Financial and Strategic Evaluation of Tesco Plc

Financial and Strategic Evaluation of Tesco Plc Financial and strategic evaluation of Tesco Plc Executive Summary To understand how a business is performing, understand what might be expected in the future and determine whether the business is a risky investment. An investor, analyst, researcher or accountant needs to understand the strategy of a business and how they plan to achieve this. The capital structure of a business can determine whether the company has enough finance in order to achieve targets and investments, determining certain risks involved and level of return required. This report looks at the level of gearing Tesco has whether financed by debt or equity, going on to look at the weighted average cost of capital. Investment is also important as investors expect, and the company looks to achieve growth. With Tesco this report looks at both future and past investments, analysing the non financial and financial benefits from them. Dividend policy and yields are analysed looking into theory behind them. Tesco shares are analysed using valuation techniques, looking at what may be the reason for Tescos success through the recession, helping them stabilise share price after the peak of recession despite some contractual and ethical issues. Finally looking into how the international market has benefited Tesco by non financial means. An overview of a few strategic issues Tesco has faced over the years is provided, looking into some of the challenges and results of these issues. Problems such as competition, international expansion and contract disputes are shown in detail later in the report. 1.0 Introduction Tescos overall strategy is growth, which has helped strengthen their core business within the UK, (Tesco, 2010). Tesco plan to achieve this strategy through diversifying their product range away from food and to include financial, non financial and telecommunication services/products also by penetrating new markets globally. This report evaluates Tesco, analysing their capital structure and the level of debt discussing how this can influences the company value and investing decisions, looking at how past investments and future investments are beneficial for Tesco. Dividend policies are related to theory and share prices are questioned using different valuation techniques available to any investor. Going on to look at survival through the recession looking at different strategic issues they have faced over the years. 2.0 Capital Structure and Finance agreement Figures above referenced from FAME database, show for expansion of its business Tesco Plc increased gearing from 51.58% to 91.38% within years 2000 and 2003. Increasing debt can be a cheaper less risky option as cost of debt is lower than equity and increasing levels of debt can reduce the weighted average cost of capital. By reducing weighted average cost of capital, company value can be increased and therefore shareholder wealth is increased. WACC can be used against cash flows in order to determine the net present value of a project. Tesco probably used this as a means to decide which investments are beneficial. After this period global financial crisis began to hit the market, Tesco Plc reduced its gearing ratio and kept the ratio level at around 75% until 2007. This was sensible at the time due to recession risk of lower turnover levels could mean the ability to repay certain levels of debt more difficult. Having higher levels at the time would have meant financial risk, repayment risk etc, would affect interest rates on loans and increase the cost of equity as shareholders are taking a higher risk therefore require a higher rate of return. Tescos main competitors suffer the similar situation; ASDA and Sainsbury were also affected by the global financial crisis, they also reduced their gearing ratio level and keep it to relatively low level to about 35%. However, with the positive profit figure, Tesco changed its current strategy. Tesco have geared up its business rapidly from 2008, and reached 149.14% in 2009. As the figures show that Tesco had borrowed in a huge amount of debt in 2009. R ecently, a joint venture between Tesco and property firm British Land has refinanced its retail portfolio with a new 315 million pounds five-year term loan. (British Land, 2010) it is to believe that a rapid market expansion and investment will be followed. Years 2005 to 2009, sales and income figures of TESCO have steadily increased; it generated a very positive profit return for investors. With the global finance crisis continuing to affect UKs economics, the government may loosen its restriction towards TESCO; whatever happens, people need foods and basic living materials, it is a perfect moment for Tescos expansion. The high level of gearing may support Tesco to expand its business; however there is potential risk of default on loans. Can Tesco maintain its level of income, if not how can TESCO to repay the debt it borrowed? This problem could influence investor decisions. 3.0 Investment UKs largest retailer Tesco expanded into foreign markets attempting to increase future growth in the global retail industry. The company initiated its international expansion strategy by venturing into Central Europe, Asia and the US. Figure 1 shows Tesco PLC sales profits before recession had an impacted. This shows sales profits in the overseas market amounted to a fair percentage of Tescos profit figure. Comparing growth over 5 years in the UK with Asia, UK only generates a 49% increase when the Asian market increased 250%. Tesco has placed increasingly focuses on their international venture. Nearly two-thirds of the groups space is now overseas, although these markets still only account for a quarter of group turnover (Rigby, 2009). Tescos Summary Five Year Record Year ended February 2001 (m) 2002 (m) 2003 (m) 2004 (m) 2005 (m) Group Sales 22,585 25,401 28,280 33,557 37,070 Turnover excluding VAT UK 18,203 19,821 21,309 24,760 27,146 Rest of Europe 1,737 2,181 2,664 3,385 3,818 Asia 860 1,398 2,031 2,669 3,010 20,800 23,400 26,004 30,814 33,974 Philip Clarke, head of Tescos international operations, singled out South Korea, along with China. Mentioned as Tescos two most promising markets, planning to open 100 new stores in South Korea alone (Rigby, 2009). This is a wise decision due to current economics Britain has been impacted among some of the worst around the world, where China especially was not greatly affected with vast growth. Probable reasons for Tesco expanding internationally rather than nationally may be due to competition policy trying to limit Tescos growth, also there is little land space to continue building new structures, and Tesco already purchased the most profitable local convenience stores in the past. 3.1 Environmental Tesco, now 4th largest retailer in the world, have announced that it will open the first zero carbon store as part of its bid to be a carbon  ­neutral company by 2050. They stated its corporate commitment towards reducing climate change, for example halving its energy use per square foot by 2010, reuse and recycling packaging where possible (Leahy, 2009). A green example of this is where they use returnable ‘Green trays saving around 132,000 tonnes of cardboard packaging in 2007/08. Tesco plans to invest  £100m in sustainable environmental technology which is finding more practical ways to use renewable energy, such as solar and wind power, and to help develop the green technologies of the future (Tesco Media, 2010). Environmental issues are becoming increasingly important over the years. Climate change has become a huge focus for businesses. The Climate Change Act 2008 makes the UK the first country in the world to have a legally binding long-term framework to cut carbon emissions (OPSI, 2008). Government ensures that organisations are adapting and that its policies, programmes and investment decision are made in the context of climate change. By continuously making environmental changes Tesco builds reputation as a more ethical company. 