. Turner, G. (2008) The Credit Crunch: Housing Bubbles, Globalisation and the Worldwide Economic Crisis. Pluto Press. Yahoo Finance (2008) Kingfisher Share Price Chart. http://uk.finance.yahoo.com/q/bc?s=KGF.Lt=5y Accessed 18th August 2008.

Comparing Theories Of Veblen And Bourdieu Sociology Essay

Comparing Theories Of Veblen And Bourdieu Sociology Essay In Turkey or in the world, we generally come across with the news about shopping line in front of the stores to buy the brand new model of a kind of good. Mostly, report people go to these lines and make interview with the persons waiting on line. For example, again in such a line for the opening day to be first to buy iPhone, a man was interviewed. He was in line to buy the new iPhone. He looked like he was in his 60s and had had a few facelifts. When he was asked, he said this was his second day of waiting in line: The day before he had waited 12 hours and finally got a phone for his daughter. He had returned and spent nine hours to get a phone for him. He said he had the 3G, and wanted to upgrade to a 4G. In society, one establishes a status, not only by what one does or says, but also by purchasing and being seen to possess certain types of car, house, or clothes, or by being seen to live in a certain neighborhood or suburb, shopping in certain stores, going to certain theaters, decorating ones apartment in a certain way, taking certain vacations etc.   All of these are social symbols to which society has attached certain connotations of a superior, different, or normal  status. Conspicuous consumption makes individuals desire to compete to buy the symbolic advantages. Thus, I want to compare Veblens conspicuous consumption concept with Bourdieus cultural capital, habitus and taste concepts. First, I will try to examine Veblens theory of leisure class. Then I will try to examine Bourdieus theory of capitals, taste and habitus. Finally, I compare both thinkers to understand the role of consumption in stratification in society. Veblens Theory of Leisure Class and Conspicuous Consumption: In The Theory of the Leisure Class  (1899), Thorsten Veblen thought up the phrase conspicuous consumption to designate the act of purchasing and using certain goods and services, not in order to survive, but rather to identify oneself to others as having superior wealth and social standing.   These possessions and services are extras that are to some extent wasteful as showed in the example above. They symbolize ones ability to waste whatever one wants. Veblen starts his examination by first demonstrating the pre-historical progression from savage to barbarian culture, and then claiming that the latter stages after barbarian culture to modern cultures characteristics were still seen in the modern capitalist society. Veblens Account of the Development of Society: Peaceable Æ’Â  Predatory Æ’Â  Quasi-Peaceable Industry Æ’Â  Modern Savages Æ’Â   BarbariansÆ’Â   Moderns Changes in society are generated by changes in the material facts of life. The change from peaceable society to predatory society requires enough accumulated stuff to be worth fighting for (tools, weapons, etc). Barbarian civilizations are different from the earlier stages of savage society. With their tendencies to martial and aggressiveness, it results in the appearance of a dominant leisure class. Thus, a new order occurs and that is made possible a new class which can produce beyond the minimum subsistence level. When this happens, a group of people redistribute the outcomes of other group of peoples productive labor in their own sake. Thus, this new class has the ownership of private property. According to Veblen, this creates envy that middle and lower classes desire to the same un-industrious lives. That allows the leisure class to form. Thus the accumulation of possessions is priority number one for the leisure class. The emergence of leisure class coincides with ownership. The motivation behind ownership is emulation. In The Theory of the Leisure Class, he wrote: The motive is emulation-the stimulus of an invidious comparison especially in any community in which class distinctions are quite vague, all canons and reputability and decency and all standards of consumption are traced back by insensible gradations to the usages and thoughts of the highest social and pecuniary class, the wealthy leisure class (p.81). In that sense, it can be claimed that men are led to accumulation of wealth because of pecuniary emulation. Veblen claims that the pecuniary struggle is the driving force behind the development of culture and society. The struggle for wealth (private property) is due to pecuniary emulation. It can be said that it is not a struggle for subsistence. If it were a struggle for subsistence, there would come a definite point after which the reason to gather goods would stop. But there is no such point. Veblen held that consumption is motivated by a desire for social standing as well as for the enjoyment of the goods and services per se: The proximate ground for expenditure in excess of what is required for physical comfort is a desire to live up to the conventional standard of decency (p.81) People compare consumption but not leisure, and that they refer upwards, choosing their work and spending activities in order to be more like a higher income group. He indicates that a major source of this conduct is due to the pressures of invidious comparison, a process of valuation of persons in respect of worth. Veblen defines as a comparison of persons with a view to rating and grading them in respect of relative worth or value (1899: 34). Under modern conditions consumption is a more visible form of display. Individuals should find the ways to show off their wealth in order for invidious comparisons. Veblen pointed out two main ways to do this, conspicuous leisure and conspicuous consumption. He argues that wasteful conspicuous leisure and consumption were most effective ways of displaying wealth. As a result, strategies of conspicuous leisure and conspicuous consumption affected the class structure, and soon penetrated among non-leisure classes, leading to lower class people t o engage in conspicuous leisure and consumption. The exigencies of the modern industrial system frequently place individuals and households in juxtaposition between whom there is little contact in any other sense than juxtaposition. Ones neighbors, mechanically speaking, often are socially not ones neighbors, or even acquaintances; and still their transient good opinion has a high degree of utility. The only practicable means of impressing ones pecuniary ability on these unsympathetic observers of ones everyday life is an unremitting demonstration of the ability to pay. (p.71) Conspicuous consumption emphasis pecuniary emulation even more so than leisure, because the working classes engage in wasteful expenditures in an attempt to appear wealthy, even when their employments are not of the leisurely point of view. Overgenerous dress, gluttonous banquets, grand mansions, and iPhones, etc are all examples of conspicuous consumption. Any item that is without a productive function, or that has a price well above what is indicated by its practical utility alone, constitutes a good that is valued predominantly for the social capital that it brings. Take foie gras as an example. Suppose a group of people likes the taste of beef more than the taste of foie gras. Of course, foie gras is much more expensive than beef. It is not