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Military leader Julius Caesar elected consul in 59 B.C. Caesar, Crassus, Pompey form a triumvirate—a group of three rulers Military victories give Caesar increasing popularity and power Pompey fears Caesar’s growing power and challenges him Caesar defeats Pompey’s armies in Greece, Asia, Spain, Egypt Caesar is named dictator for life in 44 B.C.
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Beginning of the Empire
Caesar’s Reforms Caesar makes reforms: grants wider citizenship, creates jobs for poor Group of senators opposes Caesar; kills him on March 15, 44 B.C. Beginning of the Empire 43 B.C., Caesar’s supporters take control; become Second Triumvirate Octavian, Mark Antony, Lepidus alliance ends in jealousy, violence In 31 B.C., Mark Antony and Cleopatra’s forces are defeated at Actium Octavian accepts title of Augustus, “exalted one,” and rules Rome
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A Vast and Powerful Empire
Pax Romana Under Augustus, Rome moves from a republic to an empire Power no longer resides with citizens, but a single ruler Rome enjoys 200 years of peace and prosperity known as Pax Romana A Sound Government Augustus, Rome’s ablest ruler, creates lasting system of government glorifies Rome with beautiful public buildings sets up a civil service to administer the empire
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Agriculture and Trade Agriculture most important industry in empire; 90% of Romans farm Common coin, denarius, makes trade within empire easier Rome has vast trading network, includes China and India Network of Roman roads links empire to Persia, Russia
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The Roman World Slaves and Captivity Gods and Goddesses
Slavery is a significant part of Roman life in both cities and farms Some slaves become gladiators; forced to fight to death Gods and Goddesses Early Romans honor guardian spirits and gods Jupiter, Juno, Minerva Worship of emperor becomes part of official religion of Rome Society and Culture Rich live well; most people are poor, receive grain from government 150 holidays and Colosseum events created to control the masses
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Rome has been described a the greatest of the ancient civilizations. Roman civilization had an incalcualble impact on Western civilization. As such this is a topic we plan to develop in some detail, although we have not yet seriously addressed it. The Roman legacy in art and sculpture, architecture, literature, philosophy, political organization and law, and religious is extensive. Rome was the conduit through which many aspects of Greek culture were passed on to our modern age. Today the power of media has obscured the great legacy of Rome to that of gladitorial spectacle. Many scholars are convinced that perhaps with the exception of Jesus, the Roman statesman Marcus Tullius Cicero is the most important single voice in Western civiliztion. It was Cicero that was a key influence in British political thought and the American and French Revolutions and thus all modern democracies. It was an idealized Roman Republic that inspired the founding fathers. The history of ancient Rome spanned a millenium and included three eras (kingdom. republic, and empire. The wars fought during these eras include some of the epic struggles in human history. Of all the great inheritances of Roman civilization, none were more important to Western Civilization that the heritage of Roman law. Of all the great inheritances of Roman civilization, none were more important to Western Civilization that the heritage of Roman law. And today the imprint of law is one of the primary forces that mark the Western world. A vibrant united Europe is a development that has come about in our post-World War II. Many remember the Cold War which divided Europe after World War II. In fact, there have been many political and cultural fissures that have divide Europe for millenia. Perhaps the most significant is the cultural divide between the Latin West and the Germanic East. That division came about as a result of a battle little-known outside Germany, but arguably is one of the most significant in all of European history.
Rome has been described a the greatest of the ancient civilizations. Rome has been described a the greatest of the ancient civilizations. The impact of Rome on western civilization is incaluable. All the fundamental traditions of Western civilizations have clear threads running back to the Roman Republic and Empire. Of course many gave originsd in Greece, but they were am,plified and [assed on by Rome. The Roman legacy in art and sculpture, architecture, literature, philosophy, political organization and law, and religious is extensive. Rome was the conduit through which many aspects of Greek culture were passed on to our modern age. Today the power of media has obscured the great legacy of Rome to that of gladitorial spectacle. Many scholars are convinced that perhaps with the exception of Jesus, the Roman statesman Marcus Tullius Cicero is the most important single voice in Western civiliztion. It was Cicero that was a key influence in British political thought and the American and French Revolutions and thus all modern democracies. It was an idealized Roman Republic that inspired the founding fathers. Roman legends like Cicinatus who volutarikly gave up power inspired thge founding fathers. Many of the key Revolutionary leaders had read Cicero's works like De Officius. Even Washington, who unlike many of the other founding fathers had not studied classuical history, acted out a scene in a play about Cato that he had seen to defuse a mutiny of the Continental Army. The American Republic is in large measure a Ciceronian Republic. The legacy of Rome can be found throughout the American Republic. A Senate was created to limit the passions of the majority. Executive authority is limited by checks and ballances. It was Cicero's heroic, but ultimately failed effort to save the Roman Republic that enspired political thinkers of the 18th century to device a system that could prevent despotism. This effort motivated many of the debates over the American Constitution.
Another aspect of the heritage of Rome is the Latin language. This was the standard language of most of the Empire, except in the Greek east. The Lain taught in schools today is that of Caesar and Cisero. The lanuguage survived the fall of the Empire in several ways. For centuries it was the language of educated discussion throughout the Christian West. It was adopted as the offical language of the Roman Catholic Church. For nearly two millenia the mass was given in Latin. And the Church attempted to prevent the translation of the Bible into the popular European languages. Latin also became the foundatioin for the Romance languages (French, Italian. Portuguese, and Spanish). It also played an important role in the devclopment of English.
One of the great gifts of Rome was that of law. Roman law played a major role in the eventual emergence of the West. Of all the great inheritances of Roman civilization, none were more important to Western Civilization that the heritage of Roman law. And today the imprint of law is one of the primary forces that mark the Western world. Roman law developed for about a milenia. The earliest Roman law was secretly administered as the law of the privileged classes. Over time it became the destinctive basis of civilized life throughout te Empire. Roman jurisprudence evolved into a legal system based on natural-law theory as the fundamental test of the reasonableness of positive law. The first major step toward a sophisticated legal system was the law of the Twelve Tables (449 BC). The cilmination of Roman lrgal development was Emperor Justinian I's Corpus Juris Civilis of (about 530 AD). Roman law, as preserved in Justinian's codes continued to be practiced in the Eastern Roman or Byzantine Empire until its fall (1453). The classical tradition was lost for centuries after the fall of Rome to the Germanic invaders and Huns. The Eastern Empire did not fall to the Barbarians. Thus it was largely through the Eastern or Byzantine Empire that Roman legal practice was passed to continental Europe during the medieval era.
Architecture is another of the gret inheritances of Rome. Architecture is a major testament to the grandeur of ancient civilizations. In many cses it is one of the few artifact thst syrvived. In the case of Rime we have many other artifacrs such as law, Latin, art, and much else. But given the emene scale on which the Romans built. Roman architecture eclipsed that of all ther ancient civiliztions. Greek and Roman architecture are an important part of the classical building blocs of Western civilization. The Romans built on their Etruscan foundation. The Etrucans privided a wealth of knowledge essential for architectue which Rome in its early years did not possess. The Roman mastery of hydraulics (aquaducts) and the arch was fiunded on on an Etruscan base. Later the Romand absorbed Greek and Phoenician styles which can be seen in both public and domestic buildings. Roman roads abd bridges are legendary. The roads radiating out from Rome played a major role in creating the modern map of Europe and helped connect Chester in northern Britain to Alexandria in the eastt. . Many of the modern cities of Europe developed a settlements along these roads. Many Roman bridges were so architecturaly sound that they are still in use. Very little is known about architecture in the Reublican era becuse much of it was either destroyed by fire or replaced by more substantial construction during the imperial period beginning with Augustus. Rome was the largest city in the world at the time and was the location of masive construction projects including not only the famous public buildings (temples, theaters, amphitheaters, baths, and markets), but also extensive blocs of apartments for the huge population. Roman architecture was not, however, confined to Rome. Architecture flourished throughout the Empire. Some of the best surviving examples of Roman architecture are today found outsude Rome in the former provinces.
The Romans and the Empire they created are an important part of the cultural lexicon of the Western world. What a cast of chracters Rome has. They are important not only for their role in history, but because the founders of the American Republic had not only British history in mind, but Rome and its leaders in mind when they crafted the Constitution. Roman emperors are a fascinting study in power, including Augustus, Tiberius, Caligula, Nero, Trajin, Hadrian, Constantine took decissions that laid the foundation of modern Europe. Rome also provided us great military commanders, of which Caesar was probably the greatest, but only one. Rome also laid the foundation for Western literature with Vergil. Cicero was a central figure in influencing British and American legal and political thought.
The Roman Reublic built a substatuial empire, but for several centuries there was no emperor. This began to change with Caesar who building on popular acclaim was on the way to establishing a dictatorship when he was killed (44 BC). Historians still debate Caesar's motives and goals. The identity ofthe first emperor would be determined by a Roman civil war in which Caesar's closest ally (Mark Anthony) and Cleopatra would at the end be pitted against his great nephew (Octavian). Octavian was adopted adopted posthumously by Caesar. The issue was settled after more than a decade of fighting at the Battle of Actium (31 BC). Anthony and Cleopatra subsequently commited suicide. Octavian tracked down and killed Caesar's son Cesarion. Octavia who begame known as Augustus began his rule with the title Princeps Civitatis, but gradually took on additional titles and the powers of emperor and laid the foundation for imperial rule that would last for a millenium and a half until the Ottomans seized Constatinople. He proved to be an effective ruler, launching the Pax Romana. Following Augustus were the Julian emperors (Caesar's family) who proved to be case studies in corruption and the impact of unrestrained power--Tiberius, Caligula, and Nero. They are some of the most famous of all the Roman emperors because of their debauchery and abuse of power. There was some hope, apparently misplaced, that Augustus would restore the Republic, but he made no effort to do so and constntly expandedhis powers. Tiberius and his successors gave no thought to doing so and no one even imagined that they would do so. The assasiatin of Caligula ushered in an era in which the Praetorian Guard played a huge role in selecting the emperior. The only reasonably effective Julian was the Emperor Claudius (41-54 AD). They were followed by the Flavians, especially Vespasian (69-79) and Domitian (81-96). Next came the Nervan-Antonian dynasty which included several talented emperors: Trajan (98-117), Hadrian (117-138), Marcus Aurelius (161-180), and Comodus (177-192). The leading emperor of the Severan dynasty was Caracalla who ruled jointly with colleagues (198-217). The crisis of the Third Century was punctuated with the stabilizing reigns of Valerian (253-260) and Gallienus (253-268). Civil wars and foreign crisis engulfed the Empire. This was only ended with the Tetrarchy and the Constatine dynasty. Diocletian (285-305) ruled as part of the Tetrarchy (rule of the four). One of the four was Constantine's father. Constatine (306-337) became one of the greatest of all emperors and began the rise of Christianity as the official religion of the Empire. Constantine may be the last of the great emperors, at least in the west. He also founded founded Constantiople which became the capital of the Eastern Empire or Byzantium. Theodosius reigned fior 48 years (402-450). The greatest Eastern emperor surely was Justinian (527-565) who struggled to recover the lost western empire. The last Roman Emperor was the Byzantine Emperor Constantine XI Palaiologos, who was killed defending Constantinople from the Ottoman Sultan Mehmed II (1453).
The standard fighting force of the Roman state in both republican and imprtial times was the legions. This was a infantry force, supported by cavalry. Roman history spanned a millennium and the military varied substantially over this time. The early military force was more like a Greek phalanx bedore adopting heavy infantry tactics--heavily armored and disciplined infantry. The Legionaries armed with the gladius fought in closely formed rankse. The legions were initially composed of Roman citizens, but in imperial times this began to change. he number of legions in existence at any given time varied, but averageed less than 30. The legions were not the only force, but by far were the most important.
The most obvious important military force in history and the longest lasting is the Roman Legions which is today seen by many as the prototype for modern militaries. Any list of important hitorical fighting forces has to include the Roman Legions. The Legions was the force that secured the territoy of the Roman Empire and mintained it for more than half a millenium. One author writes, "The Legions of Rome shine in the annals of military history." Today we refer to the legions which is actually a term for a unit. ThecRomans had no term for their army as a whole. The Romans instead spoke only of 'the soldiers'. [James] The Legions were for centuries the foundation of the Pax Romana and the Roman Empire. Rome's legions were the most effective military mchine of the ancient world. The Legions were composed of soldiers who fought fiercely abnd were well armed. The Legioins under first the Republic and then the Emperor were the tip of the spear that spread Roman power and in its wake Roman civilization around the known world. The central force of a Roman legion was heavily armored and disciplined infantry. The Legionaries armed with the gladius fought in closely formed ranks against many disperate forces. The most dangerous opponent was Carthage. Many other opponents were less disciplined warrior-based military forces. The discipline, tatics, and tenacity of the Legions were able to defeat often much larger armies. In the end the key to the Legions' success was its ability to come to grips with an opposing force and bring steel forward in a highly efficent killing machine. Is is perhaps ironic that perhaps the single greates aspect of Roman culture that arived in the wake of the Legioins was Roman law. And here the Legions were effective not only because of raw military power, but because the conquered were integrated into the Empire through effective diplomscy and the rule of law. Large numbers of subgegated people became Roman citizens, often through military service in the Lefions that had conquered them. [James] After conquest, violence was largely restricted to the frontiers, except for occassional revolts, most notably the Jewish Revolt.
The Praetorian Guard was Rome's elite warriors. Thecare the best known protection and counter-insurgency squadron in history. They were a creation oftheEmpire and the first emperor--Augustus. Augustis created the Praetorian Guard (27 BC). It was intended as a personal body guard intensely loyal to the Emperor and charged with his potection. The Guard assumed a far greater role in imperial history. The assumed a major role in the running of Rome. The Guard became an inseparal part of the machinery of the Roman state. And insted of protecting emperors, it was also responsible for dispatching emperors, such as Caligula. The Guard was disbanded by Constantine (312 AD). [Bingham]
Foederati were peoples and cities bound by a treaty to Rome, more or less federated. It is the origin of the modern term federal. During the Republican era, times the term Foederati referred to the socii (other Italians with varying legal status). By the Imperial period, the term referred to foreign, client kingdoms, including barbarian tribes to which the Empire provided arange of benefits in exchange for military assistance. The term also referred to barbarian mercenaries who were permitted to settle within the Empire. The last Roman emperor was a boy, Flavius Romulus Augustus (475-76). He was deposed by Odacer, a Germanic Foederati.
The history of ancient Rome spanned a millenium and included three eras (kingdom. republic, and empire. The wars fought during these eras include some of the epic struggles in human history. One of the great struggles of the clasical world was the Puinc Wars, the epic struggles between Rome and Cathage led by the military genius Hanibal. Many military struggles followed as the chillingly efficent Roman legions carved out the entire Mediterranranen world as an empire. Rome fought the Servile Wars during the 2nd and 1st centuries BC. The Third Servile War was the
Spartacus Revolt (73-71 BC) which posed a real danger to the Roman state. One of the best chronicled Roman campaign was Ceasar's campaign to conquer the Gauls. Crassus attempted to move the Roman empire east when he launched the
Parthian Wars, but his army was destroyed in te desert at Carrhae. The Roman Republic was essentially finished when Ceasar crossed the Rubicon. The Western orientaion of Rome was settled at Actium when Ceasar's nephew Octavian, the
future Emperor Augustus, defeated the forces of Mark Anthony and Cleopatra. The Roman disaster at the Teutoburg Forest in 9 AD helped to create the cultural
and political divide between the civilized Roman west and the barbarous Germanic east that affected Europe into the 20th century.
Surely Rome is the best known of all the ancient civilization, proding a grand heritage of aechitecture, art, law, literature, and much else. However rich Rome was, its economy was fairly simple. Rome was a largely agrarian, slave-based economy. Slavery was fundamental to the Roman economy. The major economic objective was feeding the vast number of Roman citizens and Legionaries who expanded and maintained the Empire. The Legions were also needed to obtain silver to finance the Empire and mines in Dacia ahd Spain were particularly important. Agriculture and trade were at the center of the Romn economy along with some small scale industrial production. Given the importnce of agriculture, agricultural technology affected the productivity of this ey sector. Romans to a degree used a two crop rottion. Yields were, however, relatively low and necesitated vast number of slaves to gain substantial quantities. Farmers had a choice of donatong surplus crops to the government or pay a monetary tax. Thus both Republican and Imperial rulers had grain which could be used to cyrry yhe favor of the population.
The grain could be used for both free grain distribution and to feed the legions. The system did not, however incentevize farmers to improve productivity or expand output. A higher harvests meant greater taxes. Roman citizens grew dependent on the free grain. It also meant that large numbers of Romans feed on the state, but did nothing to support or to create economic value. The need to secure grain providing provinces was one important, of many factors that would lead to the expansion and conquests of the Roman State. Rome after gaining control of southern Italy, imposed their system of large estates worked by slave labor to produce grain. [Zamagni] Other important provinces included: Egypt, Sicily and Tunisia in North Africa. A very large quantity volume of trade ensued. These areas were of vital importance in the production of grain to fed Rome. Grain was shipped directly to Ostia, the principal port of Rome. <! and penalties for disruption of the most direct route included deportation or execution. Once delivered to Ostia the grain was weighed, checked for quality, and then sent up the Tiber River on barges to Rome, where it would be repacked for distribution throughout the Empire.>
The staple crops grown by Roman republican farmers and on the great estates were the standard crops of the Mediterranean world. There were different grains, olives, and grapes. Olive oil and wine were not only important food stuffs were among the most important trade products. They were an important part of Rome's exports. Deforestation and soil defradation in the Mediterranean area occured with the expansion of the Roman Empire and increased population. Large-scale agriculture and unprecedented economic development increase pressure on the land. Many modern historians believe this was a factor in the decline of the Empire.
In our modern world there are few human practices that inspire such profound outrage as the practice of one human being
enslaving another. This is, however, a very modern sentiment. The institution of slavery probably predates civilization itself. Slavery was an accepted institution and central to the economies of most major world civilization. This was certainly the case of ancient Rome. Slaves were were often war captives, both captured wariors and the women and children of conquered populations. The offspring of these enslaved people provided a vast slave work force. The victors in battle
might enslave the losers rather than killing them. Slavery in Rome were major components of the work force. Slaves were drawn from widly differing peoples and there was no association with race. Slaves might be blond, blue eyed Anglo-Saxons from Britania or blacks from Sahara as well as evry other racial type. Slavery in Rome had no racial basis. Even those of Italian stock were enslaved. It was thus impossible to tell from one's physical appearance if one was a slave. This
complicated control. The Romn Senate debated establishiung a destinctive dress for slaves. In the end, the Senate decided against a slave attire, partly because they decided it was dangerous because it would show the slaves just how numerous they were. As in the Americn South, slavery was justified on the basis of the natural inferiority of certain individuals. There were three Servile Wars or slave rvolts in the 2nd and 1st century BC.
Roman history can be divided ijnto three important historical periods: monarchial, republican, and imperial. This is a little complicated as Rome built its empire primarily during the republican era.
The history of Rome spans about a milenia, the impact of Rome of course is of course still felt today. Migrating Indo-European peoples cross the Alps and enter the Italian peninsula beginning about the 20th century. Rome in the 6th century the dominant the area around the city. The Roman state is a monarchy, but the powers are no absolute. There is an assembly made up of all male citizens of military age. A Senate is composed elders representing important community sects. The Romans led by Brutus expel Tarquinius Superbus and found the Republic (509 BC). Beginning with the founding of the Republic about two centuries of war commnce with the Etruscans, Greeks, and other inhabitants of the Peninsula.
Two major construction projects, the Via Appia and Aqua Appia are begun (312 BC). Stoicism begins to become important among Roman intelectuals and influence the governing class in the mid-2nd century. The Third Punic War with Charthage occurs (149-146 BC). The war results in the complete defeat of Carthage. The Carthaginians are sold into slavery. The city is torn down and burned. Greece in 146 BC also fell to the Romans. Large numbers of Greeks were enslaved. Many wealthy Greeks used learned Greek slaves to teach their children. Rome as a result of the wars with Charthage and expansion ito Greece acquired an extensive empire consisting of virtually the entire western Mediterranean as well as Greece, Asia Minor and a dominant position in Egypt, the granery of the Meiterrean. Rome's transition into a imperial state had many domestic consequences. Class conflicts intensify, power struggles and assassinations occur and slave rebellions. These divisions lead to bitter internal splits leading to bloody civil wars and brutal military rule. Marcius was followed by Sula. Ceasar seizes control and his assasinatiin brings civil war. He is followed by Augustus who brings disrder and the ax Romana. Even the tragic rule of the tyrants who fillow him cn not destroy the Roman state. Competent emperors rule in the 2nd century. Constantne legitimizes Christianity. Saint Augustine (354-430 AD) was one of the great leaders of the early Christian Church and perhaps the most important theologian of the medieval Church. Augustine as of Bishop of Hippo defended Church doctrines against the Manichean and the Pelagian sects. Rome unified Europe as never before or since. The end of classical antiquity is generally seen as the collapse of
the Western Roman Empire the sacking of Rome. Rome had been in decline for some time, but in 410 AD the culminating event, that shattered the Rome's imperial pretentions was the pillaging of Rome by the Visigothic chief, Alaric. Other barbarians inckuding the Alans, Huns, Goths, Ostrogoths, Vandals, and Visagoths swept Imperial armies aside. Roman culture and learning as well as Roman fashion did not disappear at once, but this mark the beginning of Europe's descent to what some
have termed the Dark Ages.The process of decline is not simple to follow, nor is it well recorded in the limited available written texts. Walpole complained of getting bogged down in Gibbon's account of the 5th and 6th centuries. Much of the process of a declining Rome can only be surmised from the expanding archeolgical evidence. What was shattered in the 5th century was the Pax Romana and the writ of Roman law only to be gradually replaced by the common Christain values of the developing medieval Europe.
When we think of Rome, we are often thinking of the great city or the modern Italian peninsula. The Roman Empire, however, came to include the entire Mediterannean basin as wll as areas of notherm Europe including modern France, Belgium and Britain as well as for a short time Mesopotamia. Thus to understand the Roman Empire, one must look at developments in each of the various Roman provinces which to varying degrees became Romanized. Rome suceeded in thourgly romanizing some of the privinces. Other privinces had only a minor exposure to Rome. This was largely a questio of time, thelength over which Romn rule was maintained. The European provinces of Rome became the core of Western civilization. We hope to assess each of the major Roman provinces. Available evidence varies greatly from province to province. A major factor is the period of time the Romans controlled the province. Some provinces were controlled for centuruies. Others for only brief periods. The Roman established a protectorate over Egypt (3rd century BC). The Romans for a long toime refrained from mloving east into Greece, in part because they were focusing their energies on the Punic wars withbCarthage. One of the most interesting provinces was Britannia which the Romans conquered (1st century AD). Rome incorporated Phoenicia into their Empire (64 AD).
A youthful German tribal leader, Arminius, smashed three entire Roman Legions trying to subdue Germanic tribes east of the Rhine in the Teutonburg Forest. While Arminius failed afterwards to successfully unite the German tribes, his brilliant military victory established the Rhine as the border between the civilized Roman Empire and the barberous Germanic tribes. The Rhine, a geographic barrier of emense proprtions, came to be a major cultural divide which played out in our modern age as the clash between France and Germany.
Ceasar's conquest of Gaul in the 1st century BC gave Rome control of an emense swath of Western Europe. After the fall of Rome in the 5th century, many Christian kings and emperors as well as popes have tried to unite the continent by conquest. The most successful was Charlemegne in the 9th century. Others amazed great power, but never achieved control over such a huge territory. Napoleon in the 19th century and Hitler in the 20th century dominated the continent, but for relatively brief periods. The Europeans today are uniting economically within the European Union. The possibility of political union is a still unanswered question.
Rome's religion is today classified as paganism. It was a kind of mix of religion, morality, and patriotism. As Roman develooed from a small farming village to a great power, the Romans cane to worshipped thousands of gods. Just about everythiung, including living and inanimarte onjects (trees, rocks, streams, bridges, virtually everything) was seen as having a guardian spirit or what might be called a god watching over it. Each of these many spirits or gods had at least one task job to do. Some had very important tasks vital to society. This included watching over the crops, or bringing out the sun daily. Something no one wanted to mess with and thus these gids were vital to society. But all Roman gods were of some importance to someone. The Romans dutifully prayed to their gods daily, sometimes more. As Rome expanded they came in contact with other people who worshiped and adored other gods. In many ways the Romans were tolerant of these additional gods. This was especially true if the conquered people had fought valiantly, the Romans seem to have concluded that their gods must have power to be reconned with. So the Romans adopted many of these gods and added them to their pantheon. They commonly gave those new gods Roman names and commonly changed some of their attributes and behavior to better accomoidate Roman society. Thus is why the Greek gods have Roman names. There was one big exception--the Catheginian god Baal Hammon. Both Carthage and Baal were utterly destroyed as a result of the Punic Wars. Now while foreign gods were ofren added to the Roman pantheon and tolerared, Roman law required that all people in the Empire must if not worship, at keast honor the Roman gods ehich came to include the Emperor. One group that had troube with this were the Jews. In the early years of the Republic, Romans took all this very seriously. By the time of the Empire, many Romans dud theur civic duty, but were much less serious aabout the gods. This explains in part the rise of mystery cults along wiuth Chruistinity. A fundamental step in the waning years of the Empire was the conversion to Christianity. This would fundamentally affect the future of Western civilization. Some authors because of the timing attribute Christianity, at least in part, to the fall of the Empire. Most notably this was Gibbon's principal thesis. [Gibbon] Most modern authors provide a more complex assessment. [Woolf]
Ancient Rome was a pariarchial society. The father (pater familias) by law and custom had virtual absolute control over his family. The pater familias was the oldest living male in a household. The term is Latin for 'father of the family', but by law wasthe owner of the family estate. Married women did not have much say in private or public life although widows could own property and have some indeoendence. Roman children were under the authority of their fathers and until theboys established their own househols continued to yield considerable authority. The father decided just about everything for the children, especially after the child was beyond unfancy and todler age when he was cared for by the mother and/or her slaves. The father decided on clothing, activities, education, and basic lifestyle. The father even had the legal authority to kill a child which did not change until after the establishment of the principate (1st century AD). The Romans did have specialized clothing for boys. Very detailed information is available on Roman clothing. Information is available from paintings, statues and written documents. Rome during its early monarchy, republican, and imperial eras lasting nearly 1,000 years basically maintained the same clothing styles. Most clothes were made out of wool or linen, as was the case in Greece. Imported fabrics such as cotton and silk were very expensive. We have no detailed information informtion on Roman hair styles. As best we can tell, both men and boys wore short hair. The children of ancient Rome were the most educated and literate of all ancient socities. And considerable information is available onRoman education as it was so important to the Romans. And thanks to sculptures and survving texts, we also know about play activities and toys.
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The daily life of a child in ancient Rome began with the breakfast which consisted of bread with other ingredients varying depending on the social status of the family. Mornings were generally reserved for the education of the children which was either imparted by the mother or the hired tutor. During the days of the Roman Empire, some children were also sent off to tutors and this became part of their daily life. Girls, however, stayed at home and helped their mother in household chores. Children played various games or with their toys in the afternoon and evening. Some also helped their fathers with work, particularly children from the lower classes.
Children of ancient Rome 1
Education for Roman children evolved over centuries. During the early period of the Roman Republic, education was mainly a family enterprise and there were no schools. However, this gradually changed over time and during the time of the late Republic and the Empire a tuition-based education system was well in place. This system of hiring private tutors for education of the Roman kids was inspired by the Greeks. In fact, many private tutors that educated the children were Greek slaves or freedmen. As expected, more emphasis was put on the education of boys than that of girls.
Children�s toys
The children of ancient Rome spent their free time playing with toys and indulging in various games. Some of the most common pastimes for Roman children were flying kites, playing with balls, and rolling hoops made from pieces of metal so that they chimed like bells when rolled. Boys also played war games with wooden swords and shields. Girls, on the other hand, played with dolls which could easily be made at home. The writings of Horace describe the children of ancient Rome playing games such as riding hobby-horses, building playhouses, and making carts.
Popular Roman games
Children in Roman times played various kinds of games but perhaps the most popular games were related to wars and battles. Warriors had special importance in the Roman society and it was the aim of every boy to imitate warriors and to become like one. Thus war games were popular among boys who made swords and shields of wood and mimicked warlike situations. Other popular games included hide-and-seek and blind man�s bluff. Ball games were played in a variety of ways with the common factor being hitting of a ball with hands or arms which were padded for protection.
Roman children�s diets
The typical meal for children was just like the adults, consisted of breakfast, lunch, and dinner. The quality of food and its ingredients varied according to the social class of the family. Bread and wheat were mostly eaten as breakfast while children from more affluent families also used dates and honey. Lunch was eaten at midday and consisted of such ingredients as fish, cold meat, bread, and vegetables. The main meal of the day was called dinner which was simple for ordinary people and quite lavish for the upper classes.
Children of ancient Rome 2
A selection of children�s toys from ancient Rome.
Wealthy and poor Roman children
There were certain marked differences between the lives of the wealthy and poor children of ancient Rome. Wealthy Roman children enjoyed better education facilities, better food, and better opportunities for entertainment. For example, children of ancient Rome from wealthy backgrounds got their education from hired tutors and were thus better educated than poor children. Similarly, wealthy children of ancient Rome enjoyed more leisure since, unlike many poor children, they did not have to lend a helping hand to their fathers in work. Wealthy families could also adopt children if they had no children or heirs of their own.
Poor children of ancient Rome naturally had less social status and enjoyed less privileges compared to the wealthy children. To begin with, many poor children did not receive any kind of education which left them at a disadvantage from an early age. A lot of children from ordinary backgrounds received education at home since hiring a tutor was not affordable for their parents. The diet of poor children of ancient Rome was less healthy and with less variety compared to that of the wealthy Roman children. Finally, poor children of ancient Rome had less career opportunities and options compared to the wealthy children.
What clothing did Roman children wear?
The most common article of clothing for Romans, children and adults included, was a knee-length tunic which was more or less same for adults and children. Children could wear a cloak over the tunic in winters. Free rich boys also wore a toga with purple borders which displayed their social importance. Girls, on the other hand, wore a tunic and also used a woollen belt which was tied around their waist. For both boys and girls, it was common to wear a charm around their necks. This charm was called a 'bulla' and was given to the child when he or she was a few days old.
The lives of Roman children in summary
Children in ancient Rome spent the kind of lives which children in any conventional society would. The main components of their lives were education and games. Additionally, children from the poor backgrounds often also helped their fathers in work. Children from well off families were sent to privately hired tutors while most children from common social backgrounds were educated at home. The children of ancient Rome played various kinds of games among which war games were the most important. Boys had relatively more freedom of mobility and education compared to girls.
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The Romans did have specialized clothing for boys. Very detailed information is available on Roman clothing. Information is available from paintings, statues and written documents. Rome during its early monarchy, republican, and imperial eras lasting nearly 1,000 years basically maintained the same clothing styles. Most clothes were made out of wool or linen, as was the case in Greece. Imported fabrics such as cotton and silk were very expensive. In cold climates fur and felt were also used. Most garments were made up of large uncut pieces of cloth and they were folded and pinned with 'fivulate' or they were tied with belts. Garments requiring elaborate sewing were rare, as most needles were made of bone and therefore intricate sewing was difficult. Clothes were mainly the natural colors of their fibers, but some clothes were bleached white or dyed various shades.
We have no detailed information informtion on Roman hair styles. As best we can tell, both men and boys wore short hair. An example is seen here in the sculpture (figure 1).
Education was important in ancient Rome, but there were no free public schools for children, but most Roman boys attended the Ludi (primary) schools and apparently even some girls. The education a child received was very much deopendant on his social class and family wealth. During the early history of Rome, there were no schools. Children were educated at home by their parents or if the family could afford it by tutors. Poor children might learn their father's trade or agricultural skills. More affluent children might be taught to read if their parents were literate. A father might teach his son about Roman law, history, customs, and physical training, to prepare for military serevice. Values were an important part of the lessons and moral behavior and bravery were stressed. Girls were taught by their mother or female family member. Roman education changed dramatically in the 2nd century BC. Rome was becoming a more sophisticated city because after the deafeat of Carthage they found themselves in possession of an extensive empire. Rome also in the 2nd century acquired Greece and thus came into contact with Greek culture. It is at this time that formal schools along the line of schools in Greece appear in Rome. Younger children began school at about age 7 and studied reading, writing, and counting. They read both scrolls and books. They on boards covered with wax that could be easily resurfaced for new assignments. They used pebbles and abacusses to do math problems. Math of course was done in Roman numerals, which must have been complicated, especially division. The Romans did not have the concept of zero. Memory assignments were very important as Roman children were expected to do reciataions of the classics. Wealthy families might educate their children at home. Educated Greek slaves were in great demand. Girls who were educated were commonly educated at hime by their oparents and a household slave. Other children might be sent to tutors. Often tutors would work with a small grouop of boys. Patrician and wealthy plebian boys at about age 12-13 began "grammar" school or "schola", where they studied Latin, Greek, grammar. The curriculum was based around the study of literary classics, especually Greek classics. Many of the grammaticus or grammar school teachers were in fact Greeks. At about age 16, some talented boys from affluent families studied public speaking at the rhetoric or oratorica schools. Public speaking was very important in Rome.
Drama was also an important art form in ancient Rome. Drama was both an art form and like the gladatorial contests, a public spectacle. Thus they were performed in huge ampitheaters. Rome had a nunber of large theaters. The challenge of sound and lighting faced by the Greeks was handled in the same way--outdoor ampitheaters. Rome itself had several large ampitheaters especially designed to perform plays. The best surving example is the theatre Marcellus. Unlike Greece, drama was not an indegenous Roman art form. The Roman drama of Seneca (for tragedy) and of Plautus and Terence (for comedy) derived ultimately (with many changes of course) from the drama of Greece. Despite the design of the amphhiaters, seeing the stage and hearing the actors was a problem. Roman audiences were notorious for making noise. This led to a degree of styliazation, inluding a range of conventions. Masks and costumes helped to clue the audience into what was happening even if the actors could not be heard well. The masks were color coded, brown for men and white for women. Masks might be smiling or sad. This was determined by the type of play. Costumes were used to identify the character. A purple costume identified a rich man. Boys wore striped togas. Other conventions were: short cloak (soldier), red toga (poor man), and short tunic (slave). There were no women actors, this was considered inappropriate. Thus a male actor of small stature or a boy would play the female roles. Roman dramas hd two sets of actors. There was an actor who spoke the character's lines. A diiferent actor mimed the part on stage. The gestures used were also styilized to emphasze the lines. A way of identifying some one who was sick, for example was to take his pulse. Boys were important in Roman theater necaus so many of the femle roles were played by them.
To assess the impact of ancient Rome on our modern Western civilization, one has only to work at the degree to which the ancient Roman celebration of Saturnalia affected Christmas. Saturnalia, the ancient Roman festival in honor of Saturn the god of Agriculture, is perhaps the most important pagan influence on Christmas, in large measure determining the selection of the date (December 25) and the nature of the celebration until Victorian times. The actual dates of Saturnalia varied during the course of Roman history. It began during early Roman history as the feast days for God Saturn (December 17) and Ops (December 19). Woth the adoption of the Julian calendar, Saturnalia became December 17 & 18; Opalia on December 19 & 20. During the Empire, it was extended to a week (December 17-23); longer with other holidays. There were a number of associated Roman holiday festivals. This in large measure explains why December was selected by the early Church to celebrate Christmas.
Some imagery is available from ancient Rome. There are of course sculptures like the one pictured here. Often they do not, however, illustrate clothing. There are also some surviving painting, mostly murals depicting affluent on the walls of surviving villas. Romans living in Egypt also had portraits painted on their mummies. There are also Byzantine ???, but the clothing depictions here areoften nit detaled. We also notice some grave stones with carvings of interest, although the depections are not very detailed. There are also many modern depictions of Ancient Rome. Here me care has to be taken. While they are often detailed, we are not always sure how accurate they are. We believe that many of these imges are relatively accurate, in part because there are many surviving written records of Rome which provide us a fairly complete record of Roman clothing.
One of the often asked questions in history is why Rome fell to the Barbarians. Perhaps the more appropriate question is why Rome endured for a millenium. No other society in history has such an enduring history of continual rule. The classic study addressing the fall of Rome was of course writton by Gibbon. The thrust of his analysis was that the demise of Rome was primarily due the advent of Christianity which he contends weakened the martial spirit of Rome. [Gibbon] Modern historians have developed a much more sophisticated assessment explaining the collapse of the Empire. It is an intreaging question of how the Roman Empire which was a vast political ediface which should have been able to support a powerful military. Yet the Imperial forces suffered major defeats at the hands of barbarians. One classical historian maintains that the answer was in the decline in civic values. Romans had come to expect services from the Empire and not to sacrifice themselves through military service. [Hanson]
Even before the rump Western Empire fell (AD 476), Rome had ceased to a significant power. The idea of Rome was a different matter. The idea of a unified China in the East became a reality. The idea of a new Rome never materialized although the idea was never disappered. There were efforts to revive the Empire. An interestingly the Barbarians who destroyed it were interested in donning the imperial purple. They werereacting o the psychological power of the Empire as well as the practical power for governing of the mpire's institutions. There were three powerful leaders who mde the greatest ffrt to recrecreate the Empire--Theodoric, Justinian, and Charlemagne. They expanded their power to an extent that made it possible to at least claim to have recreated the Empire. But their realms were unstable and dd not survive's their founder's deaths in a poweful way. The medieval Holy Roman Empire used the name, but was not, holy, roman, or a true empire. But the idea of Rome actuallky did reappear in an unexpected form--the Roman Catholic Church. It was Rome that provided the foundation for the Church. [Heather] The Church preserved some of the learning of the Empire and most importantly one of Rome's most imporant legacies--law. While la was lost in the barabarian kingdoms. Roman law was reserved in canon law which both gerned the Church nd played a vital role in the generation of a legal trditon in the new Christian kingdoms that gradually developed.