3.2 Diversification On the other side of expansion, Tesco is looking to take advantage of the current mistrust towards banks following their role in the economic crisis. They had spent  £950m for purchasing 50% of Royal Bank of Scotlands share of TPF last year (This Is Money, 2008). It is also planning to expand its telecoms operation industry following the appointment of Tesco marketing director Lance Bachelor as Tesco Telecom chief executive. Tesco are going to attempt penetrate the finance market further by offering current accounts within two years and also offering mortgages for their first time. Offering credit cards, insurance and savings deals already Tesco has a huge customer base. They have a huge potential to increase turnover by selling more products to their existing customers. They plan to open branches globally not on in the United Kingdom which could be a huge challenge for the company. They need to time this investment perfectly, especially amidst the recession. They stated that it has to build the IT infrastructure which required supporting the bank system, and this project is described as a huge undertaking†. As a Tesco bank customer, you will also be able to accrue loyalty points under its Club card program (Tesco, 2008). 4.0 Shareholder Information An important factor in the eye of an investor is predicting the future. Shareholders are interested in company performance, both long and short term. They are also interested in the companys investment not only to expect growth but so they are able to assume levels of retained earnings and cash flows. This allows shareholders to make estimations on dividend payout, the only form of cash flows a shareholder receives and predict any growth on share price. 4.1 Dividend Policy Tesco pay cash dividends as interim and final year. The dividend is steadily increasing even through the Recession. Annual Dividends per share has increased 26.48% from 8.91p in 2007 to 11.27p in 2009 (Tesco, 2007-9). The company pay a fairly low dividend with a yield averaging 2.43% from 2007-09. Low yields can lead to possible patterns of high growth unlike high yields resulting in sharp falls (Arnold, 2008). Steady dividend payments and low dividend yield targets higher earners and those on looking for long term investment. Cash in the business is expected to be invested in projects with positive net present values as investors are looking for capital gains. This suits Tesco as one of the reasons for a lower yield and dividend is due to large investments in expanding and making the company more diverse. 4.2 Share Price Capture.PNGShares are hard to say what influences price, there are many factors which can all influence share price such as earnings per share and price earnings multiple. News can have affects such as bad press can decrease share price, disputes or contractual issues etc. Other areas may be dividends, although according to Modigliani and Miller theory whatever dividend policy is used, firms which pay more dividends offer less price appreciation and pay the same shareholder return, according to cash flows from investments and risk measurements (Arnold, 2008). This theory provides proof given assumptions of no tax, investment decisions are not affected by dividends and there are no transaction costs converting price into cash when selling stock. In the current economic position this theory would most likely be irrelevant as there are always taxes upon a business. Transaction costs would almost always apply therefore this theory has its limitations. If dividends were irrelevant, the business may be wasting time analysing which shareholder are indifferent (MM Theory, 1961). As market leader for United Kingdom Tesco has shown stability during the crisis. Share price over the peak of the recession until recently has remained more stable for Tesco than competitor Sainsbury. Sainsbury had been affected severely between August and November 2007 as Delta Two pulled out in belief Sainsburys did not have enough capital to maintain competitiveness (Birmingham Post, 2007). This was a high in the recession. Financial markets began to stop trading between each other and there was the near collapse of Northern rock, (Telegraph, 2009). The Sector was hit hardest in years however Tesco has begun to make its recovery with share price increasing unlike Sainsbury who only managed to stabilise over the last year. 4.3 Valuation Capture7.PNGInvestors may use share valuation techniques to determine whether shares are over or under value. Dividend yield valuation shows share price was fairly valued in 2007 but undervalued in 2008 and overvalued for 2009. This is calculated by dividing share price by the yield seen in Figure 3. Dividend yield was based upon Annual Dividend/ Share price. This valuation method can be affected by the level of dividend especially if the company is going to invest, which Tesco has made some huge investments purchasing 50% of RBS. This could be the reason why value is currently low here, whereas real value accounts for all affects. klll.PNGThe final method for this report is Price Earnings Valuation. Multiplying earnings per share by the P/E multiple. A higher P/E multiple indicates the price of stock is more than a lower P/E. In Figure 4 P/E*EPS shows similar results as using the dividend yield however P/E over the past 3 years has been decreasing, which shows investors are not willing to pay as much for a stock than previously. Tesco shares have remained strong, recovering after a downfall in peak of recession. Share valuation techniques however have shown share value may be overvalued in 2009. There seemed to be a recovery but using P/E and Dividend yield valuation, which provided a comparable result share value should be lower. This may mean it is safe to sell shares in Tesco now as price may fall. Dividend payment however suggest chance of expected growth in the future but looking at long term trends there have not been any dramatic changes in dividend payment or yields. 