that people eat foie gras despite the fact it provides less utility than beef; rather, foie gras provides more utility, because utility is not based on taste alone. So what is providing the utility? The money was spent by this class with little regard for utility. Veblens theory was that people want to buy things because they want to signal wealth, power and taste to others in other words, signals about social status. People would not want to buy something which gave signals of a lower social status; they always want to aim higher. The idea is that you consume like the upper classes in order to be the upper classes, consciously or not. It can be stretched to apply to almost any example of consumption. I agree with the idea that people buy things as a display to others. I think it is also true that people buy things to identify with a particular idea of class or culture. Another aspect of leisure class is that it loses its contact with labor and its characteristic becomes conspicuous exemption from all useful employment. Leisure connotes non-productive consumption of time. Having the information about the past, antiques, ancient languages and sciences to know, horses, dogs, home decoration, these are all indicative of the industry that you do not do a job. Conspicuous leisure has the greatest vogue as a mark of reputability. The consumption of the more desirable things becomes honorable. Luxuries and the comforts of life belong to leisure class. Industrious class should consume only what may be necessary to their subsistence. The consumption of luxuries is a consumption directed to the comfort of the consumer himself and is a mark of the master. Women should consume only for the benefit of their masters. Master man consumes of the best food, drink, weapons, narcotics, shelter, ornaments. This kind of consumption is an evidence of wealth and it becomes honorific. As wealth accumulates the leisure class develops further in function and structure and there arises a differentiation within the class. This differentiation is furthered by the inheritance of wealth and the consequent inheritance of gentility. Veblens explanation of emulation has the root of ownership; in other words once our immediate material needs are met, we buy items for their conspicuous nature, to emulate those in higher earning strata, status. Veblen conceives of status among humans as a stratification system. Ownership became associated to power and dominance, and originated a new sort of social division: that separating owners from non-owners. Veblen asserts Wealth is now itself intrinsically honorable and confers honor on its possessor (Veblen, 1899: 18). Thus the struggle for survival became a struggle for pecuniary respect. In other words, competition for the accumulation of goods envisaged gaining the esteem of the community and enhancing ones reputation. Veblen established an objective relationship between social structure and class lifestyles, cultural values and ultimately, consumption practices. The acquisition of social repute and honour depended upon primarily by the ability to waste economic resources that had been acquired without effort. Some eighty years later, Pierre Bourdieu ([1979] 1984) a French sociologist also examined the relationship between social structure and economic and cultural dimensions of social life. Bourdieu analyzed consumption practices and taste to show how social position and lifestyles are related. In this account, instead of a dominant class culture, one finds class cultures. P. Bourdieu: Habitus, Field, Capital and Taste: Max Weber (1978) discussed the term social class to grasp the idea that, in addition to the economic conditions discussed by Marx, hierarchical social structure are also established and reproduced through styles of life. In that sense, it can be said that societies separate into different groupings based not only on economic conditions, but also on non economic criteria such as morals, culture, and lifestyle, etc. In that sense, it was  ¬Ã‚ rst analyzed in Veblens (1899) theory about the leisure class and Simmels theory of trickle-down status imitation (Coleman, 1983). In Distinction (Bourdieu, 1984), Bourdieu describes how these various capitals operate in the social  ¬Ã‚ elds of consumption. In Distinction, (Bourdieu, 1984) consumption practices and taste engender and maintain social relationships of dominance and submission (Campbell, 2005). Bourdieus views on taste and preferences are more complex than those of Veblens (Guimaras et all, 2010: 8). Despite bearing some similarities with Veblen (1899), Bourdieu built a broader and more complex theory secured with three primary concepts: habitus, capital, and field. The concept that Bourdieu proposed in order to connect his depiction of systemic structuration and his accounts of individual action is habitus (King, 2000). Thus, the habitus may be defined as the mental or cognitive structures through which people deal with the social world; a system of dispositions. The dispositions, produced by the habitus, are passed on through the generations, inculcated from an early age and socially reinforced through education and culture. Habitus refers, in Bourdieus own words, an acquired system of generative schemes objectively adjusted to the particular conditions in which it is constituted. In other words, habitus is thinking and acting in an innate way; is not a set of rules one consciously learns. Therefore, Bourdieu claims that habitus helps to transmit distinct culture of a class and reproduce that culture. It constitutes a component of a field of objective relations, which is independent of the individuals consciousness and will. The objectivity of fields is provided by the distribution of different species of power, which Bourdieu characterizes as economic, cultural, and social capital. Each field corresponds a tacit struggle over these resources. Fields determine relational positions which impose present and future situations on their more or less powerful occupants. A given population may occupy positions in multiple fields. Multiple fields may impose more or less consolidated relations of domination and subordination. (The Cambridge Dictionary of Sociology, 2006). It reflects divisions in the class structure, age groups, genders and social classes. A habitus is required a long term occupation of a position within the social world. People who occupy the same position within the social world tend to have similar habitus. Habitus is both produced by the social life and also produces it. It is a structured structure; it involves both the internalization of external structures, and also the externalization of things internal to individual. It is because regularities are inherent in an arbitrary condition; tend to appear as necessary and natural. Bourdieu (1984: 170) states: The habitus is both the generative principle of objectively classifiable judgments and the system of classification (principium divisionis) of these practices. It is in the relationship between the two capacities which define the habitus, the capacity to produce classifiable practices and works, and the capacity to differentiate and appreciate these practices and products (taste), that the represented social world, i.e. the space of life styles, is constituted. Habitus is the way society becomes deposited in persons in the form of lasting dispositions, or trained capacities and structured propensities to think, feel and act in determinant ways, which then