The essential idea of empire was largely created by Rome. A case can be made for the Persian Empire that Alexander smashed, but ijn the western mind it is Rome that is most associated with empire. The idea of empire is asoociated with: 1) size, 2) many diverse peoples, 3) political control, 4) economic exploitation, and 5) military power. And the Roman Empire clearly qualified for all of these characteristics. China is another great empire, but in the case of China the empire was not as diverse, the populatioin being dominated by Han Chinese. The British Empire also clearly qualifies, although the economic exploitation was tempered by a range of mutual benefits. Many British colonies actully declined economically after independence. The political left like to refer to the 'American Empire' during the Cold War and even today. This is, however, an incorrect usage as there was no political control and contries benefitted economically by trading with America. Look at whast happened to Cuba after it could no longer trade with America as well as how countries like South Korea and Taiwan were transformed by trade with America. Interestingly left-wing authors anxious to attach empire to America, rarely use it for the political structure that the Soviet Union created in Eastern Europe after World War II eben though it clearly meets the important characteristics of empire. And the Soviets went a step further by imposing their ideology ahd culture on their imperial subjects, something Rome and Britain never attempted.
Bingham, Sandra. The Praetorian Guard: A History of Rome's Elite Special Forces (2013), 246p.
Brown, Peter. The Rise of Western Christendom: Triumph and Diversity, A.D. 200-1000 2nd edition (Blackwell paperback: 2003), 625p.
Everitt, Anthony. Cicero: The Life and Times of Rome's Greatest Politician (Random House, 2002), 359p.
Gibbon, Edward. The Rise and Fall of the Roman Empire (1776).
Hanson, Victor Davis. Book-TV C-Span 2, March 7, 2004.
Heather, Peter. The Restoration of Rome: Barbarian Popes and Imperial Pretenders (2014),488p.
Symons, David J. Costume of Ancient Rome, 65p.. This book surveys costure of men and women from early Italy including examples of Etruscan dress; the classical Roman dress of both men and women c. 200 BC - AD 250; the later costume, detailing changes in styles from AD 250-600, plus selected examples of the main types of military costumes.
Woolf, Greg. Rome: An Empire's Story (2012).
Navigate the Children in History Page: | https://histclo.com/chron/ancient/ac-rome.html |
The ancient world ran on slave-power. Lacking heat engines and cybernetic devices, the only way to accomplish the many things civilization ran on–agriculture, construction, crafts, child-rearing, military operations, mining, transport, shipping, and so forth, was to use human and animal muscle power. Human labor has five core competencies, according to economist Brad DeLong:
(1) Moving things with large muscles.
(2) Finely manipulating things with small muscles.
(3) Using our hands, mouths, brains, eyes, and ears to ensure that ongoing processes and procedures happen the way that they are supposed to.
(4) Engaging in social reciprocity and negotiation to keep us all pulling in the same direction.
(5) Thinking up new things – activities that produce outcomes that are necessary, convenient, or luxurious – for us to do.
Surveying the ancient world, we see that slaves were the primary method for accomplishing the first two tasks, while the latter three were monopolized by the “educated” elite classes of the ancient world, who were always–and had to be–a minority (including in our world today, which is why “more education” cannot solve inequality). Simply put, no slavery–no civilization, and no state, as James C. Scott writes:
Slavery was not invented by the state…[but]…as with sedentism and the domestication of grain…the early state elaborated and scaled up the institution of slavery as an essential means to maximize its productive population and thus the surplus it could approporiate.
It would be almost impossible to exaggerate the centrality of bondage, in one form or another, in the development of the state until very recently…as late as 1800 roughly three-quarters of the world’s population could be said to be living in bondage…Provided that we keep in mind the various forms of bondage can take over time, one is attempted to assert: “No slavery, no state.” Against the Grain (ATG), pp. 155-156
Hence the ancient world had to come up with all sorts of philosophical justifications for slavery. Initially, however, race was not one of them. Anthropologist David Graeber points out that underlying the various justifications for slavery was the idea that the slave would otherwise be dead. Because their lives were spared, they were, in essence, the living dead, kind of like zombies! Because they were socially ‘dead’ as people, they had no rights and could be abused, bought and sold:
Slavery is the ultimate form of being ripped from one’s context, and thus from all the social relationships that make one a human being. Another way to put this is that the slave is, in a very real sense, dead. This was the conclusion of the first scholar to carry out a broad historical survey of the institution, an Egyptian sociologist named Ali ‘Abd al-Wahid Wafi, in Paris in 1931. Everywhere, he observes, from the ancient world to then-present-day South America, one finds the same list of possible ways whereby a free person might be reduced to slavery:
1) By the law of force
a. By surrender or capture in war
b. By being the victim of raiding or kidnapping
2) As legal punishment for crimes (including debt)
3) Through paternal authority (a father’s sale of his children)
4) Through the voluntary sale of one’s self
The book’s most enduring contribution, though, lay simply in asking: What do all these circumstances have in common? AI-Wahid’s answer is striking in its simplicity: one becomes a slave in situations where one would otherwise have died. This is obvious in the case of war: in the ancient world, the victor was assumed to have total power over the vanquished, including their women and children; all of them could be simply massacred. Similarly, he argued, criminals were condemned to slavery only for capital crimes, and those who sold themselves, or their children, normally faced starvation. Debt, the First 5000 Years, (DTF5kY) pp. 168-169
Many of the authors and scholars in Michael Hudson’s ISLET series about the ancient economy argue that slavery played only a subsidiary role in the establishment of early civilizations, and most of the labor was given voluntarily, such as a sort of social obligation, often involving work feasts. Author James C. Scott disagrees. He sees the existence of compulsory and unfree labor, in whatever form it took, as absolutely essential to the formation of the first states. He writes:
The general consensus has been that while slavery was undoubtedly present, it was a relatively minor component of the overall [Mesopotamian] economy…I would dispute this consensus.
Slavery, while hardly as massively central as in classical Athens, Sparta, or Rome, was crucial for three reasons: it provided the labor for the most important export trade good, textiles; it supplied a disposable proletariat for the most onerous work (for example, canal digging, wall building); and it was both a token of and a reward for elite status…When other forms of unfree labor, such as debt bondage, forced resettlement, and corvee labor, are taken into account, the importance of coerced labor for the maintenance and expansion of the grain-labor module at the core of the state is hard to deny.
Part of the controversy over the centrality of slavery in ancient Sumer is a matter of terminology. Opinions differ in part because there are so many terms that could mean “slave” but could also mean “servant,” “subordinate,” “underling,” or “bondsman.” Nevertheless, scattered instances of purchase and sale of people–chattle slavery–are well attested, though we do not know how common they were. ATG pp. 157-158
Three obvious reasons why Third Milennium Mesopotamia might seem less of a slave-holding society than Athens or Rome are the smaller populations of early polities, the comparably scarce documentation they left behind, and their relatively small geographical reach. Athens and Rome were formidable naval powers that imported slaves from throughout the known world, drawing virtually all their slave populations far and wide from non-Greek and non-Latin speaking societies. This social and cultural fact provided much of the foundation for the standard association of state peoples with civilization on the one hand and nonstate peoples with barabrism on the other…The greater the cultural and linguistic differences between slaves and their masters, the easier it is to draw and enforce the social and juridicial seperation that makes for the sharp demarcation typcial of slave societies…
Mesopotamian city-states by contrast, took their captives from much closer to home. For that reason, the captives were more likely to have been more culturally aligned with their captors. On this assumption, they might have, if allowed, more quickly assimilated to the culture and mores of their masters and mistresses In the case of young women and children, often the most prized captives, intermarriage or concubinage may well have served to obscure these social orgins within a couple of generations…ATG p. 174-175
In other words, Greece and Rome captured “barbarians” from outside society and incorporated them as a lower-tier slave strata to do all the stoop labor and scut work. The very word barbarian referred to someone who didn’t speak the Greek language.
In Mesopotamia, by contrast, the warfare was often between rival city-states—people who would have spoken similar languages and shared similar customs and beliefs. Thus, they would have appeared less like a foreign entity in the records and more like just a lower tier of society–their status obscured by cultural similarities and ambiguities in the terminology. Furthermore, this process would have been ongoing, with new layers of war captives being continually added to form the bottom strata of society, eventually “blending in” and “moving up” over time as new immigrants–er, slaves–took their place:
The continuous absorption of slaves at the bottom of the social order can also be seen to play a major role of social stratification–a hallmark of the early state. As earlier captives and their progeny were incorporated into the society, the lower ranks were constantly replenished by new captives, further solidifying the line between “free” subjects and those in bondage, despite its permeability over time. p. 169
One must surely wonder whether the Mesopotamian city-states met a substantial portion of their insatiable labor needs by absorbing captives or refugees from culturally similar populations. In this case such captives or refugees would probably appear not as slaves but as a special category of “subject” and perhaps would be, in time, wholly assimilated. ATG p. 175
Integrating war captives into society and isolating them from their original ethnic group rather than making them as a class permanently apart would have forestalled rebellion. Atomized people, without social ties, are much easier to control and cannot mount any sort of collective resistance to the prevailing social order (a point not lost on today’s ruling elites):
Insofar as the captives are seized from scattered locations and backgrounds and are separated from their families, as was usually the case, they are socially demobilized or atomized and therefore easier to control and absorb. If the war captives came from societies that were perceived in most respects as alien to the captors, they were not seen as entitled to the same social consideration. Having, unlike local subjects, few if any local social ties, they were scarcely able to muster any collective opposition…ATG, p. 167…
The principle of socially detached servants–Janissaries, eunuchs, court Jews–has long been seen as a technique for rulers to surround themselves with skilled but politically neutralized staff. At a certain point, however, if the slave population is large, is concentrated, and has ethnic ties, this desired atomization no longer holds. The many slave rebellions in Greece and Rome are symptomatic, although Mesopotamia and Egypt (at least until the New Kingdom) appeared not to have slavery on this scale. ATG pp. 167-168
James Scott considers slavery in ancient Sumeria, Babylonia, Assyria, Egypt and China as a form of manpower recruitment on the part of states–the original “human resources strategy.” Often military incursions were less about seizing territory as it was about seizing captives–what Max Weber called “booty capitalism.” Often, the people seized were those with rare and highly specialized skills that the attacking state did not possess:
Slave taking…represented a kind of raiding and looting of manpower and skills that the slaving state did not have to develop on its own…Women and children were particularly prized as slaves. Women were often taken into households as wives, concubines, or servants, and children were likely to be quickly assimilated, though at an inferior status…Women captives were at least as important for their reproductive services as for their labor. Given the problems of infant and maternal mortality in the early state and the need of both the patriarchal family and the state for agrarian labor, women captives were a demographic dividend. Their reproduction may have played a major role in alleviating the otherwise unhealthy effects of concentration and the domus. ATG, pp. 168-169.
One of the most common forms of slavery was domestic work. A major hallmark of elite status in the ancient world was how many lives you had control over. Large households were typically staffed with huge amounts of domestic servants, who were, in essence, slaves, even if they were not explicitly designated as such in historical records. These domestic servants cooked and cleaned, took care of the children, maintained gardens, bore their masters about in litters, and numerous other routine chores that elites prefer to use trafficked and immigrant labor for even today:
One imagines as well, that most of slaves not put to hard labor were monopolized by the political elites of early states. If the elite households of Greece or Rome are any indication, a large part of their distinction was the impressive array of servants, cooks, artisans, dancers, musicians, and courtesans on display. It would be difficult to imagine the first elaborate social stratification in the earliest states without war-captive slaves at the bottom and elite embellishment, dependent on those slaves, at the top. ATG, p. 169
David Graeber also points out this fact:
…this ability to strip others of their dignity becomes, for the master, the foundation of his honor…there have been places-the Islamic world affords numerous examples-where slaves are not even put to work for profit; instead, rich men make a point of surrounding themselves with battalions of slave retainers simply for reasons of status, as tokens of their magnificence and nothing else. DTF5kY, p. 170
And many forms of slavery were less obvious in the historical record. Scott includes things like forced resettlement, migrant workers, and serfdom as forms of compelled labor which also made civilization possible, but would be less likely to be noticed by archaeologists and economic historians:
In Athens in the fifth century BCE, for example, there was a substantial class, more than 10 percent of the population, of metics, usually translated as “resident aliens.” They were free to live and trade in Athens and had the obligations of citizenship (taxes and conscription, for example) without its privileges. Among them were a substantial number of ex-slaves. ATG p. 175
Finally, there are two forms of communal bondage that were widely practiced in many early states and that bear more than a family resemblance to slavery but are unlikely to appear in the textual record as what we think of as slavery. The first of these might be called mass deportation coupled with communal forced settlement. Our best descriptions of the practice come from the neo-Assyrian Empire (9II-609 BeE), where it was…systematically applied to conquered areas. The entire population and livestock of the conquered land were marched from the territory at the periphery of the kingdom to a location closer to the core, where they were forcibly resettled, the people usually as cultivators…In some cases, it seems that the captives were resettled on land abandoned earlier by other subjects, implying that forced mass resettlement may have been part of an effort to compensate for mass exodus or epidemics. ATG pp. 177-178
A final genre of bondage that is historically common and also might not appear in the historical record as slavery is the model of the Spartan helot. The helots were agricultural communities in Laconia and Messinia dominated by Sparta…They remained in situ as whole communities, were annually humiliated in Spartan rituals, and like the subjects of all archaic agrarian states were required to deliver grain, oil, and wine to their masters. Aside from the fact that they had not been forcibly resettled as war deportees, they were in all other respects the enserfed agricultural servants of a thoroughly militarized society.
Scott points out that the conquering and subjugation of an existing agricultural society by an incoming martial elite–as seems to have been the case in Sparta–may not technically look like slavery but be similar in most respects. The elites compel the producers to toil on behalf of their overlords. It is, in essence, serfdom. People are tied to a plot of land and obliged to provide food and goods to a militarized aristocracy, which is mass slavery in all but name.
And metics appear to be quite similar to today’s globalized peripatetic migrant worker, such as the thousands of “second-class citizens” that are the lifeblood of places like Dubai, or who pick the fruits and berries that end up in the supermarkets of Europe and North America. Interestingly, many immigrant workers in France today have embraced the term “metic” (métèque) tin reference to themselves.
Slavery was also an early way to punish criminals and enforce justice. The ancient world did not have the resources to feed and shelter large amounts of unproductive people in cages (jails, gaols) as we do today. Dungeons were mainly about holding people who were about to stand trail. To have basic shelter and three square meals a day without having to work would have been quite a luxury in the ancient world–people would have been purposely committing crimes to get it! Fines were not effective in pre-monetized and non-market economies. That’s one reason for the gruesome corporeal punishments we see doled out in the ancient world (eye-gouging, flogging, etc.). Making people into slaves took away many of their freedoms, but still compelled them to work on behalf of society–sort of a “work release” program in what was, in essence, an open-air prison. Even in today’s United States, slavery is legal if you are convicted of a crime. We still talk of criminals owing a “debt to society.”
Debt slavery was also often ignored in ancient accounts of slavery. We know that debt bondage became so common and so widespread that leaders had to periodically institute debt annulments in order to keep their societies functioning at all. This could take the form of regular mandated debt jubilees as in Mesopotamia, or emergency legislative actions like those of Solon the reformer in Athens. As David Graeber says, all ancient populism boils down to one single idea: “cancel the debts and redistribute the land” (i..e the means of production).
Slavery was also a major barrier to industrialization. In the new novel Kingdom of the Wicked, the author envisages an alternate Rome that has undergone an Industrial Revolution by the time of Christ. Slavery has been abolished, led by the Stoics whom she equates with Quaker abolitionists in Britain’s 19th century. This has led to the flowering of a “tinkering culture” exemplified by Archimedes and Heron to further their inventions into true labor-saving devices similar to those of early industrializing England. This is not so far-fetched: We know, for example, that the Romans employed water power on a massive scale for milling bread and manufacturing armaments, for example at Barbegal in modern-day France, and that the earliest factories of the Industrial Revolution (Arkwright’s mills) were water-powered, with fossil fuels coming only later due to wood shortages. The author writes of Roman Slavery:
…While Roman-era scientists later developed designs for things like steam engines (Heron of Alexandria) and built fabulous mechanical instruments (the Antikythera machine), they did so in a society that had been flooded with vast numbers of slaves (the late Republic and early Principate), and large-scale chattel slavery and industrialization are simply incompatible.
Chattel slavery undermines incentives to develop labour-saving devices because human labour power never loses its comparative advantage. People can just go out and buy another slave to do that labour-intensive job. Among other things, the industrial revolution in Britain depended on the presence (relative to other countries) of high wages, thus making the development of labour-saving devices worthwhile. The Antikythera mechanism is a thing of wonder, but it is also little more than a clockwork executive toy; no wonder the great lawyer Cicero had one. It’s just the sort of thing I can imagine an eminent [attorney] having on his desk in chambers.
Slavery—and its near relative, serfdom—have been pervasive in even sophisticated human societies, and campaigns for abolition few and far between. We forget that our view that slavery and slavers are obnoxious is of recent vintage. In days gone by, people who made fortunes in the slave trade were held in the highest esteem and sat on our great councils of state. This truism is reflected in history: The Society for Effecting the Abolition of the Slave Trade met for the first time in 1787. It had just twelve members—nine Quakers and three Anglicans…
…we know that the Romans didn’t think some people were ‘naturally servile’, which is at the heart of Aristotle’s argument in favour of slavery. The Roman view (consistent with their militarism) was always ‘you lost, we own you’. Roman law—even in its earliest form—always held that slavery was ‘contrary to nature’. Human beings were naturally free; slavery was a legally mandated status, however cruelly imposed.
It is also important to remember that ancient slavery was never race-based. No Roman argued that slaves were lesser forms of the human. Middle- and upper-class Roman children educated at home by slaves who were manifestly cleverer than them (not to mention mum and dad) knew this, intimately.
Author’s Note-Kingdom of the Wicked (Libertarianism.org)
The Roman explicitly defined the lack of freedom implied by slavery as “contrary to nature” in their legal codes!
In fact, even when labor-saving devices were invented in the ancient world, they often were often intentionally ignored or neglected in order to ensure that the large amounts of human labor available to elites would have some way to be utilized:
[W]hen Vespasian was offered a labor-saving machine for transporting heavy columns, he was said to have declined with the words: “I must always ensure that the working classes earn enough money to buy themselves food.”
Emperor Vespasian has a Solution for Unemployment (Resilience.org)
Not only was race or ethnic origin not a factor in Roman slavery, the ancient Romans did not regard slaves as inherently inferior in any way! In fact, they knew that slaves might even be more talented than their masters! There was no racial segregation or racial hierarchy; slavery was simply a social construct not based on any notion of superiority or racism, unlike in North America (as was it’s flip-side “citizenship”). This colors our view of ancient slavery. It also blinds us to the reality and essential role of slavery and bondage in human history. We are used to regarding slaves as “naturally” inferior due to the racist views utilized in America to justify it. A racial hierarchy was established in America after Bacon’s Rebellion in the South to make sure that poor whites and blacks would not unite against their rulers–another example of divide-and-rule atomization.
The problem for any culture that wants to spend time on literature, art, philosophy and science, is [that] somebody’s got to do the laundry. And so what we’ve done is, we have a washing machine. If we didn’t have a washing machine, my guess is, all over California there would be a lot more jobs at the lowest end–of people doing laundry. Just as the Chinese who entered California as basically indentured railway workers, they began to set up what we call Chinese laundries and Chinese restaurants. These are all low-skilled, high work.
Well, the Greeks; some of the cities–the ones that we admire like Athens–they had slaves because that was the way you got things done. They didn’t feel that slaves were inferior people. They just happened to be people often captured in war. We forget that the word slave comes from the word slav. The slaves come out of Russia into Europe through the Middle Ages. All the Middle ages were full of slaves.
The American slave experience was peculiar in that it was having people really who were not of their own culture; not of their own civilization. If you think about it, you’re in a Greek family and who’s the nursemaid for the children? Well, she has to be somebody who’s going to speak their language, and is going to be giving them the cultural values.
Anyone who lost in war…they were just people who lost; when you lost you got killed or be made a slave and most people given the choice thought, “well I’d rather try living and see how that works out.”
Tangentially Speaking – Jim Fadiman 57:10 – 59:35
David Graeber makes the same point regarding Roman slavery:
What made Roman slavery so unusual, in historical terms, was a conjuncture of two factors. One was its very arbitrariness. In dramatic contrast with, say plantation slavery in the Americas, there was no sense that certain people were naturally inferior and therefore destined to be slaves. Instead, slavery was seen as a misfortune that could happen to anyone. As a result, there was no reason that a slave might not be in every way superior to his or her master: smarter, with a finer sense of morality, better taste, and a greater understanding of philosophy. The master might even be willing to acknowledge this. There was no reason not to, since it had no effect on the nature of the relationship, which was simply one of power. The second was the absolute nature of this power… DTF5kY, p. 202
Indeed, H.G. Wells felt that the vast importation of slaves after the second Punic war was the final “nail in the coffin” for the Roman yeoman class. As Roman society was flooded with slaves from military expansion, the price of slaves went down dramatically. It then became cost effective to buy large amounts of slaves and work them to death on large plantations, meaning that ordinary family farms could not compete in what was effectively an early “free market” economy. Cheap slaves allowed unprecedented concentration of wealth in fewer and fewer hands.
In the Roman experience, this is the beginning of a 100-year-long process of Italy going from being a patchwork of smaller farms with some large estates to nothing but sprawling, commercially-oriented estates. And yes, the United States is continuing to go through a very similar process. At the founding of our republic, everybody’s a farmer, and now everything is owned by what, Monsanto?
Moving beyond just strictly agricultural companies, large American corporations are now employing more and more people. There seems to be this move away from people owning and operating their own establishments, and they’re instead being consumed by large entities. You’re talking about the Amazons of the world swallowing up so much of the market share, it just doesn’t pay to be a clerk in a bookstore or own a bookstore, you end up being a guy working in a warehouse, and it’s not as good of a job.
It doesn’t really feel like they could’ve arrested the process. Fifteen years after some land bill, you’d ask, “Who has the land? The poor?” No, they all just got bought up again. There never was a good political solution to it. The problem of these small citizen farmers was not solved until 100 years later when they simply ceased to exist.
Before the Fall of the Roman Republic, Income Inequality and Xenophobia Threatened Its Foundations (Smithsonian)
So slavery appears not to have been “race based” in most ancient societies, which is what makes the American experience so unique. Apart from places like plantations, mines and quarries, most slaves were probably indistinguishable from people around them. They went off to work every day just like everybody else. Again, slavery was a legal distinction more than anything else.
It’s also essential to keep in mind that our vision of slavery as constant beatings and starvation has also drastically colored our view. This is again a result of North American racially-based plantation slavery. In reality, slaves were an investment, and whipped and starving people hardly made the best workers.The cruelty of plantation slavery was highlighted and emphasized in written accounts, both by ex-slaves and abolitionists, to turn people against it. In reality, it was probably not as brutal as it is often depicted. To be crystal clear here, this is not a justification for slavery!!! But it also makes us overlook slavery in the ancient world, where it was more of a social/economic status than racial. In fact, most slavery looked indistinguishable from the routine of the average wage worker today!
John Moes, a historian of slavery…writes about how the slavery we are most familiar with – that of the antebellum South – is a historical aberration and probably economically inefficient. In most past forms of slavery – especially those of the ancient world – it was common for slaves to be paid wages, treated well, and often given their freedom.
He argues that this was the result of rational economic calculation. You can incentivize slaves through the carrot or the stick, and the stick isn’t very good. You can’t watch slaves all the time, and it’s really hard to tell whether a slave is slacking off or not (or even whether, given a little more whipping, he might be able to work even harder). If you want your slaves to do anything more complicated than pick cotton, you run into some serious monitoring problems – how do you profit from an enslaved philosopher? Whip him really hard until he elucidates a theory of The Good that you can sell books about?
The ancient solution to the problem…was to tell the slave to go do whatever he wanted and found most profitable, then split the profits with him. Sometimes the slave would work a job at your workshop and you would pay him wages based on how well he did. Other times the slave would go off and make his way in the world and send you some of what he earned. Still other times, you would set a price for the slave’s freedom, and the slave would go and work and eventually come up with the money and free himself.
Moes goes even further and says that these systems were so profitable that there were constant smouldering attempts to try this sort of thing in the American South. The reason they stuck with the whips-and-chains method owed less to economic considerations and more to racist government officials cracking down on lucrative but not-exactly-white-supremacy-promoting attempts to free slaves and have them go into business.
So in this case, a race to the bottom where competing plantations become crueler and crueler to their slaves in order to maximize competitiveness is halted by the physical limitation of cruelty not helping after a certain point…
Meditations on Moloch (Slate Star Codex)
Moes argues that the reason slavery declined in ancient Rome was not because slaves were treated so cruelly that they could not reproduce themselves (whips and chains), but as a result of widespread manumission. They were freed. Slaves often cut deals where they would buy their freedom by entering in with business deals with their owners. Often times, they would split the profits:
Profitable deals could be made with the slave or with the freedman, who could be and usually was obligated to render services to his former master. A freedman often continued in the same employment or else was set up in business with funds supplied by the master, or, on the land, was given part of the estate to work as a tenant. Hence the slave in fact bought his own freedom, either by being given the opportunity to accumulate savings of his own, the “peculium,” or afterward as a freedman, having received his freedom, so to speak, on credit.
This system was to the advantage of the owner because it gave the slave an incentive to work well and in general to make himself agreeable to his master. Thus, while the owner did not (immediately) appropriate the entire surplus that the slave earned over and above the cost of his maintenance, he still got great eeconomic benefits in the long run… the most highly valued slaves were the most likely to be freed, for the full benefit of their talents could not be obtained under the whiplash but only by giving them the positive incentive of immediate or ultimate freedom.
Seen from this perspective, the difference between a slave and the plight of the average modern American worker becomes awfully difficult to define. Of course, if you dare broach this topic, you are immediately confronted with opprobrium–how dare you! This is a legacy of the horrors of racebased plantation slavery to which we are constantly reminded. But, historically, slavery had nothing to do with racism or (direct) violence!
No, slaves were simply the people who had to labor above and beyond what they wished to in order to produce a surplus for someone else. They also had no control over their work circumstances. They had to do what their master told them to do, for the amount of time he told them to do it, in the place where he told them to do it, and the way he told them to do it. And the slave only kept a portion of what they produced, with the lion’s share going to his or her master. That doesn’t sound all that different from the situation of the average worker today, now does it? The ancients were aware of this. Cicero wrote:
“…vulgar are the means of livelihood of all hired workmen whom we pay for mere manual labor, not for artistic skill; for in their case the very wage they receive is a pledge of their slavery.”
Thus wage slavery is simply another type of slavery, and not as distinct from its ancient counterpart as we have been led to believe. True, we aren’t regularly starved and beaten. Yes, we can find a different patron–er–employer. But we are just a human resource. We make profits for others. We don’t have control over our workplace. When you understand that, by and large, ancient slavery had nothing to do with racial inferiority–actual or perceived, or outright violence, and was just an economic category of individuals, you can understand why this is the case.
And consider this: how could our modern society function without the massive tier of low-paid workers? In fact, the people who get paid the least are the most essential to society’s everyday functioning, as David Graeber has pointed out. They do the non-automated agricultural work. They pick our fruits and vegetables. They cook and prepare our food. They look after our children and take care of our elderly. They teach our children. They drive our cars and trucks. They maintain our lawns and gardens. They build and maintain our infrastructure. They construct our buildings. They keep our shelves stocked with goods and deliver them to our doorstep. Not all of these are minimum wage workers, but an increasing number of them are! If they all vanished, society would grind to an immediate halt. Yet just three people “own” as much as half the American workforce!
The difference is that wage slaves are rented instead of owned. We are continually compelled by the invisible whip and the lash of utter poverty and destitution.
Today’s college system is virtually indistinguishable from indentured servitude. in fact, I would argue that it’s worse! With indentured servitude, it’s true that you could not leave your employer and “shop around” for another one. But, if you went into debt, you were guaranteed gainful employment for the duration of the loan–something today’s college students would kill for! Instead, they are expected to go deeply into the debt just for the mere chance of finding employment in their chosen field, which, more often than not, they don’t. Sometimes, they must even labor for free to get certain jobs (unpaid internships). And student debt, unlike other debt, cannot be discharged in bankruptcy. What, then, really is the difference between it and debt bondage??? H1-B visas are a similar scam, where imported workers often work for less than their native-born counterparts and cannot easily leave their employer (i.e. sponsor) to seek out other work.
And now, we are constantly informed that we must “love our jobs” to the extent that we will even work for free for the privilege! Employers depict themselves as a paternalistic “family” (albeit one that you can be removed from at any time and for any reason). It’s a sort of Stockholm Syndrome on a societal scale. Today, we are totally defined by our work. It forms the core of our identity (“so, what do you do..?”). We are informed from birth that we must “love our jobs” and “like what we do” We no longer even think of our bondage as bondage! We are totally brainwashed to love our captivity and identify with our captors, the ultimate victory of tyranny over freedom. As Henry David Thoreau wrote:
“[i]t is hard to have a Southern overseer; it is worse to have a Northern one; but worst of all when you are the slave-driver of yourself.”
So, when you take all this into consideration, clearly civilization has always run on compelled labor of one form or another. It cannot be any other way. Corvee labor, forced resettlement, military drafts, tributary labor, convict labor, serfdom, migrant and trafficked labor, debt peonage and indentured servitude have all existed alongside chattel slavery since the beginnings of civilization. Freedom is just an illusion:
It is the secret scandal of capitalism that at no point has it been organized primarily around free labor. The conquest of the Americas began with mass enslavement, then gradually settled into various forms of debt peonage, African slavery, and “indentured service”-that is, the use of contract labor, workers who had received cash in advance and were thus bound for five-, seven-, or ten-year terms to pay it back. Needless to say, indentured servants were recruited largely from among people who were already debtors. In the 1600’s there were at times almost as many white debtors as African slaves working in southern plantations, and legally they were at first in almost the same situation, since in the beginning, plantation societies were working within a European legal tradition that assumed slavery did not exist, so even Africans in the Carolinas were classified, as contract laborers. Of course this later changed when the idea of “race” was introduced.
When African slaves were freed, they were replaced, on plantations from Barbados to Mauritius, with contract laborers again: though now ones recruited mainly in India or China. Chinese contract laborers built the North American railroad system, and Indian “coolies” built the South African mines. The peasants of Russia and Poland, who had been free landholders in the Middle Ages, were only made serfs at the dawn of capitalism, when their lords began to sell grain on the new world market to feed the new industrial cities to the west. Colonial regimes in Africa and Southeast Asia regularly demanded forced labor from their conquered subjects, or, alternately, created tax systems designed to force the population into the labor market through debt. British overlords in India, starting with the East India Company but continuing under Her Majesty’s government, institutionalized debt peonage as their primary means of creating products for sale abroad .
This is a scandal not just because the system occasionally goes haywire… but because it plays havoc with our most cherished assumptions about what capitalism really is particularly that, in its basic nature, capitalism has something to do with freedom. For the capitalists, this means the freedom of the marketplace. For most workers, it means free labor. DTF5kY, pp. 350-351
Today, living in a high-tech age of fossil fuels and automation, why have our “energy slaves” not liberated us from this burden? We’ll consider that next time.
BONUS: Ellen Brown (Web of Debt) has an interesting piece on student loan debt slavery over at Truthdig:
The advantages of slavery by debt over “chattel” slavery—ownership of humans as a property right—were set out in an infamous document called the Hazard Circular, reportedly circulated by British banking interests among their American banking counterparts during the American Civil War. It read in part:
“Slavery is likely to be abolished by the war power and chattel slavery destroyed. This, I and my European friends are glad of, for slavery is but the owning of labor and carries with it the care of the laborers, while the European plan, led by England, is that capital shall control labor by controlling wages.”
Slaves had to be housed, fed and cared for. “Free” men housed and fed themselves. For the more dangerous jobs, such as mining, Irish immigrants were used rather than black slaves, because the Irish were expendable. Free men could be kept enslaved by debt, by paying wages insufficient to meet their costs of living. The Hazard Circular explained how to control wages: | http://hipcrimevocab.com/2017/12/25/the-many-faces-of-slavery/ |
Since the dawn of civilization there were always those who exercised control and power over other people; in other words, in some form or another slavery has been a condition of our history. Even the highly admired and influential civilization of the Ancient Romans did not escape the practise, which eventually came to play an integral role in how their society was run. How did a culture which began as a small farming community on the banks of the Tiber River come to have the numbers of slaves that they did in seemingly such a short period of time? What conditions in their society gave them the opportunities and power to acquire large numbers of slaves? And what were the effects of large-scale slavery on the people of Rome: both rich and poor? What types of work were slaves used for and were there economic repercussions for the people of Rome and Italy? Can it be said that the introduction of slaves into Roman society was interwoven with the building of an empire, and in many ways helped to precipitate it? Many other peripheral issues will undoubtedly find their way into the following analysis, helping to clarify the realities of slavery in the world of the Ancient Romans.
Rome began as a small agricultural community about fifteen miles off the coast of the Mediterranean Sea, and its earliest inhabitants advocated hard work, determination, and devotion to duty. These qualities gave Rome a core of stability and self-sufficiency that preserved its society and helps to explain its continuity and expansion. For almost two hundred and fifty years it was ruled by a monarchy and its first king was the legendary Romulus. Dionysius of Halicarnassus was a Greek rhetorician and historian who lived and taught in Rome in late 1st Century BC. He wrote a history of Rome from its humble beginnings through to the First Punic War. Dionysius gives information, which suggests that from its very foundation, there were slaves in Rome.(1) It is traditionally accepted that Romulus founded the community in 753 BC and was its first king. He and his followers became involved in skirmishes with neighboring peoples, including the Latins and the Etruscans, capturing many of them. Some were given Roman citizenship by him, while others were put to death or enslaved. If they were not sold, these early slaves would be employed primarily in domestic work or labor side by side with their master in the fields.(2) Dionysius also states that Romulus gave Roman fathers the right to sell their own children into slavery.(3) Therefore, it seems as though the Romans had a long history concerning the institution of slavery that began with its own inception and kept growing alongside the state. To be sure, the numbers of slaves were few in the early days of Rome, but with the coming of the third century BC the numbers would soar to unbelievable heights.
The legend of Horatius Cocles is related by Livy in A History of Rome and provides a character description for the men who made Rome great. The peasant farmers embodied the Roman ideal, and besides working hard on small scale plots of land, they also made up the ranks of the army and fought bravely to defend their own property and that of others. Horatius Cocles was a soldier-farmer who stood his ground to defend Rome from an onslaught of Etruscans.(4) He typified the Roman citizen who was willing to sacrifice his own life for the survival of the city. It was these farmers who made the Roman army and who were expected to leave their land and families to protect their way of life, for long periods of warfare. They provided the basis for the Roman society, but their position evolved over a period of history and their displacement almost became a reality. Somewhere along the way, the Romans lost their understanding of the cherished traditions and ancestral convictions that were so important to their foundation. What happened to the Horatius Cocles' of Rome was interwoven with the intrigues of money, power, and the institution of slavery.
The last king of Rome was expelled in 509 BC and the Roman Republic was born. The next two hundred and fifty years saw the expansion of the Romans into Latium and eventually the entire Italian peninsula, and the social and political organization of its people. The divisions between the patricians and the plebeians caused many internal struggles and precipitated the writing of laws and the introduction of a constitution. These challenges helped Rome develop into a state and made it a great power in the Mediterranean, but it had contenders in the fight for domination, who fought strongly. The competitors who changed Rome forever were the Carthaginians and the wars with them marked the beginning of Rome's expansionism outside Italy, which became the makings of an empire.
The Punic Wars were of central importance to the history of Rome because they marked the beginning of provincial acquisitions and changes in Italy. In Southern Italy there was an expansion in ranching on large leased estates that had been confiscated from communities which had helped Hannibal. The need for leather products such as army boots also increased due to Roman wars and these ranches used slave labor.(5) The Punic Wars began a trend of rapid expansion and development of what would layer constitute a large portion of the Roman Empire. With the takeover of Sicily, Spain, Sardinia, and Corsica there came changes in Rome. Imperial booty filtered into the city and made it rich and prosperous, which was a new experience for the people. From humble beginnings, Rome was being transformed: Pergamum was bequeathed to Rome and Cilicia, Africa, Macedonia, Asia, a part of Gaul, and Illyricum were added by 133 BC.(6) By the end of the first century BC, Rome's population had topped one million.(7) A part of the war booty that continually flowed into Italy were the captured slaves from all over their world. In the Digest of Justinian there was a direct connection made between slavery and warfare:
Slaves (servi) are so called because commanders generally sell the people they capture and thereby save (servare) them instead of killing them. The word for property in slaves (mancipia) is derived from the fact that they are captured from the enemy by force of arms (manu capiuntur).(8)
In 210 BC Livy reports that Rome punished the people of Capua by enslaving its people.(9) In 167 BC Aemilius Paullus captured 150 000 people in Epirus;(10) and in 146 BC, 30 000 men and 25 000 women were enslaved after the destruction of Carthage.(11) Many would be sold directly after capture to slave traders who seemed to have followed Roman military campaigns;(12) others would be kept by the commanding officers and given to the soldiers as a bonus for their services.(13) In 166 BC, Delos was made a free port and it became one of the main market places for slaves in the eastern Mediterranean.(14) Strabo tells how a massive slave trade sprung out of the collapse of the Seleucid Empire. Large numbers of the slaves eventually found their way to Italy where they were purchased by wealthy landowners who needed huge numbers of slaves to work on their estates. How did the rich Romans acquire such large tracts of land?