5.0 Surviving the Recession Researchers and Accountants believe Tesco was the number one company to survive the recession in the research survivability index. The information considered for this was not just cost cutting but based upon factors such as; branding, cost management, internet potential and customer targeting, (Ruddick, 2008). For instance, Tesco replaced a lot of high brand products with Tesco value products, which sell for less however attract more customers generating higher turnover, this helped reduce costs related to more expensive products. Other cost savings are through better use of IT, and from policies and management of suppliers to ensure the greatest value to the business and customer (Business, 2009). Tesco club card points and vouchers have been a huge impact for customer targeting, by offering double club card points many customers who arent regular shoppers become regulars. Tesco also monitor their customers far more intensely than other supermarkets. They analyse buying patterns and send vouchers in the post to attract customers back, or when customers have not returned for a while they send vouchers to entice them. 6.0 Competition Severe rivalry within the UK retail market is forcing cost cuts and ways news ways that they can differentiate themselves from competitors. The retail market is mature and oligopolistic in its nature, with a few major multiple retailers dominating the market (Business, 2009). Competition between the large retailers resulted in price wars with the big two, Asda and Tesco reducing price margins for the industry as a whole as other competitors have to react according to the market. The market is well regulated. The monopolies and mergers commission constantly examines the market to ensure fair competition. The government has also been active in planning restrictions for new store openings (BBC, 2004). Growth appears to come from gaining new customers, improving product offerings, and from non food products, such as financial services. In Tescos case they have expanded overseas as well as diversifying their product range. Customers are still number one in the eye of the retailers. Success in the industry is still dependent on how well the retailer can meet the customer needs. Price, particularly in the UK has become a dominant feature. Considering the recession, this will places stress on retailers to set low prices and maintain that level. The main reason being consumers are tightening their spending level and are not willing purchase luxury items and are purchasing the necessities. 7.0 Bad Credibility Tesco were faced with a big contractual issue back in 2007. Tesco delivery drivers were offered new contracts, which had worse conditions and around 3000 to 6000 pounds less pay. This resulted in drivers going on a 3day strike, causing problems for Tesco when shoppers refused to shop in their stores and many drivers rejected the new contracts which resulted in Tesco terminating their positions (BBC, 2007). This issue meant Tesco had to spend a lot of time and money with unions, whilst losing sales from shoppers refusing to shop with them and deliveries not being made. Although this issue was only in one area, the businesses image would have been damaged by news and publicity on the matter. The competition commission has started to realise that the bigger the retailer they have a stronger capability to force prices lower from suppliers. Described as a â€Å"master servant† relationship farmers complain about Tescos cancelling orders at last minute and forcing cost lower than production cost (Hird, 2005). In extreme cases farmers have protested especially over milk prices (Mullin 2009). This shows Tesco has done little to improve their relationship with farmers over the years. It could be assumed that government may begin to intervene soon as Tesco becomes more unethical. Issues like this make people lose trust, they are unsure if in the future more problems will arise. When looking at investing you must trust a company making sure they are reliable and able to give you what you want from them. Other investors who catch news of problems tend to back out and sell stock. If enough people sell share price will begin to fall, this may be an opportunity to purchase shares at a lower price as long as you accept the risks. 8.0 Environmental Issues One big issue that Tesco is facing is the environment element; as the increasing global concern of environmental problem, how Tesco react to this issue will have huge impact to its future business performance. The public demands more than ever that films should take their responsibility as a member of the society. Tesco has taken a lot of effort to respond the challenge; in 2007, Tesco unveiled its green pledges; â€Å"If we fail to mitigate climate change, the environmental, social and economic consequences will be stark and severe† Sir Terry Leahy, Tesco chief executive. (BBC news, 2007) In the statement, he promised that Tesco would cut emissions from existing stores worldwide by at least 50% by 2020, and would seek to restrict air transport to less than 1% of the firms products. Moreover, for cutting CO2 and energy saving, Tesco also introduce a series of strategy; by encourage customers to use reusable carry bag and reward shopping points to club members to reduce the usa ge of plastic bags; Tesco also introduce new energy saving store to the public; in January 2009, Tesco opened UKs most energy efficient store in Cheetham Hill. As part of the climate change program, the stores carbon footprint is 70% less than an equivalent store built in 2006. (Tesco, 2009) So far, Tesco has already made a lot of progress, yet there are much more problems waiting. 9.0 Overseas Tescos expansion internationally has not only benefited the company financial. They would develop new understandings and learn new techniques have diverse teams within the organisation. Tesco successfully penetrated the overseas market, being able to adapt to new cultures. To do this they would need incredible management with a perfect strategy. On the Tesco website they take a different approach internationally, strategy changes and their main focus is more of a cultural issue. For instance being â€Å"Flexible† as in Japan they shop in small amounts but prefer fresh items, also â€Å"Act local† such as in India, who prefer less or no packaging so they can go through piles of produce. With 10 years of experience Tesco has wide experience of cultures (Tesco, 2009). Culture isnt only going to affect Tesco through the market i.e. selling, but will be a part of the business. Tesco employees local staff this affects the organisations culture, especially within head offices and management. Teams will include people from all different ethnic backgrounds growing up to have different culture, educated with a diverse range of skills. Having this within a business can be very successful and can create more effective team working (Brooks, 2006). 