guide them (Wacquant, 2005: 316, cited in Navarro 2006: 16). In this sense, life styles are defined as the products of habitus and, perceived in their mutual relations to the systems of the habitus, they become sign systems which are socially considered such as distinguished, vulgar and alike (Bourdieu, 1984: 172). Habitus is not a direct reflection of the conditions of existence of a class, but a sensibility acquired through a life-time and an upbringing in those conditions and the possibilities they include or exclude. Different from Veblen, Bourdieu claims that people acquired a culture of habitus based on both economic and cultural capital instead of Veblens concept of emulation. Thus, whether a person actually has money, skills, education or family, in practice turns out to be secondary to the habitus they have acquired, which may be at odds with the life-style and attitudes, the way of using the body, command of language, friends and contacts, preferences in art and aspirations, etc., which are normally associated with those conditions. Action, in Bourdieus perspective, is a product of class dispositions intersecting with the dynamics and structures of particular fields (Swartz, 1997: 141). To have economic capital is not enough as it does in Veblen, in Bourdieus theory, you should also have the cultural capital for it. Bourdieu attempted to explain the relationship between peoples practices and the context that is institutions, values and rules, in which these practices occur. This attempt led him to the idea of the field, which is a series of contexts which constitute an objective hierarchy and which produce and authorize certain discourses and activities (Webb, 2002: 21-22). Bourdieu classifies two aspects of a field: first of all that people in a specific field have its specific dispositions imposed upon them; and secondly fields can be characterized as area of struggle through which agents and institutions seek to preserve or overturn the existing distribution of capital (Wacquant, 2008: 268). Through capital Bourdieu understands both the material things and the symbolic and culturally significant attributes such as prestige, honour and status, in other words anything that is considered by an agent valuable enough to attempt to obtain it. Bourdieus field theory describes the field as a domain where specific activities are produced. This is to say that each field entails a specific game and specific interests, which are not reducible to the interests and to the game of other fields. Thus, to enter a field is to accept the rules of the game and to share the fields main goals. The notion of field is even more powerful when equated with capitals and habitus. In other words, the habitus is strongly related to ones position in the social structure. Across different studies, Pierre Bourdieu has synthesized Weberian, Marxist, Durkheimian to argue for a theory of social status, and that for which is competition for various types of capital within social  ¬Ã‚ elds. With Weber, Bourdieu based his theory on the idea that culture is a field like the economic world, in which some actors compete to get various types of resources or capital. While in the economic level actors fight over economic capital, in cultural level they contend to apt cultural capital goods and practices that are socially defined as distinctive and hence let individuals an impression of superiority. But Bourdieu points out that the cultural struggle for distinction is connected to the economic distribution of material goods, which it both legitimates and reproduces. An individuals material conditions of subsistence, determined by her economic capital, establish a habitus o r set of dispositions, which in turn produces cultural tastes. Gartman (2002) claims that the right tastes make possible the accumulation of cultural capital, which makes the individual look distinctive and hence justifies the economic capital that determined her cultural tastes to begin with. Consequently, culture is closely related with the economy that Bourdieu considers society as a social field that is the intersection of the economic and cultural fields. The positions in the social field are classes, each defined by its relative balance of economic and cultural capital and its overall volume of the two kinds of capital combined (Bourdieu, 1984: 169-75). Taste is a component of the habitus, thus, given the relationship between tastes and social structure. Bourdieu examines the taste and life-style in relation to social classes and class fractions and he analyses the economic and social determinants of tastes (1984: 101). In this sense, taste is a marker of social class or of class position, because tastes place individuals in relation to other tastes which express social divisions. Such divisions also express social distinction and reflect the struggle for social distinction. Moreover, Taste is an acquired disposition to differentiate and appreciate à ¢Ã¢â€š ¬Ã‚ ¦ to establish and mark differences by a process of distinctionBourdieu (1984: 466). Taste is therefore a way of ensuring social recognition and status. Different from emulation, taste is, nonetheless, also linked to necessity. The existence of an upper class culture and upper class taste does not supersede lower class values and tastes. Instead, he argued that while material need is dominant to the definition of higher-class taste, lower-class taste is born because of necessity. This is to say that lower class taste has restrictions caused by material deprivation. Such restrictions have limited access to cultural objects and practices that are highly valued and constitute the very realm of upper-class taste. As such, Bourdieu stresses that taste is the practical affirmation of difference; it is materialized class culture that unites all those who are the product of similar conditions. What is more, Bourdieu observed that the rich justified and naturalized their economic advantage over others not only by pointing to their bank accounts, but by being the arbiters of taste.   Bourdieu shows us that taste is not stable and peaceful, b ut a means of strategy and competition. Discuss: Comparing Veblen and Bourdieu: When we examine the concept of conspicuous consumption, Veblen stresses the function of it as the status symbols in order to show off ones social standing in the society. He focused on upper and unproductive classes which are not directly involved in economic production activities. Thus, Veblen talked about valued practices of upper classes and emulation by the other classes. To spend lots of money on wasteful products is the result of the conspicuous consumption as being a member of the leisure class. On the other hand, Bourdieu discussed about not only conspicuous consumption but also all kind of consumption. As it is discussed above, according to him, both economic and cultural capitals reinforce the class positions. In that sense, tastes and practices are determined by the position of somebody in social structure. Tastes are related to ones habitus which is related with ones social class. Another issue related to both thinkers is the trickle down and trickle up effect. Trickle down effect is, in its simplest way, emulation of upper class culture or taste by lower class. For example, many lower class people in Turkey have the brand new model of cellular phones although their monthly salary does not afford this kind of consumption. On the other hand, tickle up effect means that there can