In large part, the land was considered public land which was taken over by the government after political insurrection or conquest. The other source was the displacement of peasant farmers, who having fought foreign wars for numbers of years, came back to Italy unwilling or unable to resume their agricultural practises. Sometimes their land had been expropriated by the government and given to a victorious general's soldiers in lieu of services rendered. A number of farmers had undoubtedly been squeezed out of the market as a result of foreign provincial imports and goods that could be produced quicker and cheaper on the highly organized latifundia. The emergence of these latifundia was an interesting phenomenon that led to a change in crop production.(15) No longer were staple foods necessarily produced, and that brought about dependence on supplies from outside Rome. Since sea travel was much cheaper, food items came from long distances away.(16) This change in self-sufficiency caused hardships for the Romans when supplies were halted for any reason.
The slave revolts in Sicily in 135 BC and 104 BC caused shortages in the most important crop for the poor which was grain and an escalation of prices. The urban poor were to live through many such shortages, and while the lower classes suffered, the rich turned into the extremely rich. The landowning families must have become overwhelmed by the financial rewards possible in agriculture during this time. In Consequences and Slaves, Dr. Keith Hopkins writes that wealth in Italy had always been an outcome of land investment and agricultural production.(17)The growth in the population of Rome and the subsequent increase in demand for products such as meat, olive oil, wheat, wine, and cloth helped change the subsistence economy into a market economy.(18) The prospects for increased financial rewards drove the wealthy to expel small farmers off their land and to develop large estates which cultivated cash crops. The use of slaves also seems to have caused a depletion in good agricultural soil as a result of poor cultivation practises.(19) What were some of the social, political, and demographic outcomes due to the presence of slaves?
Hopkins makes the interesting point that military conquest and the subsequent introduction of incredible wealth and slaves into Italy had the same effects as widespread and rapid technological innovations. Huge numbers of people, values, and resources flowed into Italy and the existing political structure had no way of absorbing or administrating it all.(20) The consequences included the breakdown of traditional society. Two facts from Moses Finley's work should be included here: first, that slaves never became the dominant form of labor in the Italian heartland; and secondly, the number of slaves used depended on the demand.(21) As Appian explains in Roman Civil Wars, "the slaves did not liberate the peasant farmer to take part in democratic politics, but to fight to conquer an empire."(22) Some Italian farmers never came home alive again from foreign conquests and others wanted a different lifestyle and better financial rewards. Jobs in areas such as bricklaying and carpentry were available, but the wages were low.(23)
In reality, the existence and availability of large numbers of slaves released some of the poor from agricultural work, but many were displaced by slave gangs and went to Rome to live off some wealthy patron or find work. This caused horrendous overpopulation problems with the accompanying food shortages, violence, disease, and the endemic problems of housing and fires.(24) As the native population left the farms for the city, their replacements were coming into Italy by the tens of thousands in the form of slaves. Some of these went to Rome itself and were employed in all manner of work: brought by the city to work on cleaning crews for buildings like the public baths and temples or to keep the city streets clean. City-employed slaves also worked on construction projects that built roads and the important Roman aqueduct system. Still others were employed in factories and shops under detestable conditions.(25) In The Golden Ass by Apuleius, Lucius (a man turned into an ass) describes what he saw at a flour mill:
Good guys, what scrawny little slaves there were! Their skin was embroidered with purple welts from their many beatings ... All of them, decked out in rags, carried brands on their foreheads, had their heads half-shaved, and wore chains around their ankles ... (26)Slaves could be found working as cooks, barbers, hairdressers, nurses, tutors, secretaries, butlers, laundrywomen, housecleaners, seamstresses, and paedagogues.(27)
In An Essay About Friendships, Cicero writes of nurses and paedagogue and the long relationships which many Romans had with them and their entrenchment in Roman society.(28) Highly educated slaves were found working in professions such as accounting, medicine, and education (29) and became a conduit for the transmission of culture, largely Greek culture. The fact that slaves had infiltrated so many areas of work meant that Roman citizens were not hired for these positions. An example is that instead of a rich Roman hiring a small catering company to oversee a dinner party, they used slaves instead. In fact, many large households "were in many ways almost as self-sufficient as a medieval manor."(30) Also, if a slave was freed by his master, he often continued working in the same job, which meant no new openings for the lower-class citizens.(31) This spelled terrible hardships for many displaced Romans who could only hope for part-time work with unreliable sources of income.(32) This led to a further dependence on their patrons and politicians.(33)
All of these conditions led Tiberius Gracchus to make some changes when he became tribune in 133 BC. While journeying to the Spanish provinces he had passed through the Tuscany area and later remarked that all the herdsmen and farmers he had seen there were foreign slaves.(34) The greatest political problem resulting from these agricultural changes was the declining numbers of men available for the Roman army. Tiberius Gracchus wanted to remedy the situation. The Roman military system was based on land ownership and since so many citizens had been displaced, the valuable source for soldiers was dwindling. Tiberius realized that if public land was distributed fairly among the non-rich classes, then the landless peasants and the urban proletariat would have new homes. He proposed the Lax Agraria which he hoped would increase the numbers of small landowners (who could then be drafted for military service), and decrease Rome's dependence on outside grain by reducing the number of latifundia.(35) But Tiberius Gracchus' reforms had limited success and although some lower-class families received small allotments of land, over time very little changed. Ten years later, Gaius Gracchus established a large colony on the site of Carthage which gave war veterans and peasant farmers sizeable pieces of land.(36)
Foreign wars and mass enslavements provided great amounts of land in many of the Roman provinces. As soldier-farmers and other citizens were being displaced from farms and with troubles in Rome escalating, the practise of founding new colonies in remote parts of Italy and in overseas provinces grew.(37) Programs such as these would be developed in many Roman provinces into the late Republic and continue into the era of the emperors. Besides providing land, military recruits, and new possibilities for the Roman people, colonization also helped to extend the Roman area of influence and secure it. The presence of Roman citizens in far-flung areas, and the garrisons which often went along with the construction of colonies provided stability in the empire. Keith Hopkins stresses that Italians peasants had to be expelled in large numbers off the land to allow the lucrative, large estates to flourish.(38) The rich families disagreed with the land commissions which called for a reorganization of land back into the ownership of the poor. As he suggests, colonies in Roman provinces provided land and "served the same function for the poor as land-allotments in Italy did."(39) But with colonization, the wealthy estate owners kept their land and continued to use slave labor.(40)
Throughout the years of the late Republic, men like Caesar and Pompey extended Rome's borders even more. Pompey enlarged the empire in the east incorporating Asis Minor and Syria; and Julius Caesar annexed Gaul, where he reportedly enslaved more than one million people.(41) As dictator, Caesar set up overseas colonies in an effort to alleviate Rome's overcrowding, and the expense of feeding the urban poor.(42) He sent 70 000 men to colonies overseas and it is estimated that one hundred more colonies were settled between 45 and 8 BC.(43) With the dissolution of the Republic and the era of Pax Romana under Augustus, warfare and slavery declined but neither was extinguished. Augustus was known to have sold a number of Cantabrians into slavery (44) and his wife Livia had corps of slaves as her personal assistants.(45)
In times of peace, the Romans must have relied more heavily on home-born slaves (vernae). Cicero's friend Pomponius Atticus did in the Republic.(46) Can it be said that warfare provided the biggest source for slaves in the Republic and breeding the main source in the Imperial Age? In Classical Slavery, Keith Bradley suggests that it is probably more correct to look at the maintenance of a slave class in terms of a combination of sources: warfare, trade, and breeding.(47) Warfare did provide slaves, but since there were no guarantees that enough would be captured, traders had to be counted on. But traders had their own problems acquiring slaves, and so, "breeding remained the only dependable possibility for providing a steady source of new slaves over time."(48)
Roman slavery had many ramifications for the history of the world. It was a practise that grew primarily out of warfare, and it had a direct influence on the building of the empire. It cannot be proven that the Romans fought wars in the expectation of capturing slaves, but it seems likely that the material and physical booty were considered important aspects of warfare, providing incentives. Slavery not only transported people to Rome, it also brought their cultures and religions. It can be speculated that the transmission of Christianity was partially due to the institution of slavery. It is a fact that educated Greeks had a tremendous effect on the civilization of Rome. Roman slavery continued throughout the Empire and was a dominant factor in Roman society. | https://www.moyak.com/papers/roman-slavery-war.html |
The Fibonacci’s sequence (also called “golden ratio”), indicates a sequence such that each number, starting from the third, is the sum of the previous two. The beginning of the sequence is thus:
1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987, 1.597, 2.584, 4.181, 6.765, 10.946. 17.711, 28.647 …
This sequence (present in various natural forms such as in beehives, in the arrangement of leaves on a branch, in sunflower seeds and in the development of the shell spirals) surprises us with its rapid development, which quickly achieves truly considerable numbers. Each number represents itself a quantity, or a specific dimension, which however acquires a different value in the whole of its continuous additive relationships.
In the same way, the actions we daily perform seem to concern only us or a limited area of interest. Rather, they are part of a totality of actions that grow on a context, from a little region to the whole world.
On that view of mutual relationships, the value of what we do is essential and the approach we have becomes fundamental. With an individual approach people, things and situations will be separated both from each other and from their context, generating acquisitions, strong contrasts, conflicts, speculations and destruction. On the other hand, by achieving a more spontaneous vision of relationships with the others and the surroundings, a new positive system of life and use of resources is obtained, aiming at the common good and not just at the individual.
The Systemic Approach, in fact, is a new way of acting based on two simple guidelines:
– to activate positive relationships between the various subjects (people, activities),
– to manage resources, so that the outputs of a system are the input of another one.
In this way, the totality of relationships and flows of matter in transformation generates a new social, cultural, ethical and productive system. This will create a new economy in which everyone is involved and actively participates.
Consider the relationships in a collaborative way connects the single units into a cohesive whole, in which the strength of all becomes the strength of each one. The different components, linked in collective action, perform a single little action that exponentially becomes great.
For further information see www.systemicfoundation.org
Pille Bunnell
With a Grain of Salt
My intent with the title is to evoke a listening through the double meaning of “salis” implicit in Pliny’s original phrase “addito salis grano.” The word “salis” not only refers salt, it also refers to wit. I am exploring the idea that acting with wit and intelligence means we should not take our models of the world too seriously. Models and frameworks enable us to make sense in the same way that a map helps us navigate, but unlike physical maps where there is a correspondence between land and notation, our conceptual territories are cultural and dynamic, so our maps (models, frameworks) should be used with a grain of salt and we should be willing to adapt them. This adaptive cognitive process is evident in the evolution of ideas related to the adaptive cycle, namely around patterns of the development and disintegration of systems.
I thus follow the evolution of some of the insights associated with the adaptive cycle. Resilient systems arise through an interplay of transformation and persistence in a shifting balance between the internal connections required for the system to be a system, and the external ones that enable it to persist in a context. As systems arise and disintegrate they do so embedded in and interacting with other dynamic systems at other spatial and temporal scales. As they intersect and interact they become a panarchy rather than a hierarchy.
As a second thread I weave in an awareness that we humans are the ones who develop the concepts that I present, (including this one about developing concepts) and that we do this through our recursive and recurrent consensual coordinations of actions and ideas in language and culture. In tracing how we may have developed ever more complex sets of distinctions and how we live these as our various realities, I note that we can easily find ourselves living in a name-based and somewhat rigid sense of reality. Thus our realities may also be seen to exist as adaptive cycles. Further, in any of these realities those regularities of experience that are not named disappear from our thinking and are very difficult to re-evoke or define in language. However, I note that our cognitive abilities are not limited to language, we also exist in an internal panarchy of relationships that resonate with the external panarchy in ways that we may become aware of as we implicitly operate in a panarchic interplay of design cycles.
I conclude the presentation with a deeply held desire. I would like us humans to remain the kind of beings who live in reflexive awareness of our systemic dynamic flow in a relational embeddedness.
Chido Govera
The Future of Hope: Social care for sustainable living
The presentation explores approaches and interventions implemented by The Future of Hope Foundation (TFoHF) to engage marginalized members of society, specifically women and girls in Zimbabwe. With limited resources and many heavy responsibilities as well as lack of exposure to innovative initiatives, vulnerable women, girls and orphans in communities are unable to engage in socio-economic development and to reach their full potential. They are in a continuous struggle just to survive. In a country where almost 10% of the population is orphans, 70% of the population lives in extreme poverty and political and economic turmoil are on the rise there is need for innovative interventions to enable these vulnerable groups to sufficiently provide for their primary needs and concerns as this is the foundation to achieve sustainable living.
TFoHF leverages agro-biomass, the most abundant resource in most poor communities, to secure sustainable livelihoods and incomes through their Mushroom based Integrated Food Production System (Mushroom based IFPS). The Mushroom based IFPS addresses many challenges facing vulnerable women and girls. Of special note are issues relating to land ownership, control of own food and income source as well as access to market. By harnessing the power of collaboration, TFoHF is able to mobilize community women as mentors for young girls orphans and community leaders to support community Mushroom based initiatives from initiation stage to market linkages. These collaborations provide the base for building healthy Communities where children, women and all of life, can thrive in peace, freedom and happiness – healthy Communities that nurture and promote good ethics, good education, good health and care for the natural ecosystems. Responsible engagement, accountability and proactivity are modeled and prioritized over self-pity and victimhood.
To date, TFoHF has reached over 2000 people in Zimbabwe and built a model that can be easily replicable across the African continent and beyond. The work carried out over the years does not only serve to mark an end to victimhood through responsibly engaging orphans and vulnerable groups to become change agents and leaders but, it provides basis for research and further improvements of this initiative that has such great potential.
Roberto Iniguez Flores
Advanced Design cultures, a learning system perspective.
During the past decades the praxis of design has been extended, it has been increasing its areas of focus, from its traditional territories of a problem-solving activity that shapes products, communication and environments, to a broader practice that approaches more complex subjects, such as the social, territorial and organizational issues. In order to address the complexity of these new approaches design is evolving into a new cultures that are very diverse and emergent, these design cultures require a new characterization for its understanding. A way to approach this phenomenon is to observe the areas of focus or the “new” outputs that these practices are producing, certainly some authors have pointed out on these possible two ways to give understanding about them; I propose a third way to approach this issue, focused on its processes, carrying out qualitative and quantitative research methods to give understanding on how these advanced design cultures are generating new kind of design processes.
Some of the keys to give light on the advanced design processes are anticipation, strategies and competencies; advanced design processes are more anticipatory, they have a longer-term look because the design focus is on paradigms changing, they operate in the strategy level, because they switch from the traditional problem-solving approach to an opportunity-finding approach, and by doing this anticipatory, strategic processes they require (and develop) new skill and competencies. These advanced design competencies can be discriminated from the traditional design competencies, by using a learning system perspective we can be able to comprehend how design operates on this extended (or advanced) territories, and how individuals, groups and organization develop knowledge and expertise from its practices.
Making a historical review on the different points of view about design learning, this conference go from the seminal approaches of Schön´s reflection-in-action postulates, passing through the design management approaches form the 90´s, and Nelson´s expertise propositions, or Cross and Leifer design thinking examinations, this conference presents the framework for the competencies and knowledge generation inside the design processes. And by introducing the systems and information theory references presents a series of tools to observe and understand the phenomena of learning situated within the confines of the advanced design cultures.
Chelsea Mauldin
Policy Design & Decision Making
There’s a gap between the intended outcomes of policies and the lived experiences of people affected by those policies. This gap arises, in part, from differences in the decision-making of policymakers and members of the public. Policymakers are empowered – they control public resources and have a mandate to deliver services. Their professional training and the culture of government tends to be progress-minded, rational, and technocratic.
Meanwhile, the public they serve is often disempowered – by class, race, neighborhood, or life circumstance. Even privileged citizens often have limited engagement with government decision-making. Further, members of the public approach policy issues pragmatically, informed by both their cognitive load and their biological experience – both factors that policy is often loath to engage.
I’ll discuss how designers attempt to bridge this gap though interventions in the policy decision-making cycle – from preliminary problem recognition and agenda setting to policy implementation and evaluation – with specific reference to Public Policy Lab’s work with veterans dealing with mental-health issues, with low-income families seeking social services, and with applicants to social/affordable housing.
Next I’ll describe shortfalls of current design interventions in policy and service-delivery systems. First, designers often amplify complexity – but complexity burdens the poor, who have fewer resources to spend navigating it. Second, designers seek to reform the state’s engagement with the public, but replicate the state’s extractive posture: we collect peoples’ stories, harvest their life experiences for our gain, even engage them in co-design, where their labor becomes our deliverable. Third, by working inside systems, designers accept status quo inequality. At our best, we engage in meaningful research and design with marginalized peoples. But collaboration does not compensate for systemic racism and poverty.
To conclude, I’ll propose that designers engaged in policy and systems change design new, adjacent policy systems, rather than to continue to renovate broken policies; recognize the primacy and requirements of the human body, as mechanism through which people engage with and are affected by policy systems; and more consciously identify and address imbalances in power in the systems in which we intercede.
Gunter Pauli
Re-designing the framework: think natural, think local
Our current world is afflicted by complex and wicked problems such as the climate change, the high rate of poverty and hunger, the unsustainability of the market. From energy production to soil analysis, we have to change the dogmas we are working with, we have to change the business models and the hypothesis we are believing. What can we do better? How can we design a better way forward?
We must re-design the framework conditions.
First, starting by using what is locally available. We have to turn the local resources into a strategy that also generates jobs and the opportunity to keep the value inside the local economy. The model of inspiration is the nature and this is at the basis of the blue economy. It is necessary to shift from our linear business model to another one that thinks in terms of “cascades” of nutrients and energy.
Secondly, the logic of the Blue economy includes the logic of putting the nature back onto its evolution path. This means that the companies must secure the conditions to let the environment to restore its self-organizing conditions. This will ensure the resilience of the system, that is a condition we urgently need in order to face with the environmental uncertainties.
Systemic Designers can have a key role in redesigning the framework conditions since they are able to think in a systemic way. They can help to understand, among other things, the flows, the energy, the feedback loops, in order to interconnect elements and design a self-organizing system. At this scope, it is necessary to create the conditions of more cooperation among different fields (science, university, entrepreneurs, economy) and put them in a framework more linked with society and communities. Education has a central role on this matter, because it is responsible to inspire the young people and expose them to different opportunities.
We need to re-think, re-build, re-born the way we think and the way we are inspiring children so that we can have a common future. We need to shift our business models and start designing the real world that nature and humanity deserves. | https://systemic-design.net/rsd7__trashed/proceedings/rsd7-proceedings/rsd7-keynote-speakers/ |
The main challenges related to governance systems within the Danube Region can be associated with the decreasing capacities of public authorities to incorporate a participatory approach into planning. Recent austerity measures have left public administrators with limited instruments and channels for involving relevant stakeholders and civil society into decision-making processes. The gap between citizens and public authorities is increasing on all levels and leading to intensified mistrust and lack of public participation, especially among the most disadvantaged communities at risk of exclusion. The growing social and economic inequalities are reflected in a reduced livelihood and quality of place.
To overcome these challenges, the AgriGo4Cities project employed participatory urban and peri-urban agriculture as a powerful and emerging method to improve public institutional capacities for tackling social exclusion of marginalized groups and to stimulate sustainable urban development in the Danube Region.
The final conference of the AgriGo4Cities project aims to highlight all the key topics, that were the focus in the process of designing and testing the methodology of participatory urban and peri-urban agriculture during the AgriGo4Cities project implementation. Together, we will discuss concrete lessons on how to enhance public services, promote active citizenship, reinforce public participation and contribute to the sustainability of cities by means of urban agriculture.
The conference will be held on the 19th of March 2019 in MOM KULTURÁLIS KÖZPONT, BUDAPEST. The language of the conference is English, Hungarian translation will be provided by the organizers.
More information and programme: http://bit.ly/agrigoforcitiesprogramme
You are invited to follow the conference progress on FB event page. | http://aswm.net/index.php/en/news/item/178-transnational-conference-on-the-project-agrigo4cities-for-the-promotion-of-urban-and-peri-urban-agriculture |
WACC’s programme of support for communication development projects in partnership with Bread for the World is a WSIS Prizes 2018 Champion.
Out of 492 nominated ICT success stories from around the world, following a comprehensive review by the Expert Group of 685 projects submitted by the WSIS Stakeholders’ community, WACC’s Development Initiatives Program was among the top five in the category Ethical dimensions.
WSIS Prizes is a unique international contest developed in response to requests from stakeholders in the World Summit on the Information Society (WSIS) to create an effective mechanism to evaluate and recognize individuals, governments, civil society, local, regional and international agencies, research institutions and private-sector companies for outstanding success in implementing development oriented strategies that leverage the power of ICTs as an enabler of development.
These projects include a range of activities, including providing communication infrastructure, capacity-building, advocacy, and media monitoring. Both a short and a longer-term impact can be seen from institutionally and individually strengthened capacities as well as outputs.
WACC’s rights-based approach to communication means prioritizing improved levels of accessibility and affordability, so that the most marginalized and “least served” are empowered and inequalities reduced.
It also means enabling communities and vulnerable groups to participate in decision-making processes; and it means monitoring progress in realizing communication rights in order to hold governments and gatekeepers to account.
Building upon the outcomes of the United Nations General Assembly Overall Review on WSIS as well as the 2030 Agenda for Sustainable Development, the WSIS Prizes reflect close linkages with achieving the Sustainable Development Goals (SDGs).
The WSIS Prize Champions will be awarded their certificates at a ceremony at the WSIS Forum 2018 on 20 March 2018 in Geneva, Switzerland. WACC will be represented by its UK Development Manager, Sara Speicher.
Besides being published in the WSIS Stocktaking Report 2018, WACC’s initiative will appear in the “WSIS Stocktaking: Success Stories 2018”. Both publications will be released during the WSIS Forum 2018. | http://www.waccglobal.org/articles/wsis-recognizes-wacc-s-communication-work |
Air pollution has reduced average life expectancy around the world by 1.67 years, according to the Health Effects Institute (HEI) who have released their annual State of Global Air report.
The report includes the latest worldwide results on air pollution exposure and its health burden based on the 2017 GBD (Global Burden of Disease) study, which has been tracking causes of deaths since 1990.
It ranked air pollution fifth among all mortality risk factors globally, accounting for nearly 5 million early deaths and 147 million years of healthy life lost.
Ambient PM2.5 accounted for 2.9 million deaths, while household air pollution accounted for 1.6 million deaths.
It also found that in 2017, 92% of the world’s population still lived in areas where PM2.5 exceeds the World Health Organisation’s (WHO) guideline for healthy air.
Other findings in the study were:
- Nearly half of the world’s population, a total of 3.6 billion people, were exposed to household air pollution in 2017.
- In 2017, exposure to PM2.5 was the third leading risk factor for type 2 diabetes deaths, after high blood sugar and high body mass index.
- Since 1990, the percentage of people living in areas that fail to meet even the least-stringent PM2.5 target of IT-1 (35 µg/m3), has remained steady at around 54%.
Life expectancy in developing countries was greatly reduced as often ambient air pollution is high and cooking with solid fuels is common.
In South Asia, life expectancy loss from air pollution is 2 years and 6 months whereas in sub-Saharan Africa, where more than 80% of people cook with solid fuels, life expectancy is cut by almost 2 years.
Scientists used PM2.5 data from monitoring stations around the world but in developing countries where the technology was unavailable, researchers combined available ground measurements with observations from satellites and information from global chemical transport models.
They then estimated annual average concentrations of PM2.5 across the entire globe divided into blocks or grid cells.
To estimate the annual average PM2.5 exposures for the population in a specific country, scientists combined the concentrations in each block with the number of people living within each block to produce a population-weighted annual average concentration.
The report concludes: ‘The growing burden of disease from air pollution is among the major challenges facing national governments and public health officials, with far-reaching implications for national economies and human well-being.
‘Better understanding the sources of air pollution and key contributors to its health burden is a critical next step for implementing effective air pollution control policies. | https://airqualitynews.com/2019/04/10/report-air-pollution-has-reduced-global-life-expectancy-by-1-67-years/ |
Environmental pollution and control
Coordinator:
Professor Nick Voulvoulis
Aim:
This module introduces pollution and degradation of environmental quality as an example of the interactions between natural and human systems. It will enable students to understand environmental problems, looking at causal linkages between pollution sources, exposure pathways and impacts to environmental quality and human health.
The complex relationships between environmental factors and human health, taking into account multiple pathways and interactions, will be assessed in a broader spatial, socio-economic and cultural context.
Students will learn how to assess pollution sources, study exposure pathways and fate, and evaluate consequences of human exposure to pollution and its impacts to environmental quality. Providing the evidence base to support decision and policy making, students should be able to understand pollution problems, consider ways to respond to them, and propose appropriate solutions/actions to reduce (protect, mitigate or prevent) pollution risks when necessary.
Learning Objectives:
At the end of this module, students will:
- Have gained awareness of current forms of environmental pollution and an overview of both their causes and consequences to natural, economic and social systems.
- Have gained an understanding of the fundamental principles governing the interactions between those systems (i.e. transport of pollutants in the environment),
- Have been exposed to learning examples of good practice of technologies and options used to remediate reduce/eliminate pollution of the environment,
- Be able to analyse, synthesise, and evaluate evidence to understand problems and accordingly select control measures and techniques concerning atmospheric, water or terrestrial challenges.
Learning methods provide the basic understanding of the complex cross-disciplinary issues associated with environmental problems, their identification and their resolution. As is appropriate with learning at Masters level, the emphasis is on analysis, synthesis and evaluation. Making a shift from traditional research methods and tools to systems based frameworks, the module focuses on the need to understand problems in order to assess how environmental challenges can be addressed.
Module themes:
The module covers three thematic areas as examples of environmental challenges and central to its mission is an integrated theme, dealing with pollution issues in a wider context. As most environmental problems are interrelated, systems’ thinking is introduced and employed for analysing, understanding and addressing them.
|Intro and Integration theme||Theme 1: Water management||Theme 2: Environment and Health||Theme 3: Resources Management|
|This theme deals with pollution issues within a wider context. Environmental problems are interrelated and therefore a systemic approach in their analysis and evaluation is necessary. The linkages between the natural systems will be revealed along with their implications to policy and decision making.||This theme focuses on water supply and treatment processes for drinking, in addition to current and emerging water management issues. The basics of sewage treatment including biological treatment, percolating filters, activated sludge and nitrification and sludge treatment such as anaerobic digestion and other biosolids management practices are included.||This theme addresses pollutants and their relationship to human health and the quality of the natural environment. More specifically attention will be shed on the sources, pathways and routes of exposure of contaminants and their potential hazardous effects.||Attention in this theme will be shed on the efficient way to manage resources and reduce impacts of our waste. Focusing on sustainable consumption and production closing loops in resources management and decoupling from nature will be investigated as the way forward, dealing with resources within a systemic approach.|
Learning Approach:
In order to have more in-class discussion and activity time and to effectively get to higher-order learning objectives, the module champions a shift from traditional research methods and tools to system-based frameworks. Moreover, it focuses on the need to understand problems before any solutions are derived, conceptualizing environmental problems as the interactions and interrelationships between natural and human systems.
Active, enquiry-based learning aims to disseminate knowledge that the students can understand and apply because of the module’s interactivity and contextual basis. Preparation includes studying online material in advance, with the aim of enhancing active class time, participation and communication. Class time is spent interactively examining the context and implications of the knowledge acquired.
Videos and notes provided need to be studied in preparation of classroom sessions to enable students’ active participation. Practicals offer the venue for analysis, evaluation and synthesis of knowledge acquired. Here students are challenged to examine their assumptions and to question information. Active participation is encouraged and demanded, with practicals designed to stimulate debate. Such blended learning methods help increase science literacy and make it easier and faster for the 150 students each year to develop confidence in their active, enquiry-based learning. The module effectively disseminates knowledge that the students can understand and apply because of its interactivity and contextual basis.
Module sessions:
There are three types of sessions:
- Preparation: Students need to prepare using the notes provided and videos that provide the evidence necessary for active classroom participation.
- Lectures provide the venue for more traditional knowledge sharing to support analysis, evaluation and synthesis in pursuit of critical thinking.
- Practicals: Students are challenged to assess their learning and to apply what has been learnt. They are given tasks and questions which are then discussed in class to further improve learning, increasing their confidence in the process.
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EP&C sessions
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Preparation required (study in advance)
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Handouts (Blackboard)
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Videos (YouTube)
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EP&C1: Introduction to Module (NV)
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EP&C2: Understanding environmental problems and history PRACTICAL (NV)
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Task for EP&C2
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Tasks for EP&C2 and Template for notes
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EP&C3: Water management (NV)
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EP&C4: Air Pollution Basics (HAS)
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EP&C5: Drinking Water Treatment and Wastewater treatment and Sludge PRACTICALS (NV)
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Water treatment Study Notes
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Wastewater treatment study notes
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EP&C6: Risk management of Chemicals PRACTICAL (NV)
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Chemicals study Notes
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EP&C7: Waste and Resources management issues (NV)
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Waste Management study notes
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EP&C8: Air pollution and Control (ADN)
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EP&C9: Pollution and human health (ADN)
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EP&C10: Sustainable production and consumption (NV)
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SP and C study notes
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EP&C11: Conclusion - The Way Forward (NV)
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The Environmental Pollution and Control Module of the MSc in Environmental Technology at Imperial College London (Blended learning - Online and in an Active Classroom) was shortlisted for the Wharton-QS Stars Reimagine Education Awards 2015! | http://www.imperial.ac.uk/environmental-policy/msc/course-structure/pollution-control/ |
My primary research interests are the study of the fate and transport and biogeochemical cycles of inorganic contaminants in the environment. My recent work focuses primarily on understanding the chemistry and environmental fate of atmospheric mercury in the environment, and the sources of ozone and other air pollutants to the western United States. I am especially interested in regional and long range transport, and how air pollution moves in complex terrains.
Specific research topics in the past included investigation of natural sources of atmospheric mercury, the role of plants in the biogeochemical cycling of mercury, mercury pollution and methyl mercury production in watersheds impacted by legacy mining, and arsenic. I also have done a significant amount of work investigating the potential use of coal combustion by-products as agricultural amendments and on mercury release from areas of legacy and industrial-scale mining. I have worked with the mining industry to develop best-management practices for reducing Hg releases from non-point sources. I have also done research on the fate of trifluoroacetic acids and organophosphate pesticides during interaction with vegetation and soils. I am especially interested in the role that the atmosphere, and vegetation play as sources, sinks and pathways for cycling of environmental contaminants.
For more information about my previous work and activities, see my CV. | https://maegustin.com/ |
Download Book Water Quality Diffuse Pollution And Watershed Management in PDF format. You can Read Online Water Quality Diffuse Pollution And Watershed Management here in PDF, EPUB, Mobi or Docx formats.
Water resources professionals need sound practical advice on what to look for, what tools are best to use, what the regulations are, and what recommendations to make concerning management and control of non-point source water pollution. This revised edition provides up-to-date material reflecting the huge advances made, since the original edition was published, in understanding atmospheric deposition, pollutant interaction with soils, and modeling and monitoring using GIS systems.
Diffuse pollution of water resources has a multi-disciplinary dimension and the measures to prevent and control it are closely inter-related to the development patterns and societal habits of the region. This book aims to bridge the gaps between different specialists working in the field and to present an integrated approach for the solution of diffuse pollution problems. It focuses on cases specific to developing countries and emphasizes the need to pursue environmentally-sustainable development patterns. Basic principles, definitions and approaches are presented, enabling a common language and understanding among professionals in the field. Numerous case studies from the region, mainly related to urban sources of diffuse pollution, are included. They could be regarded as typical for any developing country, suggesting tools and methods to assess and evaluate the extent of diffuse pollution problems. The book is valuable as a supplementary text for undergraduate and postgraduate students whose studies include a component of water resources and environmental engineering and management, including degree courses in Environmental, Civil and Chemical Engineering, Soil Science, Environmental Sciences and Public Health related sciences. It is also a valuable guide for professionals and managers working in the field of Water Resources and Environmental protection.
Coping with diffuse pollution problems and sustainable watershed management play increasingly important roles in water quality control worldwide. Identification of diffuse sources of pollutants, actions to mitigate their negative impact on water resources, and protective measures taken to minimize their transportation on soil till they reach the water body are the major aspects to be tackled. Countries with widely differing geographical features and economic situations are trying to solve the problem of diffuse pollution and develop various integrated watershed management criteria that encompass the common idea of sustainability. To successfully achieve these aims requires the development of closer links between research and practice to enable the rapid application of recently established knowledge. This issue contains 34 papers, selected after full peer review from over 250 original submissions, covering the following topics: integrated watershed management; agricultural pollution abatement; modelling; institutional and regulatory frameworks and policy/socio-economic issues; urban drainage systems; traffic emissions; groundwater contamination and baseflow protection; pollution monitoring and experimental studies. They provide engineers, scientists, regulators and policy-makers working in the field of diffuse pollution and sustainable basin management with an authoritative compilation of current research and experience that sets out the opportunities for further research and best practical applications.
"Over the last quarter of the twentieth century diffuse pollution emerged as a major problem worldwide. In developed countries it was frequently found that after massive spending on abatement of point source pollution, receiving water bodies had not improv"
Asia's 48 countries have an estimated 1.757 billion urban population and 2.4 billion people in rural areas (or approximately 60 per cent of the global population). Divided into central, eastern, southern, south-eastern and western regions, the continent is also extremely heterogeneous in terms of water quality conditions. The policies and management practices vary significantly from one country to another, and even within one country, depending on specific economic, political, social, environmental, legal and institutional factors. In order to appreciate the complexities associated with water quality policy and management, it is important to acknowledge the multiplicity of interrelated and often conflicting events, issues, actors and interests, both within and outside the water sector that impact them. This complexity, alongside institutional inability for systematic and coordinated collaboration, are potent reasons as to why, in the second decade of the 21st century, formulation and implementation of efficient water quality management policies benefitting humankind and the environment have still not been achieved. The book was originally published as a special issue of the International Journal of Water Resources Development.
River Basin Management is a collection of papers presented at a conference on implementation of the EU Water Framework Directive, held in Budapest in May 2005. The Water Framework Directive requires progressive protection and enhancement to rivers, lakes, estuaries, coastal waters and wetlands by the year 2015. At the heart of this major new piece of legislation is the requirement for all EU member states to prepare river basin management plans for all river basin catchments, providing the basis for coordinated improvements to water management, leading to better water quality and sustainable aquatic environments in lakes and rivers. The papers cover a wide range of topics including pilot studies for the development of river basin management plans, public participation in the planning process, water quality monitoring, modeling and analysis, identifying and addressing pollution and meeting environmental objectives. The book presents an array of experience from eighteen European countries in the implementation of the EU’s most far reaching environmental legislation. It is an invaluable source of information and ideas for the widespread preparation of river basin management plans now starting throughout Europe. | http://www.nwcbooks.com/download/water-quality-diffuse-pollution-and-watershed-management/ |
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Mining Operation: Types, Impacts and Remedial Measures
2021-11-28 · Mining Operation: Types, Impacts and Remedial Measures! Mining is the process of taking mineral and other substances from the earth. These substances include metal compounds, non-minerals such as coal, sand, oil and natural gas and many other useful things. Mining provides iron and copper for making aeroplanes, refrigerators.
Mine Tailings Disposal Methods
2017-6-16 · Typically, large areas of land are disturbed, and the distance from the first trench to the last is often a mile or more. After mining, this area is covered with ridges of overburden, which now must be reclaimed and returned to pre-disturbance contours as provided for by the Surface Mining Control and Reclamation Act of 1977. | https://akademia-ptchp.pl/2010-09-2600.html |
Clinical Practice Project Goals and Objectives
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Overview
The Clinical Practice Project is the culminating academic endeavor of nursing students who earn a baccalaureate degree in nursing from University. The clinical practice project provides students with the opportunity to explore a problem or issue of particular personal or professional interest that is somehow related to one of the following nursing competencies: patient-centered care, teamwork/collaboration, evidence based practice, quality improvement, safety or informatics (QSEN: http://www.qsen.org)-Please use the Graduate Competencies to complete your assignment.
The project must demonstrate your ability to synthesize and apply the knowledge and skills acquired through this academic program to real-world nursing issues and problems. This final project will affirm your ability to think critically and creatively, to solve practical problems related to nursing practice or the facilitation of patient-centered care, to make reasoned and ethical decisions, and to communicate effectively orally and in writing. Remember, your project is to be actually implemented during the five weeks of this course.
NOTE: This is slightly different than the form that you submitted for approval in NRSE_Pre-course. I have attached the completed pre-course form.
Objectives
- Students will have the opportunity to synthesize knowledge and apply skills acquired in the nursing academic and practice settings.
- Students will extend their academic experience into areas of nursing practice interest, working with new ideas, issues, organizations, and individuals.
- Students will demonstrate the ability to think and act critically and creatively about nursing practice issues and will further develop their analytical and ethical leadership skills necessary to address and help solve these issues.
- Students will refine the ability to utilize evidence based research and demonstrate proficiency in written and communication skills.
- Students will demonstrate achievement of the Ohio University program outcomes and the ability to extend and refine their knowledge and skill in the realization of their personal and professional goals met as a result of the capstone clinical practice project.
References
Minimum of four (4) total references: one (1) references from required course materials and three (3) peer-reviewed references from your project research. All references must be no older than 5 years (unless making a specific point using a seminal piece of information).
Peer-reviewed references include references from professional data bases such as PubMed or CINHAL applicable to population and practice area, along with evidence based clinical practice guidelines. Examples of unacceptable references are Wikipedia, UpToDate, Epocrates, Medscape, WebMD, hospital organizations, insurance recommendations, & secondary clinical databases.