10.0 Conclusion Tesco on a financial level has a lot of risk involved. They are currently very highly geared and have a huge financial risk which can and most likely will affect the company value and share holder wealth. However over the next 2 years could be a crucial time for Tesco as their investments go under way which could result in a very prosperous future for shareholders through diversification and international expansion. A lot of risk relies on customer targeting, which in the past Tesco has been very successful. Dividend yields and dividend payments seem to be targeting high earners who can face risk and are looking for long term capital gains; however share price for 2009 seems to be overvalued and may decrease. It may be safer to sell shares now and buy again after share price falls. Tesco has had a lot of success and faced many different strategic issues, some which could result in a stronger business such as cultural diversification within the company. A lot of issues have occurred though, damaging the image as a result. Little seems to have been done to improve some of these problems especially with farmers. Tesco only seems to care if regulation intervenes, then they will do something about it which could be seen with some of the environmental problems. As a result of the analysis provided throughout the report Tesco seem like an opportunity for those who are willing to take high risks. References Arnold, G. (2008) Corporate Financial Management. 4th edition. London, Pitman Publishing. BBC. 2004. Tesco sees profits jump to  £822m: New stores. [Online] BBC News. Available at: http://news.bbc.co.uk/1/hi/business/3675164.stm [Accessed 20/3/2010]. BBC News, 2007. Tesco boss unveils green pledges [Online]. BBC News. Available at: http://news.bbc.co.uk/1/hi/6276351.stm [Assessed 24/3/2010]. BBC News. 2007. Tesco dispute enters second day. [Online] Available at: http://news.bbc.co.uk/1/hi/scotland/edinburgh_and_east/6690475.stm [Accessed 20/3/2010]. BIRMINGHAM POST. 2007. 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[Online] Available at: http://www.foe.co.uk/resource/marketing_material/tesco_takeover_leaflet.pdf [Accessed 20/3/2010]. LANGFELD, M, 2009. Tesco: Consistent Earnings Growth at Attractive Price, [online]. Available at: http://seekingalpha.com/article/159992-tesco-consistent-earnings-growth-at-attractive-price [Accessed 18/3/2010]. LEAHY, T. 2009. Press releases: SCI Conference. [Online] Available at: http://www.tescoplc.com/plc/media/pr/pr2009/2009-10-16/ [Accessed 18/3/2010]. MM Theory, 1961. When Are Dividends Irrelevant? (The Miller Modigliani Proposition). [Online] Available at: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/invfables/dividirrelevance.htm [Accessed 19/3/2010]. MULLIN, D. 2009. Farmers protest at Tesco over milk price. [Online] Available at: http://www.farmersjournal.ie/myJournal/forum/content/farmers-protest-tesco-over-milk-price [Accessed 20/3/2010]. OPSI. 2008. Climate Change Act 2008. [Online] Available at: http://opsi.gov.uk/acts/acts2008/ukpga_20080027_en_1 [Accessed 16/3/2010]. RIGBY, E. 2009. Tesco trumpets strategic success overseas. [Online] Available at: http://www.ft.com/cms/s/0/7b824f06-2b88-11de-b806-00144feabdc0.html [Accessed 20/3/2010]. RUDDICK, G. 2008. Tesco: most likely retailer to survive recession. [Online] Available at: http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/3368164/Tesco-most-likely-retailer-to-survive-recession.html [Accessed 18/3/2010]. TELEGRAPH. 2009. UK Recession: Timeline of how the British economy has been hit. [Online] Available at: http://www.telegraph.co.uk/finance/financetopics/recession/4320827/UK-Recession-Timeline-of-how-the-British-economy-has-been-hit.html [Accessed 19/3/2010]. TESCO. 2007. Press release. [Online] TESCO plc. Available at: http://www.tescoplc.com/plc/media/pr/pr2009/2009-01-13b/ [Assessed 24/3/2010]. TESCO. 2007-9. Tesco: Annual Report 2007/8 2008/9. 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Feminist Anthropology

Introduction In the center of the nineteenth century the theory of feminist anthropology emerged as a reaction to a perceived androcentric prejudice within the field of anthropology ( Lamphere 1996: 488 ) . Symbolic anthropology, on the other manus, emerged during the twentieth century and formed in response to the dissatisfaction with the theory of structural linguistics that was grounded in linguistics and semiologies ( Des Chene 1996:1275 ) . The purpose of this paper is to analyze the similarities and differences between the theories of feminist anthropology and symbolic anthropology in order to better understand the impact both motions had on the societal scientific disciplines. Both of these theories, although seemingly unrelated, portion a assortment of similarities that are at the nucleus of the paradigm displacement in anthropology that continues today. Further, an scrutiny of some of the cardinal figures in anthropology who influenced the outgrowth of these theoretical tendencies, will further clarify the principle for their development.OrAdditionally, an scrutiny of some of the cardinal figures in anthropology who influenced these paradigm ‘s will further light these th eories ‘ importance. Although this paper can non supply a complete analysis of what differs and remains the same between feminist and symbolic anthropology, we can make a better apprehension of the two theoretical schools of idea and the impact they had on the field of anthropology and societal scientific discipline as a whole. However, before comparing and contrasting the theories, it is indispensable to hold a basic apprehension of what each theory entails. Basic Dogmas of Feminist Anthropology In the history of anthropology, three different moving ridges of feminist anthropology occurred with varying focal points ( Gellner and Stockett, 2006 ) . These different moving ridges did non to the full occur in chronological order and there are convergences with some of the theories of each still relevant today. The first moving ridge occurred between 1850 and 1920, and had the primary end of including adult females ‘s voices into descriptive anthropology. At the clip, there was really small ethnographic informations refering adult females, and the informations that did be was mostly the studies of male sources talking for adult females and analyzed through male ethnographers ( Pine 1996: 253 ) . The focal point of the 2nd moving ridge, which occurred between 1920 and 1980 was an effort to divide the impressions of sex and gender. Until this point, the footings had been used interchangeably and the word â€Å" Gender † referred to both the constructs of male and female, the cultural building that created these two classs and the relationship between them. ( Pine 1996:253 ) . This was debatable since the definition of gender varies from civilization to civilization and can take to false apprehensions and the creative activity of cultural false beliefs in the field of anthropology . Further, during the 2nd moving ridge, feminist anthropologists pushed for a rejection of the bing