also be impression from bottom to up. For example, some women from upper class started to wear yemeni or Ã…Å ¸alvar which are signs of lower class culture. However, in Veblen theory, leisure classes use consumption in order to distinguish themselves from both lower classes and new money people. In that sense, they have accumulated culture which upper class people inherent it from the family that they belong to as a way of distinction like taste in Bourdieus theory. Bourdieu claims that lower classes also have taste. However, this taste is different from the upper classes since lower class taste is born out of necessity. Because of this necessity, lower class people, for Bourdieu, do not pay attention some cultural practices such as going to opera or museum, buying books, etc. Different from Veblen wasteful conspicuous consumption, for Bourdieu, lower class people avoid consuming because of necessity. Moreover, as it is in the example of Yemeni, upper classes can move down to popular taste. Another point should be mentioned. In Bourdieus theory, upper classes try to maintain their status as a distinction from the tastes of lower classes. Thus, they turn the popular taste. The artist agrees with the bourgeois in one respect: he prefers naivety to pretentiousness. The essentialist merit of the common people is that they have none of the pretensions to art (or power) which inspire the ambitions of the petit bourgeois. Their indifference tacitly acknowledges the monopoly. That is why, in the mythology of artists and intellectuals, whose outflanking and double-negating strategies sometimes lead them back to popular tastes and opinions, the people so often play a role not unlike that of the peasantry in the conservative ideologies of the declining aristocracy. (Bourdieu, 1984: 62) Thus, in Bourdieu theory, there is a struggle for good taste and bad taste which make people distinct from each other through cultural consumption. In Veblens theory, emulation is the possession of the certain goods but does not lead them to have the knowledge of the goods such as a work of art. On the other hand, upper classes have developed this kind of knowledge. In that point, for Bourdieu, key concept is cultural capital. The positions of individuals in the field are determined by the amount of and relative weight of the capital they posses. Bourdieu discusses 4 types of capitals. Economic capital: the economic resources possessed by an actor. Cultural capital: the various kinds of legitimate knowledge possessed by an actor. Social capital: the extend of the valued social relations possessed by an actor. Symbolic capital: the amount of honor and prestige possessed by an actor. According to Trigg (2001), cultural capital is the accumulated knowledge which is learned trough education and social upbringing. Through the practical applications and implications of taste, people classify objects and also classify themselves. In this frame, culture is a kind of economy, a marketplace that utilizes cultural rather than economic capital. This capital is usually peoples social class origin and educational experience. Thus, cultural capital is correlated to high-status class positions and makes them distinct from other classes. Thus, distinction is a broader notion than Veblens conspicuous consumption. Consequently, instead of a single dominant upper class lifestyle that lower classes try to emulate, in Bourdieu we find different class tastes and lifestyles. To sum up, according to Bourdieu, different consumption practices and the taste behind of them make distinction among classes and create hierarchical social relations. On the other hand, Veblen pointed on wealth and emulation of wealth as a source of distinction. Bourdieu did not concern on wealth as much as Veblen. He emphasized on cultural capital. Veblen used wealth as a source of social stratification with the display of wealth. In Bourdieu, however, the competition for status takes place within the fields. Conclusion: In this paper, my main aim is to compare and contrast the theory of Veblen and Bourdieu by examining of their main concepts such as conspicuous consumption, leisure class, emulation, habitus, field, cultural capital and taste. In that sense, first of all, I discussed Veblens theory which he concerns that consumption is a way of displaying wealth. He uses conspicuous consumption as a way of stratification. He describes emulation to examine the stratification among upper classes and lower classes. Secondly, I try to examine Bourdieus theory by focusing on the book of Distinction. Different from Veblen, he deals with all kinds of consumption and does not focus on wealth as much as Veblen does. He emphasizes the concept of taste in different classes. He uses cultural capital to distinct different classes. Finally, in the last part, I compare both thinkers. Briefly, I found the following ones: When we examine the concept of conspicuous consumption, Veblen stresses the function of it as the status symbols in order to show off ones social standing in the society. Bourdieu discussed about not only conspicuous consumption but also all kind of consumption. In Veblen, emulation moves down words. In Bourdieu, taste moves up and down words. Veblen discussed that accumulated culture is a way of social prestige which distinct upper classes from lower classes and new money. In his theory, he focused on individuals who caused the distinction by conspicuous consumption and social hierarchy. In Bourdieus theory, consumption and taste are involved which they help the reproduction of class structure. Bourdieu studied beyond the individual and pointed out that the habitus creates the class position with the help of accumulated knowledge, aka cultural capital. Taste is a marker of social class in Bourdieu and not just of wealth as Veblen thought. Veblens focused on the significance of economic capital. On the other hand, Bourdieu highlighted on the cultural capital.

My Short Story Essay -- essays research papers

â€Å"Private 062!† â€Å"PRESENT SIR!† Private Robert replied. â€Å"Private 063!† â€Å"PRESENT SIR!† Private Wallace shouted. Master Sergeant Olsen was taking attendance at the Base Camp Zan. He was in charge of a platoon of eighty Privates, fresh from the Recruit Camp. Soon, he had accounted for all his soldiers. Coming fresh from the mainland with no knowledge of the army, none of his soldiers could outdo him. Or so he thought†¦ â€Å"Time for your short morning walk, Privates!† â€Å"YES SIR!† The privates started on their ‘short morning walk’ which turned out to be twenty kilometres long. Delta, one of the privates, was the first to finish the run with an astonishing timing of one and a quarter of an hour beating the Master Sergeant by five full minutes. Master Sergeant was infuriated. â€Å"Private 019! Meet me at 0645Hours!† â€Å"Hmm...† Corporal Nelson looked through Private Delta’s particulars. â€Å"Go, run on that running analysis machine there!† He pointed on the steel metallic structure occupying only a small area in the room. Delta walked to the machine and started running. Indeed he ran at an unbelievable speed. But that awesome speed was short-lived. It lasted only two minutes. Now Corporal Nelson was getting interested in Delta’s talents. He sent Delta for a health check and at the same time, promptly sent a proposal to Prof Daniel Frank. Prof Daniel Frank is a scientist. He had just invented something named as the LSSE (Light-weight Self-Sustaining Energy) suit. The...