Textbook:
Policy and Politics in Nursing and Health Care,Elsevier Saunders, 2015, 7th edition
- Read Chapters 1,2,3,4.
Instructions:
STEP 1. Click here to download the rubric. Click here to download the template
STEP 2. Utilize the template provided and fill this out completely; the boxes will expand as you type.
STEP 3. Refer to APA book and rubric for guidance.
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This is a practice placement module. The total clinical hours for this module are 392 which include a block placement within term time. This module will enable students to clinically apply and analyse advanced therapeutic techniques. The wide variety of clinical environments to which the students are exposed is a central focus of this year of study and includes a block placement within a community clinic to prepare the students for the workplace. Students will have the opportunity to enhance clinical decision making, diagnostic skills and evaluation of risk in a variety of settings. The students will implement a range of therapeutic treatment and management strategies in specialist clinics to patients presenting with a diverse range of complex medical/surgical and podiatric pathologies. They will practice independently and autonomously by the end of the module. The total clinical hours allocated to this module are 392. This includes weekly placements throughout trimesters A and B, and a block placement in trimester B.
Syllabus
-142b7 Students will be given the opportunity to enhance their knowledge, skills and understanding in a variety of areas of practice including: -284 o Diabetes o Rheumatology o Vascular o Musculoskeletal o Podopaediatrics o Wound management o Dermatology o Neurological o Surgical -142b7 Multi-disciplinary team working b7 Private practice placement b7 Clinical reasoning b7 Diagnostic skills b7 Interpretation of diagnostics tests b7 Evidence based management strategies b7 Onward referral as appropriate b7 Evaluation of management plans b7 Assessment of patient suitability for and safe administration/supply of POM-A and POM-S including appropriate after care/advice b7 Nail surgery procedures including after care/advice b7 Relevant health and safety procedures b7 Audit as applicable to podiatry
Learning Outcomes
Upon successful completion of this module the student should be able to:1. Apply critical reasoning to rationalise and justify diagnoses in a range of clinical scenarios2. Critically evaluate diagnostic and clinical information to determine patient risk 3. Apply critical reasoning to formulate and justify appropriate management strategies4. Recognise and manage situations where relevant prescription only medicines may be supplied or administered including the effective administration of local anaesthesia and completion of nail surgery5. Demonstrate self-appraisal and critique of clinical methodologies linked to clinical practice in the context of patient care
Teaching / Learning Strategy
-284b7 Practice-based learning in patient clinics under the supervision of podiatry staff and visiting consultants b7 Structured clinical practical sessions to reinforce, integrate and apply theoretical knowledge and understanding b7 Block placement b7 Online resources b7 Independent learning b7 Case studies b7 Group and individual supervision b7 Structured case based tutorial sessions b7 Student led tutorials b7 Reflective practice -284b7 All students will be required to regularly complete a competency log of evidence to demonstrate continued professional development of practical/technical clinical skills. This will include, but is not limited to, a log of all supervised corticosteroid injections . | https://www.gcu.ac.uk/study/modules/202021/info/?Module=MHB426110 |
Module summaryThe module content places great emphasis on supporting those actively seeking 12-month or shorter-term internships with employers, and also building wider employability skills. This module has a practical focus where you engage with placement, internship and graduate employers to understand the skills and aptitudes employers look for and to develop the skills necessary to obtain work placements and internships. To help increase your chances of successfully gaining a placement or internship, you are strongly encouraged to access the pre-recorded lectures that will be made available prior to the start of the semester. Note: Finding a placement or internship is not a requirement for passing this module. Module assessment is based on being able to evidence robust job seeking strategies; an understanding of the application process and being able to reflect on your experiences of the module. In order to progress on to a placement year students will normally need to have passed all level 1 modules with an average of 40 or more.
ObjectivesThis module aims to provide students with the knowledge, skills and experience relevant to preparing for work placements or other employment-related opportunities.
Learning outcomes
Upon completion of this module students will be able to:
- Formulate a job search strategy based on an understanding of opportunities available in the world of work
- Apply their knowledge and understanding of their own skills, values and interests and make informed judgements about the suitability of these in relation to opportunities
- Articulate these skills and experience coherently based on a knowledge and understanding of graduate employer requirements
- Reflect critically on their learning and experiences of job searching and identify how these will inform future practice
- Demonstrate commercial awareness in relation to a specific organisation and sector
Skills outcomes
Upon completion of this module students will be able to:
Transferable
- Apply self-awareness and self- management skills in differing contexts
- Evaluate a range of options and make decisions based on available information
Syllabus
Indicative content
Workshops by graduate employers and the Module Leader covering the key stages in the recruitment process, including making applications, being successful at interviews, psychometric testing, dealing with assessment centres and developing a digital profile. Additional input into the module will be from on-placement and post-placement students, and Alumni. There will be pre-recorded e-lectures available prior to the start of the semester on the initial stages of the application process such as job search strategising. Additionally optional workshops will present opportunities to further practice skills learnt during the module.
Teaching methods
|Delivery type||Number||Length hours||Student hours|
|Workshop||12||1.00||12.00|
|e-Lecture||2||0.50||1.00|
|e-Lecture||5||1.00||5.00|
|Supervised Workshop||6||1.00||0.00|
|Private study hours||82.00|
|Total Contact hours||18.00|
|Total hours (100hr per 10 credits)||100.00|
Private studyNOTE: all of the workshops listed above will be delivered face-to-face. In addition to the 12x1hr workshops, please note that the 6x1hr workshops listed above are optional.
- Individual preparation, study and completion of assessment
- NB This workload allowance will include some but not necessarily all of the time individual students spend on work placement search.
Independent Learning
Students are strongly encouraged to access additional support opportunities to help them in the placement application process. This may include attendance at the annual Graduate Jobs and Internships Fair, Placement Hunt Club attendance, Careers Consultant appointment, connecting with Alumni for advice.
Students will also be given the opportunity to access optional online workshops that comprise of mock application activities and also drop-in CV and careers guidance tutorial appointments.
Opportunities for Formative FeedbackTeaching methods could include a variety of delivery models, such as face-to-face teaching, live webinars, discussion boards and other interactive activities. There will be opportunity for formative feedback throughout the module.
Methods of assessment
Exams
|Exam type||Exam duration||% of formal assessment|
|Online Time-Limited assessment||48 hr||100.00|
|Total percentage (Assessment Exams)||100.00|
Students will have to complete an online assessment at the end of the module. This will take place during the examinations period and will be time bound. The assessment will not take 48 hours to complete, but students will have a 48 hour time period in which to complete it. The resit for this module will be 100% by examination. | https://webprod3.leeds.ac.uk/catalogue/dynmodules.asp?Y=202223&F=P&M=LUBS-2020 |
Students from a non-common law background are also required to enrol in the subject 79708 Contemporary Business Law.
Overview
Career options
Course intended learning outcomes
Admission requirements
Recognition of prior learning
Course duration and attendance
Course structure
Course completion requirements
Other information
Overview
This course gives students the opportunity to build specialist legal skills in their area of professional practice, as well as theoretical and practical research capabilities as they relate to the study of the law.
The degree is highly customisable. Students complete 24 credit points of study based on their personal or professional interests, choosing from a wide range of law electives including finance, patent, insurance, human rights, copyright, family, international and common law.
Course content is delivered by a mix of practising law professionals, full-time academic staff and international visiting academics, giving students access to a wide range of expertise and perspectives on the study and practice of law. Cross-institutional study in Australia and overseas is encouraged as part of this degree.
Career options
Specialisation and development of expertise leads to careers in a range of sought-after specialist vocations in the practice of law.
Course intended learning outcomes
|1.1||a. An advanced understanding of a complex body of legal knowledge, including the Australian legal system, impacts of historical and ongoing Anglo-Australian laws, social justice, cultural and international contexts, the principles and values of ethical practice, and contemporary developments in law and its professional practice.?
|
b. Well-developed theoretical and professional knowledge of the law and its role in society, building on earlier legal knowledge and skills and/or practice.
|2.1||a. An advanced capacity to value and promote honesty, integrity, accountability, public service and ethical standards.
|
b. An informed ability to recognise, reflect upon and respond to ethical issues likely to arise in professional contexts in ways that evidence professional judgment, promote justice and serve the community.
|3.1||a. A capacity to think critically, strategically and creatively, including an ability to identify and articulate complex legal issues, apply reasoning and research to generate appropriate theoretical and practical responses, and demonstrate advanced cognitive and creative skills in approaching complex legal issues and generating appropriate responses.
|
b. Identify, synthesise and articulate complex legal and technical issues and apply advanced analytical skills to identify and generate clear, succinct and novel responses in professional practice or research.
|4.1||a. Well-developed cognitive and practical skills necessary to identify, research, evaluate and synthesise relevant factual, legal and policy issues and demonstrate advanced intellectual and practical skills necessary to justify and interpret theoretical propositions, legal methodologies, conclusions and professional decisions.
|
b. Research, identify and evaluate technical information, legal judgments and issues to interpret, justify, or critique propositions, conclusions and professional decisions that are underpinned by ethical research practices in professional or highly skilled work, or further learning.
|5.1||a. Advanced professional communication skills including highly effective use of the English language, an ability to inform, analyse, report and persuade using an appropriate medium and message and an ability to respond respectfully.
|
b. Communicate accurately and appropriately with multidisciplinary audiences in a range of formats, including productive collaboration with professional teams and clients.?
|6.1||a. Advanced collaboration skills, including effective team work to achieve a common goal in professional or highly skilled work, or further learning.
|
b. Take responsibility to give feedback and to respond to feedback in a professional context, to work effectively with colleagues and other stakeholders and to resolve challenges through effective negotiation.?
|7.1||a. A developed understanding of Indigenous perspectives informed by a commitment to build Indigenous professional capability, to work for and with Indigenous peoples.
|
b. Identify and challenge the deficit narratives and biases of Anglo-Australian laws towards Indigenous Australians, particularly in relation to intellectual property and cultural rights.?
|8.1||a. A high level of autonomy, accountability and professionalism, the ability to implement appropriate self-management and lifelong learning strategies including initiating self-directed work and learning, judgment and responsibility, self-assessment of skills, personal wellbeing and appropriate use of feedback, and a capacity to adapt to and embrace change.
|
b. Evaluate and implement their own professional development and incorporate personal skills in order to work as a responsible and adaptable practitioner is a in professional or highly skilled work, or further learning.
Admission requirements
Applicants must have completed a UTS recognised bachelor's degree, or an equivalent or higher qualification, or submitted other evidence of general and professional qualifications that demonstrates potential to pursue graduate studies.
A relevant, appropriate first degree is the Bachelor of Laws or equivalent, or higher law qualification. Students who have graduated with a Shari'a law qualification are not eligible to apply for this course.
Applicants who do not have one of the academic qualifications listed, may be admitted, if they provide evidence of completion of a legal qualification not listed, providing the qualification enables admission to practise as a legal practitioner, excluding a Shari’a law degree.
If an applicant does not formally meet the selection criteria but the Faculty deems the applicant to be eligible based on evidence of prior learning and demonstrated capability, the Faculty reserves the right to make an offer to the appropriate course.
The English proficiency requirement for international students or local applicants with international qualifications is: Academic IELTS: 6.5 overall with a writing score of 6.0; or TOEFL: paper based: 550-583 overall with TWE of 4.5, internet based: 79-93 overall with a writing score of 21; or AE5: Pass; or PTE: 58-64 with a writing score of 50; or C1A/C2P: 176-184 with a writing score of 169.
Eligibility for admission does not guarantee offer of a place.
International students
Visa requirement: To obtain a student visa to study in Australia, international students must enrol full time and on campus. Australian student visa regulations also require international students studying on student visas to complete the course within the standard full-time duration. Students can extend their courses only in exceptional circumstances.
Recognition of prior learning
Recognition of prior learning information regarding the Graduate Certificate in Laws is available at postgraduate course information.
Course duration and attendance
The course can be completed in a minimum of a half year of full-time or one year of part-time study. Subjects may also be available in Summer session.
Course structure
Students in this course undertake four 6-credit-point postgraduate subjects (totalling 24 credit points).
Course completion requirements
|CBK91269 Options (Law PG)||24cp|
|Total||24cp|
Other information
Further information for future students is available on:
telephone +61 2 9514 3660
email [email protected]
Further information for current students is available on: | https://www.handbook.uts.edu.au/courses/c11265.html |
Course unit details:
Introduction to Public Health
|Unit code||POPH60001|
|Credit rating||15|
|Unit level||FHEQ level 7 – master's degree or fourth year of an integrated master's degree|
|Teaching period(s)||Semester 1|
|Offered by||Division of Population Health, Health Services Research and Primary Care|
|Available as a free choice unit?||No|
Overview
This course unit is designed to provide a broad introduction for those students unfamiliar with the discipline of public health. This introduction to public health will provide the firm grounding in the core concepts and principles of public health needed to get the most out of the other MPH course units.
Aims
This unit aims to:
- Provide an introduction to the academic theory and principles of health promotion and health protection.
- Provide an introduction to the core principles of public health practice
- Present opportunities to apply the core principles in real world scenarios
Learning outcomes
On completion of this unit, successful students will be able to:
- Explore the concepts of health and wellbeing
- Examine the concept of bias and how this influences the interpretation of evidence
- Discuss the determinants of health and the reasons for health inequalities
- Analyse approaches that can be used with the aim of improving health and wellbeing of the population
- Discuss the principles of health protection including communicable disease control
- Evaluate health protection approaches for different settings and situations
- Develop team-working and collaboration skills through effective use of modern digital tools
- Develop communication skills to support evidence-based discussions around the concepts of health and wellbeing
- Apply knowledge and understanding of the principles of health promotion and health protection to propose potential approaches for a range of public health problems
- Develop a critically reflective approach to problem solving
Syllabus
- Concepts of culture, health and wellbeing
- Concepts of evidence and bias
- Introduction to health promotion
- Health and health inequalities
- Approaches to health promotion
- Introduction to communicable disease control
- Disease agents and routes of transmission
- Principles of control measures and outbreak investigation
Teaching and learning methods
This course involves working through the online course content, linked references and other online sources of information. You will be encouraged to use self-reflection to help you think about the ideas presented and take part in discussion board and other group activities. You should work through the unit in a logical sequence. The calendar in Blackboard will guide you as to what you should be doing and when. It is essential you follow this guidance so that you are doing the same topic at the same time as your fellow students. The course relies on group activities throughout and supports students with effective group working and project management approaches.
Employability skills
- Analytical skills
- Students will analyse the academic debates about definitions of health and wellbeing and medical versus social models and evaluate their impact on the practice of public health
- Innovation/creativity
- Students will work in groups to identify new opportunities, generate solutions, make improvements and to think creatively and enterprisingly in order to appreciate the feasible methods that can be applied to public health practice
- Problem solving
- Students will need to evaluate current practice to demonstrate the ability to apply a logical approach to be able to apply their understanding to the assessment of need of any given population and evaluation of any given public health intervention
- Written communication
- Students will need to be able to communicate their arguments coherently in the assessment questions demonstrating literacy and a strong command of the English language
Assessment methods
| |
Assessment task
| |
Length
| |
Weighting within unit
| |
Personal blog post
| |
approx. 500 words
| |
10%
| |
Midterm assessment
| |
1,200 words or equivalent
| |
30%
| |
Group project
| |
1,200 words or equivalent
| |
30%
| |
Project evaluation
| |
1,200 words or equivalent
| |
30%
Feedback methods
Students will be provided with personalised tutor feedback for all assessments - within 15 working days for the personal blog and midterm, and 20 working days for the group project and evaluation.
Further opportunities for formative feedback (on non-assessed work) will also be provided during a course unit.
Recommended reading
There is no set textbook. | https://www.manchester.ac.uk/study/postgraduate-certificate-diploma/postgraduate-diploma-courses/05994/mres-primary-care-web-based-learning/course-details/POPH60001 |
Fiber optic network is employed in transmission of binary data between different network devices hence it falls under Physical layer in OSI (Open Systems interconnection) model.
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More Optical Fiber Questions
Q1.
For fiber optical sensors ___________
Q2.
In the figure shown, a large multimode fiber with ncore = 1. 5 and nclad = 1. 2 is used for sensing. A portion with the cladding removed passes through a liquid with refractive index nliquid. An LED is used to illuminate the fiber from one end and a paper is placed on the other end, 1 cm from the end of the fiber. The paper shows a spot with radius 1 cm. The refractive index nliquid of the liquid (rounded off to two decimal places) is ____________.
Q3.
The refractive indices of the core and cladding of an optical fiber are 1.50 and 1.48, respectively. The critical propagation angle, which is defined as the maximum angle that the light beam makes with the axis of the optical fiber to achieve the total internal reflection, (rounded off to two decimal places) is ______ degree.
Q4.
_______ is used to describe the light gathering or light collecting ability of an optical fiber
Q5.
For a single mode optical cable with 0.25 dB/km loss, the optical power 100 km from a 0.1 mW source will be _______.
Q6.
The critical angle θc in an optical fiber is given by ______. Where n1 is refractive index of medium 1 and n2 is the refractive index of medium 2.
Q7.
For a 3-um-diameter optical fiber with core and cladding indexes of refraction of 1.545 and 1.510, respectively. The cut off wavelength is.
Q8.
In the structure of the fiber optic cable, the refractive index of the core is always ______ the refractive index of the cladding.
Q9.
Which fiber is preferred for long distance communication?
Q10.
Light travels along optical fibers by
More Waveguides and Guided Waves Questions
Q1.
A rectangle waveguide of internal dimensions (a = 3 cm and b = 1 cm) is to be operated at TE11 mode. The minimum operating frequency is:
Q2.
Degenerate mode in rectangular waveguides is:
Q3.
Fibre is preferred over electrical cabling when _______ bandwidth, _______ distance or _______ to electromagnetic interference is required.
Q4.
Find the maximum possible core diameter which allows single_mode operation at a wavelength of 1.3 μm in a graded-index fiber having a parabolic refractive index profile core with core refractive index at the core axis of 1.5 and relative index difference of 1%.
Q5.
The optical fibre wires have replaced the copper wire as transmission cable since it has more advantages than the electric cables. Out of the following options, which one is seen to be a disadvantage rather than an advantage?
Q6.
The maximum angle to the axis at which light may enter the fiber in order to be propagated is referred to as:
Q7.
In this mode, the electric field is purely transverse to the direction of propagation, whereas the magnetic field is not. Name the mode of propagation of microwaves.
Q8.
An air filled rectangular waveguide of dimension 7 × 3.5 cm2 operates in the dominant TE10 mode. The value of phase velocity of the wave in the guide at a frequency of 3.5 GHz is given by:
Q9.
Impedance inversion may be obtained with __________
Q10.
Microwaves propagates through waveguide in
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Determine polarization loss factor for a circularly polarized signal upon reception by linearly polarized antenna
Q2.
The change in phase of an electromagnetic wave normally incident on a perfect conducting wall is?
Q3.
The value of axial ratio of a 45° linearly polarized EM wave in dB is
Q4.
VSWR of a purely resistive load of normalized value n+j0 for n < 1 is:
Q5.
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Q6.
Scattering Matrix for a microwave network, which is matched at all the ports, will satisfy the following condition:
Q7.
What is the value of the major cross-sectional dimension(width) of a rectangular waveguide with dominant TE10 mode propagation, if its cut off frequency is 10 GHz?
Q8.
In an axial mode operation of a helical antenna, maximum field radiated by the antenna is:
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For a two port network to be reciprocal, its Scattering parameters must satisfy the following condition, for i = 1,2 ; j = 1,2
Q10.
Directions : Each of the next items consists of two statements, one labelled as the `Assertion (A)' and the other as 'Reason (R)' You are to examine these two statements carefully and select the answers to these items using the codes given below : Assertion (A): The ratio of the tangential components of current density at two sides of an interface are equal to the conductivities. Reason (R): The- normal component of current density is continuous.
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Picture this: It’s been a long day at work. You come home and all you want is something to take the edge off, something cute. We’ve all been there. That’s the moment you log into Facebook, and start scrolling.
But how did your fiber Internet deliver that feed? How does a photon stream carry data across tens, hundreds or even thousands of miles of fiber optic cable? How does light carry data at all? Light isn’t, in itself, network information—but the properties of photons make them excellent candidates for data transmission. Read more on why life’s better in the light.
There’s a lot going on here. That’s why today we’re setting out to answer these questions and more.
How Fiber Optic Cables Work
So what’s going on inside a fiber optic cable anyway? It’s easy to understand that laser light enters one end of the cable and exits the other in a flash. We see this property working in surgeons’ endoscopes and at the nettle-ends of our color-changing fiber optic Christmas trees—but how?
It’s possible because fiber optic cables achieve what’s called total internal reflection, which occurs when two or more media and their refractive indices affect the way light propagates in significant ways. We won’t get too intertextual with this term, but the basic idea is this: the hair-thin glass core through which the light travels is more reflective than the protective glass cladding that surrounds it, and so the light signal naturally “wants” to “bounce” repeatedly and continuously, for as long as it’s able, down the glassene superhighway as opposed to getting bogged down by the other, less reflective parts of the cable core. We mean, wouldn’t you? In another way, you might consider it romantically: Light loves going fast—that’s exactly why we chose it to be what gets your data where it needs to go.
All that ricocheting reflection and refraction, all-said, comes at a marginal cost. Because fiber optic cables’ glass tubing isn’t a perfect vacuum, each miniscule bounce takes its micro-toll on the signal. Don’t worry, though. When things start slowing down, about every 50 mi (80 km) or so, the signal stream is re-amplified inside of strategically-placed nodes called “repeaters.” This node-to-node distance, which varies with the types of fiber technology emplaced, is farther than what can be achieved by copper cable by nearly a factor of twenty. If twenty-times seems like a lot, it is—at NebraskaLink, we’re all about infrastructural economy, and it’s fiber optics itself that allows us that freedom from excess.
But what exactly is that signal?
In short: The data’s in the difference.
Conversion Factors
What we do when we convert light into data (and vice-versa) is something called pulse code modulation. Because light travels in waves, we’re able to use extremely sensitive instruments to measure even the most subtle and infinitesimal changes in wavelength, or the peaks and troughs of these waves’ curves. When taken in aggregate, these differences in wavelength become a sort of reference key. It’s kind of like how the “long-short, short’s” of Morse code represent letters of the English alphabet. By assigning each step of a signal’s sine wave to a three, four, or six-digit bit value (as seen in the diagram) we’re able to make a sort of language out of all the noise.
This “assigning” work is done by what we call modulators and demodulators. A modulator takes in the electronic signal from, say, your desktop computer’s ethernet port and transposes it into a fiber optic cable-ready photonic (light) signal. When that packeted information reaches its destination, the demodulator waiting for it administers the inverse treatment, and it’s back to digital again. In fact, this process—called modulation-demodulation—is exactly where we get a word that we’re sure you’re familiar with: modem!
Blazing the Trail from A to B
Now that we’ve laid everything in place, let’s map it out.
1. First, while scrolling your Facebook feed you spy a post your aunt made this afternoon—she’s created a new album filled to the brim with her favorite photos of kittens in boxes. Being a reasonable, red-blooded human being: (1) You click.
2. This click creates a request (we’ll call it “Kittens, please!”) from your computer all the way to Facebook’s servers.
3. The request begins as digital information which (2) moves from your desktop to your modem, where it’s (3) modulated into a photonic signal.
4. From there, (4) it’s off to the races—the signal hits repeater after repeater, enjoying breakneck boosts in strength and speed along the way.
5. Once it reaches the nearest Facebook server space, your request is (5) demodulated, interpreted and received.
6. Facebook hears “Kittens, please!” and readily obliges. It packets all those kitten photos, and the entire process, 1→5, begins again in reverse (1←5).
Before you can even blink, your web browser receives and downloads Facebook’s packet, uses it to build and render a new page, and the album opens right up. Thanks to NebraskaLink (and your aunt) your evening gets a whole lot cuter.
Now, you might be wondering whether there are exceptions to these rules especially if you’re in the networking-know (“But what about delta modulation?”). There are too many exclusions, exceptions, and special conditions to name in this one single post when it comes to making fiber optic Internet work, but that’s what fiber optic data transmission is—a perfect storm. Fiber optic internet is only possible because the right components come together under exact elements at a precise moment in time. We at NebraskaLink like to think our company, our network and our unbeatable service operate very much the same way.
To see it for yourself, or to find out more, give us a call. Like a kitten guarding the packing peanuts inside their favorite box—we’re always standing by. | https://optk.com/how-photons-become-facebook/ |
chewing everything, so she can do her inspection of the observatory grounds, that alone takes up any free outside time.
So, let's return to consider some of the measurement theory behind the image shown last time of the spectrum of the daytime sky. Remember that image showed the light intensity versus light wavelength and it was obtained with my laboratory spectrometer by just pointing the fiber optic cable out the window. The optical cable has a 50 micrometer diameter opening through which all the daytime sky light enters the spectrometer. This is a very small diameter. The average human hair has diameter also of about 50 micrometers so the fiber is seen to be very small, and yet enough light is received in a 2 second exposure to see the spectrum and all of the absorption lines in the solar spectrum.
I jumped to the conclusion that if I were to point the fiber at the moon, I would be able to get a spectrum of the reflected light from the moon, which would be really interesting to compare that spectrum with the spectrum observed from the sky. I had an inkling that the moon is a little bit brighter than the daytime sky so wouldn't I be able to just as readily get a reflected light spectrum?
While I was busy trying to calculate the brightness of the sky, Resident Astronomer Peggy chided me that I should just go outside and look at the moon in the daylight and see how much brighter it is. Wow, she sure was right. No need to calculate if the moon is brighter than the daytime sky. Just go outside and take a look. Yes indeed, as you probably recall, you can see the moon during the daytime and it is indeed brighter than the daytime sky.
So, without trying any more calculation, I rushed out and got some 1 inch pipe sections, which just happened to have the right diameter for my spectrometer collimator. I used two sections of pipe, one to hold the collimator and the other for me to sight through so the moon is centered in view. See the attached photo.
The collimator accepts light over a half inch lens and directs it into the fiber optic cable. The collimator is used in the laboratory to collect the light that passes through a liquid sample. At the time I didn't stop to think that the collimator only works when the incoming light is parallel to the fiber optic bore line and if there was even as small of offset of 0.1 degrees, then the collimator lens image would miss the fiber cable input completely.
So, when I attached the pipes to my tripod and pointed at the moon and took a spectrum sample, you guess it, it was a complete and total flop.
I increased the spectrometer to 60 seconds, more than 30 times as long as used for the skyglow measurement. Still nothing at all and the data collected while looking at the moon was not observed to be any different than a similar 60 second exposure with the pipe entrance complexly blocked off. I even tried to move the pointing angle slightly and continuously over the 60 second exposure in an attempt to get a near perfect orientation with the moon, however short, but again to no avail.
So what happened? Why was this another flop? Why couldn't I see the moon in the spectrum? Well, the answer is hidden in the additional analysis that I should have done earlier. As a former systems engineer, I knew better. I should have performed some preliminary calculations to ensure that the proposed pipe design had a chance of seeing the moon. But no, I was too much in hobbyist experimental mode, and jumped immediately into building something. It's a bit amusing to think that I could remember that the internal diameter of 1 inch, Schedule 40 pipe, would just fit my collimator, but that the need to do a bit more systems engineering escaped my attention.
So what is the explanation. Well, as my old friend, Still into Control Systems, Gene, is accustomed to saying "physics and calculation will win out over hope and superstition every time". Yes, once I did the calculations, the answer as to why the measurement did not work, did not have a chance of working, was apparent.
The answer has to do with how light enters the 50 micrometer core of the fiber optic cable. It turns out that an optical fiber works by internal reflection that keeps all light entering the fiber propagating all the way through and along the fiber. This internal reflection design also means that any light that is close to the optical axis of the fiber can enter the fiber and be propagated. For a typical fiber design this angle of acceptance can be quite large and for the fiber that I am using, any light that shines within a 24 degree come around the fiber axis will be accepted.
So, when the fiber is pointed at an extended object, like the sky, all the skylight within this 24 degree come is accepted and passed on to the spectrometer. When it comes to stars, which are considered point sources, the moon begins to look like an extended object, but nowhere near like the extended object nature of the sky.
Now, amateurs now that the moon extends an angle of about 1/2 degree and that the amount of light received by a telescope goes up by the square of the telescope diameter. So comparing the area of the moon to the area of the sky entering the fiber cable, we see that the amount of light from the moon is (24/0.5) squared or 2300 times less light energy than from the sky. This occurs because of the area emitting the light is so much smaller, even though the moon is a little bit brighter. So you can't just point the fiber at the moon and hope to get much light from the moon. Even though the angle of acceptance, reduces the need for high pointing accuracy, the size of the moon means much less energy is received from the moon compared to the sky.
Even with the collimator, it's small 1/2 inch entrance diameter receives even less energy. So even when the collimator is used to attempt getting more light, it's pointing accuracy requirement is so severe that hardly any light is passed on to the spectrometer.
So the moral of the story in the continuing saga of an amateur physicist wannabe is to first of all do some calculations to check if your hobbyist intuition has a chance of working before it's built. Another of my hobbyist intuitions was that the daytime moon was maybe 2 magnitude brighter than the daytime sky. The reported magnitude for the moon is -12.2.
How close to reality is this intuition? Well, to check, I quickly braved the cold this morning, just after sunrise to take the attached photo of the moon.
The exposure was taken at 7:27 AM with shutter set to 1/4000 of a second so it appears kind of dark, but in reality it was really quite light.
A quick review of the intensity of pixels on the image of the moon were on average about 44% brighter than the average pixels on the sky. This difference in brightness corresponds to about 0.4 difference in magnitude. So, to a first approximation, the daylight sky appears at about -11.8 magnitude. One of my future goals is to work through all the technicalities of measuring magnitudes, which is a bit more involved that the simple approach I used here. | http://www.palmiaobservatory.com/2015/12/use-of-commercial-spectrometer-flops.html |
# Ramanos language
Ramanos is a poorly attested extinct language of what is now Bolivia. Glottolog concludes that "the minuscule wordlist ... shows no convincing resemblances to surrounding languages".
## Vocabulary
Ramanos word list from the late 1700s published in Palau and Saiz (1989):: 169 | https://en.wikipedia.org/wiki/Ramanos_language |
This article may be expanded with text translated from the corresponding article in Portuguese. (October 2020) Click [show] for important translation instructions.
|Moxo|
|Mojos|
|Native to||Bolivia|
|Region||Beni Department|
|Ethnicity||21,000 Moxo people (2004)|
Native speakers
|10,000 (2000-2004)|
Arawakan
|Language codes|
|Either:|
|Glottolog|
|ELP|
Moxo (also known as Mojo, pronounced 'Moho') is any of the Arawakan languages spoken by the Moxo people of Northeastern Bolivia. The two extant languages of the Moxo people, Trinitario and Ignaciano, are as distinct from one another as they are from neighboring Arawakan languages. The extinct Magiana was also distinct.
Moxo languages have an active-stative syntax.
The languages belong to a group of tribes that originally ranged through the upper Mamoré, extending east and west from the Guapure (Itenes) to the Beni, and are now centered in the Province of Moxos, Department of Beni, Bolivia.
Ignaciano is used in town meetings unless outsiders are present, and it is a required subject in the lower school grades, one session per week. Perhaps half of the children learn Ignaciano. By the 1980s there were fewer than 100 monolinguals, all older than 30.
The Moxo languages are most closely related to Bauré, Pauna, and Paikonéka. Together, they form the Mamoré-Guaporé languages (named after the Mamoré River and Guaporé River). Classification by Jolkesky (2016)::8
Classification by Danielsen (2011) and Danielsen & Terhart (2014: 226):
The following is a wordlist containing sample words from English to Moxos: | https://www.popflock.com/learn?s=Moxos_language |
Karajarri country is located in the area around Bidyadanga Community, which used to be called La Grange Mission, south-east of the town of Broome along the coastal strip between the ocean and the Great Sandy Desert. The Karajarri people welcomed a number of other language groups onto their land during the mid 1900s as Aboriginal people were moved from the desert areas. Today Mangala, Yulparija, Nyangumarta and Juwaliny people live with the Karajarri on their traditional lands, as described in Father Kevin McKelson's book Nganarna Nyangumarta Karajarrimili Ngurranga: We Nyangumarta in the Country of the Karajarri.
In 2004 there were estimated to be less than twenty speakers of the Karajarri language. A number of people are partial speakers, have a passive knowledge of Karajarri and many more identify as being from Karajarri heritage. Karajarri is classified as a highly endangered language.
The first documentation of the language appears to be by Worms in 1949. Father McKelson conducted extensive recordings and documentation of the language from the late 1950s to mid 1990s. McKelson produced a wordlist which was worked on and extended by Wangka Maya Language Centre. The Karajarri Dictionary was published in 2005, which can be seen on-line as an e-Book Dictionary. In the Bidyandanga Bush Medicine DVD community members share their medicinal knowledge in the five languages spoken at Bidyandanga, including Karajarri.
Karajarri is part of the Pama-Nyungan language family; a large group of indigenous languages spread over much of the Australian continent. It belongs to the Marrngu subgroup and is related to the languages of Nyangumarta and Mangala.
Linguist Father McKelson identified three variations of Karajarri. They are Nangu, Najanaja and Nawurtu.
Past spellings of the Karajarri language include Garadjara, Garadjari, Garadjeri, Gard, Guradjara, Karadhari, Karadjari, Karadjeri, Karrajarra, Kularupulu, Laradjeri and other names the language may have been called include Minala, Nadja, Nadjanadja, Nangu, Naudu, Naurdu, Nawudu, Nawurungainj, Ngawadu, Karadjer.
Nganyarna jamparr pi.
I eat ripe bush oranges.
Majarra yuwanaraku kuwi. Jamunu pala.
Don’t give him meat. He can’t eat it.
Jalin pungka kankarrangu ngapakura.
Hail falls.
Jalkanajangka put pinya yalki.
The goanna gets up from its winter sleep.
Yawartalu mayi jalngu nganya kaninyjartu mayangka.
The horse is eating the grass in the house. | https://www.wangkamaya.org.au/pilbara-languages/karajarri |
Word-boundaries across languages
A simple exploration into the beginnings & endings of words across languages.
Alphabets are remarkably powerful & discrete symbolic systems (~30 symbols to capture all the sounds in a language!). You can easily see evidence of deep linguistic features (like how meaning is broken down into pieces or how sound is encoded) in something as simple as the beginning and ending letters of words.
Endings
Already in these clouds you can tell that there’s something different in the English, German and Russian ones: they’re more crowded and letters don’t dominate as strongly as in the other clouds.
The clouds were built from the following ending-letter percentages:
It turns out 62% of Spanish words do end in -a or -o! (Endings which, of course, determine the grammatic gender of nouns in Spanish.) As a native speaker of Spanish I had never really noticed such astounding regularity. Adding an -a or -o to an English word to turn it into Spanish, as so many Americans do in jest, turns out to be a very reasonable thing to do.
A lineplot of cumulative percentages of the letter endings allows us to compare the distribution shapes better across languages. Notice how the Romance languages (in yellow-reds) cluster together towards the upperleft corner of extreme regularity. English and Russian (and to a lesser extent German & Dutch) stand out clearly.
The Romance languages (those derived from Latin) seem to be inordinately fusional, that is, fond of inflections, tenses and all sorts of suffixes, instead of word composition. This seems to be the reason why they impose such strong ending regularities. Italian (with only 21 letters, the smallest alphabet in the sample) is the more regular language in the sample (other than Esperanto). Swedish, a North Germanic language is surprising in its Romance-like regularity (why?).
The theory that Romance languages have regular endings because they’re gendered is belied by German, Dutch & Russian which are also (tri-) gendered and yet have diverse endings.
Esperanto, a constructed language that deliberately seeks consistency and regularity (to do mindexpanding things with it, similar to how Arabic numbers revolutionized arithmetic with Roman numbers), is accordingly the language with the most regular endings: just the 3 top letters are 97.63% of all endings. In fact in Esperanto endings are always meaningful and consistent: every noun ends in -o (-j is the plural), every adjective in -a, every infitive verb in -i (conjugated verbs end in -s or -u), (almost) every adverb in -e (or -ux). Esperanto is a fascinating experiment in agglutination and synthesis from Indo-European roots.
I don’t know any Russian to make a guess as to why its endings are such an extreme anomaly. All I can think of is that its cyrillic alphabet with 33 letters is the longest one in the sample.
With English on the other hand, I have many theories to explain its ending diversity. It has shed most cases & tenses with its evolution but it does keep a lot of frozen morphological inflections it imported from Latin via French. It follows naturally the Germanic penchant for word composition (agglutination) and likes to import words voraciously like no other language, often preserving their spelling. Finally, English uses 26 letters to represent 44 phonemes (sound pieces) which it does through (very inconsistent) letter combinations.
Beginnings
Beginnings are much less structured than endings and that’s immediately apparent in their letterclouds but even more so in the lineplot of cumulative percentages of letter beginnings: there’s much less variance and the shapes tend to approximate (with a bend) the diagonal of even distribution.
Morphology is by far a suffix game in Western languages (almost all meaning inflections are specified by varying the ending of words, NOT their beginnings — why?) and this seems to mean that beginnings are under few constraints.
Words come from lists of common words from Mathematica’s WordList and come in a dictionary form. A deeper research would source from real-life, representative corpora exhibiting all the morphological permutations words allow (plurals, tenses, genders, cases, inflections…).
This was all done in Mathematica 11. I’m finally starting to grok it after flirting with it since college (almost a decade ago!). It’s valuable to me specially as a tool for exploration, while the architecture and brilliance of such a complex system is a constant source of joy and inspiration.