dualities between work forces and adult females that were present in Western civilization, such as the thought that work forces should work while adult females stayed at place. During the 2nd moving ridge, mercenary research into the thoughts of societal dealingss about adult females, reproduction and their productive capablenesss in the work force became popular, particularly how these factors related to other societal factors such as societal category. Therefore, in the 2nd moving ridge, feminist anthropologists argued for a move off from the wide generalisations that had plagued the field of anthropology for coevalss ( Lamphere 1996:488 ) . This is linked to the single focal point put-forth by the interpretivist motion in anthropology during the 1950s. However, it differs because it makes connexions between adult females irrespective of what civilization they belong to. Contemporary women's rightist anthropologists make up the 3rd moving ridge of feminist anthropology, which started in the 1980s and continues throughout the new millenary. Feminist anthropologists of today, are no longer entirely focused on the gender dissymmetry but instead focal point on the differences that exist between classs such as category, race and ethnicity ( Geller and Stockett, 2006 ) . This modern-day focal point therefore examines the differences that exist between adult females with differing societal backgrounds, instead than concentrating on the difference between males and females ( McGee, Warms 1996: 392 ) . Contemporary women's rightist anthropology besides examines how these assorted societal factors interact, particularly in the con text of power, which is frequently used as the chief method of analysis. However, this method has resulted in a extremely disconnected theoretical attack, which uses combined pieces of assorted theories ( Geller and Stockett, 2006 ) . Cardinal Peoples in Feminist Anthropology One of the cardinal figures in the first moving ridge of feminist anthropology was Ruth Benedict ( 1887-1948 ) . Benedict was a pupil of Franz Boas, and one of the first female anthropologists, gaining her doctor's degree from Columbia University in 1923 ( Buckner 1997: 34 ) . Most of her work focused on Native Americans and other groups which led her to develop her â€Å" configurational attack † to civilization, which views cultural systems as working to prefer certain personality types among different societies ( Buckner 1997: 34 ) . Another cardinal figure who emerged in the 2nd moving ridge of feminist anthropology was Margaret Mead ( 1901-1978 ) another pupil of Franz Boas, who was friends with Ruth Benedict. Meads feminist work centered on the separating factors between sex and gender. Many of her theories were influenced by or borrowed from Gestalt psychological science, a subfield of psychological science which focused on analysing personality as an interconnected psy chological form alternatively of a aggregation of unrelated elements ( McGee, Warms 1996:202 ) Her work attempted to divide the biological factors from the cultural factors that influence human behaviour and personality development and helped to construct a model for the emerging subject of feminist anthropology. Additionally, her work analyzed the permeant sexual dissymmetry that existed in the ethnographic literature of anthropology during the clip. ( Levinson, Ember 1996:488 ) . Basic Dogmas of Interpretive Anthropology The intent of symbolic anthropology is to analyze the different ways that people understand their milieus, every bit good as the differing readings of those who act within them. Symbolic anthropologists believe that these readings can be combined to make a shared cultural system of significance, or shared apprehensions shared between members of the same civilization. However, it is understood that non all members of a civilization will hold the exact same beliefs ( Des Chene 1996:1274 ) . One of the chief focal points of symbolic anthropology is the survey of symbols and the assorted ways that symbols are created and have their significances assigned to them. Symbolic anthropologists believe that scrutiny of these symbols and the procedures that create them ( such as myth and faith ) will light the cardinal inquiries of human societal life shared by each civilization ( Spencer 1996:535 ) . Therefore, symbolic anthropologists view civilization as an independent system of intending tha t can be deciphered by construing cardinal symbols and rites that create it ( Spencer 1996:535 ) . Overall, there are two cardinal premises in symbolic anthropology. The first of these premises provinces that the beliefs of a certain group of people, nevertheless unintelligible they may look, can ever be understood when they are examined as portion of an bing cultural system of significance ( Des Chene 1996:1274 ) . The 2nd premiss provinces that the actions of a specific group of people are guided by the reading of these symbols. These two premises allows for symbolic anthropologists to use symbolism to construe both ideal and material activities of a specific group of people. Frequently, the focal point of symbolic anthropology will be on faith, cosmology, ritual activity, and expressive imposts such as mythology and the acting humanistic disciplines ( Des Chene 1996:1274 ) . However, symbolic anthropologists besides study other signifiers of societal organisation such as affinity and political organisation, which allows research workers to analyze the function that these symbols play in the mundane life of people from different civilizations. ( Des Chene 1996:1274 ) . Cardinal Peoples in Interpretive Anthropology Overall, the field of symbolic anthropology can be divided into two major attacks, each associated with one of the cardinal figures of the theory. The first attack is associated with Clifford Geertz and the University of Chicago and the other with Victor W. Turner at Cornell University. Geertz ‘s place illustrates the interpretative attack to symbolic anthropology, while Turner ‘s illustrates the symbolic attack. Clifford Geertz ( 1926-2006 ) studied at Harvard University in the 1950s and was strongly influenced by the Hagiographas of philosophers such as Langer, Ryle, and Weber. ( Handler 1991 ; Tongs 1993 ) Geertz was influenced mostly by the sociologist Max Weber, finally utilizing different facets of their thought as cardinal elements in his theory of interpretative anthropology, and was more interested in the operations of â€Å" civilization † than the assorted ways that symbols interact within the societal procedure. In his digest of essays entitled â€Å" The Interpretation of Cultures † ( 1973c ) , Geertz argued that an analysis of civilization should â€Å" non [ be ] an experimental scientific discipline in hunt of jurisprudence but an interpretative 1 in hunt of significance † ( Geertz 1973d:5 ) . Further, Geertz believed that civilization was a societal phenomenon and a shared system of intersubjective symbols and significances ( Parker 1985 ) .