Bob Dylan Essay -- essays research papers

Bob Dylan, born Robert Zimmerman on May 24th, 1941, has perhaps been one of the most influential singer songwriters of all time. Young Dylan lived the first five or six years of his life in Duluth, Minnesota, until his father became ill with polio and lost his job. The family then moved to Hibbing, Minnesota, where they slept in the living room of his fathers parents house for about two years. As a boy he started listening to late night rhythm and blues stations from Chicago. He pestered the local record store for the newest singles from Hank Williams, Chuck Barry, Howlin' Wolf , and John Lee Hooker, just to name a few. These early influences played, and still play, a big role in Dylan’s unique musical style. Somewhere around the age of ten, Dylan realized that he wanted to be a guitarist and a singer. Soon he formed his own bands, The Golden Chords, The Shadow Blasters, and Elston Gunn & The Rock Boppers. His fellow students were shocked to hear such a voice come from the small kid, when he sang at a high school talent show. After high school graduation in 1959, Dylan enrolled in the University of Minnesota, but never graduated. Instead, he started playing in nearby coffeehouses, and was quickly taken in by the artistic community. There he was introduced to rural folk music of artist like Big Bill Broonzy, Leadbelly, Roscoe Holocomb, and the great Woody Guthrie. Throughout his life, Dylan will blend these three (blues, rock 'n' roll, and folk) mus...

Lvmh Case Study

The key question in this case is can LVMH continue to successfully manages of its different brands while making sure they are all profitable. I like the focus that the company puts on its â€Å"star brands†. Focusing on the brands that continue to grow and bring in profits will help the company stay profitable. While focusing on the star brands is a good strategy it is far from all that LVMH needs to do to be a successful conglomerate. It appears that in the fashion world human resources are the most valuable asset that a company can have, and LVMH needs to do a much better job treasuring these assets.The conglomerate damages its image and its profitability by mistreating its creative talent. The conglomerate’s image is damaged because key creative personnel, which in a sense are the face of the different brands, leave and publicize why they left which tarnishes the conglomerate’s image thus making it harder to attract the best talent in the market. The conglomer ate’s profitability is jeopardized because they lose the designers that make the products that make the companies profitable.LVMH could strengthen their relationships with the smaller companies by creating incentive programs that not only compensate based on volume of sales but incentive programs that compensate based on sales growth and maintained profitability. With this new incentive program the company would have more opportunity to recognize the Michael Kors of the company. LVMH should focus more on economies of scope. In some cases like advertising it appears the conglomerate uses its size and power to reduce the cost to the individual companies; however I feel that the conglomerate could do much more to reduce costs and increase profits for the firms.They could be using their negotiating power to force suppliers into lower prices. They should encourage the individual companies to work together and provide ideas for each other this way they can strengthen relationships among the companies and create a more unified feel for the conglomerate. Finally LVMH should make sure that they are avoiding managerialism. They need to make sure the companies that are acquired are actually valuable to the conglomerate as a whole and that they are not cannibalizing profits from one or more of the current companies.

Twilight 4. INVITATIONS

4. INVITATIONS In my dream it was very dark, and what dim light there was seemed to be radiating from Edward's skin. I couldn't see his face, just his back as he walked away from me, leaving me in the blackness. No matter how fast I ran, I couldn't catch up to him; no matter how loud I called, he never turned. Troubled, I woke in the middle of the night and couldn't sleep again for what seemed like a very long time. After that, he was in my dreams nearly every night, but always on the periphery, never within reach. The month that followed the accident was uneasy, tense, and, at first, embarrassing. To my dismay, I found myself the center of attention for the rest of that week. Tyler Crowley was impossible, following me around, obsessed with making amends to me somehow. I tried to convince him what I wanted more than anything else was for him to forget all about it – especially since nothing had actually happened to me – but he remained insistent. He followed me between classes and sat at our now-crowded lunch table. Mike and Eric were even less friendly toward him than they were to each other, which made me worry that I'd gained another unwelcome fan. No one seemed concerned about Edward, though I explained over and over that he was the hero – how he had pulled me out of the way and had nearly been crushed, too. I tried to be convincing. Jessica, Mike, Eric, and everyone else always commented that they hadn't even seen him there till the van was pulled away. I wondered to myself why no one else had seen him standing so far away, before he was suddenly, impossibly saving my life. With chagrin, I realized the probable cause – no one else was as aware of Edward as I always was. No one else watched him the way I did. How pitiful. Edward was never surrounded by crowds of curious bystanders eager for his firsthand account. People avoided him as usual. The Cullens and the Hales sat at the same table as always, not eating, talking only among themselves. None of them, especially Edward, glanced my way anymore. When he sat next to me in class, as far from me as the table would allow, he seemed totally unaware of my presence. Only now and then, when his fists would suddenly ball up – skin stretched even whiter over the bones – did I wonder if he wasn't quite as oblivious as he appeared. He wished he hadn't pulled me from the path of Tyler's van – there was no other conclusion I could come to. I wanted very much to talk to him, and the day after the accident I tried. The last time I'd seen him, outside the ER, we'd both been so furious. I still was angry that he wouldn't trust me with the truth, even though I was keeping my part of the bargain flawlessly. But he had in fact saved my life, no matter how he'd done it. And, overnight, the heat of my anger faded into awed gratitude. He was already seated when I got to Biology, looking straight ahead. I sat down, expecting him to turn toward me. He showed no sign that he realized I was