Other than presentation (which was as painful as it was rewarding), this was all the Mathematica code needed to compute this: | http://elzr.com/blag/word-boundaries-across-languages/ |
*g̑ʰes-r(o)-, *g̑ʰes-t(o)-,
(hand) »
view languages
view wordlist
view sources
search lexemes
recent changes
back to meaning list ‘hair’
back to ‘Proto-Indo-European’ wordlist
Language list:
all
Wordlist:
all
Lexeme data
Language:
Proto-Indo-European
Meaning:
hair
Source form:
*pulo-
Phonological form:
Gloss:
Notes:
Cognate codes:
Q
Sources of lexical data
Source:
http://en.wiktionary.org/wiki/Appendix:Proto-Indo-European_Swadesh_list
Reliability:
Good (e.g. should be double checked)
Source:
Mayrhofer, Manfred 1986-1996. Etymologisches Wörterbuch des Altindoarischen. Heidelberg: Carl Winter.
Pages:
151
Reliability:
High
Cognate coding
Cognate Class Q
Source:
Buck, Carl Darling. 1949/1988. A Dictionary of Selected Synonyms in the Prinicipal Indo-European Languages. Chicago: University of Chicago Press.
Pages:
203
Reliability: | http://ielex.mpi.nl/lexeme/23694/ |
Sam Mintz is a Boston-based journalist covering transportation and energy policy. Before moving back to his hometown in 2021, Sam spent five years in D.C. covering Congress and federal agencies for Politico and E&E News. He lives in Brighton, equidistant to stops on the B,C, and D branches of the Green Line.
Sam Mintz
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by Wesley Goh
Of recent times, Singapore’s Mass Rapid Transport system (SMRT) has been embroiled in successive failures in its train service and public faith has dwindled to the point where disruptions have been normalised into daily commutes. Flooded tunnels, the incompatibility of new trains and train systems were clear indications of SMRT’s callousness and neglect of infrastructural maintenance. A lamentable service wrought upon itself, most would surely think that this was a result of corporate greed and private self-interests. However, I would like to dissuade the public from such opinions and explain that its failures are the result of the government’s interventionist policies and the lack of free markets.
When the Land Transport Authority (LTA) announced in the middle of 2016, that it was conducting a hostile takeover of SMRT’s shares, shareholders of SMRT surprisingly voted strongly in favour of the buyout. It was further met with approval and consent from the public on the premise of belief that somehow a government takeover would miraculously solve all of SMRT’s problems. This event should have been an obvious indication to the general public that it will bloat the government’s current fiscal budgeting and contribute to the recent proposal to increase taxes. Yet, this strangely eluded everyone.
Lately, LTA’s announcement to use 10 million dollars of taxpayer funds to unclog SMRT’s decaying infrastructure was not well received and many took their displeasure to the comment boards of articles reporting on LTA’s move. Many were indignant that taxpayers are bearing the cost of SMRT’s neglect. A natural response, however, these arguments hold no credibility or weight as it is obvious that government ownership of SMRT meant that repairs have to come from taxes. It is what we pay taxes for.
At this point, some might say that this is the result of privatisation that fuelled corporate greed netting us SMRT’s current predicament and taxpayers would now have to pay for it in order to get some semblance of an efficient public transportation up again. A reasonable conjecture but SMRT’s failures are not apolitical but a failure of central planning and government policies.
Our government has always prided itself in its ability to provide an efficient, reliable and affordable public transport. With one of the lowest taxes in the world and the government’s direction to suppress fares without encumbering the taxpayer on fare subsidies, this affordability came at a cost. A cost that is unsustainable and waiting for an implosion.
The management of the ‘affordable fare’ policy dictates that fares are regularly micromanaged to keep them artificially suppressed while somehow ensuring train operators can maintain operational and commercial viability, as quoted here from the Ministry of Transport’s webpage:
“Central to the fare formula is the principle that fares should be kept affordable while ensuring the commercial viability and sustainability of the public transport operators (PTOs). The formula protects the interests of commuters by capping the fare adjustment, rather than leaving it to the PTOs to decide what the market can bear. The Public Transport Council (PTC) will decide the quantum of fare adjustment during each fare review exercise.”
A centrally managed fare adjustment policy and a fare cap means that train operators are bottlenecked into an unfavourable position where they are unable to make any meaningful profits removing any incentives to innovate while being enforced to provide and maintain an efficient public transport. This essentially shifted trains from being SMRT’s primary asset to becoming its biggest liability, translating it from a train business into a shopping business.
To address the success of SMRT’s former years using elementary textbook economics, a binding price ceiling may not have impacted its efficiency when fares were at market clearing rates but large deadweight losses have begun to cumulate as time progressed and the formula fails to upkeep and account for a multitude of factors that could only be foreseen by entities with perfect information or environments with symmetric information.
The government’s ambitious attempt at keeping public transportation efficient, reliable and affordable brought us SMRT’s current day predicament. Like many other things, there are always trade-offs. If fares are to be artificially suppressed, while transportation is expected to be kept efficient, costs have to be borne by the taxpayer. It is unreasonable and unsustainable to expect that fares can be kept low and efficiency to stay consistent.
Even when LTA restores efficiency several years down the road, public transportation will forever be under its true potential if it were under a free market economy. A centrally planned public transportation will always be subject to political pressure and political self-interests to be built in areas where it is cost inefficient, unprofitable and costly to the taxpayer. This was also openly admitted by transport minister Khaw Boon Wan on stating issues of the Light Rail Transit (LRT).
Expectations and proposals
Since consent was given for LTA’s takeover, discussions on the dissatisfaction on the use of taxpayer funds is now irrelevant because those issues should have been raised at the time of LTA’s takeover discussion. The public should expect that some semblance of efficiency will be restored but at a slow and inefficient pace like all centrally planned projects are. Taxes will inevitability be raised to budget for increased costs to maintain and operate the trains over the years. Trains to remain below the standards of international competitors unless tax funding increases.
In order for Singapore to model other centrally planned public transportation systems that have shown reliability and efficiency like those in Hong Kong or South Korea, it has to come at the cost of increased tax funding. The Singapore government could further increase taxes on vehicle ownership and adjust the supply of Certificate of Entitlements (COE) prices and channel those funds directly into the public transportation subsidies so that those who are willing and able to afford the luxury of personal transport are paying for those who are taking the public transportation, achieving some sort of Pareto efficiency and mutual trade-off.
However, like all public welfare systems, funds from increased vehicle taxes and COE prices will eventually be insufficient to sustain fare subsidies in the long run and taxpayer funds will have to be tapped. A bleak proposal at best, but a necessary consideration for the Singapore government if some level of international standard of public transportation is desired.
The utopic proposal would be the complete removal of fare caps, barriers to entry and the facilitation of free markets in Singapore’s rail system. When public transportation stops being a public good, free market forces can efficiently allocate capital goods according to the most valuable consumption wants. Competition spurs multiple profit seeking entrepreneurs to innovate in order to seek out new methods for growth and profit opportunities, so as to stay ahead of its’ competitors. This is known as ‘creative destruction’, in which new products and services are constantly being introduced making old ones obsolete. This is most notably seen the smartphone market and also why Japan continues to be the leader in its transportation industry. Although this would result in higher fares, facilitation of free markets will undoubtedly result in a fast, efficient and reliable public transportation and we can be ensured that corporations running these lines are held with a high level of accountability to the public when service failures occur as they could easily be ousted by market demands.
This utopia is still a widely unpopular opinion since people dislike unpleasant truths and would prefer seeking surface-level ideas and solutions without looking into the larger repercussions that arise from it in the long term. Singapore is far from achieving free markets in its transportation industry, but if enough people understand the economics behind it, then there might be a glimmer of hope that Singapore’s public transportation could someday transcend that of the Japanese transportation industry.
Sources: | https://www.theonlinecitizen.com/2017/11/30/smrt-is-a-failure-of-governance-and-not-free-markets/ |
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This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Hand Drawing Master Plans
This course aims to provide an introduction into Urban Design Sketching focused on how to hand draw master plans using a mix of colored markers. | https://www.planetizen.com/jobs?amp%3Bf%5B1%5D=im_field_job_area%3A32&%3Bf%5B2%5D=im_field_job_area%3A10&%3Bf%5B3%5D=im_field_job_area%3A18&f%5B0%5D=%3A6&f%5B1%5D=%3A13&f%5B2%5D=%3A15&f%5B3%5D=%3ANot%20required&f%5B4%5D=aicp_certification%3ANot%20required&f%5B5%5D=location%3AAK&f%5B6%5D=location%3ACO&f%5B7%5D=location%3ANY&f%5B8%5D=location%3ATN&f%5B9%5D=professional_area%3A13&f%5B10%5D=professional_area%3A20&f%5B11%5D=professional_area%3A32&f%5B12%5D=professional_area%3A33 |
The political policies formulated by the legislature affect the health sector, and the presence of a professional organization like American Nurses Association (ANA) help in ensuring the right policies are set. The objective of ANA is to provide the nursing professional with adequate resources and conditions that help in the attaining the objective of the profession. The current political issue that could have hindered the profession from undertaking its mandate is the proposal to revoke the Affordable Care Act Tax Credit Subsidies (Kocher & Adashi, 2011). The Act helps in the ensuring that the civilians get health insurance coverage due to the presence of tax credits. The essay will discuss the court’s decision to uphold the Act and the relationship of the organization with the nurses in the health care industry.
Use of professional organization to stay aware of the political actions
American Nurses Association is a professional organization with the obligation of representing the interests of over 1.3 million registered nurses. The application by ANA to the Supreme Court as amicus was with the effort to join the Department of Health in the support of Affordable Care Act that provides Tax Credit subsidies to over 10 million Americans. The decision to support the Act is based on the organization’s policy of providing health care services to all by utilizing the nurses to their fullest capabilities as leaders and members of the multi-disciplinary health care team. The professional body has been an advocate for health care reforms since 1990s due to the rising cases of uninsured families and individuals hence raising concerns over the rising costs of health services (Mason, Leavitt, & Chaffee, 2014).
Direct involvement of the nurse leaders in political issues could jeopardize their profession hence essential to have an organization such as ANA that represents the nursing industry. The organization is an independent body away from the individual members and the issues addressed by the body should be to the interest of all the nurses. The presence of the body means that none of the nurses can be victimized for airing and protecting their interests through the organization. Nurse leaders have the obligation to highlight their political grievances through the professional organization without fear of being victimized. In cases where politics is concerned, the body provides the direction after consultation with the members. In this way, the nurse leaders would not be involved in political issues hence able to undertake their obligation as expected by the profession.
Importance of maintaining awareness of political actions
The nursing and the health care industry have the obligation to provide health care services to all, and the legislature may formulate policies that can hinder the professional responsibilities. To ensure that professional ethics and morals are not affected by the political class, the nurse leaders, and the entire industry should be aware of the political actions. The presence of the professional organization is to analyze the Acts that touch on the Department of Health and Social services to ensure that none of the clauses hinder the performance of the profession. If the profession is not aware of the political actions, the effects like in the case of Affordable Care Act would be experienced, therefore, the inability of the profession to achieve its ethical obligation.
In conclusion, it is important for the nursing and health care industry to be conscious of the policies and Acts that formulated in the legislature since they would affect their professional. The involvement of ANA helped in reviving the Affordable Care Act, which has helped a majority of the population in accessing health care services.
References
Kocher, R. P., & Adashi, E. Y. (2011). Hospital readmission and the Affordable Care Acts: paying for coordinated quality cares. Jama, 306(16), 1794-1795.
Mason, J., Leavitt, K., & Chaffee, W. (2014). Policy & politics in nursing and health care. | https://www.wowessays.com/free-samples/nursing-american-nurses-association-ana-essays-examples/ |
Social Determinants of Health
Nonmedical social and environmental factors can perpetuate health inequities. Where we live can determine the educational and employment opportunities available to us and whether healthy food, public transportation, and safe and affordable housing are available. These and other “social determinants of health” are critical to achieving the Triple Aim of better care, lower costs, and improved health of the population.
Hilltop is conducting data analytics for an evaluation of the Baltimore Green and Healthy Homes Initiative™ (GHHI) directed by David Salkever, PhD, in UMBC’s School of Public Policy with funding from the U.S. Department of Housing and Urban Development. GHHI provides interventions for families in low-income Baltimore neighborhoods that address asthma triggers in the home.
Hilltop is evaluating two pilot programs for Maryland Medicaid. Assistance in Community Integration Services (ACIS) helps high-risk, high-utilizing Medicaid participants at risk of homelessness transition to stable housing. The Evidence-Based Home-Visiting Services pilot program helps high-risk pregnant women and their children achieve healthy outcomes.
Hilltop’s Hospital Community Benefit work promotes opportunities for leveraging hospital community benefit policy to promote the health of the broader community.
Featured Work
Researchers from Hilltop, Benefits Data Trust (BDT), the Johns Hopkins Schools of Nursing and Public Health, and Northwestern University examined whether Supplemental Nutrition Assistance Program (SNAP) participation is associated with reduced hospital and emergency department utilization in low-income older adults who are eligible for both Medicare and Medicaid (“dual eligibles”). The study found that while participation in SNAP did reduce hospitalizations, it did not reduce emergency department visits.
Hilltop and BDT continue to collaborate on identifying dual eligibles not enrolled in SNAP benefits so that these individuals can be targeted for outreach. | https://www.hilltopinstitute.org/our-work/social-determinants-health/ |
Abstract:
The rise of blockchain technology has boosted interest in privacy-enhancing technologies, in particular, anonymous transaction authentication. Permissionless blockchains realize transaction anonymity through one-time pseudonyms, whereas permissioned blockchains leverage anonymous credentials. Earlier solutions of anonymous credentials assume a single issuer; as a result, they hide the identity of users but still reveal the identity of the issuer. A countermeasure is delegatable credentials, which support multiple issuers as long as a root authority exists. Assuming a root authority however, is unsuitable for blockchain technology and decentralized applications. This paper introduces a solution for anonymous credentials that guarantees user anonymity, even without a root authority. The proposed solution is secure in the universal composability framework and allows users to produce anonymous signatures that are logarithmic in the number of issuers and constant in the number of user attributes.
Category / Keywords:
cryptographic protocols / Anynymous Credentials, Multiple Issuers, Blockchain
Date:
received 20 Dec 2021, last revised 3 Jan 2022
Contact author:
kao at zurich ibm com
Available format(s):
PDF
|
BibTeX Citation
Version:
20220103:203051
(
All versions of this report
)
Short URL: | https://eprint.iacr.org/2021/1669 |
Horizen Labs is a blockchain technology company that designs, develops, and delivers powerful, scalable, and reliable distributed ledger solutions for business.
Our Core Engineering Team is an innovative and collaborative group of researchers and software engineers who are dedicated to the design and development of world-class blockchain-based products. We are looking for a cryptographer, or applied cryptographer, to join our growing crypto team based in Milan, Italy. Currently, the team is developing a protocol suite for SNARK-based proof-composition, but its duties reach beyond that, developing privacy-enhancing solutions for our sidechain ecosystem.Responsabilities
- Design privacy-enhancing technology built on SNARK-based protocols
- Perform collaborative research and assist technical colleagues in their development work
- Participate in standards-setting
- Ph.D. in mathematics, computer science, or cryptography
- Solid foundations in zero-knowledge and cryptographic protocols
- Publications in acknowledged venues on applied or theoretical cryptography, preferably cryptographic protocols or PETs
- Strong problem-solving skills
- The ability to work in a team setting as well as autonomously
- Foundations in blockchain technology and experience in reading Rust are a plus
- A competitive salary plus pre-series A stock options
- Flexible working hours, including the possibility of remote working
- The opportunity to work with talented minds on challenging topics in this field, including the most recent advancements in zero-knowledge
- A nice and informal team setting to conduct research and development of high-quality open source solutions
If you are interested in this position, you might want to take a look at our recent publications (IACR eprints 2021/930, 2021/399, 2020/123) and our latest podcast on zeroknowledge.fm (Episode 178). For further questions, please contact the email below. | https://www.iacr.org/jobs/item/3005 |
What is RingCT and how does it compare to Confidential Transactions?
RingCT is based on the Confidential Transactions research you cited (combined with ring signatures) RingCT just like Confidential Transactions hides the amount of each transaction. Unlike ...
16 votes
Accepted
Spam attack to gain control of many outputs and undermine privacy
We can get a rough idea of a cost lower bound by doing the following: This command looks at the tx_outputs database, which lists all the outputs on the blockchain: mdb_stat -s tx_outputs ~/....
15 votes
Accepted
If I send two transactions to the same recipient, can they infer the true sender?
Your public address will never appear on the blockchain. What you're spending is amounts sent to one-time destinations so they're unlinked. Not only that, but each one-time addres will be "mixed" with ...
13 votes
Accepted
Are there more cryptocurrencies based on the cryptonote protocol? If so what are the main differences?
There are many other CryptoNote coins but their communities, usage, trading volumes and hashrate are much smaller than Monero. Here is a chronicalogical graphic of many of the coins and from where ...
11 votes
Accepted
CryptoNote features in other cryptocurrencies
There's less than a couple dozen CN based currencies. See http://mapofcoins.com/bytecoin. Shadowcash tried to implement ring signatures on a Bitcoin code base. See https://shnoe.wordpress.com/2016/02/...
11 votes
Accepted
Can someone walk me through a simple example to explain how RingCT works?
Let's say you'll use two of your outputs, 12.34 XMR and 7.89 XMR and send 18.37 XMR to your recipient for a fee of 0.022 XMR and change of 1.838 XMR. If you use mixin of 4, you'll be creating two ...
10 votes
Accepted
Could Monero help me to implement a safe election for a small group of students?
This is possible with a "daughter" project of Monero called URS (Unique Ring Signatures) and was introduced by core-team member tacotime. From the README of the repository: URS can be used ...
9 votes
When you sign a Monero transaction, are you signing a hash?
In the interest of pedantry (and since I can't comment -_-): You sign the hash of the transaction prefix. In Monero that is everything but the signatures. (at the above answer) Monero relies on ...
9 votes
Accepted
What level of cryptographic review has the current Monero protocol received?
The members of the MRL have all earned their PhD (which fact the website does not reflect at present) in various mathematical fields. Their publications have received various levels of peer review. ...
9 votes
What's the point of ring signatures if stealth addresses hide the actual addresses anyways?
Stealth addresses mask a receiver, so 5 different people could all send XMR to the same address, but the construction of stealth addresses is such that none of the 5 people could tell that any of the ...
8 votes
Accepted
Does Monero/the CryptoNote Protocol support multi signature wallets?
Monero does not support multisig at the moment. It will at some point, probably not very long after RingCT is merged, since that work relies on RingCT building blocks. Cryptonote itself does not ...
8 votes
Accepted
What are MLSAGs, and what is their significance for Monero and/or RingCT?
MLSAG is an acronym for "Multilayered Linkable Spontaneous Anonymous Group". The MLSAG signatures are the type of signatures used by Shen Noether's Ring Confidential Transactions , based upon ...
7 votes
Accepted
What signature prevents me from spending others' coins?
Section 4.4 of CN white-paper describes this. With the ring signature, all the keys used are equivalent, so you can't say which one is the actual signer. The signature can be checked against any of ...
7 votes
Accepted
How are outputs chosen on the blockchain for ring signatures in a transaction?
You must choose mix inputs of the same amount as the one you are spending. Other than that there are no restrictions, though it's not a good idea to choose a really recent output (less than 10 blocks ...
7 votes
When you sign a Monero transaction, are you signing a hash?
All¹ asymmetric signature protocols calculate a hash of the message and then apply the “mathematical” transformation to this hash. This includes EdDSA which Monero relies on. The reason is that all ...
7 votes
Accepted
Obfuscating the output as well?
With ring CT, the amounts will be obfuscated. Inputs are already obfuscated by using ring signatures. The destination is already obfuscated by using stealth addresses. Only by having the private view ...
7 votes
Spam attack to gain control of many outputs and undermine privacy
This is a legitimate concern for centrally controlled CryptoNote coins such as Bytecoin (BCN). Approximately 80% of BCN had already been mined as of the time it became known to most of the ...
7 votes
Accepted
Mixin 0 (mixin 1) transaction ban
As of the Monero 0.9.0 Hydrogen Helix release the minimum mixin is 2 (2 foreign outputs per ring for a total of 3) with the exception of dust transactions. The minimum mixin will be raised to 4 in a ...
7 votes
What's the point of ring signatures if stealth addresses hide the actual addresses anyways?
Stealth addressing provides unlinkability (outputs are not associated with wallet addresses on the blockchain). Ring signatures provide untraceability. Untraceability means that the source of funds ...
6 votes
Are RingCT transaction bigger than an average ring signature transaction?
Yes, they are a bit in practice, but according to the RingCT paper of Shen Noether on http://eprint.iacr.org/2015/1098 it seems it cannot be much:
5 votes
Accepted
How "one-time ring signatures" anonymise the sender of a transaction?
A ring signature is done over N public keys, and one private key matching one of the N public keys. The public keys are selected from all the outputs on the blockchain that have the same amount as the ...
5 votes
How "one-time ring signatures" anonymise the sender of a transaction?
Ring signatures are a group of cryptographic signatures with at least one real participant, but no way to tell which in the group is the real one as they all appear valid When sending a transaction, ...
5 votes
Accepted
Will quantum computer break ring signatures?
"Normal" ring signatures aren't broken (meaning the true signer is revealed) by QC, but their security certainly is (unforgeability). However, the traceable version Monero uses (for double-spending ...
5 votes
Accepted
How do ringct transactions use previous non-ringct outputs in a ring signature with ringct?
I'd say it's pretty straightforward. In the normal situation where input and output are both Pedersen Commitments, i.e., C_i = x_i G + a_i H D_j = y_j G + b_j H , the network confirms the ...
5 votes
Accepted
Can an output be used as a decoy after it has been spent?
Any output can be used as a "decoy" at any time after it matures, whether this is before or after it's been spent. In the general case , the network cannot determine when an output is spent, and ...
5 votes
Accepted
Understanding MLSAG in Monero transaction
Page 11 in that paper is still only concerned with the general ring signature case, not particularly focused on the Pedersen Commitment part. The MGs field corresponds to the struct mgSig in src/...
5 votes
With a Churn: does it increase privacy more to do 1 TX with RingSize14 or 2 TX with RingSize7 or is it exactly the same?
If you churn twice, and every input you reference came from transactions that used ring size 7 (where one of those transactions would have been your first churn transaction), then your anonymity set ...
5 votes
Accepted
Detecting the real output in ring signature
The reason we use elliptic curve multiplication is that it is a trapdoor function. This means you can multiply by a point, but you can't divide by a point. Trapdoor functions are an essential ...
5 votes
Accepted
What exactly are bulletproofs replacing in monero?
Bulletproofs are used to prove that the amounts in confidential transactions are in range, so you can't do underhanded things like creating negative amounts. They replace Borromean range proofs. They ... | https://monero.stackexchange.com/tags/ring-signatures/hot |
An Incomplete Survey of Bitcoin's Privacy Technologies
TL;DR, Bitcoin has never been anonymous since its inception. Making it more private becomes one of the most vibrant research areas in the space. While some proposals have made (or are making) their way into the Bitcoin’s reference implementation, others were either implemented in altcoins or get abandoned altogether. In this post, the following privacy enhancing technologies are categorized and surveyed based on the information they are trying to hide.
- Reciever: HD Wallet, Stealth Address, Resusable Payment Code, Coin Control, etc
- Sender: Centralized Mixer, CoinJoin and its variants, CoinShuffle, TumbleBit, Ring Signatures, etc
- Amount: Rounds Based Fixed Demonimation Mixing, Unequal Input Mixing, Confidential Transactions, Mimblewimble, etc
- Transasction Logic: P2SH, Merkle Branches (MAST), Schnorr Signatures, Taproot, Graftroot, etc
Network layer privacy technologies such as Dandelion or Peer to Peer Encryption are not discussed. Neither is the privacy benefits of the Layer 2 systems to the base layer. Technologies related to ZCash are also intentionally left out.
Bitcoin whitepaper has a section dedicated to privacy, in which it states:
The traditional banking model achieves a level of privacy by limiting access to information to the parties involved and the trusted third party. The necessity to announce all transactions publicly precludes this method, but privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous.
It becomes clear over the years that Bitcoin has never achieved the level of privacy that people had hoped for. A Bitcoin transaction consists of 4 pieces of sensitive information: sender, reciever, amount and transaction logic (written in Bitcoin Script), all of which are broadcasted to the Bitcoin network and stored in the blockchain forever because the only way to confirm the absence of a transaction is to be aware of all transactions. It is debatable if recording all aspects of a transaction without much protection is the only way (or even the best way) to “be aware” of it, but the fact that all transactions are transparent in the Bitcoin blockchain means that if Alice’s real life identity is somehow tied a Bitcoin address, she will lose the privacy of all her past and future transactions associated with that address.
Most of the privacy technologies in Bitcoin are designed to obfuscate one or more of the sensitive transaction information from the blockchain, each making different set of tradeoffs. A few things should perhaps be taken into account when evaluating them.
- Decentralization means security is the result of public verification, which is often at odds with privacy. Fortunately, this apparent conflict is not always true, but it is still important to evaluate if a privacy enhancing technology comes at the cost of centralization.
- Privacy and scalability don’t always play well together. Many privacy technologies require much more computational resources which gets dramatically magnified in the context of blockchain, affecting it’s ability to scale. Others break pruning, resulting in ever growing database to verify new transactions. Luckily, this is not always true either.
- Privacy technologies could damage user experience due to heavier computation and longer verification time or complex interaction with other users. No matter how perfect a privacy technology is in theory, it doesn’t generate any real world value if nobody uses it due to bad UX.
The rest of the post is divided up into 4 sections: Receiver, Sender, Amount and Transaction Logic, in which the relevant privacy technolgies are discussed.
Receiver
Hierarchical Deterministic Wallets
Assuming Alice uses an unique Bitcoin address all the time and this address somehow gets tied back to her real world identity, Alice’s entire transaction history on Bitcoin network will become public. One way to mitigate this problem is to generate a fresh receiving address for each incoming transactions, which is a pretty safe and easy operation if Alice uses one of those HD Wallets. This way, to piece together Alice’s transaction history, attackers need to tie all of those addresses together to Alice’s identity, which is not impossible but significantly harder. In fact, use new address to receive this payment is a best practice when using bitcoin, including change addresses.
Stealth Address
In scenarios such as TV or billboard ads, where generating a fresh receiving address is not an option, stealth address might offer a solution. The idea is that after Alice publishes her public key, whoever wants to pay her needs to take that information, generate and “pay” to a new public key whose corresponding private key can only be derived by Alice. One way to achieve this is by leveraging the ECDH protocol.
Assuming that Alice’s keypair is A=aG where G is the base point of an Eliptic Curve, Bob first needs to generate a ephemeral keypair B=bG. With ECDH protocol, the shared secrets between Alice and Bob is secret=bA=aB=abG. Bob then pays to the new address derived from A+H(secret)G where H is a cryptographic hash function. Since only Alice knows a+H(secret), she is the only one who can spend the fund in this new address.
In reality, as described by Bitcoin developer Peter Todd, it requires Bob to make an extra transaction with OP_RETURN to essentially communicate the ephemeral public key B to Alice so that she can derive the shared secret. But according to him later on, OP_RETURN was changed at last minute to only include 40 bytes of data, so the stealth address BIP (BIP 63) was never published. Overall, stealth address is not well adopted in the Bitcoin ecosystem, DarkWallet seems to support it but the project is not actively maintained any more. Monero and TokenPay on the other hand introduced a more interesting version of stealth address which enables the seperation of view key and spend key by utilizing the Dual-Key Stealth Address Protocol. This is very useful when transaction history need to be inspected by third parties without giving them the ability to spend the fund.
Resusable Payment Code
Resumable Payment Code protocol tries to achieve the same result as Stealth Address using the combination of ECDH protocol and HD Wallets.
Assuming that Alice and Bob want to transact in a private manner without sending each other new addresses all the time, both of them can generate a resuable payment code which is essentially extended public key in the context of HD Wallets. Alice communicates her payment code through a notification transaction to Bob first, and from that point on Alice and Bob shares a secret based on the same ECDH protocol used in Stealth Address.
With this shared secret and the resuable payment codes from each other, Alice and Bob could generate a new HD wallet respectively where they can only spend their own fund but both of them know how to derive new addresses for each other. This essentially builds up a secret payment tunnel between themselves.
Samourai is one of the wallets that support Reusable Payment Code.
Coin Control
If two outputs are spent by the same transaction, they usually belong to the same owner (except for e.g. CoinJoin transactions). If one of them happens to be tainted, the other one will be considered tainted as well. Coin Control gives users the option to pick which combinations of outputs to use when constructing a transaction, which could reduce the chance of accidentally tainting outputs.
Many wallets supports the coin control feature, including the Bitcoin Core wallet.
Sender
To obfuscate the sender of a transaction, the general idea is to hide it among other senders or decoys and make it hard for the attacker to figure out which one actually sends the fund to your receiver.
The key observation in Bitcoin is that inputs and outputs in a transaction are independent of each other and there is no indication as to the linkage between inputs and outputs. Therefore if mutiple users construct one single transaction with their respective inputs and outputs, their funds are effectively mixed.
Image from https://bitcointalk.org/index.php?topic=279249.0
As illustrated above, it is hard to know whether the first output of transaction 2 is paid by its second input or the combination of its first and third inputs.
Centralized Mixer (aka Tumbler)
One approach is to have centralized mixing services taking funds from users and then mix them with other users’ funds and/or mixer’s own funds. If the mixer is well-intentioned, hopefully equal amount of funds (minus service fee) will be sent back to the users at new addresses. This idea is pretty straight forward, but its centralized nature means that it suffers the same set of problems as banks or centralized exchanges. Mixers could potentially steal users’ funds. It might also retain the ability to trace back where certain fund is originated. Mixing large amount of funds may be illegal in some jurisdictions, having a liable central entity might pose a larger regulatory risk.
There are also a lot of pitfalls even if the mixers are assumably trustworthy. One example is that if the amount of all the TXOs to be mixed are not the same, it becomes an extra piece of information to reveal who the sender is. Therefore it is advised to mix transactions with standard chunk sizes, which means that large amount of funds might require many rounds of mixing, creating bad user experience (to be fair, this is not unique to centralized mixers, without something like Confidential Transactions which hides the transaction amount, decentralized mixers suffer the same problem). Section 6.3 Mixing of the execellent book Bitcoin and Blockchain Technologies discussed some other potential implementation issues with centralized mixers at length, including a set of guidelines for them to provider better quality services for their users, such as multiple rounds of mixing.
Nonetheless, centralized mixers such as bestmixer.io might still be useful for people with certain threat models and risk profiles. Most users who decide to mix their coins still choose centralized mixing services.
CoinJoin
CoinJoin was proposed by Bitcoin developer Greg Maxwell in 2013, which removes the risk of theft by a third party.
To construct a CoinJoin transaction, a group of users need to somehow find each other, perhap through a centralized discovery service. Users then start to exchange their inputs and outputs to each other. Once all the inputs and outputs are collected, any user could use them to construct an unsigned version of a transaction and pass them around for everyone to sign. After everyone verified the correctness of the transaction and signed it off, the transaction could be broadcasted to the network.
Like centralized mixing, it is still important to make sure that all outputs has the same denomination. One of CoinJoin’s downsides is that it requires fair amount of user interactions, which not only hurts usability but also make it susceptible for sybil attacks. For example, attackers can join the group and try to learn the linkage between inputs and outputs. Even if inputs and outputs are exchanged on top of the anonymous communication protocols such as Tor, attackers can still reduce the size of the anonymity set if there are “users” controlled by them inside the group. DOS attack is also possible if attacker double spends any inputs in the CoinJoin transaction (which requires retry after removing the bad parties) or refuse to sign at the last stage (which could perhaps be addressed by a PoW like solution).
A variation of CoinJoin called Chaumian CoinJoin improves upon the original CoinJoin by leveraging blind signatures to ensure that even if there is a centralized service (like the coordinator in Wasabi Wallet), it is still not in a position to learn the linkage between inputs and outputs.
CoinShuffle attempts to address CoinJoin’s anomymity issue by running a clever decentralized protocols among participants. Assuming that Alice, Bob and Charlie are going to perform a CoinJoin and their freshly generated keys pairs are PubA/PrivA, PubB/PrivB and PubC/PrivC respectively. Following is how the CoinShuffle could be carried out.
- Alice is randomly selected to know PubA, PubB and PubC. Bob is randomly selected to know PubB and PubC. Charlie is randomly only knows PubB.
- Alice uses PubC to encrypt her output address and PubB to encrypt the encrypted message again. Alice sends the double encryted message to Bob.
- Bob recieves the double encrypted message from Alice, decrypt it using PrivB. Encrypt his own output address using PubC. Send both encrypted messages to Charlie.
- Charlie receives both encrypted messages, decrypts them using PrivC, revealing both Alice and Bob’s output addresses. He then uses them to construct the CoinJoin transaction together with his own output address
This onion structure similiar to Tor ensures that no parties involved knows the ownship of the outputs. Shufflepuff is an attempt to implement CoinShuffle in the Mycelium wallet, but the project doesn’t seem to be actively maintained any more.
In general, CoinJoin isn’t wildly used in the Bitcoin ecosystem yet. JoinMarket tries to tackle that problem by bringing economical incentives into the equation, but it hasn’t seen much adoption either. Bitcoin developer Jimmy Song recently recorded a video calling for easy to use CoinJoin, perhaps a breakthrough on the usability side is the key.
TumbleBit
Compared to CoinJoin, where funds are mixed in a single transaction. TumbleBit creates a linked payment channels between payer and payee through a centralized payment hub. The payment channels can be linked by leveraging Hashed Timelock Contract, which guarantees that the payment hub is unable to steal funds.
A blinded puzzle technique inspired by blind signatures is used to ensure that the payment hub can not establish the connection between payer and payee.
TumbleBit is currently integrated into the Breeze wallet from Stratis.
Ring signatures
Ring signature is worth mentioning here even though it would never be adopted by something like Bitcoin. It is an interesting digital signature scheme that can be used to implement a decentralized mixing service that requires no user interactions.
It is easy to verify that a ring signature is created by one of the members in a group but computationally infeasible to determine which one exactly. CryptoNotes based cryptocurrencies such as Monero takes advantage of this property to hide the senders of transactions. When constructing a transaction, currently 10 spent outputs are “randomly selected” by Monero from the blockchain as decoys along side with the real output. It will then:
- Derive a key image from the real output
- Generate a ring signature from this group of outputs.
Key image is unique for the same output even if it is mixed with different set of decoys. Monero blockchain keeps track of all the key images of the spent outputs to avoid double spends, thus breaking pruning. A valid ring signature means that one of the outputs in the group is authorized to be spent without revealing which one exactly.
Sender protection is considered to be the weakest part of Monero’s privacy scheme since there are a few known issues with ring signature such as 0 decoy and chain reaction, potential privacy breach during hard fork, etc. When it comes to decoys selection it is usually a cats and mouse game because it is very hard to predict all the heuristics. Nonetheless, it is still considered to be a technology that offers one of the strongest sender protection.
Amount
Transaction amount is not only by itself a very sensitive piece of information, it can also affect the effectiveness of other transaction graph obfuscation mechanisms such as CoinJoin or centralized mixers, etc. In general, to hide the amount, either transaction has to be split up into several smaller ones with uniform denomination, or else the amount needs to be hidden cryptographically in such a way that it is only known to the participants but everybody else can verify that no inflation is created during the transaction.
Rounds Based Fixed Demonimation Mixing
By agreeing on a set of standardized chunk sizes, mixers would increase the size of anonymity set for incoming transactions. It is also easier to apply a series of mixers as long as they agree on the same chunk sizes. The downside of this approach is that mixing a large amount of bitcoin might take a long time. For example, assuming the chunk sizes of a mixer is 0.1, 0.5 and 1 BTC, mixing 8.6 BTC requires a minimum of 10 rounds. Also, it might be impossible to mix a coin that is too smaller without merging it with others coins first.
Unequal Input Mixing
What if input amounts are allowed to be unequal, can outputs be split in such a way that the most optimal level of anonymity is preserved? If such algorithm exists, coins with smaller amounts no longer need to be merged before meeting mixers’s minimal chunk size. Coins with bigger amounts can also get matched together and enjoy much quicker mixing. Unequal input mixing attempts to address this issue but it is requires more research, though a basic form of it might be making its way into Wasabi Wallet in the near future.
Confidential transactions
Conceived by Adam Back and improved by Gregory Maxwell, Confidential Transactions offers a solution to hide transaction amount from the blockchain while keeping it verifiable that all transactions are balanced and no deliberate inflation was created.
To achieve this in a system like Bitcoin, it relies on a number of cryptographic constructs.
First off, confidential transaction hides amount using a commitment scheme called pederson commitment, which is a cryptographic primitive that not only allows one to “commit to a chosen value while keeping it hidden to others, with the ability to reveal the committed value later”, but also preserves the addition and commutative properties which is crucial for its application to ledger like systems:
Assuming that G and H are generator points of two elliptic curves, v is the transaction amount and r is a random number. Then
is a pederson commitment of the amount v. r is called a binding factor, which is essentially a big random number. if v == v1 + v2 and the corresponding pederson commitment for v1 and v2 are
respectively, then as long as r == r1 + r2, the entire pederson commit can be substracted to 0.
This means that from the arithmetic point of view, the pederson commitment of an amount could be used as a replacement for amount in Bitcoin like systems. In fact, this is exactly what Element project has done.
This works except that if v1 is a negative number, v2 will be bigger than v, which means that coins are created out of thin air. Range proof solves this issue by proving that an amount is within a certain range, in the original confidential transaction post, range proof was designed to leverage Borromean ring signature. Later Bulletproofs was proposed to perform range proof in a much more efficent way.