` This can be seen in his ain definition of civilization, which was â€Å" an historically familial form of significances embodied in symbols, a system of familial constructs expressed in symbolic signifiers by agencies of which work forces communicate, perpetuate, and develop their cognition about and their attitudes toward life † ( Geertz 1973e:89 ) . Geertz ‘s symbolic anthropology focused on the different ways in which symbols operate within a specific civilization, particularly how persons â€Å" see, experience, and think about the universe † ( Ortner 1983:129-131 ) . He believed that civilization is expressed through the external symbols utilized by society and is non merely stored inside the heads of members of that society. Geertz, argued that adult male utilized the symbolic as â€Å" beginnings of light † in order to point himself in his ain system of significance ( Geertz 1973a:45 ) . Therefore, societies use their symbols to show their ain alone â€Å"worldview, value-orientation, ethos, [ and other facets of their civilization ] † ( Ortner 1983:129 ) . Symbols could be seen as â€Å" vehicles of ‘culture † who ‘s intending should non be studied in and of themselves, but alternatively should be studied for what they can uncover about a peculiar civilization. Geertz argued that these cultural symbols shaped the ways that societal histrions see, experience, and think about the universe ( Ortner 1983:129 ) . Victor Witter Turner ( 1920-1983 ) was the leader of the other subdivision of symbolic anthropology ( Turner 1980:143 ) . Born in Scotland, Turner was influenced by the structural-functionalist attack of British societal anthropology that had been outstanding during the clip. In peculiar, Turner was influenced by Emile Durkheim, which shaped his version of symbolic anthropology to concentrate more on the operations of â€Å" society â €  and the ways in which different symbols operate within it. ( Ortner 1983:128-129 ) . Turner, like old British anthropologists, was interested in look intoing whether symbols really functioned within the societal procedure the manner current symbolic anthropologists believed they did. Thus, Turner ‘s attack to symbols was highly different than that of his modern-day, Clifford Geertz. Alternatively of being interested in symbols as vehicles of â€Å" civilization † as Geertz was, Turner believed that symbols functioned as â€Å" operators in the societal procedure † ( Ortner 1983:131 ) and that â€Å" the symbolic look of shared significances † , non the attractive force of stuff involvements, prevarication at the centre of human relationships † ( Maning 1984:20 ) . Turner believed that symbols â€Å" instigate societal action † and exercise â€Å" determinable influences tending individuals and groups to action † ( Turner 1967:36 ) and felt that these â€Å" operators, † if placed in a certain agreement and context, would bring forth â€Å" societal transmutations † which both act to maintain the people in a society tied to the society ‘s specific societal norms every bit good as decide societal struggle and assistance in altering the societal position of the histrions involved ( Ortner 1983:131 ) . Theoretical Similarities There are several theoretical similarities between feminist and symbolic anthropology. Both Fieldss recognize the dynamic nature of societal systems. Like symbolic anthropology which views civilization in footings of symbols and mental footings, accounting for its transient and altering nature, 2nd wave feminist anthropologists rejected Durkheim’s impression of a inactive system composed of built-in dualities, and sought to demo that the societal systems are dynamic. Further, both women's rightist and symbolic anthropology believe in â€Å" actor-centric † actions, intending that actions are non separate from societal histrions but a portion of their societal model. ( Ortner 1983:136 ) . Another cardinal similarity is the focal points shared by both women's rightist and symbolic anthropology. Focus on individuality and difference is a cardinal focal point of both feminist anthropology and symbolic anthropology. This means that there is a focal point on societal classs such as age, business, faith, position, and so on. Power is besides an of import constituent of analysis for feminist anthropology, since the building and passage of individuality occurs through discourses and actions that are structured by contexts of power ( Gellner and Stockett, 2006 ) . However, this besides fits in with Turner ‘s analysis of symbols and societal action. Further, both theories challenge the construct of normality and catholicity that many old anthropological theories supported. The rejection of normality and cosmopolitan truths, every bit good as the thought that anthropology must non merely analyze on a cultural degree, but besides on an single degree, is cardinal to symbolic anthropology. This thought is chiefly seen in feminist anthropology through the thought that male point of view differs well from the female point of view, and that both must be accounted for. The rejection of normality is farther seen in feminist anthropology through fagot theory, which is the most recent reaction against the impression of â€Å"normalcy† Queer theory challenges the construct of heteronormativity, or the premise that heterosexualism and the ensuing societal establishments are the normative socio-sexual constructions in all societies ( Gellner and Stockett, 2006 ) . The theory argues that gender is non a portion of the indispensable ego and is alternatively based upon the socially constructed nature of sexual Acts of the Apostless and individualities, which consist of many varied constituents ( Warner, 1993 ; Barry, 2002 ) . Therefore, like symbolic anthropology, feminist anthropology relies to a great extent on the construct of cultural constructivism. Arguing different positions Due to cultural growing and intervention of Man and Women. The most obvious similarity between the theories is that both were a response to old anthropological theories. The symbolic and interpretative theory was a reactions to structuralism that was grounded in linguistics and semiologies and pioneered by L? vi-Strauss ( Des Chene 1996:1275 ) . The subfield of Feminist Anthropology emerged as a reaction to a perceived androcentric prejudice within the subject ( Lamphere 1996: Additionally, another cardinal similarity between the theories is that they have non been discredited position in the modern societal scientific disciplines? ? Theoretical Differences One of the chief differences between the two anthropological attacks is the catholicity found in feminist anthropology. Although the construct of catholicity is under scrutiny today, early women's rightist anthropologists believed that there was a cosmopolitan subordination of adult females to work forces, in all civilizations around the Earth. Therefore, one of the chief constituents of feminist anthropology was to seek for cosmopolitan accounts for female subordination and gender inequality. However, the thought that all adult females suffer the same subjugation merely because they are adult females does non suit within the symbolic and interpretivist model. Symbolic anthropologists argue that these historically specific Western premises about the societal differences between work forces and adult females can non be decently applied to non-Western societies ( Spencer 1996:538 ) . Another of import difference between feminist and symbolic anthropology is that feminist anthropology c hiefly focuses on the constructs of gender and gender, while symbolic anthropology examines all societal facets. Varies from civilization to civilization Muslim adult females viewed as opressed, but they view forced sexualization as opression Decision