there. â€Å"Hello, Edward,† I said pleasantly, to show him I was going to behave myself. He turned his head a fraction toward me without meeting my gaze, nodded once, and then looked the other way. And that was the last contact I'd had with him, though he was there, a foot away from me, every day. I watched him sometimes, unable to stop myself- from a distance, though, in the cafeteria or parking lot. I watched as his golden eyes grew perceptibly darker day by day. But in class I gave no more notice that he existed than he showed toward me. I was miserable. And the dreams continued. Despite my outright lies, the tenor of my e-mails alerted Ren? ¦e to my depression, and she called a few times, worried. I tried to convince her it was just the weather that had me down. Mike, at least, was pleased by the obvious coolness between me and my lab partner. I could see he'd been worried that Edward's daring rescue might have impressed me, and he was relieved that it seemed to have the opposite effect. He grew more confident, sitting on the edge of my table to talk before Biology class started, ignoring Edward as completely as he ignored us. The snow washed away for good after that one dangerously icy day. Mike was disappointed he'd never gotten to stage his snowball fight, but pleased that the beach trip would soon be possible. The rain continued heavily, though, and the weeks passed. Jessica made me aware of another event looming on the horizon – she called the first Tuesday of March to ask my permission to invite Mike to the girls' choice spring dance in two weeks. â€Å"Are you sure you don't mind†¦ you weren't planning to ask him?† she persisted when I told her I didn't mind in the least. â€Å"No, Jess, I'm not going,† I assured her. Dancing was glaringly outside my range of abilities. â€Å"It will be really fun.† Her attempt to convince me was halfhearted. I suspected that Jessica enjoyed my inexplicable popularity more than my actual company. â€Å"You have fun with Mike,† I encouraged. The next day, I was surprised that Jessica wasn't her usual gushing self in Trig and Spanish. She was silent as she walked by my side between classes, and I was afraid to ask her why. If Mike had turned her down, I was the last person she would want to tell. My fears were strengthened during lunch when Jessica sat as far from Mike as possible, chatting animatedly with Eric. Mike was unusually quiet. Mike was still quiet as he walked me to class, the uncomfortable look on his face a bad sign. But he didn't broach the subject until I was in my seat and he was perched on my desk. As always, I was electrically aware of Edward sitting close enough to touch, as distant as if he were merely an invention of my imagination. â€Å"So,† Mike said, looking at the floor, â€Å"Jessica asked me to the spring dance.† â€Å"That's great.† I made my voice bright and enthusiastic. â€Å"You'll have a lot of fun with Jessica.† â€Å"Well†¦Ã¢â‚¬  He floundered as he examined my smile, clearly not happy with my response. â€Å"I told her I had to think about it.† â€Å"Why would you do that?† I let disapproval color my tone, though I was relieved he hadn't given her an absolute no. His face was bright red as he looked down again. Pity shook my resolve. â€Å"I was wondering if†¦ well, if you might be planning to ask me.† I paused for a moment, hating the wave of guilt that swept through me. But I saw, from the corner of my eye, Edward's head tilt reflexively in my direction. â€Å"Mike, I think you should tell her yes,† I said. â€Å"Did you already ask someone?† Did Edward notice how Mike's eyes flickered in his direction? â€Å"No,† I assured him. â€Å"I'm not going to the dance at all.† â€Å"Why not?† Mike demanded. I didn't want to get into the safety hazards that dancing presented, so I quickly made new plans. â€Å"I'm going to Seattle that Saturday,† I explained. I needed to get out of town anyway – it was suddenly the perfect time to go. â€Å"Can't you go some other weekend?† â€Å"Sorry, no,† I said. â€Å"So you shouldn't make Jess wait any longer – it's rude.† â€Å"Yeah, you're right,† he mumbled, and turned, dejected, to walk back to his seat. I closed my eyes and pressed my fingers to my temples, trying to push the guilt and sympathy out of my head. Mr. Banner began talking. I sighed and opened my eyes. And Edward was staring at me curiously, that same, familiar edge of frustration even more distinct now in his black eyes. I stared back, surprised, expecting him to look quickly away. But instead he continued to gaze with probing intensity into my eyes. There was no question of me looking away. My hands started to shake. â€Å"Mr. Cullen?† the teacher called, seeking the answer to a question that I hadn't heard. â€Å"The Krebs Cycle,† Edward answered, seeming reluctant as he turned to look at Mr. Banner. I looked down at my book as soon as his eyes released me, trying to find my place. Cowardly as ever, I shifted my hair over my right shoulder to hide my face. I couldn't believe the rush of emotion pulsing through me – just because he'd happened to look at me for the first time in a half-dozen weeks. I couldn't allow him to have this level of influence over me. It was pathetic. More than pathetic, it was unhealthy. I tried very hard not to be aware of him for the rest of the hour, and, since that was impossible, at least not to let him know that I was aware of him. When the bell rang at last, I turned my back to him to gather my things, expecting him to leave immediately as usual. â€Å"Bella?† His voice shouldn't have been so familiar to me, as if I'd known the sound of it all my life rather than for just a few short weeks. I turned slowly, unwillingly. I didn't want to feel what I knew I would feel when I looked at his too-perfect face. My expression was wary when I finally turned to him; his expression was unreadable. He didn't say anything. â€Å"What? Are you speaking to me again?† I finally asked, an unintentional note of petulance in my voice. His lips twitched, fighting a smile. â€Å"No, not really,† he admitted. I closed my eyes and inhaled slowly through my nose, aware that I was gritting my teeth. He waited. â€Å"Then what do you want, Edward?† I asked, keeping my eyes closed; it was easier to talk to him coherently that way. â€Å"I'm sorry.† He sounded sincere. â€Å"I'm being very rude, I know. But it's better this way, really.† I opened my eyes. His face was very serious. â€Å"I don't know what you mean,† I said, my voice guarded. â€Å"It's better if we're not friends,† he explained. â€Å"Trust me.† My eyes narrowed. I'd heard that before. â€Å"It's too bad you didn't figure that out earlier,† I hissed through my teeth. â€Å"You could have saved yourself all this regret.† â€Å"Regret?† The word, and my tone, obviously caught him off guard. â€Å"Regret for what?† â€Å"For not just letting that stupid van squish me.