One last piece of the puzzle is that if
is the amount of a transaction output, how would the recipient know the amount v1 and the binding factor r1? In Element, this is done through the classic ECDH key exchange. The output amount of a transction in Element actually contains not only the pederson commitment, but also a range proof and an ECDH ephemeral public key from the sender. With that, the receiver can derive the shared secret key with the sender, which can be used to unwind v1 and r1. A more detailed explanation from Pieter Wuille can be found here.
Since January 2017, Ring Confidential Transaction (RingCT) was implemented in Monero. Prio to that only outputs with the same denomination are allowed to be members of the same ring. With confidential transaction, not only the amount is hidden, the number of potential outputs that could be used as decoys becomes much larger as well.
Mimblewimble
Mimblewimble also uses confidential transaction to prove that transations are balanced without revealing the actual amounts. However, compared to Bitcoin like systems where a signature signed directly by a seperate private key is needed to prove the ownership of the output, it goes a bit further by leveraging the blinding factor instead.
Assuming that
are the pederson commitment of the input amount v1 and output amount v2. If v1 == v2, the substraction of the two commitment becomes (ro-ri)*G, which should be a valid public key. As long as the sender and receiver joinly produce a signature to prove that they know (ro-ri), the transaction is considered to be valid and the ownership of the coin is transfered. The ability to prove ownership like this enables cut-through, which turns out to be a further boost to MimbleWimble’s privacy and scalability.
Transaction Logic
Each output in a Bitcoin transaction has a condition that needs to be satisfied when an input attempts to spend it. When verifying a transaction, the concatenation of the input script and output script has to be evaluated to true. The most common spending condition is P2PKH, which can be resolved by providing a public key and a digital signature created by its corresponding private key.
Bitcoin Script can also be used to express more complex transaction logic, or smart contracts. One example is MultiSig in which an output requires more than one signature to get unlocked, often used as way to divide up the ownership of a coin. A 2-of-2 MultiSig example be found here.
From the perspective of privacy, having transaction logic transparently recorded on a public ledger is often times undesirable since it unnecessarily reveals the entire structure of the ownership.
P2SH
With P2SH an output can be sent to a script hash, which essentially shifts the burden of providing the complex transaction logic from the senders to the recipients. P2SH in itself is not a privacy enhancing technology since the same logic still needs to be provided by the recipient. But since usually a branch of logic is already decided at spending time, there is more room to maneuver when it comes to hiding information.
Merkle Branches (MAST)
One observation is that most of the transaction logic is just some disjunction of possibilities. Even though a coin can only be spent with one of the possible paths, the entire script with all possibilities needs to be revealed in the spending transaction input.
Merkle Branches (MAST) structures those possibilities as Merkle Tree. Assuming that Alice has a coin which she is allowed to spend at any time, but if the coin is not spent by her for 3 months, Bob and Charlie will be able to spend it together if they both agree. This could be expressed as following in Bitcoin Script:
(Credit: script and related images are from David A Harding’s execellent post about MAST)
With MAST, the above script could be structured as the following tree, with every square node containing a hash of the labels of its child nodes.
When Alice tries to spend the coin, only the left branch and the hash of the right branch need to be revealed. After three months, if Bob and Charlie decide to jointly spend the coin, they only need to reveal the right branch and the hash of the left branch.
From this example, the benefit of MAST when it comes to privacy and reducing transaction size is pretty obvious. David Harding’s post offers more in depth discussion.
Schnorr Signatures
Schnorr Signatures relies on the same security assumptions as ECDSA that it is hard to solve discret log problem. Compared to ECDSA which Bitcoin currently relies upon, the biggest advantage is that multiple schnorr signatures signed by different private keys for the same message can be verified by the sum of all the corresponding public keys. This is a significant property that could be leveraged to implement many interesting features, for example:
- Protocols can be devised to require only one aggregated signature to verify N-of-M MultiSig smart contract, which is a great win for privacy and scalability
- It offers better privacy for CoinJoin transaction since now all the participants only need to provide one joint signature. The resulting much smaller transaction could also serve as an extra economic incentives to perform CoinJoin.
Other features that could be implemented include batch verification, block level signature aggregation, etc. More information can be found here.
Taproot
Even though transaction logic might be composed of disjunction of posibilities, a key observation is that there usually can be a “unanimity branch” where the coin can be spent if every participant agrees. This is analogous to the court model in real life where even though it could enforce complex contract between different parties, in most of the scenarios it is just served as a deterrent. Normally transactions are resolved by mutual consensus off court.
One approach to implement “unanimity branch” on top of MAST is to represent it as an extra branch alongside the original MAST tree, as shown in the green node above, and the red node would become the new merkle root. With schnorr signature, the red node could be reduced to just one signature. This could work, but every time when a transaction is settled with unanimity branch (which should be the most common scenario), the value of it still needs to be revealed, taking up the precious blockchain space.
Taproot is designed to represent the unanimity branch in a more efficient way. It is inspired by the idea of Pay-to-Contract by Timo Hanke. Assuming that the merkle root of a MAST script is C, and the aggregated public key of the unanimity branch is K, then the Taproot version of the script above would look like the following:
The Taproot node contains the value of
K + H(K||C)*G, which can be spent in two ways:
- If unanimity branch is chosen, a signature signed by
k + H(K||C)would be enough where k is the private key of K
- If no consensus is reached, C needs to be revealed and executed.
Since most transactions resolve with the unanimity branch, most Taproot transactions look just like a normal P2PKH transactions, with complex part of the transaction logic rarely revealed.
Graftroot
One of the limitations that Taproot suffers is that it only natively provides for one alternative. Graftroot was invented by Greg Maxwell to fix this limitation by using the delegation model.
In the above example, K is the aggregated public key of the unanimity branch. S1, S2 and S3 are three alternative execution paths. There are two ways the transaction can be resolved:
- A signature signed by K’s corresponding private key k on the transaction.
- A signature signed by K’s corresponding private key k on either S1, S2 or S3, and the signed script needs to be successfully executed.
The second approach can be thought of as everybody involved decides to delegate the ownership to a script. In this way, any number of alternatives can be supported. | https://hongchao.me/bitcoin-privacy/ |
Core engineering at Metastate focuses on building, extending, and maintaining decentralized, permissionless, and censorship-resistant protocols. We are looking for developers that are interested in applying novel research to create open-source technology and solve outstanding problems in the blockchain space.
As a member of Metastate, you will be working on distributed ledger technology with the goal of improving protocols, all the way from the P2P layer to consensus algorithms, smart contract systems, proof-of-stake incentive layers, privacy-enhancing cryptographic components, and on-chain governance mechanisms.
This role offers the chance to work closely on compelling cross-disciplinary problems in computer science, PLT, cryptography, and economics, and enjoy a high degree of independence in working conditions and prioritization.
Responsibilities
- Produce technical specifications of cryptocurrency protocols or protocol upgrades in coordination with other team members
- Evaluate algorithmic complexity, incentive compatibility, and implementation difficulty of possible new protocols
- Develop secure P2P gossip layers for globally distributed systems
- Implement DoS resistant transaction queues
- Research and implement novel consensus algorithms
- Analyze and implement novel cryptographic techniques such as BLS signature aggregation
- Implement and test protocols and protocol changes, primarily in functional programming (OCaml) or low-level programming languages (Rust)
Example Projects & Publications
Qualifications
- Prior experience in functional programming, preferably in either OCaml or Haskell, and/or prior experience in programming with low-level systems languages such as Rust
- Self-motivated & self-organized
- Interested in open-source technology and research applied to DLT
Bonus Qualifications
- Prior experience with large scale distributed systems
- Prior experience with network and systems engineering
- Prior experience with database design and optimization
- Prior experience in blockchain technology
- Prior experience implementing cryptography
Misc.
Competitive compensation in a negotiable mix of salary and equity.
Remote or local (Zürich/Zug, Berlin). When remote, preferred if mostly located within (+/- 7 hours) Central European time zones. Ideally someone who enjoys nature and hiking 🏔️.
- 10-49
Metastate is a research and engineering team focused on implementing cutting-edge research from numerous disciplines (distributed systems, PLT, zero-knowledge cryptography) and deploying them to solve hard problems in the blockchain space, such as scalability, secure smart contract languages, secure randomness or privacy. Metastate is a remote-first team, currently composed of 15 cross-disciplinary researchers and engineers located around the world. Our work culture is characterized by open-allocation, where team members have a high degree of freedom and autonomy in choosing when to work, what to work on, and whom to work with. Metastate was founded in early 2019 by @adrian_brink, @awasunyin and @cwgoes, with extensive experience in the blockchain space and who previously co-founded Cryptium Labs, a security-oriented proof-of-stake validator from the Swiss Alps.
Salary
Contract type
Technologies & frameworks
Benefits & perks
- Remote working
- Flexible working
Get hired!
Sign up now and apply for roles at companies that interest you.
Get hired!
Sign up now and apply for roles at companies that interest you. | https://javascript.works-hub.com/jobs/remote-blockchain-protocol-developer-7d929 |
As the World Wide Web has grown to become an essential part of our lives, security and privacy have become essential requirements without which the Web cannot function. Security and privacy technologies are fundamental to the successful conduct of most Web transactions and they must be suitable to be used by a highly diverse population of users. At the same time, the sheer success of Web-based transactions and services have made them a ripe target for abuse by hostile parties, who aim to exploit both technical and human failures. This track offers a forum to discuss the notions of security, privacy, trust, and abuse on the Web, and to present research advances in these areas.
Relevant topics include (but are not limited to):
- Human and usability factors in Web security & privacy
- Measurement, analysis, and circumvention of Web censorship
- Authentication, authorization, and auditing on the Web
- Access control, rights management, and security of social content
- Anomaly detection and monitoring methods
- Negative content filtering: spam, abuse, fake reviews, etc.
- Browser security issues, including attacks, defenses, and policy models
- Large scale malware defense
- Analysis of large scale attacks against the Web
- Privacy-enhancing technologies, including anonymity, pseudonymity and identity management, specifically for the Web
- Legal, ethical, policy issues of Web security and privacy
- Dealing with client-side risks
- Content protection (e.g., DRM)
- Abuse on the Web (e.g., Web/blog spam)
- Security for Web services (e.g., blogs, Web feed, wikis, social networks)
- Applications of cryptography to the web, including PKI and supporting concepts like digital signatures, certification, etc. | http://www2016.ca/calls-for-papers/call-for-research-papers/security-and-privacy.html |
Monero is a decentralized cryptocurrency. It uses a public distributed ledger with privacy-enhancing technologies that obfuscate transactions to achieve anonymity and fungibility. Observers cannot decipher addresses trading monero, transaction amounts, address balances, or transaction histories. | https://lottocryptos.com/lotteries/xmr/ |
Threshold signature is a distributed multi-party signature protocol that includes distributed key generation, signature, and verification algorithms.
In recent years, with the rapid development of blockchain technology, signature algorithms have gained widespread attention in both academic research and real-world applications. Its properties like security, practicability, scalability, and decentralization of signature are pored through.
Due to the fact that blockchain and signature are closely connected, the development of signature algorithms and the introduction of new signature paradigms will directly affect the characteristics and efficiency of blockchain networks.
In addition, institutional and personal account key management requirements stimulated by distributed ledgers have also spawned many wallet applications, and this change has also affected traditional enterprises. No matter in the blockchain or traditional financial institutions, the threshold signature scheme can bring security and privacy improvement in various scenarios. As an emerging technology, threshold signatures are still under academic research and discussions, among which there are unverified security risks and practical problems.
This article will start from the technical rationale and discuss about cryptography and blockchain. Then we will compare multi-party computation and threshold signature before discussing the pros and cons of different paradigms of signature. In the end, there will be a list of use cases of threshold signature. So that, the reader may quickly learn about the threshold signature.
I. Cryptography in Daily Life
Before introducing threshold signatures, let’s get a general understanding of cryptography. How does cryptography protect digital information? How to create an identity in the digital world? At the very beginning, people want secure storage and transmission. After one creates a key, he can use symmetric encryption to store secrets. If two people have the same key, they can achieve secure transmission between them. Like, the king encrypts a command and the general decrypts it with the corresponding key.
But when two people do not have a safe channel to use, how can they create a shared key? So, the key exchange protocol came into being. Analogously, if the king issues an order to all the people in the digital world, how can everyone proves that the sentence originated from the king? As such, the digital signature protocol was invented. Both protocols are based on public key cryptography, or asymmetric cryptographic algorithms.
“Tiger Rune” is a troop deployment tool used by ancient emperor’s, made of bronze or gold tokens in the shape of a tiger, split in half, half of which is given to the general and the other half is saved by the emperor. Only when two tiger amulets are combined and used at the same time, will the amulet holder get the right to dispatch troops.
Symmetric and asymmetric encryption constitute the main components of modern cryptography. They both have three fixed parts: key generation, encryption, and decryption. Here, we focus on digital signature protocols. The key generation process generates a pair of associated keys: the public key and the private key. The public key is open to everyone, and the private key represents the identity and is only revealed to the owner. Whoever owns the private key has the identity represented by the key. The encryption algorithm, or signature algorithm, takes the private key as input and generate a signature on a piece of information. The decryption algorithm, or signature verification algorithm, uses public keys to verify the validity of the signature and the correctness of the information.
II. Signature in the Blockchain
Looking back on blockchain, it uses consensus algorithm to construct distributed books, and signature provides identity information for blockchain. All the transaction information on the blockchain is identified by the signature of the transaction initiator. The blockchain can verify the signature according to specific rules to check the transaction validity, all thanks to the immutability and verifiability of the signature.
For cryptography, the blockchain is more than using signature protocol, or that the consensus algorithm based on Proof-of-Work uses a hash function. Blockchain builds an infrastructure layer of consensus and transaction through. On top of that, the novel cryptographic protocols such as secure multi-party computation, zero-knowledge proof, homomorphic encryption thrives. For example, secure multi-party computation, which is naturally adapted to distributed networks, can build secure data transfer and machine learning platforms on the blockchain. The special nature of zero-knowledge proof provides feasibility for verifiable anonymous transactions. The combination of these cutting-edge cryptographic protocols and blockchain technology will drive the development of the digital world in the next decade, leading to secure data sharing, privacy protection, or more applications now unimaginable.
III. Secure Multi-party Computation and Threshold Signature
After introducing how digital signature protocol affects our lives, and how to help the blockchain build identities and record transactions, we will mention secure multi-party computation (MPC), from where we can see how threshold signatures achieve decentralization. For more about MPC, please refer to our previous posts which detailed the technical background and application scenarios.
MPC, by definition, is a secure computation that several participants jointly execute. Security here means that, in one computation, all participants provide their own private input, and can obtain results from the calculation. It is not possible to get any private information entered by other parties. In 1982, when Prof. Yao proposed the concept of MPC, he gave an example called the “Millionaires Problem” — two millionaires who want to know who is richer than the other without telling the true amount of assets. Specifically, the secure multiparty computation would care about the following properties:
IV. Single Signature, Multi-Signature and Threshold Signature
Besides the threshold signature, what other methods can we choose?
Bitcoin at the beginning, uses single signature which allocates each account with one private key. The message signed by this key is considered legitimate. Later, in order to avoid single point of failure, or introduce account management by multiple people, Bitcoin provides a multi-signature function. Multi-signature can be simply understood as each account owner signs successively and post all signatures to the chain. Then signatures are verified in order on the chain. When certain conditions are met, the transaction is legitimate. This method achieves a multiple private keys control purpose.
So, what’s the difference between multi-signature and threshold signature?
Several constraints of multi-signature are:
As for multiple signatures or threshold signature, the master private key has never been reconstructed, even if it is in memory or cache. this short-term reconstruction is not tolerable for vital accounts.
V. Limitations
Just like other secure multi-party computation protocols, the introduction of other participants makes security model different with traditional point-to-point encrypted transmission. The problem of conspiracy and malicious participants were not taken into account in algorithms before. The behavior of physical entities cannot be restricted, and perpetrators are introduced into participating groups.
Therefore, multi-party cryptographic protocols cannot obtain the security strength as before. Effort is needed to develop threshold signature applications, integrate existing infrastructure, and test the true strength of threshold signature scheme.
VI. Scenarios
1. Key Management
The use of threshold signature in key management system can achieve a more flexible administration, such as ARPA’s enterprise key management API. One can use the access structure to design authorization pattern for users with different priorities. In addition, for the entry of new entities, the threshold signature can quickly refresh the key. This operation can also be performed periodically to level up the difficulty of hacking multiple private keys at the same time. Finally, for the verifier, the threshold signature is not different from the traditional signature, so it is compatible with old equipments and reduces the update cost. ARPA enterprise key management modules already support Elliptic Curve Digital Signature Scheme secp256k1 and ed25519 parameters. In the future, it will be compatible with more parameters.
https://preview.redd.it/c27zuuhdl0q41.png?width=757&format=png&auto=webp&s=26d46e871dadbbd4e3bea74d840e0198dec8eb1c
2. Crypto Wallet
Wallets based on threshold signature are more secure because the private key doesn’t need to be rebuilt. Also, without all signatures posted publicly, anonymity can be achieved. Compared to the multi-signature, threshold signature needs less transaction fees. Similar to key management applications, the administration of digital asset accounts can also be more flexible. Furthermore, threshold signature wallet can support various blockchains that do not natively support multi-signature, which reduces the risk of smart contracts bugs.
ConclusionThis article describes why people need the threshold signature, and what inspiring properties it may bring. One can see that threshold signature has higher security, more flexible control, more efficient verification process. In fact, different signature technologies have different application scenarios, such as aggregate signatures not mentioned in the article, and BLS-based multi-signature. At the same time, readers are also welcomed to read more about secure multi-party computation. Secure computation is the holy grail of cryptographic protocols. It can accomplish much more than the application of threshold signatures. In the near future, secure computation will solve more specific application questions in the digital world.
About AuthorDr. Alex Su works for ARPA as the cryptography researcher. He got his Bachelor’s degree in Electronic Engineering and Ph.D. in Cryptography from Tsinghua University. Dr. Su’s research interests include multi-party computation and post-quantum cryptography implementation and acceleration.
About ARPAARPA is committed to providing secure data transfer solutions based on cryptographic operations for businesses and individuals.
The ARPA secure multi-party computing network can be used as a protocol layer to implement privacy computing capabilities for public chains, and it enables developers to build efficient, secure, and data-protected business applications on private smart contracts. Enterprise and personal data can, therefore, be analyzed securely on the ARPA computing network without fear of exposing the data to any third party.
ARPA’s multi-party computing technology supports secure data markets, precision marketing, credit score calculations, and even the safe realization of personal data.
ARPA’s core team is international, with PhDs in cryptography from Tsinghua University, experienced systems engineers from Google, Uber, Amazon, Huawei and Mitsubishi, blockchain experts from the University of Tokyo, AIG, and the World Bank. We also have hired data scientists from CircleUp, as well as financial and data professionals from Fosun and Fidelity Investments.
For more information about ARPA, or to join our team, please contact us at [email protected].
Learn about ARPA’s recent official news：
Telegram (English): https://t.me/arpa_community
Telegram (Việt Nam): https://t.me/ARPAVietnam
Telegram (Russian): https://t.me/arpa_community_ru
Telegram (Indonesian): https://t.me/Arpa_Indonesia
Telegram (Thai): https://t.me/Arpa_Thai
Telegram (Philippines):https://t.me/ARPA_Philippines
Telegram (Turkish): https://t.me/Arpa_Turkey
Korean Chats: https://open.kakao.com/o/giExbhmb (Kakao) & https://t.me/arpakoreanofficial (Telegram, new)
Medium: https://medium.com/@arpa
Twitter: u/arpaofficial
Reddit: https://www.reddit.com/arpachain/
Facebook: https://www.facebook.com/ARPA-317434982266680/54
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On Mar.25, 2020, PlatON Algorithm Scientist Dr. Xiang Xie joined in TokenInsight’s AMA as the special guest to talk about the solution that privacy-preserving computation provides for privacy disclosure issues and shared the latest development of PlatON’s privacy-preserving computation.submitted by PlatON_Network to PlatONNetwork [link] [comments]
https://preview.redd.it/x8dh7o24u1p41.jpg?width=1564&format=pjpg&auto=webp&s=9bdc434f22824ea2a45a6136901c9058a5e253ce
How Do You Think about the Recent Privacy Disclosure Issue of Sina Weibo?
Dr. Xie: Truth be told, many internet firms collect and even use data privacy for illegal profit without the permissions from users, and there are potential risks of privacy disclosure issues under incorrect operation and management undoubtedly.
The conflict between the business model of traditional internet giants and the privacy protection of users can’t not be ignored and that’s what we wish to avoid in our new architect; Besides, the centralized model of internet is highly-effective and high-performing in the organization management and business processing, while brings the risk of privacy disclosure. Sina Weibo’s privacy disclosure event is resulted from the private data management issues.
The information disclosure issues won’t be solved by technologies or innovative architecture completely, but by distributed architectures to protect all data instead. Data protection is totally different from data storage. Thus, privacy-preserving computation, in my opinion, is the only solution for stopping the data privacy from being leaked, and also the first vision of PlatON.
In Your Opinion, Whether If PlatON’s Technologies Can Solve the Data Scandal of Top Platforms from a Technical Standpoint?
Dr. Xie: Privacy disclosure issues happen when applying data, and PlatON’s privacy-preserving computation aims at protecting data privacy in data circulation.
With cryptography technologies applied and integrated in PlatON’s privacy-preserving computation, the possibilities of information leakage from hackers have been reduced to the great extent.
PlatON serves as a blockchain-based infrastructure for distributed economies to provide support for upper-layer economic activities; and a privacy-preserving computation solution provider to protect the data privacy in the data circulation. Thus, we aim at building a completely digitalized distributed infrastructure with long-term investment and efforts, and completing it with all talented developers worldwide.
How Do You Think about Blockchain’s Role in Privacy-Preserving Computation?
Dr. Xie: Blockchain is irrelevant to privacy-preserving computation. Blockchain is dated back from bitcoin. However, there is no privacy-preserving design for bitcoin according to its Whitepaper. Plus, bitcoin and cryptocurrency haven’t applied any cryptography algorithms, but only signature and Hash instead.
Blockchain is transparent and distributed with all data backed up to be available to all people, thus it definitely has no privacy-preserving features. On the contrary, blockchain can serve as the distributed infrastructure to help with payment. In conclusion, blockchain is independent of privacy-preserving computation, while they are mutual complementary. Privacy-preserving computation, located at the upper part, protects the data privacy, while blockchain, located at the lower part as the infrastructure for distributed economies, provides payment and settlement functions.
Can You Share PlatON’s Technology Architecture of Privacy-Preserving Computation?
Dr. Xie: Privacy-preserving computation is a big topic, and different teams have different routines. PlatON focuses on cryptography technologies and combines trusted hardware to implement privacy-preserving computation. PlatON’s privacy-preserving computation architecture, from the bottom to top, consists of basic cryptography algorithms, blockchain, Privacy AI and privacy data platforms, for the purpose of delivering the deployable and operational products rather than technology itself. Cryptography is just a technology implementation.
Can You Share PlatON’s Biggest Achievement in 2019 and the Development Plan in 2020?
Dr. Xie: We’ve done a deep research on the data privacy-preserving and the potential emergent market since the very beginning we started PlatON. Then we’ve explored and finished the technology model selection and engineering, finally realized the huge potential of AI in both application and marketing.
The biggest achievement in 2019 is that we have settled Privacy AI as the core direction of PlatON, organized a strong AI team, and determined both the technology architecture and product architecture with our cryptography team.
In 2020, we will announce two important products: Rosetta, a Privacy AI architecture developed under the combination of cryptography and AI architecture such as Tensorflow, and Data Bank. Then start the growth of both product and community accordingly.
PlatON CEO Mr. Sun Has Highlighted the Internet of Everything, does that Mean IoT Will Show Support on Privacy AI by Providing Massive Data of Interconnected Devices?
Dr. Xie: I think we should consider it based on the whole life circle of data rather than a pure tech viewpoint.
There are four stages of data’s life circle: collection & production, storage & computation, distribution & exchange, and analysis & processing. IoT is the entrance of data, advanced devices collect data, then PlatON collaborates with partners to build an ecosystem; innovative technologies such as distributed ledgers are the main solution of data’s distribution and exchange; and the analysis and processing of data will be performed by AI and big data.
PlatON, with its layout design based on the whole life circle of data, aims at facilitating the data circulation by leveraging privacy-preserving computation.
Can You Share More Details about PlatON’s Grants Program?
Dr. Xie: Grants program plays an important role in building PlatON community, and the PlatON ecosystem contributed and co-hosted by developers worldwide. We will incubate and provide funding for the projects selected out after evaluation and communication.
Since it’s released, we’ve received plenty of applications on blockchain and privacy-preserving computation including supporting tools, contract development, and algorithms and acceleration of software & hardware of MPC (Multi-Party Computation), ZKP (Zero-Knowledge Proof), HE (Homomorphic Encryption), from top colleges, startups, communities, etc.
My profession and experience start from cryptography, I know the complexity of it and the whole PlatON team admires team spirit, or community spirit. To complete a long-term and meaningful work, joint effort is a must. Thus, we sincerely welcome more developers that are interested in blockchain, cryptography and data privacy to join us, helping complete the PlatON ecosystem. Privacy AI is surely a part of Grants program, we look forward to working with all talents worldwide.
Whether if Zero-Knowledge Proof Can be Applied in Massive Business Practice, and How’s the Marketing Demand?
Dr. Xie: Zero-Knowledge Proof’s research and development direction is closely relative to it’s business practical. Our goal is to provide solutions rather than being commonly used only. When demands get more complicated, algorithms need to be improved, and can be applied in more business practices when they get better and better. They must have gone through iterations gradually to fit the marketing demand. So far, ZKP is still in its early stage, and needs to improve.
Can You Share the True Demands and Businesses of MPC?
Dr. Xie: MPC fits Privacy AI to some extent, and even has emergent and specific demands. There is a conflict on the collection and application of data. For Privacy AI, the more data the better, which help improve the accuracy of model. For data asset, however, data is private and needs to be protected.
MPC, with its paradigm for this conflict, is just the solution. Seen from that, cryptography is used to solve all kinds of conflicts and needed by many enterprises that are sensitive about data.
Currently, institutes and firms at home and abroad are all exploring the combination of privacy-preserving computation and AI, and havestepped into this field. PlatON stands ahead with its huge investment and solid engineering implementation.
How Do You Think About Ethereum’s Joining in Privacy-Preserving Computation Ecosystem?
Dr. Xie: It’s evitable. Ethereum is the“World’s Computer”, to serve the world, it needs to bear massive data. Thus, the data privacy issues start, and Ethereum will apply more cryptography technologies to support the completeness of the whole network. Actually, Ethereum 2.0 has many tools and designs with regard to privacy-preserving computation and cryptography. In addition, we are optimistic and confident about the future of Ethereum, and we have a significant collaboration with Ethereum on MPC, and community as well.
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Original article here: https://medium.com/wanchain-foundation/ama-with-wanchain-vp-lini-58ada078b4fesubmitted by maciej_wan to wanchain [link] [comments]
“What is unique about us is that we have actually put theory into practice.”https://preview.redd.it/n6lo2xcmtn621.png?width=800&format=png&auto=webp&s=281acce4b45eed8acf0c52b201d01cb6f0d13507
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Wanchain’s Vice President of Business Development, Lini, sat down with blockchain media organization Neutrino for an AMA covering a wide range of topics concerning Wanchain’s development.
The following is an English translation of the original Chinese AMA which was held on December 13th, 2018:
Neutrino: Could you please first share with us a little basic background, what are the basic concepts behind cross chain technology? What are the core problems which are solved with cross-chain? In your opinion, what is the biggest challenge of implementing cross chain to achieve value transfer between different chains?
Lini: Actually, this question is quite big. Let me break it down into three smaller parts:
In China, we like to use the word “cross-chain”, the term “interoperability” is used more frequently in foreign countries. Interoperability is also one of the important technologies identified by Vitalik for the development of a future blockchain ecosystem mentioned in the Ethereum white paper. So cross-chain is basically the concept of interoperability between chains.
In essence, blockchain is a distributed bookkeeping technique, also known as distributed ledger technology. Tokens are the core units of account on each chain, there currently exist many different chains, each with their own token. Of especial importance is the way in which each ledger uses tokens to interact with each other for the purpose of clearing settlements.
Cross chain technology is one of the foundational technological infrastructures that is necessary for the large scale application of blockchain technology.
Neutrino: As we all know, there are many different kinds of cross-chain technologies. Please give us a brief introduction to several popular cross-chain technologies on the market, and the characteristics of each of these technologies。
Lini: Before answering this question, it is very important to share two important concepts with our friends: heterogeneity and homogeneity, and centralization and decentralization.
https://preview.redd.it/n6wbs77wtn621.png?width=720&format=png&auto=webp&s=83fcadd09afb214d2aa5a2a6deb6c24d0d4da671
These two points are especially important for understanding various cross-chain technologies, because there are many different technologies and terminologies, and these are some of the foundational concepts needed for understanding them.
There are also two core challenges which must be overcome to implement cross-chain:
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Combining the above two points, we look at the exploration of some solutions in the industry and the design concepts of other cross-chain projects.
First I’d like to discuss the Relay solution.
https://preview.redd.it/qgcqiwlztn621.png?width=720&format=png&auto=webp&s=0925d4221c9e92e365e150638c645bef8c609b3f
However the Relay solution must consume a relatively large amount of gas to read the BTC header. Another downside is that, as we all know, Bitcoin’s blocks are relatively slow, so the time to wait for verification will be long, it usually takes about 10 minutes to wait for one block to confirm, and the best practice is to wait for 6 blocks.
The next concept is the idea of Sidechains.
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This solution is good, but not all chains contain SPV, a simple verification method. Therefore, there are certain drawbacks. Of course, this two way peg way solves challenge beta very well, that is, the atomicity of the transaction.
These two technical concepts have already been incorporated into a number of existing cross chain projects. Let’s take a look at two of the most influential of these.
The first is Polkadot.
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This is just a summary based on Polkadot’s whitepaper and most recent developments. The theoretical design is very good and can solve challenges alpha and beta. Last week, Neutrino organized a meetup with Polkadot, which we attended. In his talk, Gavin’s focus was on governance, he didn’t get into too much technical detail, but Gavin shared some very interesting ideas about chain governance mechanisms! The specific technical details of Polkadot may have to wait until after their main net is online before it can be analyzed.
Next is Cosmos.
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Cosmos is a star project who’s basic concept is similar to Polkadot. Cosmos’s approach is based on using a central hub. Both projects both take into account the issue of heterogeneous cross-chain transactions, and both have also taken into account how to solve challenges alpha and beta.
To sum up, each research and project team has done a lot of exploration on the best methods for implementing cross-chain technology, but many are still in the theoretical design stage. Unfortunately, since the main net has not launched yet, it is not possible to have a more detailed understanding of each project’s implementation. A blockchain’s development can be divided into two parts: theoretical design, and engineering implementation. Therefore, we can only wait until after the launch of each project’s main network, and then analyze it in more detail.
Neutrino: As mentioned in the white paper, Wanchain is a general ledger based on Ethereum, with the goal of building a distributed digital asset financial infrastructure. There are a few questions related to this. How do you solve Ethereum’s scaling problem? How does it compare with Ripple, which is aiming to be the standard trading protocol that is common to all major banks around the world? As a basic potential fundamental financial infrastructure, what makes Wanchain stand out?
Lini: This question is actually composed of two small questions. Let me answer the first one first.
The TPS of Ethereum is not high at this stage, which is limited by various factors such as the POW consensus mechanism. However, this point also in part is due to the characteristics of Ethereum’s very distributed and decentralized features. Therefore, in order to improve TPS, Wanchain stated in its whitepaper that it will launch its own POS consensus, thus partially solving the performance issues related to TPS. Wanchain’s POS is completely different from the POS mechanism of Ethereum 2.0 Casper.
Of course, at the same time, we are also paying close attention to many good proposals from the Ethereum community, such as sharding, state channels, side chains, and the Raiden network. Since blockchain exists in the world of open source, we can of course learn from other technological breakthroughs and use our own POS to further improve TPS. If we have some time at the end, I’d love to share some points about Wanchain’s POS mechanism.
Wanchain is focused on different use cases, it is to act as a bridge between different tokens and tokens, and between assets and tokens. For various cross-chain applications it is necessary to consume WAN as a gas fee to pay out to nodes.
So it seems that the purpose Ripple and Wanchain serve are quite different. Of course, there are notary witnesses in the cross-chain mechanism, that is, everyone must trust the middleman. Ripple mainly serves financial clients, banks, so essentially everyone’s trust is already there.
Neutrino: We see that Wanchain uses a multi-party computing and threshold key sharing scheme for joint anchoring, and achieves “minimum cost” for integration through cross-chain communication protocols without changing the original chain mechanism. What are the technical characteristics of multi-party computing and threshold key sharing? How do other chains access Wanchain, what is the cross-chain communication protocol here? What is the cost of “minimum cost?
Lini: The answer to this question is more technical, involving a lot of cryptography, I will try to explain it in a simple way.
In sMPC multiple parties each holding their own piece of private data jointly perform a calculation (for example, calculating a maximum value) and obtain a calculation result. However, in the process, each party involved does not leak any of their respective data. Essentially sMPC calculation can allow for designing a protocol without relying on any trusted third parties, since no individual ever has access to the complete private information.
Secure multiparty computing can be abstractly understood as two parties who each have their own private data, and can calculate the results of a public function without leaking their private data. When the entire calculation is completed, only the calculation results are revealed to both parties, and neither of them knows the data of the other party and the intermediate data of the calculation process. The protocol used for secure multiparty computing is homomorphic encryption + secret sharing + OT (+ commitment scheme + zero knowledge proofs, etc.)
Wanchain’s 21 cross chain Storeman nodes use sMPC to participate in the verification of a transaction without obtaining of a user’s complete private key. Simply put, the user’s private key will have 21 pieces given to 21 anonymous people who each can only get 1/21 part, and can’t complete the whole key.
Wanchain uses the threshold M<=N; N=21; M=16. That is to say, at least 16 Storeman nodes must participate in multi-party calculation to confirm a transaction. Not all 21 Storeman nodes are required to participate. This is a solution to the security problem of managing private keys.
Cross-chain communication protocols refers to the different communication methods used by different chains. This is because heterogeneous cross-chain methods can’t change the mechanism of the original chains. Nakamoto and Vitalik will not modify their main chains because they need BTC and ETH interoperability. Therefore, project teams that can only do cross-chain agreements to create different protocols for each chain to “talk”, or communicate. So the essence of a cross-chain protocol is not a single standard, but a multiple sets of standards. But there is still a shared sMPC and threshold design with the Storeman nodes.
The minimum cost is quite low, as can be shown with Wanchain 3.0’s cross chain implementation. In fact it requires just two smart contracts, one each on Ethereum and Wanchain to connect the two chains. To connect with Bitcoin all that is needed is to write a Bitcoin script. Our implementation guarantees both security and decentralization, while at the same time remaining simple and consuming less computation. The specific Ethereum contract and Bitcoin scripts online can be checked out by anyone interested in learning more.
Neutrino: What kind of consensus mechanism is currently used by Wanchain? In addition, what is the consensus and incentive mechanism for cross-chain transactions, and what is the purpose of doing so? And Wanchain will support cross-chain transactions (such as BTC, ETH) on mainstream public chains, asset cross-chain transactions between the alliance chains, and cross-chain transactions between the public and alliance chains, how can you achieve asset cross-chain security and privacy?
Lini: It is now PPOW (Permissioned Proof of Work), in order to ensure the reliability of the nodes before the cross-chain protocol design is completed, and to prepare to switch to POS (as according to the Whitepaper roadmap). The cross-chain consensus has been mentioned above, with the participation of a small consensus (at least 16 nodes) in a set of 21 Storeman nodes through sMPC and threshold secret sharing.
In addition, the incentive is achieved through two aspects: 1) 100% of the cross chain transaction fee is used to reward the Storeman node; 2) Wanchain has set aside a portion of their total token reserve as an incentive mechanism for encouraging Storeman nodes in case of small cross-chain transaction volume in the beginning.
It can be revealed that Storeman participation is opening gradually and will become completely distributed and decentralized in batches. The first phase of the Storeman node participation and rewards program is to be launched at the end of 2018. It is expected that the selection of participants will be completed within one quarter. Please pay attention to our official announcements this month.
In addition, for public chains, consortium chains, and private chains, asset transfer will also follow the cross-chain mechanism mentioned above, and generally follow the sMPC and threshold integration technology to ensure cross-chain security.
When it comes to privacy, this topic will be bigger. Going back to the Wanchain Whitepaper, we have provided privacy protection on Wanchain mainnet. Simply put, the principle is using ring signatures. The basic idea is that it mixes the original address with many other addresses to ensure privacy. We also use one-time address. In this mechanism a stamp system is used that generates a one-time address from a common address. This has been implemented since our 2.0 release.
But now only the privacy protection of native WAN transactions can be provided. The protection of cross-chain privacy and user experience will also be one of the important tasks for us in 2019.
Neutrino: At present, Wanchain uses Storeman as a cross-chain trading node. Can you introduce the Storeman mechanism and how to protect these nodes?
Lini: Let me one problem from two aspects.
Neutrino: On December 12th, the mainnet of Wanchain 3.0 was launched. Wanchain 3.0 opened cross-chain transactions between Bitcoin, Ethereum and ERC20 (such as MakerDao’s stable currency DAI and MKR). What does this version mean for you and the industry? This upgrade of cross-chain with Bitcoin is the biggest bright spot. So, if now you are able to use Wanchain to make transactions between what is the difference between tokens, then what is the difference between a cross chain platform like Wanchain and cryptocurrency exchanges?