Compare and contrast plato and decsartes Essay

Descartes and Plato are two of the most influential thinkers within philosophy. The allegory of the cave and systematic doubt are also two of the most famous concepts within philosophy. Plato at the time of writing the cave allegory was trying to resist the growing influence of the Sophist philosophers who prioritised semantics and rhetoric over truth. 1 Descartes by introducing radical scepticism to philosophy was challenging traditional scholastic philosophy which had dominated the philosophy for many centuries. While both pieces of writing are separated by different ages of time and space, they share many  similarities as well as fundamental differences. This essay will attempt to compare and contrast these two bodies of work by firstly explaining what is Descartes’ systematic doubt and Plato’s Allegory of the cave before finally examining the similarities and differences between them in the final paragraph of analysis. Descartes in his first meditation introduces the concept of Radical doubt which similarly places suspicion on the senses and the appearance of things. This involves stripping away all one’s beliefs and preconceived notions in order to find the foundational bedrock of  knowledge in which all sciences could then grow2. Descartes begins his first meditation by casting doubt on all his beliefs, if a belief can be even slightly doubted it must be discarded. He wants to ‘reject as absolutely false anything in which I could imagine the least amount of doubt3’ this is called radical scepticism where all beliefs must be challenged. Through this experiment Descartes conceded that the physical senses are not to be trusted as they have deceived him before, this is known as sensory deception and this revelation forces him to  doubt any beliefs about the external world and knowledge that is gathered by the five senses. His examination also reveals that dreams states can be difficult to distinguish between waking life, this has happened before where he thought he was in bed but wasn’t. Henceforth one cannot truly know if they are awake observing reality or asleep enjoying a dream, this is known as the dream hypothesis. Descartes also uncovers the evil demon hypothesis whereby all external reality observed may be just an illusion that is perpetrated by an evil demon  seeking to deceive him, also there is the problem that all previous memories about oneself could simply just be imagination and not grounded in any reality. The system of radical doubt leads Descartes into murky territory where he cannot believe in the existence of anything at 1 JULIAS, ANNAS: INTRODUCTION TO PLATO’S REPUBLIC(NEW YORK, 1998)P. 252 2 JOHN, COTTINGHAM, DESCARTES: THE PHILOSOPHY OF MIND(LONDON, 1997) P. 21 3 JOHN CORRINGHAM, DESCARTES: MEDITATIONS ON FIRST PHILOSOPHY (NEW YORK, 2013) P. 33 all. This thankfully is changed when he discovers the cogito’ I think therefore I am’, his  starting point which saves him from uncertainty, allowing him to prove that he exists. In Plato’s allegory of the cave, there are prisoners who are locked up within the depths of a cave. All day long, they are situated in front of a wall and behind them is a fire which reflects shadows on the wall. Unbeknownst to the prisoners, there are puppeteers who use the firelight to reflect shadows of their puppets upon the wall while making noises ‘the truth would be literally nothing but the shadows’4. The prisoners are unaware of this illusion and mistakenly believe these shadows are real images. One day, a prisoner is released from his chains and allowed to walk freely about the cave. Although it is confusing for him to see the puppets and fire, he is forced to accept this clearer version of reality and eventually ascents through the cave, spending a day and night under the sun and the stars. As he becomes familiar with the world above, he realises the sun is the giver of light, how it casts shadows and how his prior life in the cave was an entire illusion. This newfound enlightenment Plato remarks will prevent him from ever returning to the life in cave, nor will his old inmates  believe him if he tried to free him, instead ‘they would put him to death5’ This intellectual awakening will cause the inmate to grasp the idea of good, the eternal form which will urge him to act ‘rationally in public or private life6’. Ultimately Plato suggests the inmate should return to his old friends and seek to help them. The cave analogy is concerned with the human condition and its’ lack of enlightenment7, for Plato the prisoners represent ordinary citizens who hold false beliefs (shadows), reality is dictated to them by their senses (appearance of things) allowing them to be easily manipulated8. Ignorance is then symbolised by darkness and the intellect and reason is symbolised by the light. The journey of the inmate from darkness to light is a metaphor for education which allows one to progress from the ignorance in the depths of the cave to the intellectual plains of the enlightened one in the outside world. The outer world symbolises true knowledge, the realisation of eternal forms while the cave again illustrates the world of appearance and false beliefs, Woozley writes ‘most men without knowing it live in this shadow world’9 4 PLATO. ALLEGORY OF THE CAVE. P. 74 5 IBID. P. 75 6 IBID. P. 75. 