† He was astonished. He stared at me in disbelief. When he finally spoke, he almost sounded mad. â€Å"You think I regret saving your life?† â€Å"I know you do,† I snapped. â€Å"You don't know anything.† He was definitely mad. I turned my head sharply away from him, clenching my jaw against all the wild accusations I wanted to hurl at him. I gathered my books together, then stood and walked to the door. I meant to sweep dramatically out of the room, but of course I caught the toe of my boot on the door jamb and dropped my books. I stood there for a moment, thinking about leaving them. Then I sighed and bent to pick them up. He was there; he'd already stacked them into a pile. He handed them to me, his face hard. â€Å"Thank you,† I said icily. His eyes narrowed. â€Å"You're welcome,† he retorted. I straightened up swiftly, turned away from him again, and stalked off to Gym without looking back. Gym was brutal. We'd moved on to basketball. My team never passed me the ball, so that was good, but I fell down a lot. Sometimes I took people with me. Today I was worse than usual because my head was so filled with Edward. I tried to concentrate on my feet, but he kept creeping back into my thoughts just when I really needed my balance. It was a relief, as always, to leave. I almost ran to the truck; there were just so many people I wanted to avoid. The truck had suffered only minimal damage in the accident. I'd had to replace the taillights, and if I'd had a real paint job, I would have touched that up. Tyler's parents had to sell their van for parts. I almost had a stroke when I rounded the corner and saw a tall, dark figure leaning against the side of my truck. Then I realized it was just Eric. I started walking again. â€Å"Hey, Eric,† I called. â€Å"Hi, Bella.† â€Å"What's up?† I said as I was unlocking the door. I wasn't paying attention to the uncomfortable edge in his voice, so his next words took me by surprise. â€Å"Uh, I was just wondering†¦ if you would go to the spring dance with me?† His voice broke on the last word. â€Å"I thought it was girls' choice,† I said, too startled to be diplomatic. â€Å"Well, yeah,† he admitted, shamefaced. I recovered my composure and tried to make my smile warm. â€Å"Thank you for asking me, but I'm going to be in Seattle that day.† â€Å"Oh,† he said. â€Å"Well, maybe next time.† â€Å"Sure,† I agreed, and then bit my lip. I wouldn't want him to take that too literally. He slouched off, back toward the school. I heard a low chuckle. Edward was walking past the front of my truck, looking straight forward, his lips pressed together. I yanked the door open and jumped inside, slamming it loudly behind me. I revved the engine deafeningly and reversed out into the aisle. Edward was in his car already, two spaces down, sliding out smoothly in front of me, cutting me off. He stopped there – to wait for his family; I could see the four of them walking this way, but still by the cafeteria. I considered taking out the rear of his shiny Volvo, but there were too many witnesses. I looked in my rearview mirror. A line was beginning to form. Directly behind me, Tyler Crowley was in his recently acquired used Sentra, waving. I was too aggravated to acknowledge him. While I was sitting there, looking everywhere but at the car in front of me, I heard a knock on my passenger side window. I looked over; it was Tyler. I glanced back in my rearview mirror, confused. His car was still running, the door left open. I leaned across the cab to crank the window down. It was stiff. I got it halfway down, then gave up. â€Å"I'm sorry, Tyler, I'm stuck behind Cullen.† I was annoyed – obviously the holdup wasn't my fault. â€Å"Oh, I know – I just wanted to ask you something while we're trapped here.† He grinned. This could not be happening. â€Å"Will you ask me to the spring dance?† he continued. â€Å"I'm not going to be in town, Tyler.† My voice sounded a little sharp. I had to remember it wasn't his fault that Mike and Eric had already used up my quota of patience for the day. â€Å"Yeah, Mike said that,† he admitted. â€Å"Then why -â€Å" He shrugged. â€Å"I was hoping you were just letting him down easy.† Okay, it was completely his fault. â€Å"Sorry, Tyler,† I said, working to hide my irritation. â€Å"I really am going out of town.† â€Å"That's cool. We still have prom.† And before I could respond, he was walking back to his car. I could feel the shock on my face. I looked forward to see Alice, Rosalie, Emmett, and Jasper all sliding into the Volvo. In his rearview mirror, Edward's eyes were on me. He was unquestionably shaking with laughter, as if he'd heard every word Tyler had said. My foot itched toward the gas pedal†¦ one little bump wouldn't hurt any of them, just that glossy silver paint job. I revved the engine. But they were all in, and Edward was speeding away. I drove home slowly, carefully, muttering to myself the whole way. When I got home, I decided to make chicken enchiladas for dinner. It was a long process, and it would keep me busy. While I was simmering the onions and chilies, the phone rang. I was almost afraid to answer it, but it might be Charlie or my mom. It was Jessica, and she was jubilant; Mike had caught her after school to accept her invitation. I celebrated with her briefly while I stirred. She had to go, she wanted to call Angela and Lauren to tell them. I suggested – with casual innocence – that maybe Angela, the shy girl who had Biology with me, could ask Eric. And Lauren, a standoffish girl who had always ignored me at the lunch table, could ask Tyler; I'd heard he was still available. Jess thought that was a great idea. Now that she was sure of Mike, she actually sounded sincere when she said she wished I would go to the dance. I gave her my Seattle excuse. After I hung up, I tried to concentrate on dinner – dicing the chicken especially; I didn't want to take another trip to the emergency room. But my head was spinning, trying to analyze every word Edward had spoken today. What did he mean, it was better if we weren't friends? My stomach twisted as I realized what he must have meant. He must see how absorbed I was by him; he must not want to lead me on†¦ so we couldn't even be friends†¦ because he wasn't interested in me at all. Of course he wasn't interested in me, I thought angrily, my eyes stinging – a delayed reaction to the onions. I wasn't interesting. And he was. Interesting†¦ and brilliant†¦ and mysterious†¦ and perfect†¦ and beautiful†¦ and possibly able to lift full-sized vans with one hand. Well, that was fine. I could leave him alone. I would leave him alone. I would get through my self-imposed sentence here in purgatory, and then hopefully some school in the Southwest, or possibly Hawaii, would offer me a scholarship. I focused my thoughts on sunny beaches and palm trees as I finished the enchiladas and put them in the oven. Charlie seemed suspicious when he came home and smelled the green peppers. I couldn't blame him – the closest edible Mexican food was probably in southern California. But he was a cop, even if just a small-town cop, so he was brave enough to take the first bite. He seemed to like it. It was fun to watch as he slowly began trusting me in the kitchen. â€Å"Dad?