Lini: The release of 3.0 is the industry’s first major network which has crossed ETH and BTC, and it has been very stable so far. As mentioned above, many cross-chain, password-protected theoretical designs are very distinctive, but for engineering implementation, the whether or not it can can be achieved is a big question mark. Therefore, this time Wanchain is the first network launched in the world to achieve this. Users are welcome to test and attack. This also means that Wanchain has connected the two most difficult and most challenging public networks. We are confident we will soon be connecting other well-known public chains.
At the same time of the release of 3.0, we also introduced cross chain integration with other ERC20 tokens in the 2.X version, such as MakerDao’s DAI, MKR, LRC, etc., which also means that more tokens of excellent projects on Ethereum will also gradually be integrated with Wanchain.
Some people will be curious, since Wanchain has crossed so many well-known public chains/projects; how is it different with crypto exchanges? In fact, it is very simple, one centralized; one distributed. Back to the white paper of Nakamoto, is not decentralization the original intention of blockchain? So what Wanchain has to do is essentially to solve the bottom layer of the blockchain, one of the core technical difficulties.
Anyone trying to create a DEX (decentralized exchange); digital lending and other application scenarios can base their application on Wanchain. There is a Wanchain based DEX prototype made by our community members Jeremiah and Harry, which quite amazing. Take a look at this video below.
https://www.youtube.com/watch?v=codcqb66G6Q
Neutrino: What are the specific application use cases after the launch of Wanchain 3.0? Most are still exploring small-scale projects. According to your experience, what are the killer blockchain applications of the future? What problems need to be solved during this period? How many years does it take?
Lini:
Lini: As a cross-chain public chain, we are not biased towards professional developers or ordinary developers, and they are all the same. As mentioned above, we provide a platform as infrastructure, and everyone is free to develop applications on us.
For example, if it is a decentralized exchange, it must be for ordinary users to trade on; if it is some kind of financial derivatives product, it is more likely to be used by finance professionals. As for cross-chain wallets which automatically exchange, I’m not sure if you are talking about distributed exchanges, the wallet will not be “automatic” at first, but you can “automatically” redeem other tokens.
Finally, the remaining WAN tokens are strictly in accordance with the plan laid out in the whitepaper. For example, the POS node reward mentioned above will give 10% of the total amount for reward. At the same time, for the community, there are also rewards for the bounty program. The prototype of the DEX that I just saw is a masterpiece of the overseas community developers, and also received tokens from our incentive program.
Neutrino community member’s question: There are many projects in the market to solve cross-chain problems, such as: Cosmos, Polkadot, what are Wanchain’s advantages and innovations relative to these projects?
Lini: As I mentioned earlier, Cosmos and pPolkadot all proposed very good solutions in theory. Compared with Wanchain, I don’t think that we have created anything particularly unique in our theory. The theoretical basis for our work is cryptography, which is derived from the academic foundation of scholars such as Yao Zhizhi and Silvio Micali. Our main strong point is that we have taken theory and put it into practice..
Actually, the reason why people often question whether a blockchain project can be realized or not is because the whitepapers are often too ambitious. Then when they actually start developing there are constant delays and setbacks. So for us, we focus on completing our very solid and realizable engineering goals. As for other projects, we hope to continue to learn from each other in this space.
Neutrino community member Amos from Huobi Research Institute question: How did you come to decide on 21 storeman nodes?
Lini: As for the nodes we won’t make choices based on quantity alone. The S in the POS actually also includes the time the tokens are staked, so that even if a user is staking less tokens, the amount of time they stake them for will also be used to calculate the award, so that is more fair. We designed the ULS (Unique Leader Selection) algorithm in order to reduce the reliance on the assumption of corruption delay (Cardano’s POS theory). which is used for ensuring fairness to ensure that all participants in the system can have a share of the reward, not only few large token holders.
Wu Di, a member of the Neutrino community: Many big exchanges have already begun to deploy decentralized exchanges. For example, Binance, and it seems that the progress is very fast. Will we be working with these influential exchanges in the future? We we have the opportunity to cooperate with them and broaden our own influence?
Lini: I also have seen some other exchange’s DEX. Going back the original point, distributed cross-chain nodes and centralized ones are completely different. I’m guessing that most exchanges use a centralized cross-chain solution, so it may not be the same as the 21 member Storeman group of Wanchain, but I think that most exchanges will likely be using their own token and exchange system. This is my personal understanding. But then, if you are developing cross chain technology, you will cooperate with many exchanges that want to do a DEX. Not only Binance, but also Huobi, Bithumb, Coinbase… And if there is anyone else who would like to cooperate we welcome them!
Neutrino community member AnneJiang from Maker: Dai as the first stable chain of Wanchain will open a direct trading channel between Dai and BTC. In relation to the Dai integration, has any new progress has been made on Wanchain so far?
Lini: DAI’s stable currency has already been integrated on Wanchain. I just saw it yesterday, let me give you a picture. It’s on the current 3.0 browser, https://www.wanscan.org/, you can take a look at it yourself.
This means that users with DAI are now free to trade for BTC, or ETH or some erc20 tokens. There is also a link to the Chainlink, and LRC is Loopring, so basically there are quite a few excellent project tokens. You may use the Wanchain to trade yourself, but since the DEX is not currently open, currently you can only trade with friends you know.
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About NeutrinoNeutrino is a distributed, innovative collaborative community of blockchains. At present, we have established physical collaboration spaces in Tokyo, Singapore, Beijing, Shanghai and other places, and have plans to expand into important blockchain innovation cities such as Seoul, Thailand, New York and London. Through global community resources and partnerships, Neutrino organizes a wide range of online an offline events, seminars, etc. around the world to help developers in different regions better communicate and share their experiences and knowledge.
About WanchainWanchain is a blockchain platform that enables decentralized transfer of value between blockchains. The Wanchain infrastructure enables the creation of distributed financial applications for individuals and organizations. Wanchain currently enables cross-chain transactions with Ethereum, and today’s product launch will enable the same functionalities with Bitcoin. Going forward, we will continue to bridge blockchains and bring cross-chain finance functionality to companies in the industry. Wanchain has employees globally with offices in Beijing (China), Austin (USA), and London (UK).
You can find more information about Wanchain on our website. Additionally, you can reach us through Telegram, Discord, Medium, Twitter, and Reddit. You can also sign up for our monthly email newsletter here.
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Even when the technology matures, homomorphic encryption is likely to find applications largely in niche fields, such as stock trading, where the need for privacy outweighs the tremendous computational costs. Nevertheless, computer scientists have shown time and again that the science fiction of today can very well be the reality of tomorrow. Homomorphic encryption is a form of encryption that allows computation on ciphertexts, generating an encrypted result which, when decrypted, matches the result of the operations as if they had been performed on the plaintext. Even when the technology matures, homomorphic encryption is likely to find applications largely in niche fields, such as stock trading, where the need for privacy outweighs the tremendous computational costs. Nevertheless, computer scientists have shown time and again that the science fiction of today can very well be the reality of tomorrow. Stack Exchange network consists of 176 Q&A communities including Stack Overflow, ... All known fully-homomorphic encryption schemes with compact ciphertexts use lattice techniques. Note, though, that this requires interpreting "lattice-techniques" in a relatively broad sense. Indeed: One can build FHE from indistinguishability obfuscation . In essence, this is a construction of a very ... homomorphic encryption scheme that can be desig ned. Unfortunately, there has been a very . little progress in determining whether such encryption schemes exist that are efficient and . secure ...
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Winter School on Cryptography: Fully Homomorphic Encryption and the Bootstrapping - Craig Gentry - Duration: 50:40. Bar-Ilan University - אוניברסיטת בר-אילן 3,155 views 50:40 Pitch of the Team "Homomorphic Blockchain: Quantum computing safe and GDPR conform encryption for DLT / Blockchain.” at Blockchained Mobility Hackathon 2018 From July 20th to 22nd 2018 the ... Public key cryptography - Diffie-Hellman Key Exchange (full version) - Duration: 8:38. ... Winter School on Cryptography: Fully Homomorphic Encryption - Craig Gentry - Duration: 1:59:38. Bar-Ilan ... - Zero knowledge proof encryption and Homomorphic Encryption - Issue Anonymous Assets and Tokens - SERO Ecosystem of SERO Coin, Tokens, Tickets, Packages - Achieved 20x encryption speed agains ... Kraken Chief Security Officer Nick Percoco gives an overview of how “end-to-end” encryption works so that your messages can be encrypted at every stage between you and the recipient. | http://bitcoin.automining.pw/?bitcoin=45309 |
U.S. Treasury Secretary Steven Mnuchin foreshadowed the Trump administration’s plans for greater surveillance of cryptocurrency users during his testimony before the Senate Finance Committee on Wednesday. He noted that cryptocurrency was a “crucial area” for the Treasury Department to examine, and said:
We are working with FinCEN and we will be rolling out new regulations to be very clear on greater transparency so that law enforcement can see where the money is going and that this isn’t used for money laundering.
While we haven’t seen any draft proposals at this point, Mnuchin’s call for greater transparency—a euphemism for intrusive surveillance— definitely got our attention. One of the real risks of cryptocurrency is that it could become a technology of financial surveillance, especially in the case of open ledger protocols such as Bitcoin. These are cryptocurrencies that create unerasable, public lists of transactions that, should a pseudonymous wallet ever be associated with an individual person, can potentially link together a huge number of financial transactions. And those transactions can be deeply revealing, pointing to everything from your friend network to your sexual interests to your political affiliations. Indeed, researchers have already proven that this is not a theoretical risk.
Law enforcement has long been interested in having access to financial records during investigations. But law enforcement access isn’t the only value, let alone the most important value, regulators need to solve for. There are already laws that regulate financial institutions that hold and exchange funds (including cryptocurrencies) for consumers, and offer pathways for law enforcement seeking to learn about transactions. Before adopting new regulations in this space, it’s vital that the U.S. Treasury and others first ask:
- Do existing laws and regulations already provide access for law enforcement? If not, where specifically are there shortcomings, and how significant of an issue is that?
- How will any future proposals ensure that privacy and freedom of association are preserved?
- How might proposed regulations impact privacy-enhancing blockchain projects that are under development?
EFF has been watching the evolution of privacy-enhancing technologies such as privacy coins and decentralized exchanges. While not widely used today, these technologies hold the potential to bring some of the privacy-preserving attributes all of us already enjoy with cash into the digital world. It’s vital that future regulation doesn’t threaten these innovations before they’ve had a chance to find a foothold.
We appreciate that some federal officials are highlighting a need for privacy when commenting on cryptocurrency policy. Earlier this week, Federal Reserve Chairman Jerome Powell spoke to the House of Representatives Committee on Financial Services. When asked whether the Fed had visibility into China’s efforts to develop a state-run digital currency, Powell noted that China is “in a completely different institutional context. For example, the idea of having a ledger where you know everybody’s payments, that’s not something that would be particularly attractive in the United States context. It’s not a problem in China.”
While we don’t share Powell’s impression that financial surveillance in China is “not a problem,” we appreciate that he understands that Americans won’t stand for a system of complete financial surveillance.
As regulators and lawmakers consider the challenges we face around cryptocurrencies, we urge them to work closely with the human rights and civil liberties communities. We are concerned about a future in which every financial transaction is captured and saved forever, creating a honey pot for malicious hackers and law enforcement as well as a chilling government shadow over every purchase or donation. For thousands of years, societies around the world have thrived with privacy-preserving cash. Rather than be the generation that kills cash, we encourage the Treasury Department and other federal officials to think about ways we can bring the best attributes of cash into our digital future. | https://www.eff.org/ar/deeplinks/2020/02/foreshadowing-cryptocurrency-regulations-us-treasury-secretary-prioritizes-law |
Monero is an open-source, privacy-preserving cryptocurrency project built on the CryptoNote protocol. It is similar to Bitcoin as it is a digital, peer to peer currency of which no one central authority is in control. However, there are also some key differences, which we will go into later. The ethos of Monero is quite simple. The community is attempting to build a cryptocurrency that is private, secure, and decentralised. The privacy comes from the specific cryptographic technologies used to obfuscate certain elements of information, the decentralisation comes from the commitment of the development team and community to something called ASIC resistance, and the security of the currency comes from a combination of the battle-hardened cryptography and the robust nature of a decentralised network.
In a previous article, we discussed how Bitcoin is a form of money that is not controlled by any government or central bank. Monero is very similar. The main difference between Bitcoin and Monero is that Monero is attempting to be a privacy-preserving form of value exchange, as opposed to an open, transparent and pseudo-anonymous one. Monero’s public ledger (the record of all transactions between parties) is public and verifiable, but the information contained within gives as little as possible away about transactions as possible. The main desire of the Monero development team and members of its open source community is to protect users, investors, and businesses from revealing information about their wealth, their spending habits, and their business dealings.
One of the main criticisms of Bitcoin is that the public ledger is fully transparent. This means that anybody can investigate, probe and analyse the record of transactions in the pursuit of information. In reality, this means that information may be available to the general public (and prying eyes) that people may not necessarily want to be known. The most simple example of this is the ‘nosey shopkeeper problem’. Imagine that Alice has 100 Bitcoin in her wallet. Alice goes into a shop and spends 1 Bitcoin on some item, let’s say a television. The shopkeeper would be able to look at a Bitcoin block explorer, search for the address they received the Bitcoin from, see that Alice spent the 1 Bitcoin, and also determine how much money is left in Alice’s wallet. They would know that Alice still has 99 Bitcoins. The next time Alice goes to the shop, the shopkeeper may decide to charge her a little more, as they know how much she has to spend, and how much she keeps in her wallet!
With Monero, this scenario would not be possible, as amounts and wallet addresses are not published on the public blockchain. There is no information that links individual transactions to wallet address, or to the value of transactions. All this information is kept private through the magic of cryptography!
History
The history behind Monero is quite interesting. Remember we talked about how the inventor of Bitcoin, and the author of the original Bitcoin whitepaper, was the anonymous Satoshi Nakamoto? Well, guess what? The creator of the CryptoNote protocol, on which Monero is built, is also an anonymous individual. in 2013, the CryptoNote whitepaper was released, authored by a person named Nicolas Van Saberhagen. The paper contained the schematic for a protocol that was very different from the design of Bitcoin. This ultimately led to a user, named thankful_for_today, creating a cryptocurrency called ByteCoin. After a tumultuous first few months, the community decided that thankful_for_today did not have the best interests of the community at heart, and so the project was forked. This essentially meant that the community created a new cryptocurrency based on the same technology. It was initially called BitMonero. Monero is the Esperanto word for Coin, and was named as such because Esperanto is seen as a politically neutral language as it does not belong to any specific country, government, or culture. It is important to note that BitMonero was launched as a fair cryptocurrency. There was no pre-mine, there was no airdrop, and there no initial coin offering (ICO). It was created by a group of individuals working towards a common goal. The BitMonero project was later rebranded and renamed simply to Monero.
Technology
The fundamental differences between Bitcoin and Monero is centred on the cryptographic technologies deployed within the protocol. There are three main technological “pillars” to Monero, seen as the fundamental building blocks of how the currency works at the protocol level. They work together to ensure that as much information regarding transactions remains private as possible. The protocol rules ensure that the sender of a transaction remains private (Ring Signatures), the recipient (Stealth Addresses), and even the value of transactions (Ring Confidential Transactions).
Ring Signatures
Ring Signatures is a method of cryptographically signing a transaction so that any outside observer is unable to determine which specific private key signed the transaction. Without going into too much detail, the actual process is as follows. When a transaction is made, the sender (or signer) of the transaction places the actual signature into a ring containing the real spend (or output), and a group of decoy outputs. This ring is called a ‘key image’. At the moment, the protocol demands that these key images contain the actual spend along with ten decoys – meaning there are 11 total outputs in each ‘key image’. The key image is what is published on the blockchain. The decoys ensure that an outside observer cannot determine which of the outputs is the actual spent in the transaction (at least without quite a lot of guesswork!). The effect of this is that it is near impossible to determine which private key (or signature) is the one that is actually spending funds.
Stealth Addresses
The second technology deployed within Monero is an addressing scheme called Stealth Addresses. A stealth address is a one-time use address that is determined from the public address of a wallet, plus some blinding/hiding factor. An outside observer cannot link the stealth address to a public wallet address, as only the wallet that generates the stealth address and the receiving wallet know the blinding factor – also known as a secret. The receiving wallet knows that it can access the funds associated to a stealth address, but an outside observer cannot determine that information, as they do not have the associated secret. Public wallet addresses do not get published on the Monero blockchain – only the stealth addresses. This layer of privacy ensures that observers cannot determine where Monero is actually being sent when a transaction is made between two parties.
Ring Confidential Transactions
The last technology of the cryptographic, privacy-preserving Monero suite is entitled Ring Confidential Transactions (or RingCT for short). Confidential transactions is another small bit of ‘math-magic’. In Monero, the amount of a transaction is handled by a recently developed schematic named Bulletproofs. Essentially these are zero-knowledge (Zk) proofs that enable a sender and a receiver to prove that a valid amount was transferred between them, without revealing the actual amount. The maths ensures that the public ledger of Monero contains no amounts – ever – and nobody can ever know how much you are spending, receiving, or storing in your wallet (unless you choose to show them yourself by revealing your information). This level of protection ensures that the Monero rich list is very interesting reading.
ASIC Resistance
One of the more interesting features about Monero is the communities commitment to ASIC (Application Specific Integrated Circuits) resistance. Remember that Bitcoin is secured by a consensus algorithm technique called Proof of Work. Proof of Work is a method through which consensus between miners is achieved; to determine who receives the write permissions for appending the next block to the blockchain. Monero also uses Proof of Work. However, the community believe that the barrier to entry should be as low as possible, and include solo mining functionality in the official GUI. As the demand for winning the coinbase reward has become so competitive in Bitcoin, miners and companies have developed special hardware, specifically designed to mine for Bitcoin. This hardware is expensive, and out of reach for most normal hobby users. This has the effect of centralising mining in the hands of those that have the resources and access to the latest mining technology.
Monero, on the other hand, wants to keep these barriers at bay. They believe that by tweaking the Proof of Work protocol every now and again, they can mitigate against the design and development of specifically designed hardware (ASICs), ensuring that hobby users and small miners can remain competitive. This has meant that the POW algorithm that is used by the protocol (called CryptoNite) has been tweaked by the Monero development team a number of times, and has ultimately led to the development of RandomX – a POW algorithm specifically designed to stave off ASICs for the foreseeable future. While RandomX has not been deployed on the main protocol yet, Monero hopes that it will pass all audits, and be included in the next major development upgrade.
Where to buy Monero
At the moment there are two main places to purchase Monero. The first is Kraken, a very well known and respected cryptocurrency exchange that operate out of the United States of America. This is an exchange through which you can purchase Monero, using GBP, EUR, and USD. You can also purchase Monero using Bitcoin. The second option is LocalMonero. LocalMonero is a peer to peer site, so you are buying directly from other Monero users. This affords a higher degree of privacy but comes at the expense of slightly higher prices. The website works as the custodian in trades and will settle any disputes that arise between buyer and seller.
Boinnex Bitcoin ATMs plan to also add support for buying Monero in the near future – so watch this space.
Wallets
There are a number of wallets available for Monero; both desktop and mobile. There are official Command Line Interface (CLI) and Graphical User interface (GUI) wallets available from the Monero website. These are available for all platforms. For mobile wallets there is the iOS based, community vetted and supported, open source CakeWallet. For Android, the open source Monerujo. There is also the community vetted and open-source MyMonero, which offers versions for a host of platforms.
What can I buy with Monero?
There are quite a number of merchants, retailers, and service providers that now accept Monero. A comprehensive list is on the official site. With payment platforms like Globee and the WooCommerce extension, there are more and more retailers being added to the list every day. There are is also a really handy service called XMR.to which allows you to quickly exchange your Monero into Bitcoin without any sign-up. You can use the service to buy something with your Monero that you would otherwise buy with Bitcoin.
Recommended Reading
There are some really great references out there for Monero, as it has firmly established itself as one of the leading cryptocurrencies, and is respected across the ecosystem for its friendly and inclusive commitment to privacy. There is a host of information available on the official site (https://getmonero.org), as well as companion sites such as Monero Outreach and MoneroStuff. There is also the rich information goldmine that is Monero.how. For a really simple overview of Monero, there is the QuickFacts sheet which has been written by the OutReach Monero workgroup. It is a really nice intro into Monero.
For those of you that prefer a deeper dive into Monero and its mechanics, I suggest Mastering Monero, a book that has been written by the community to explain the fundamentals of the protocol. For those of you that wish to know more about the cryptography, there is the Monero Research Lab – which is a dedicated workgroup that explores and researches a host of interesting cryptocurrency related privacy enhancing technologies. If you prefer to watch an introductory video, then a really great one can be found on Youtube, which explains most of the inner mechanics in a simple and easily understandable manner.
How to get involved?
As mentioned earlier, Monero is an open-source project – so anybody and everybody is welcome to get involved. The best place to start is probably the official Reddit sub. From there, a whole host of knowledge and opportunity is awaiting. If you want to start creating the future for privacy-preserving currency, the best time to start is now! | https://boinnex.com/what-is-monero/ |
Darmstadt, Germany – May 18, 2019 – in conjunction with EUROCRYPT 2019
Blockchain and distributed ledger technologies (DLTs) have emerged as one of the most revolutionary developments in recent years, with the goal of eliminating centralized intermediaries and installing distributed trusted services. They facilitate trustworthy trades and exchanges over the Internet, power cryptocurrencies, ensure transparency for documents, and much more.
Although based on cryptographic techniques at their core, the currently deployed DLTs do not address privacy. Indeed, the very idea of a public ledger that stores a verifiable record of transactions at first appears inherently incompatible with the privacy requirements of many potential applications, which handle sensitive data such as trade secrets and personal information. New cryptographic techniques and protocols are therefore needed to protect the data, facilitate these applications, and make DLTs deliver on their promises.
The purpose of the proposed workshop on Privacy-Enhancing Cryptography in Ledgers is to bring together researchers and practitioners working in cryptography, security, and distributed systems from academia and industry, who are interested in cryptographic techniques for improving the privacy of blockchains and their protocols. The main goal is to foster information exchange between attendees from the different areas, to present new developments in cryptographic schemes and protocols, as well as applications and challenges in order to stimulate both use of new cryptographic techniques to improve DLT-based systems as well as future cryptographic research targeting applications in DLT.
The workshop on Privacy-Enhancing Cryptography in Ledgers aims at discussing questions of confidentiality, privacy, scalability, and integrity in the context of distributed ledger technologies and cryptocurrencies. The workshop solicits submissions describing current work addressing decentralized cryptocurrencies and distributed ledger technologies, including cryptographic schemes and techniques, analytical results, work on systems, and/or position papers, with a focus on the area of privacy and confidentiality.
Topics of interest include, but are not limited to
Submissions should be written in English, formatted in single-column letter-sized or A4-sized format, and prepared as a PDF file. Submissions have to include: a title, author names and affiliations, and must not exceed eight pages, including references. Since there will be no proceedings, the eight pages are expected to give a precise idea of what will be presented at the workshop. Additional material such as a more detailed description or presentation slides may be added in an optional appendix. Papers must be submitted electronically.
Abstracts of the presentations will be distributed to the workshop participants. As there will be no proceedings, presenting work at PENCIL does not conflict with prior, concurrent, or subsequent publication of the material in any other conference or journal.
The submission server is now open!
The program of the workshop will include 3 keynote talks given by
|Juan Garay||Texas A&M University|
|Jens Groth||DFINITY|
|Charles Hoskinson||IOHK|
|Submission server opens||January 2, 2019|
|Paper submission deadline||February 15, 2019, 23:59:59 AoE (was Feb 10)|
|Notification of acceptance||March 18, 2019 (was March 3)|
|Workshop||May 18, 2019|
Björn Tackmann ([email protected]), IBM Research – Zurich, Switzerland
Ivan Visconti ([email protected]), University of Salerno, Italy
|Christian Badertscher||ETH Zürich|
|Fabrice Benhamouda||IBM Research – Yorktown|
|Benedikt Bünz||Stanford University|
|Christian Cachin||University of Berne|
|Melissa Chase||Microsoft Research|
|Sherman Chow||Chinese University of Hong Kong|
|Yi Deng||SKLOIS|
|Alexandra Dimitrienko||University of Würzburg|
|Maria Dubovitskaya||DFINITY|
|Sebastian Faust||TU Darmstadt|
|Georg Fuchsbauer||ENS Paris|
|Juan Garay||Texas A&M University|
|Peter Gaži||IOHK Research|
|Vincenzo Iovino||University of Luxembourg|
|Aggelos Kiayias||University of Edinburgh|
|Markulf Kohlweiss||University of Edinburgh|
|Helger Lipmaa||University of Tartu|
|Mark Manulis||University of Surrey|
|Ian Miers||Johns Hopkins University|
|Jesper Buus Nielsen||Aarhus University|
|Andres Ojamaa||Guardtime AS|
|Miyako Ohkubo||NICT|
|Alessandra Scafuro||North Carolina State University|
|Berry Schoenmakers||TU Eindhoven|
|Björn Tackmann (co-chair)||IBM Research – Zürich|
|Daniele Venturi||Sapienza University of Rome|
|Ivan Visconti (co-chair)||University of Salerno|
|Hong-Sheng Zhou||Virginia Commonwealth University|
The workshop takes place in connection with the EUROCRYPT 2019 conference. Registration will in February via the EUROCRYPT registration site. | https://www.cyberwatching.eu/news-events/events/pencil-workshop-privacy-enhancing-cryptography-ledgers |
# MobileCoin
MobileCoin is a peer-to-peer cryptocurrency developed by MobileCoin Inc., which was founded in 2017 by Josh Goldbard and Shane Glynn. It focuses on transactional anonymity (fungibility), ease of use, transaction speed, low environmental impact and low fees. MobileCoin's mechanics build on Stellar (for consensus) and Monero (for privacy), using CryptoNote alongside zero-knowledge proofs to hide details of users' transactions.
## Technology overview
The MobileCoin company claims the cryptocurrency can facilitate decentralized payments for everyday transactions more quickly than most other cryptocurrencies.
MobileCoin is a one dimensional cryptocurrency blockchain. Blocks use a consensus protocol originally developed for the Stellar payment network. Transactions are validated in SGX secure enclaves and are based on elliptic-curve cryptography. Transaction inputs are shown to exist in the blockchain with Merkle proofs of membership and are signed with Schnorr-style multilayered linkable ring signature, and output amounts (communicated to recipients via ECDH) are concealed with Pedersen commitments and proven in a legitimate range with non-interactive zero-knowledge proofs.
Much of MobileCoin's technology comes from previous privacy focused cryptocurrencies like Monero and has been re-written in Rust for MobileCoin.
## History
MobileCoin Inc., the entity behind MobileCoin, was founded in 2017 by Joshua Goldbard and Shane Glynn. Signal's Moxie Marlinspike assisted as an early technical advisor. The coin is intended to be an accessible form of cryptocurrency with a focus on fast transactions. In May 2018, MobileCoin secured $29.7 million in a funding round led by Binance Labs, in exchange for 37.5 million tokens. The foundation raised $11.35 million in venture funding in March 2021 and $66 million in Series B funding in August 2021.
## Payment and Trading
In-app payments via Signal and Mixin Messenger support MobileCoin for peer-to-peer payments worldwide. Cryptocurrency exchanges FTX and Bitfinex list MobileCoin for trading.
## Criticism
The integration of MobileCoin wallets into the popular security messager app Signal received criticism from programmers, such as Stephen Diehl who called it a pump and dump scheme, and security expert Bruce Schneier, who previously praised the app. Schneier stated that this would bloat the app and attract unwanted attention from the financial authorities. | https://en.wikipedia.org/wiki/MobileCoin |
Blockchain is a distributed ledger in which a database is distributed across numerous users. Blockchain technologies have recently come to the forefront of the research and industrial communities as they bring potential benefits for many industries. A ring signature is a special type of digital signature which has been widely adopted to protect anonymity and privacy in many cryptocurrencies and blockchain applications. Especially, a unique ring signature offers a special feature enabling the ability to determine whether a signer produces two different ring signatures of the same message with respect to the same ring. The signature size of the previous constructions of unique ring signature is large and grows linearly/sublinearly with the number of ring members. In this paper, we propose a more efficient unique ring signature with logarithmic size. We prove that our scheme is secure under the Decisional Diffie-Hellman and Discrete Logarithm Assumptions, and provide an implementation with a comparison with previous constructions. | https://ro.uow.edu.au/test2021/3736/ |
The adoption of permissioned blockchain technologies in the enterprise is a road full of challenges. The so called Web3 stack based on decentralized ledgers is still fundamentally immature to enable sophisticated enterprise business processes. Among the building blocks missing from enterprise blockchain platforms, identity raises to the top of the list as one of the omnipresent challenges of this new generation of enterprise solutions. At Invector Labs, we are regularly faced with the challenges of enabling identity management capabilities in permissioned blockchain solutions. As a result, we have developed certain ideas of the key capabilities and models of an identity layer for enterprise blockchain solutions which I would like to outline in this article.
Over the last five years, the identity management space experienced a renaissance with the emergence of a new generation of technologies that transition from complex systems such as CA or Microsoft Active Directory to more open, API driven platforms like Okta, Ping Identity, One Login as well as the corresponding stacks in the cloud platforms like AWS, Azure or Google Cloud. These platforms shifted the capabilities of identity from proprietary systems to open protocols such as SAML, OpenID Connect and others. However, this doesn’t mean enterprise identity management technologies are simple and easy to use. Quite the opposite, with the evolution of identity capabilities it also came an increase in the complexity of the requirements of identity management solutions. If look at the current spectrum of identity management architectures in the enterprise, there are a few characteristics that are worth highlighting:
· Based on Centralized Identity Providers: Enterprise identity management solutions typically rely on centralized identity providers that receive some form of user credentials as input and output an identity token.
· Based on Identity Protocols: At the moment, a significant percentage of enterprise identity management solutions leverage protocols like SAML, OAuth2 for its interactions.
· Fractionalized: The identity of users in enterprise environments is spread across different line of business systems or user directories. As a result, different applications tend to interact with different representations of a user’s identity.
Fundamental Frictions to Enable Identity in Permissioned Blockchains
Putting all these pieces together, we get a picture in which the identity of users in the enterprise is distributed across many systems but enforced by central identity providers. When comes to identity, there are two fundamental frictions that need to be addressed between the current architecture of enterprise systems and the universe of blockchain technologies.
· Consensus vs. Identity
· Centralized vs. Decentralized Identity Assertions
Consensus vs. Identity
Enabling identity management capabilities in permissioned blockchain scenarios goes beyond a technical challenge creates a friction with one of the fundamental principles of decentralized layers. The biggest contribution of blockchain technologies was that, for the first time in the history of computer science, we have a model in which we can trust math and cryptography instead of centralized parties. Using that principle as a foundation, blockchain architectures evolved based on consensus protocols such as proof-of-work(PoW) or proof-of-stake(PoS) that rely on computations in order to make decisions. In that decentralized world, identity hasn’t been a fundamental building block as the dynamics of the network should arrive to an optimal decision-making process.
The computation-based consensus models of blockchain stacks fundamentally contrasts with the enterprise solutions in which the identities of the participants are well known. In that sense, you can argue that consensus protocols deliver very little in a world of known identities.
Centralized vs. Decentralized Identity Assertions
The current architecture of enterprise identity management systems relies on centralized gatekeepers to create assertions about user’s identities. Reconciling that model with distributed ledger architectures in which the assertions will be distributed across a network of participants is far from trivial. Ideally, we need a model in which identity assertions are placed on-chain encoded in a cryptographically secured way and distributed to the relevant network entities.
The Building Blocks of Decentralized Identity in Permissioned Blockchains
To address some of the challenges listed in the previous section, there are a few technological components that we have found incredibly relevant in permissioned blockchain architectures.
Proof-Of-Authority
Proof-Of-Authority(PoA) is a type of consensus mechanism that relies on identity as a first class citizens. In PoA networks, consensus is achieved by referring to a list of validators (referred to as authorities when they are linked to physical entities). Validators are a group of accounts/nodes that are allowed to participate in the consensus; they validate the transactions and blocks. PoA doesn’t require solving computationally expensive puzzles to commit a transaction. Instead, a transaction simply has to be signed off by the majority of validators, in which case it becomes a part of the permanent record.
When adapted to enterprise blockchain scenarios, PoA consensus is very relevant as can leverage the existing identity of users and systems instead of relying on computational puzzles. There are several implementations of PoA consensus that are relevant to permissioned blockchains including Parity’s and Microsoft Azure
Decentralized Identity Protocols
The emerging field of decentralized identities looks to leverage decades of technological progress in identity methods and standards in the new world of decentralized runtimes. To achieve that, identity needs to be reconstructed using an architecture moves a lot of the traditional identity dynamics into a decentralized network of participants.
Microsoft has been one of the leaders in the identity management space for the last 20 years but even they realize that blockchain runtimes require a new identity models. Inspired by DIF, Microsoft recently proposed a forward-thinking architecture to enable decentralized identities in blockchain runtimes. The Microsoft architecture includes the following components:
· W3C Decentralized Identifiers (DIDs): IDs users create, own, and control independently of any organization or government. DIDs are globally unique identifiers linked to Decentralized Public Key Infrastructure (DPKI) metadata composed of JSON documents that contain public key material, authentication descriptors, and service endpoints.
· Decentralized systems: DIDs are rooted in decentralized systems that provide the mechanism and features required for DPKI.
· DID User Agents: Applications that enable real people to use decentralized identities. User Agent apps aid in creating DIDs, managing data and permissions, and signing/validating DID-linked claims.
· DIF Universal Resolver: A server that utilizes a collection of DID Drivers to provide a standard means of lookup and resolution for DIDs across implementations and decentralized systems and that returns the DID Document Object (DDO) that encapsulates DPKI metadata associated with a DID.
· DIF Identity Hubs: A replicated mesh of encrypted personal datastores, composed of cloud and edge instances (like mobile phones, PCs or smart speakers), that facilitate identity data storage and identity interactions.
· DID Attestations: DID-signed attestations are based on standard formats and protocols. They enable identity owners to generate, present, and verify claims. This forms the basis of trust between users of the systems.
In the context of permissioned blockchain implementations, decentralized identity protocols present a clear bridge between traditional enterprise identity management systems and blockchain DApps.
The Zero-Knowledge Proof Identity Stores
The concepts of attestations or claims as well as decentralized hubs are some of the most important principles of decentralized identity models. One interesting idea is to combine decentralized hubs with zero-knowledge-proofs protocols such as zk-SNARKs to add another level of privacy to the DIDs while allowing other protocols to validate identity attestations. I like to call this concept zero-knowledge identity stores and has been embraced by protocols like uPort.
In the zero-knowledge identity store model, the assertions related to the user’s identity will be encoded using zk-SNARKs and published on-chain. Smart contracts can validate assertions about the user’s identity without revealing anything about the underlying user’s identity which maintains the execution on-chain while enforcing high levels of privacy.
Some Decentralized Identity Solutions you Should Know About
The space of decentralized identity is certainly very nascent but there are already some relevant efforts that might serve for inspiration to security token protocols. Here are some of my favorites:
· uPort: uPort has been steadily building a series of protocols and solutions for managing identities in decentralized applications. The current stack is compatible with Ethereum smart contracts and can be leveraged in permissioned blockchain applications
· Azure BaaS: The Azure team has done a remarkable job extending the core protocols of different blockchain to leverage Azure Active Directory identities. A recent example of this work was the implementation of the proof-of-authority consensus protocol in Ethereum applications.
· Sidetree: It is a composition of code-level components that include deterministic processing logic, a content addressable storage abstraction, and state validation procedures that can be deployed atop Layer 1 decentralized ledger systems (e.g. public blockchains) to produce permissionless, Layer 2 DID networks.
· Hyperledger Indy: If you live in Hyperledger land, Indy offers one of the most complete stacks to enable identity management capabilities. The current version of Indy includes tools and libraries that implement some of the most common patterns in decentralized identity solutions.
Identity is one of the fundamental building blocks of permissioned blockchain applications and one that needs to be addressed in order to enable the mainstream adoption of these technologies. Efforts such as the decentralized identity foundation(DIF) are leading the way to bridge the gap between traditional identity systems and the new world of blockchains. Although there are some protocols and tools in the space, enabling identity capabilities in enterprise blockchain solutions is still a fairly complex endeavor. | https://coinerblog.com/identity-the-elephant-in-the-enterprise-blockchain-room-6f31ed8d4132/ |
Gaby Dagher, Ph.D.
Advisor
Hoda Mehrpouyan, Ph.D.
Advisor
Casey Kennington, Ph.D.
Abstract
Atomic swap facilitates fair exchange of cryptocurrencies without the need for a trusted authority. It is regarded as one of the prominent technologies for the cryptocurrency ecosystem, helping to realize the idea of a decentralized blockchain introduced by Bitcoin. However, due to the heterogeneity of the cryptocurrency systems, developing efficient and privacy-preserving atomic swap protocols has proven challenging. In this thesis, we propose a generic framework for atomic swap, called PolySwap, that enables fair ex-change of assets between two heterogeneous sets of blockchains. Our construction 1) does not require a trusted third party, 2) preserves the anonymity of the swap by preventing transactions from being linked or distinguished, and 3) does not require any scripting capability in blockchain. To achieve our goal, we introduce a novel secret sharing signature(SSSig) scheme to remove the necessity of common interfaces between blockchains in question. These secret sharing signatures allow an arbitrarily large number of signatures to be bound together such that the release of any single transaction on one blockchain opens the remaining transactions for the other party, allowing multi-chain atomic swaps while still being indistinguishable from a standard signature. We provide construction details of secret sharing signatures for ECDSA, Schnorr, and CryptoNote-style Ring signatures. Additionally, we provide an alternative contingency protocol, allowing parties to exchange to and from blockchains that do not support any form of time-locked escape transactions. A successful execution of PolySwap shows that it takes 8.3 seconds to complete an atomic swap between Bitcoin’s Testnet3 and Ethereum’s Rinkeby (excluding confirmation time).