7 ANTHONY, WOOZLEY: PLATO’S REPUBLIC: A PHILOSOPHICAL COMMENTARY(LONDON, 1989)P206 8 JULIAS, ANNAS: INTRODUCTION TO PLATO’S REPUBLIC(NEW YORK, 1998)P254 The cave analogy and Descartes systematic doubt have much in common. Both are concerned with the illusory nature of the senses and external reality, for Plato people place too much emphasis on the senses, on the appearance of things as illustrated in by the shadows on the wall, this leads them to hold false beliefs and to be easily misled, only by entering the realm of thought can people free themselves by gaining knowledge and becoming enlightened. Descartes through the systematic doubt also maintains that external reality cannot be truly known; the sensory deception and evil demon hypothesis cast doubt on the authenticity of the outside world. Indeed the evil demon hypothesis is an almost identical scenario to that of the prisoners whose sensory perception is distorted by the shadow wielding puppeteers. Only through the mind or intellect can an individual overcome the illusory nature of the senses, it allows the prisoner to access the outside world to gain enlightenment and help his fellow inmates while for Descartes the mind by way of the cogito is the one thing  that cannot be doubted which through it allows him prove the existence of the outside world in his later meditations. The cave is an analogy which illustrates how people can possess false consciousness and how through reason and knowledge one can overcome this while systematic doubt is an instruction on how to discard false beliefs, the ascent through the cave into the intellectual world is the finishing point for Plato while the cogito for Descartes is a starting point for further investigation. The two authors also differ on the type of philosophy employed in their argument. Plato insists that after the ascent , the prisoner will experience the idea of the good ‘ the lord of light in the visible world, and the immediate source of reason and truth in the intellectual’10 the good then is the highest point of knowledge and represents Plato’s philosophy of perfect types or forms known as idealism, Descartes through highlighting the sensory, dream and demon hypothesis illustrates how the external world cannot be relied upon as a basis for true knowledge, but the cogito is a starting point, the attempt to find secure beliefs that allow a foundation for further knowledge to be rested upon  is known as Foundationalism which is credited to Descartes. In conclusion, both Descartes and Plato in their attempts to challenge the prevailing doctrine of their respective times introduced two of the most influential concepts in the world of Philosophy. Descartes through his examination of systematic doubt uncovers the limitations of the physical senses in acquiring knowledge and introduces further challenges to understanding external reality with the dream, memory and evil demon hypothesis. Only 9 ANTHONY, WOOZLEY: PLATO’S REPUBLIC: A PHILOSOPHICAL COMMENTARY(LONDON, 1989)P. 223 10 PLATO. ALLEGORY OF THE CAVE. P. 77  through the mind alone can one grasp the nature of reality starting with the cogito. Likewise Plato is concerned with the appearance of things, how the senses can deceive us and humanity like the inmates in the cave can live in a state of ignorance or darkness if they don’t use the power of the mind to acquire knowledge and reason. Only through using the intellect can humanity gather true knowledge and escape the darkness in the cave. For both the intellect is the only means for gathering true knowledge, the senses are illusory. Descartes systematic doubt and cogito provide the foundational starting point for the sciences while the  cave allegory offers advocates a way of life for humanity to feign the world of ignorance and seek true knowledge so that those who acquire it will return to the cave and help their fellow man. Works Cited: Annas, Julias. An Introduction to Plato’s’ Republic. New York: Oxford University Press Cottingham, John. Descartes: Meditations on First Philosophy. New York: Cambridge University Press, 2013 Cottingham, John. Ed. Ray Monk. Descartes’ Philosophy of Mind. London: Phoenix Publishers, 1997 Plato. The Allegory of the cave. Week 5 Handout Woozley, Anthony. Plato’s Republic: A philosophical commentary. London: MacMillan Publishers, 1989.

Primitive Beginnings in Herman Melvilles Moby Dick

Primitive Beginnings in Herman Melvilles Moby Dick Among the numerous themes and ideas that author Herman Melville expresses in Moby Dick, one of the less examined is the superiority of the primitive man to the modern man. As an undertone running through the entire book, one can see in Moby Dick the same admiration of the noble savage that is so prevalent in Melvilles earlier tales of the simple and idyllic life of the cannibals, even though the focus has been shifted to the dangers of seeing things from only one point of view and to the struggle between good and evil. Before proceeding to a discussion of how Melville glorifies primitive man in Moby Dick, a working definition for the term must be agreed†¦show more content†¦what is called savagery. When a whaling ship leaves port, it leaves the civilized world and plunges into the world of the primitive, where the sea rolls as it rolled five thousand years ago and wild, furious nature, unmodulated by the influence of man, holds complete sway. (see Chapter 58: Brit) There, the ship shares many characteristics with a nomadic tribe, roving across the prairies in search of great beasts to hunt and kill. These ship-tribes are few and far between, and when they meet, it is an opportunity to tell stories and to exchange any useful knowledge they may have gathered. In addition, the whale hunt itself provides a metaphor for the hunt that took up most of the primitive mens time and provided them with their sustenance. When the harpooners all hurl their harpoons at a whale, the image of c avemen hurling spears at a mammoth is vividly conjured up. The virtues required of the prehistoric mammoth-hunters are also observed in the whalemen; both must have courage, perseverance, and solidarity. So, when Melville devotes several chapters to an exposition of the glories of whaling, attempting to endow the whaling industry with a mythology befitting a fundamental activity of manShow MoreRelatedEssay on Reading Moby-Dick as Ethnic Allegory2752 Words   |  12 PagesReading Moby-Dick as Ethnic Allegory At a time when images of the white settler conquering the savage frontier were prevalent in antebellum America, depictions of racial polarization and, alternately, co-existence among different ethnic groups had already begun to find expression in various artistic mediums, from painting to literature. Today more than ever, such works continue to elicit critical re-examinations where race relations, colonization, and literary representation are concernedRead MoreThemes in Green Grass Running Water817 Words   |  4 PagesAmericans eventually adopts a name from these White works. The four characters come from works by white writers for white audiences that feature Native American characters: Robinson Crusoe from the eponymous novel by Daniel Defoe, Ishmael from Herman Melville’s Moby Dick, Hawkeye from James Fenimore Cooper’s Leatherstocking Tales, and The Lone Ranger, the titular hero of radio and television serials. King furthers this theme of cultural conflict by demonstrating the power that popular culture has in shapingRead MoreLogical Reasoning189930 Words   |  760 Pagesbackground knowledge to disambiguate, then someone is going to have to instruct it to do all the information processing that is done unconsciously by us humans, who are naturally intelligent. In the 1950s, when the field of computer science was beginning, many computer designers and programmers made radically optimistic claims about how they were on the verge of automating language understanding and language translation. The U.S. government was convinced, and it invested a great amount of money