† I asked when he was almost done. â€Å"Yeah, Bella?† â€Å"Um, I just wanted to let you know that I'm going to Seattle for the day a week from Saturday†¦ if that's okay?† I didn't want to ask permission – it set a bad precedent – but I felt rude, so I tacked it on at the end. â€Å"Why?† He sounded surprised, as if he were unable to imagine something that Forks couldn't offer. â€Å"Well, I wanted to get few books – the library here is pretty limited – and maybe look at some clothes.† I had more money than I was used to having, since, thanks to Charlie, I hadn't had to pay for a car. Not that the truck didn't cost me quite a bit in the gas department. â€Å"That truck probably doesn't get very good gas mileage,† he said, echoing my thoughts. â€Å"I know, I'll stop in Montesano and Olympia – and Tacoma if I have to.† â€Å"Are you going all by yourself?† he asked, and I couldn't tell if he was suspicious I had a secret boyfriend or just worried about car trouble. â€Å"Yes.† â€Å"Seattle is a big city – you could get lost,† he fretted. â€Å"Dad, Phoenix is five times the size of Seattle – and I can read a map, don't worry about it.† â€Å"Do you want me to come with you?† I tried to be crafty as I hid my horror. â€Å"That's all right, Dad, I'll probably just be in dressing rooms all day – very boring.† â€Å"Oh, okay.† The thought of sitting in women's clothing stores for any period of time immediately put him off. â€Å"Thanks.† I smiled at him. â€Å"Will you be back in time for the dance?† Grrr. Only in a town this small would a father know when the high school dances were. â€Å"No – I don't dance, Dad.† He, of all people, should understand that – I didn't get my balance problems from my mother. He did understand. â€Å"Oh, that's right,† he realized. The next morning, when I pulled into the parking lot, I deliberately parked as far as possible from the silver Volvo. I didn't want to put myself in the path of too much temptation and end up owing him a new car. Getting out of the cab, I fumbled with my key and it fell into a puddle at my feet. As I bent to get it, a white hand flashed out and grabbed it before I could. I jerked upright. Edward Cullen was right next to me, leaning casually against my truck. â€Å"How do you do that?† I asked in amazed irritation. â€Å"Do what?† He held my key out as he spoke. As I reached for it, he dropped it into my palm. â€Å"Appear out of thin air.† â€Å"Bella, it's not my fault if you are exceptionally unobservant.† His voice was quiet as usual – velvet, muted. I scowled at his perfect face. His eyes were light again today, a deep, golden honey color. Then I had to look down, to reassemble my now-tangled thoughts. â€Å"Why the traffic jam last night?† I demanded, still looking away. â€Å"I thought you were supposed to be pretending I don't exist, not irritating me to death.† â€Å"That was for Tyler's sake, not mine. I had to give him his chance.† He snickered. â€Å"You†¦Ã¢â‚¬  I gasped. I couldn't think of a bad enough word. It felt like the heat of my anger should physically burn him, but he only seemed more amused. â€Å"And I'm not pretending you don't exist,† he continued. â€Å"So you are trying to irritate me to death? Since Tyler's van didn't do the job?† Anger flashed in his tawny eyes. His lips pressed into a hard line, all signs of humor gone. â€Å"Bella, you are utterly absurd,† he said, his low voice cold. My palms tingled – I wanted so badly to hit something. I was surprised at myself. I was usually a nonviolent person. I turned my back and started to walk away. â€Å"Wait,† he called. I kept walking, sloshing angrily through the rain. But he was next to me, easily keeping pace. â€Å"I'm sorry, that was rude,† he said as we walked. I ignored him. â€Å"I'm not saying it isn't true,† he continued, â€Å"but it was rude to say it, anyway.† â€Å"Why won't you leave me alone?† I grumbled. â€Å"I wanted to ask you something, but you sidetracked me,† he chuckled. He seemed to have recovered his good humor. â€Å"Do you have a multiple personality disorder?† I asked severely. â€Å"You're doing it again.† I sighed. â€Å"Fine then. What do you want to ask?† â€Å"I was wondering if, a week from Saturday – you know, the day of the spring dance -â€Å" â€Å"Are you trying to be funny?† I interrupted him, wheeling toward him. My face got drenched as I looked up at his expression. His eyes were wickedly amused. â€Å"Will you please allow me to finish?† I bit my lip and clasped my hands together, interlocking my fingers, so I couldn't do anything rash. â€Å"I heard you say you were going to Seattle that day, and I was wondering if you wanted a ride.† That was unexpected. â€Å"What?† I wasn't sure what he was getting at. â€Å"Do you want a ride to Seattle?† â€Å"With who?† I asked, mystified. â€Å"Myself, obviously.† He enunciated every syllable, as if he were talking to someone mentally handicapped. I was still stunned. â€Å"Why?† â€Å"Well, I was planning to go to Seattle in the next few weeks, and, to be honest, I'm not sure if your truck can make it.† â€Å"My truck works just fine, thank you very much for your concern.† I started to walk again, but I was too surprised to maintain the same level of anger. â€Å"But can your truck make it there on one tank of gas?† He matched my pace again. â€Å"I don't see how that is any of your business.† Stupid, shiny Volvo owner. â€Å"The wasting of finite resources is everyone's business.† â€Å"Honestly, Edward.† I felt a thrill go through me as I said his name, and I hated it. â€Å"I can't keep up with you. I thought you didn't want to be my friend.† â€Å"I said it would be better if we weren't friends, not that I didn't want to be.† â€Å"Oh, thanks, now that's all cleared up.† Heavy sarcasm. I realized I had stopped walking again. We were under the shelter of the cafeteria roof now, so I could more easily look at his face. Which certainly didn't help my clarity of thought. â€Å"It would be more†¦ prudent for you not to be my friend,† he explained. â€Å"But I'm tired of trying to stay away from you, Bella.† His eyes were gloriously intense as he uttered that last sentence, his voice smoldering. I couldn't remember how to breathe. â€Å"Will you go with me to Seattle?† he asked, still intense. I couldn't speak yet, so I just nodded. He smiled briefly, and then his face became serious. â€Å"You really should stay away from me,† he warned. â€Å"I'll see you in class.† He turned abruptly and walked back the way we'd come.