DOI
10.18122/td/1656/boisestate
Recommended Citation
Gurung, Kiran, "Privacy-Preserving Protocol for Atomic Swap Between Blockchains" (2020). Boise State University Theses and Dissertations. 1656. | https://scholarworks.boisestate.edu/td/1656/ |
A brand is more than just a logo. It consists of a number of elements which come together to form our visual language. These elements include, but are not limited to, photographic style, colours, typography and tone of voice.The guidelines set out in this manual should be strictly complied with to ensure a consistently distinctive image for Brand South Africa. In this context, the focus is on the standardisation of the Visitor Information Centres across South Africa.
This handbook serves as a guide for VIC's daily operations and supplements the VIC's operational policies and/or procedures. All VICs are expected to comply with a range of Local, District and Provincial government legislations and regulations as well as other standards, rules and regulations laid down by sector bodies and legislation.
Visitor Information Centres (VICs) are key interactive contact points to assist tourists to get the most out of their stay in South Africa. Whether booking accommodation or searching for information about attractions, events, transport and activities, the traveller can collect brochures, maps and get great holiday ideas. This VIC Directory is an essential guide to locating VICs for visitor services across South Africa. For ease of use the VIC Directory is divided into sections that cover the following: a map of South Africa with brief profiles of the provinces, a list of VICs and important contact numbers. | https://tkp.tourism.gov.za/vc/Pages/Visitor-Information-Centre-Handbook.aspx |
Below is a summary of new sections, new naming, and UI updates that have been made in accordance with the launch of the Brand Guidelines feature on September 9, 2021.
The goal of introducing Brand Guidelines is to make it easier for users to collaborate and align with their teams and to better manage their brands through online tools. With this newly accessible design, we hope to make a platform that can be used not only by small teams but also by larger companies who need a long-term solution for brand management.
1. New Section: Brand Guidelines page
The Brand Guidelines section outlines and consolidates all of your brand's essential information in one page, including Brand Strategy, Visual Identity, and Messaging.
Before After
The section previously known as "Brand Story" has been renamed to "Brand Strategy" to encompass broader strategic needs for your brand. You can get a shareable link to the Brand Story page from your home screen.
Before After
The section previously known as "Design Elements" has been renamed to "Visual Identity" to include more guidance around usage of design elements.
Before After
2. New Name: Brand DNA page
The section previously known as "Brand Strategy" is now called "Brand DNA". This is the place to define your Brand's core principles that influence how the rest of your brand is shaped. When you open the Brand DNA page, you will be taken to the same Brand Strategy Frameworks screen as before.
Before After
If you have any questions or concerns, feel free to contact us from here. | https://support.zebranding.com/hc/en-us/articles/4405575003929-UI-and-naming-updates-with-the-launch-of-Brand-Guidelines |
- Location:
- Plymouth Meeting, PA
- Job Terms:
- Permanent
- Salary:
- DOE
- Start date:
- 12/07/2020
- Posted By:
- Maureen Shiver
- Date:
- 11/12/2020
Job Description:
Do you have a passion for creating visual brand systems? Do you pride yourself on your ability to craft brand experiences that include identity, packaging, web, print and digital applications? Does conceptual thinking matter to you as much visual aesthetic? If so, you may be the designer we’re looking for.
Our client is seeking several branding designers with a diverse skillset who can hit the ground running. You will work as part of a team developing brand applications for a wide range of print and digital touchpoints. The ideal candidate will have experience with corporate and consumer branding and the ability to communicate complex material in a compelling way. They should have strong skills in typography, page layout, infographics and illustration, as well as in the creation of digital image assets and web design. Front-end website coding, animation, and video editing experience is a plus.
We are looking for a candidate who:
- Has 1-2 OR 3-5 years agency or in-house experience. | https://aquent.com/find-work/162428 |
Seeking a Senior Art Director/ Designer Lead to provide oversight of the Identity Systems Designs Team for our Fortune 500 company. This position would oversee the decisions and the level of consistency for production and graphic designer. Must be a visual communicator and be able to tell the story. Portfolio should not only have individual projects but a body of work that transcends print to web, displays innovation, group leadership and dynamic examples of logo and icon design, vector images, flip sheets, posters, master style sheets, brand guidelines and style sheets.
Must be expert level at the current version of the Adobe Creative Suite. Illustrator, Indesign and Photoshop. The candidate will be creating templates in Microsoft Word, PPT and Keynote, style guides for rebrands and developing campaigns and design programs. This may include development of new identity systems for multiple campaigns.
Responsibilities Include:
- Drive the visual expression and evaluation of the brand that reflect its values, vision, and personality
- Translate the brand into a system of visual rules that can be reproduced consistently every time
- Prepare identity guidelines that eliminate any vagueness and clearly explain how to consistently development materials within brand
- Build a system of templates, advise on tools, and supporting art to enable consistent brand collateral development
- Stay abreast of latest trends in graphic design and photography
- Provide artistic expertise in conducting visual audits or collateral reviews
- Employ a masterful knowledge of technical design, printing, and interactive techniques to create a distinguished brand experience
- Deliver products that are stimulating, inventive, refined/sophisticated and uniquely different. | https://aquent.com/our-expertise/job-description-library/Art-Director-Sr-Designer-Lead-79290 |
How to Save Legal Emails to PDF Documents
Legal practitioners are faced with conflicting demands when it comes to litigation. On the one hand, legal practitioners must deal with 1) judicial obligations (for example, document and email production in discovery) and 2) ethical standards (for example, safeguarding attorney-client privilege and preventing inappropriate disclosure of client data). Legal experts, on the other hand, seek to give efficient service to their clients and avoid burdening them with additional fees that do not help them win the case. The collecting and production of email evidence for use in criminal or civil action is one of the issues.
Gathering email communications for criminal investigations
There are three legal procedures for collecting emails for use as evidence in a criminal investigation that are often employed.
- A warrant is a document that law enforcement obtains from a court authorizing them to conduct a search for probable evidence in a criminal investigation. Law enforcement must establish probable cause to suspect that an object, in this example an email, is evidence of a crime when getting a warrant. Here’s where you’ll learn about the most likely reason.
- A subpoena duces tecum is a court summons that requires the receiver to appear before the court and provide papers or other physical evidence for use in a hearing or trial.
- Signed Consent or Signed Authorization: In this instance, the owner of the Gmail account agrees to deliver email messages or provide access to their account on a voluntary basis.
Gathering email communications for civil lawsuit
The following are the most typical legal demands for emails to be obtained for use as evidence in civil litigation:
- A Demand for Production: This is a document, which comes as a part of the formal discovery process outlined in a jurisdiction’s civil procedural regulations.
- Stipulation: Attorneys on both sides of a legal case may stipulate, or agree, to enable the collecting of their client’s email communications in order to save money on discovery.
- Non-party Records Subpoena: A subpoena duces tecum is a court summons that requires the receiver to attend in court and provide papers or other physical evidence for use during a hearing or trial.
- Court Order: If the parties are unable to reach an agreement or there was an error in the first email production, the case may be brought before a court. The court may mandate a collecting method according to a prescribed protocol after hearing from counsel. The Court may also appoint its own expert to gather or analyze the initial collection of a party.
Why should you use Save Emails to PDF to capture legal emails?
The tools you use to gather your emails may make or break a case. If emails are not collected correctly, there are serious consequences:
- Inadmissible Evidence: Evidence may be found inadmissible if it was not collected correctly. As a result, appropriate protocol must be followed in every aspect right from the start.
- Spoliation Penalties: Spoliation monetary penalties may be levied if email evidence is acquired or obtained inappropriately, and any data is purposefully destroyed or otherwise manipulated in the process.
Save Emails to PDF is a program that collects email messages and converts them into PDFs that may be used as digital proof.
If you don’t want to encounter these challenges as you save emails to PDF, you should start using our tool. We will provide a comprehensive tool, which you can use to save any email you have to a PDF file. Then you just need to submit the PDF file to the court, which will be accepted. This will help you to stay away from legal issues that you may encounter. | https://www.lawyersdirectoryusa.com/tag/save-emails-to-pdf/ |
The primary responsibility of the Legal Assistant is to enhance the effectiveness of the Legal Counsel by assisting her in all legal aspects of Sprout Solutions. He/she shall have at least basic knowledge of Obligations and Contracts, Labor Law and Data Privacy Law, and a high level of research skills.
TASKS:
- Coordinate with government agencies and Legal Counsel for legal/litigation/compliance matters
- Draft and file court and legal documents, such as, but not limited to, memorandum of agreement, non-disclosure and data sharing agreements, company policies
- Conduct research on relevant laws, regulations, and legal articles
- Gather and arrange evidence and other legal documents for case preparation
- Organize and maintain documents in paper or electronic filing systems
- Prepares the inventory of contracts and agreements of the Company
- Perform other duties as assigned by the company
QUALIFICATIONS | COMPETENCIES:
- Bachelor’s Degree in Political Science, Legal Management and/or any related course
- At least 1-2 years of experience as a Legal Assistant
- With background in Obligations and Contracts, Labor Law, and Data Privacy Law
- Excellent communication skills, both written and verbal
- Must have high level research skills, strategic, and critical thinking
- Must be able to work and adapt in an Agile working environment
Sprout Solutions is proud to be recognized as a Great Place To Work Certified organization
Disclaimer
- Before we can proceed with the application, this is to confirm that you voluntarily give your consent to the following:
1. I Intend to apply for a position with Sprout Solutions Inc.
2. I voluntarily sent / will send my CV to Sprout Solutions Inc.
3. I agree to the processing of my personal and sensitive Information for facilitating my application with Sprout Solutions Inc., In accordance with Sprout Solutions Inc. Privacy Statement and the Data Privacy Act of 2012.
4. I agree to be contacted by Sprout Solutions Inc. and it's 3rd Party Reference provider for the purpose of processing my Job Application.
Sprout Solutions provides equal Opportunity Employment and Welcomes applications from all sectors of the society. Discrimination on the basis of race, religion, age, nationality, ethnicity, gender, citizenship, civil partnership status, or any other grounds as protected by law. | https://sprout.ph/sprout-careers/legal-assistant/ |
Job Title: Executive Assistant to MD/CEO
Job Location: Victoria Island.
Our Client, an Interior Design Services Company is seeking to hire an Executive Assistant to the MD/CEO.
ESSENTIAL JOB RESPONSIBILITIES
- Providing administrative assistance, such as writing and editing emails, drafting memos and preparing communications; Sorting the CEO’s emails and processing them accordingly
- Maintaining comprehensive and accurate corporate records, documents and reports;
- Performing minor accounting and bookkeeping duties;
- Organizing meetings, including scheduling, sending reminders and organizing catering when necessary;
- Answering incoming phone calls in a polite and professional manner and accurately taking messages; and prioritizing the most sensitive matters;
- Managing the CEO’s daily calendar and serving as liaison between the CEO and internal/external stakeholders including making appointments
- Coordinating travel arrangements (both domestic and international) and create trip itineraries;
- Using various software, including word processing, spreadsheets, and presentation software to prepare reports and/or special projects;
- Provide general administrative support.
- Answering the company phone and routing calls to the CEO and/or other relevant parties
- Planning/organising the CEO’s speaking engagements, interviews, business luncheons, client dinners and other related activities
- Accurately recording minutes from meetings and representing the CEO at meetings in some instances
- Reading and analyzing incoming memos, submissions, and distributing them as needed.
- Take Stock and Manage Office Supplies
- Creating and posting content to the Company’s social media accounts
- Reminding the CEO of important tasks and deadlines
- Handling confidential information
- Filing and retrieving corporate records, documents, and reports
- Performing any other task that may be assigned by the CEO
EDUCATION AND TECHNICAL REQUIREMENTS
- Minimum of BA/BSc. in relevant field.
- 2 – 3 years of experience as an executive assistant or other relevant administrative support.
- In-depth understanding of the Microsoft Office suite (Word, Excel, Powerpoint, Outlook).
- Ability to organize a daily workload by priorities.
- Must be able to meet deadlines in a fast-paced quickly changing environment.
- A proactive approach to problem-solving with strong decision-making skills.
- Professional level verbal and written communications skills. | https://jemineil.com/jobs/executive-assistant-to-md-ceo-2/ |
Delaware corporations have always been required to provide certain information to their stockholders under Section 220 of the Delaware General Corporation Law (DGCL), but the scope and form of that information has naturally changed as technology advances. A recent expansion of the type of documents that corporations may be required to provide occurred in a recent case in which the Delaware Supreme Court held in KT4 Partners LLC v. Palantir Technologies, Inc., that a corporation may be required to produce emails and other electronically stored records at the request of stockholders who bring books and records requests under Section 220. While the Court indicated that stockholders who have a “proper purpose” under Section 220 may be entitled to receive emails, it is important to note that the Court did not identify any safe harbors that corporations may rely on in order to avoid producing emails. Therefore, both private and public Delaware corporations should be aware of Section 220 and the type of materials they may be required to provide stockholders.
OVERVIEW OF STOCKHOLDER SECTION 220 INSPECTION RIGHTS
Section 220 gives stockholders of Delaware corporations the right to inspect a corporation’s books and records for any “proper purpose.” The goal of the statute is to provide stockholders with access to a discrete set of books and records that are necessary for their purpose which are less extensive and costly to produce than would be the case in discovery.
The technical requirements for asserting a books and records action require that a stockholder make a demand in writing under oath and direct the request to either the corporation’s registered office in Delaware or its principal place of business. The stockholder must state with specificity the purpose for seeking the inspection and identify with as much precision as possible the specific documents sought. The demand must also be accompanied by documentary evidence of the stockholder’s beneficial ownership of stock of the corporation. If a corporation refuses a stockholder’s request a court may summarily order the corporation to permit the stockholder to inspect the stock ledger, an existing list of stockholders and the corporation’s other books and records.
What is a Proper Purpose?
The threshold question in books and records actions is whether the stockholder has a “proper purpose.” The DGCL defines a proper purpose as “a purpose reasonably related to such person’s interest as a stockholder.” In general, Delaware courts provide deference to stockholders to satisfy this threshold question by asserting that any purpose that relates to a stockholder’s pecuniary interest in the corporation or the exercise of their rights as a stockholder is a proper one. This may include requests to seek materials to evaluate a director’s independence and suitability to serve on the board, to investigate potential corporate mismanagement, wrongdoing or waste, or to communicate with fellow stockholders. While Delaware courts often provide deference to stockholders, not all decisions have expanded their rights and Delaware courts have limited production where the stockholder’s purpose relates to a decision that falls squarely within the business judgment rule (absent evidence of a breach of a fiduciary duty). The business judgement rule is the presumption that a corporation’s directors and officers did not breach a fiduciary duty and acted in the best interests of the corporation if such directors and officers made their decisions in good faith and using appropriate procedures, even if the results of those decisions are unfavorable. A stockholder who brings a books and records action and asserts a purpose for the action relating to a director or officer decision that is protected by the business judgment rule will be unsuccessful in their request.
What Must Corporations Provide?
Assuming that a stockholder is able to assert a proper purpose, perhaps the most difficult question for corporations is determining what materials Section 220 requires them to provide. The Delaware courts have repeatedly acknowledged that Section 220 inspections are not the same as discovery for litigation purposes. Corporations need only provide those books and records that are “essential and sufficient to the stockholder’s stated purpose,” which is also to say those documents that are “necessary.” Generally, these materials include a capitalization table, stock ledger and any underlying agreements, as well as board and committee minutes relating to the stockholder’s purpose for bringing the request. However, as technology and the practice of record keeping has developed, stockholders are increasingly requesting emails and other electronic records.
KT4 v. Palantir
In KT4 Partners LLC v. Palantir Technologies, Inc., the dispute focused on an amendment to an Investors’ Rights Agreement between Palantir and certain investors, including KT4, which was implemented without KT4’s consent. This amendment stripped KT4 of their right of first offer with respect to any of the securities of Palantir as well as certain information and inspection rights KT4 previously enjoyed. In response, KT4 made a Section 220 request to inspect, among other things, “all books and records relating to any amendment or purportedly retroactive amendment to the Investors’ Rights Agreement made by Palantir or its stockholders.” In response to the request, Palantir offered KT4 its most recent financial statements and a capitalization table. Disappointed with Palantir’s response, KT4 brought an action in Delaware court to request access to all of Palantir’s books and records, including emails, relating to the amendment. While the Delaware Chancery Court ruled that KT4 had a proper purpose and was entitled to inspect the books and records of Palantir, the Chancery Court rejected KT4’s request for all emails and electronically stored information.
On appeal the Delaware Supreme Court held that KT4 was entitled to “documents used by Palantir’s board (or top management, as the case may be) in determining whether to adopt the amendments and evidencing the company’s authorization of the amendments; and . . . documents related to Palantir’s solicitation of investor consents, including investors’ responses to those solicitations.” Remarkably, Palantir conceded that there were no such documents showing how or why they entered into the amendment, other than various emails amongst investors, directors, or management. In return, the Court held that “if the only documentary evidence of the board’s and company’s involvement in the amendments comes in the form of emails, then those emails must be produced.”
KEY TAKEAWAYS
It is important to note that the facts in KT4 lean toward the extreme. Palantir conceded at oral argument that, while there were no board-level documents that satisfied KT4’s Section 220 request, there were emails. It is this fact that prompted the Court to note that a corporation that “conducts formal corporate business without documenting its actions in minutes and board resolutions or other formal means, but maintains its records of the key communications only in emails . . . has no one to blame but itself for making the production of those emails necessary.” In other words, if a corporation wants to avoid producing emails and other electronic records in response to a Section 220 request, it had better, at the very least, keep a record of its formal actions in board minutes and board resolutions.
While the Court stated, “if a corporation has traditional, non-electronic documents sufficient to satisfy the petitioner’s needs, the corporation should not have to produce electronic documents,” this begs the question of whether a situation may exist where a corporation has traditional non-electronic documents that do not satisfy a petitioner’s needs and whether a corporation may have to nevertheless provide emails despite the existence of formal records. The Court stopped short of declaring traditional formal records as a safe harbor for corporations seeking to avoid producing emails. However, in KT4 the Court suggested that there may be some level of deference to corporations who have traditional non-electronic documents. The Court noted that, “if a company observes traditional formalities, such as documenting its actions through board minutes, resolutions, and official letters, it will likely be able to satisfy a Section 220 petitioner’s needs solely by producing those books and records.” As it stands then, corporations should focus on maintaining the highest level of corporate hygiene and take solace in the notion that the more formal their record-keeping policies – and more specifically, the less Palantir-like those policies are – the less likely they will be required to produce emails and other electronic records in response to a Section 220 stockholder request.
Note that the right to inspect a corporation’s books and records extends beyond corporations to any entities that are directly or indirectly owned by the corporation and over the affairs of which the corporation directly or indirectly exercises control. | https://www.natlawreview.com/article/you-ve-got-mail-emails-may-be-subject-to-stockholder-books-and-records-requests |
Our organization was established in 2020 as a private residential and commercial developer in Nigeria and Africa with its base in Awka, the Capital City of Anambra State. We have over time developed expertise, experience and machinery required for conceptualization and implementation of contemporary housing projects. Our goal is to be at the forefront of residential and commercial real estate development in Nigeria and also in Africa; thus designing and building standard residential properties and commercial assets as good investment returns remains pivotal to our vision.
- Minimum Qualification: Degree
- Experience Level: Mid level
- Experience Length: 4 years
Job Description/Requirements
PRINCIPAL DUTIES/RESPONSIBILITIES
Reviewing new business relationships with vendors, marketers, and customers of the employer
Company’s secretarial duties
Purchasing properties through Federal, State Government and other related government or private agencies
Preparing reports by collecting, analyzing, summarizing data and trends
Prospecting and sourcing for properties, negotiation with relevant persons as might be assigned, for the interest of the company
Ensures that all documents are properly executed and authenticated and properly filed with relevant regulated bodies
Prepare the agenda of meetings
Attend all meetings and have an accurate official written record of what took place at each meeting
Title processing, property searches, and due diligence
Reviewing contracts, manage regulatory and compliance-related services
Ensure that appropriate approvals are in place before real estate transactions are executed
Prepare drafts, agreements, leases, and other related documents
Interact, Plan and Schedule meetings and conferences between tenants, owners, communities, project developers, and attorneys
Handle and process customer’s needs and requirements relating to real estate deals
Maintain and manage all databases relating to the real estate functions and activities on all legal matters
Monitor risks in real estate documentation and advise clients accordingly
Defend the municipal code litigation
Reading and understanding various Company contracts and deals and deciphering the legal jargon
In case of lawsuits, investigating the cause of the litigation, collecting evidence that is permissible in the court of law, and preparing all the groundwork required to fight the case
Ensuring that all the licenses, agreements and permits of the company are valid and renewing legal contracts before it lapses
Ensuring that all matters regarding tax are up to date
Oversee all the legal implications of new projects
Ensuring documentation of all legal documents of the company to maintain confidentiality
Ensuring that policies are up to date and approved
Reviewing amendments, leases, subleases, or purchase and collection of outstanding rent and service charge
keeping accurate data and records on legal transactions as well as documentation regarding all clients of the employer
draft and proofread correspondence, letters, emails, and legal documents between the employer and clients ( or potential client ) of the employer and communicate decisions to relevant company stakeholders: managing clients files
Other duties as may arise from time to time and as may be assigned to the Employee.
Requirements
A bachelor's degree in law
Membership of the Nigeria Bar Association is required
Minimum of 3-6 years of working experience in a Real Estate company. | https://www.jobberman.com/listings/company-secretary-nx262k |
Imagine this scenario: The President of Company X is negotiating with the President of Company Y to acquire certain assets for $100,000. Negotiations have stalled but both parties want to close the transaction. So President Y tells President X on the phone “If you can come up with another $10,000, we can sign the contract tomorrow.” President Y replies “I think that we may be able to do that.” The contract is signed the next day for $100,000 without revisions to include the additional $10,000.
Would President Y be able to collect the additional $10,000? Probably not if there is an “Entire Agreement” provision included in the contract (also called a “merger” or “integration” clause).
Here is an example provision:
“This Agreement constitutes the complete and exclusive contract between the parties regarding its subject matter. No other oral, electronic or written communications made prior to or at the time the parties sign this Agreement will have any legal force or effect. Changes to this Agreement may only be made by a written amendment signed by both parties.”
What does it mean?
In essence, this provision means all previous communications, including conversations, emails, and text messages, are merged into and superseded by the contract (visualize 2 lanes on a freeway merging into 1). In other words, it is not a part of the contract if it is not written in the contract.
If there are other documents between the parties that should remain in effect (for example, a nondisclosure agreement), be sure to explicitly list them as being included within the agreement.
A final note
These provisions are found in a variety of agreements such as asset purchase agreements, service agreements, commercial leases, and distribution agreements. They are often placed in the boilerplate “legalese” at the end of a contract that most business people tend to skim through or skip all together. This is one of many reasons why it is a good idea to have an attorney review your contracts before signing. | https://www.peddycordlaw.com/i-thought-you-saidthe-importance-of-merger-clauses/ |
There's a new candidate for the true identity of Satoshi Nakamoto, the pseudonymous founder of Bitcoin. Reporters and Bitcoin aficionados have long looked for Nakamoto, who authored the initial specification for Bitcoin and participated in its early governance before disappearing from the community in 2011. Now, new reports in Wired and Gizmodo turn the spotlight on Craig Steven Wright, an Australian info-security professional who has been completely absent from the speculation thus far. The reports stop just shy of definitively naming Wright as Nakamoto, but position him as a leading candidate who has thus far been ignored.
The case for Wright relies on a cache of emails and other documents leaked to Wired and Gizmodo, although the authenticity of that cache is still very much in question. The emails paint a portrait of someone deeply involved cryptocurrency while often trying to hide his own involvement. One email shows Wright contemplating a Bitcoin-like currency as early as June 2008, while another seems to establish something called the Tulip Trust, which would contain Nakamoto's known store of 1 million bitcoin. Blog posts written by Wright in 2008 and 2009 also refer to the creation of Bitcoin, with one even including a public PGP key linked with Nakamoto — although archives of the post suggest the relevant sections of the post may have been added years later.
More questions than answers
Reached by Gizmodo, Wright's wife confirmed that he worked on digital currency ideas earlier in his life, although the word Bitcoin wasn't used. Gizmodo also reached Ira Kleiman, a brother of one of Wright's close friends, who claims that Wright told him he was involved in the creation of Bitcoin. But while the statements are intriguing, neither definitively rules out the possibility of a hoax.
The result leaves us with more questions than answers. If the documents and emails are genuine, it's likely that Wright is Nakamoto, or was at least centrally involved in Bitcoin's initial conception. Still, it's entirely possible that the evidence is a hoax. Both reports rely on leaked documents from an unknown source, and there's very little in the cache that could not be faked. There's firm evidence for Wright's involvement in the Bitcoin world more broadly: documents show him investing $23 million in a firm called Hotwire and his LinkedIn page has him working for a "pre-IPO Australian listed company focused on alternative currency" for the past year. But evidence for earlier involvement in the protocol is still largely speculation.
Guessing at Nakamoto's identity has stirred up trouble in the past. In 2014, a Newsweek cover story alleged that Bitcoin's founder was a California resident named Dorian Nakamoto, as determined through an extensive "forensic reporting" process. The piece was later discredited, and is now the subject of an ongoing defamation lawsuit between Nakamoto and the publication. More recently, New York Times reporter Nathaniel Popper named Bitcoin developer Nick Szabo as the most likely candidate, although he stopped short of a definitive identification.
Correction: Newsweek's piece on Dorian Nakamoto was not retracted, as this article initially stated. Newsweek issued a statement standing by the reporting. | https://www.theverge.com/2015/12/8/9873538/bitcoin-satoshi-nakamoto-identity-craig-steven-wright |
Virginia Code 59.1-439: Investigations
A. The Commissioner may, with respect to extended service contracts:
Terms Used In Virginia Code 59.1-439
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Commissioner: means the Commissioner of the Department of Agriculture and Consumer Services or his designee. See Virginia Code 59.1-435
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
- Oath: includes affirmation. See Virginia Code 1-228
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Subpoena: A command to a witness to appear and give testimony.
1. Make necessary public and private investigations within or without this Commonwealth to determine whether any person has violated the provisions of this chapter or any rule, regulation, or order issued pursuant to this chapter;
2. Require or permit any person to file a statement in writing, under oath or otherwise as the Commissioner determines, as to all facts and circumstances concerning the matter under investigation; and
3. Administer oaths or affirmations, and upon motion or upon request of any party, may subpoena witnesses, compel their attendance, take evidence, and require the production of any matter that is relevant to the investigation, including the existence, description, nature, custody, condition, and location of any books, documents, or other tangible things and the identity and location of persons having knowledge of relevant facts, or any other matter reasonably calculated to lead to the discovery of material evidence.
B. Any proceeding or hearing of the Commissioner pursuant to this chapter, in which witnesses are subpoenaed and their attendance required for evidence to be taken, or any matter produced to ascertain material evidence, shall take place within the City of Richmond.
C. If any person fails to obey the subpoena or to answer questions propounded by the Commissioner and upon reasonable notice to all persons affected thereby, the Commissioner may apply to the Circuit Court of the City of Richmond for an order compelling compliance.
1991, c. 654. | https://www.lawserver.com/law/state/virginia/va-code/virginia_code_59-1-439 |
"Discovery in coverage and bad-faith litigation: are courts permitting more invasive discovery?" examined how the protections afforded to insurers by attorney-client privilege and the work product doctrine have been challenged and stretched through recent cases across the United States, particularly where bad faith of an insurer is alleged.(1) It confirmed that whether an insurer has impliedly waived attorney-client privilege continues to be a case-by-case analysis and revealed that asserting the 'advice of counsel' defence weakens an insurer's ability to claim the privilege where bad faith is alleged.
This update provides some practical pointers for insurers and attorneys to assist in laying the groundwork for privilege and asserting attorney-client privilege.
Laying the groundwork for privilege
- When emailing in-house counsel, make the specific request for legal advice clear. Merely writing "a request for comments" or for "feedback" does not equate to seeking legal advice. Simply copying an in-house counsel to an email does not automatically confer privilege – especially where an email is sent to various corporate, non-legal employees.
- In-house counsel should reply to the initial email and reference legal advice in the response. A court may note that a lack of a response to an email by in-house counsel weakens arguments for privilege; and even if a response is given, if the response can be construed as simply corporate/business advice, and not legal advice, privilege will not be conferred.
- In-house counsel who also hold operational/corporate titles must make it clear that the purpose of a communication alleged to be privileged is to render legal advice, and not business advice.
- In-house (or outside) counsel should not take on any claims-handling type of activities if counsel is engaged specifically for legal advice.
- Coverage counsel should consider, to the extent possible, creating separate documents for factual investigation and legal analysis of the facts. Otherwise, consider clearly delineating sections within a document titled "Facts and legal analysis", in order to set the argument for privilege down the road. Some courts emphasise that, even if in-house or outside counsel are involved in generating documents or communications pertaining to a claim file, if the nature of that document includes "facts and non-legal opinions and thoughts about the facts", then those documents are considered within an insurer's ordinary course of business and are not afforded attorney-client privilege or work product protection. In order to show that such communications with counsel are primarily legal, and not in a business capacity, one court has suggested that an insurer could offer "detailed explanations of the nature of the legal advice sought from counsel on a document-by-document basis". The court appeared displeased that an insurer did not attempt to separate factual investigations from legal coverage analysis of a claim, despite the insurer's position that separating the two was not practicable.(2)
- Coverage counsel should limit any business or claims-handling roles, and show the legal work and analysis provided.
- Coverage counsel should not contact the insured or other third parties with the coverage advice provided to the insurer.
- The following kinds of documents related to a claim can be sought:
- claim file;
- claim diaries relating to a particular claim;
- correspondence between in-house counsel for the insurer and insurance adjuster;
- coverage file;
- claims portfolio;
- claims memo/emails;
- corporate referral reports;
- correspondence/memoranda/letters/emails;
- all documents which can be accessed online by an insurer for a claim; and
- electronically stored information – including prior drafts, in native format, with metadata intact.
- If claims files are kept separately from coverage files, consider providing the court with an overview of how files are kept and separated.
- Consider taking a compromise approach from the beginning. Courts may be more receptive to claims of privilege if an insurer has historically shown a reasoned and balanced approach in contesting production of certain documents based on privilege. Instead of a near-blanket assertion of attorney-client privilege as to all claims handling materials, for example, consider taking a targeted, selective assertion of the privilege. Courts may view an insurer's initial dealings with the requesting party and efforts that an insurer has made to make certain compromises with production, as well as the insurer's interactions with the court.
- Consider redacting attorney impressions and legal opinions, and otherwise producing certain communications/documents.
- If using affidavits to bolster claims of privilege, consider multiple affidavits to strengthen a privilege claim. Consider also the submission of an affidavit of in-house counsel as well as outside counsel.
Asserting attorney-client privilege
- Contesting the discovery of privileged documents – emails within an insurance company that involved non-attorney employees, particularly without coverage counsel as a recipient, are less likely to prevail on a claim of privilege.
- Can attorney-client privilege also be claimed as an additional means to protect documents?
- Anticipation of litigation protection–generally, if work product protection is the only basis for withholding documents before this date, those documents may be ordered to be produced. Any documents after this date will be afforded work product protection.
- Document the file as to when an insurer began anticipating litigation – courts will look for notes, such as adjuster notes in a claim file, and other indications that litigation was anticipated.
- Courts may look for whether litigation was a primary motivating factor.
- Consider making an offer to provide withheld documents to the court for in camera review
- Consider the benefit of taking the time and resources to produce detailed privilege logs in order to bolster the showing of an insurer's good-faith efforts with the court (and opposing party), and to pre-empt any future arguments that further evidentiary bases are needed – evidentiary bases which could take substantially more time, expense and resources.
- Create a 'who's who'/'players list' – show for each individual listed on the privilege log who that individual is and what his or her role is. List email addresses in the players' list that appears on the privilege log. Be sure to distinguish attorneys on the players list from non-attorneys.
- Pay special attention to third parties – in particular for third parties, ensure that all third parties are listed on the players' list and if any third parties are providing legal advice, explain that role. Explain on the players' list who retained any third parties and how they may have been involved in the provision of legal advice. Explain how communicating with those third parties did not waive a claimed privilege.
- Be detailed in privilege log entries – the goal of a privilege log is to "describe the nature of the documents, communications, or tangible things not produced or disclosed – and [to] do so in a manner that, without revealing information [that is] itself privileged or protected, will enable other parties to assess the claim".(3)
- Show the reasons why a document or communication is privileged. The courts may order that the privilege log explain the reasons for withholding communication with specific detail.
- Mark the date and place of the communication.
- Mark the document's general subject matter.
- Show who authored documents and identify attorneys. Make sure to clearly note the parties to a communication as well as the attorney involved.
- Show the recipients of a communication/document. Where attorney-client privilege is claimed, identify the attorney whose advice was reflected in the document.
- Show why each attachment to an email is privileged – attachments to emails that are alleged to be privileged are not automatically granted the same privilege. A privilege log should list the separate reasons that attachments are privileged, for each attachment.
- Note who is involved in creating the privilege log.
- Organise the privilege log – for example, in chronological order. This makes it easier for the court to review; a lack of organisation will not be well received by the court. Consider an index for documents that relate the documents to the privilege log. Consider physical organisation – for example, producing documents in camera in the same order as listed on the privilege log.
- Double check whether any documents have not been logged in the privilege log.
- If warranted, be prepared to make certain compromises or concessions instead of a blanket refusal to make any corrections. Beware of the sanctions of a poorly drafted privilege log.
- Show the same level of care and analysis when redacting documents.
- Take care that only relevant portions of documents/communications are redacted
- Beware of re-designating formerly privileged documents as 'non-responsive'.
Privilege log – providing documents in camera
- Select emails carefully – judges will look to distinguish between business and legal advice in in-house counsel emails. Where judges find a pattern of construing privilege in a consistently overbroad or inaccurate manner, the party seeking to uphold a privilege may lose credibility and will risk losing credibility with the court.
- Does a representative sampling of documents produced in camera make sense?
- Does the court require additional evidentiary bases for privilege? At one extreme, courts may require an affidavit, deposition transcript or other evidence for an insurer to establish an evidentiary basis, beyond the privilege log, for each element of each privilege/protection claimed for each document or category of document.
- Does the requesting party argue that an exception to privilege applies?
- With regard to disclosure to third parties, make it clear from the privilege log/other who the third party is and, if applicable, why disclosure to the third party does not break the privilege.
Other documents sought from an insurer
- Be detailed in objections to discovery demands beyond simply stating a case name and apply the case or legal theory to the facts of the case.
- Submit a burden affidavit in a timely manner – for example, when first objecting to a production request in an opposition to a motion to compel.
- When raising an undue burden argument, state specific facts evidencing the burden.
- Raise attorney-client privilege/work product protection, as applicable.
- The court may narrow the time period and otherwise limit the request, but may order production. If documents must be produced, attorney-client privilege should be raised to redact what is produced, with a showing to the court of the unredacted documents in camera.
- The court may permit a representative sample of the other policyholder documents for its review in camera.
Manner of production of claims files
- Parties may seek native documents from insurers with metadata intact. Make it clear to the court that the party requesting native documents must show how the production of metadata is relevant to its claims.
- Check the spoliation rules in the new e-discovery amendments to the Federal Rules of Civil Procedure (which took effect on December 1 2015), with respect to electronic case files.
- Emphasise other concerns as to why the production of native files with metadata is harmful, such as:
- the proprietary nature of certain software used by insurer;
- the insurer's right to withhold privileged information;
- (if applicable) the need to limit the production of information regarding unrelated policyholders that is irrelevant to the case; or
- the added costs of reproducing information already produced in PDF/other format.
- Various insurers produce documents in non-native formats, which can be in PDF, TIFF (imaged file) or hard copy format. PDF/TIFF format will likely be better received than hard copy, since it can then be created in searchable form, building the argument that the function of the PDF/TIFF is more like the functionality of metadata.
- When utilising PDF or TIFF formats, produce documents in searchable form. Producing in searchable form will strengthen an insurer's argument that the documents mimic the native format in that they are searchable.
- Insurers may encounter an objection to a paper or PDF production that such production does not satisfy Federal Rule of Civil Procedure 34(b)(2)(E), which states that electronically stored information must be produced as it is "kept in the usual course of business" – the party seeking production will argue that this requires native format with all accompanying metadata.
- Insurers which have already produced ESI in PDF/other non-native format can raise Federal Rule 34(b)(2)(E)(iii)'s guidance, which states that normally "[a] party need not produce the same electronically stored information in more than one form".
- If any additional reproductions are required, request that the costs be borne by the moving party, especially where searchable PDFs were produced and the moving party did not show the relevance of metadata to claims.
For further information on this topic please contact Rachel Kim at Mendes & Mount LLP by telephone (+1 212 261 8000) or email ([email protected]). The Mendes & Mount website can be accessed at www.mendes.com.
Endnotes
(1) The analysis was based on the author's National Survey of 2014-2015 Cases Relating to Attorney-Client Privilege/Work Product Doctrine, a case law compendium of 150 cases decided in 2014-2015 relating to attorney-client privilege in the context of insurance coverage litigation. For further details please contact Rachel Kim at [email protected].
(2) See Charter Oak, Civil Action DKC 09-0100 (D Maryland May 17 2013); also Charter Oak, 2015 US Dist LEXIS 43109 (April 1 2015).
(3) Ingenco Holdings, LLC v Ace Am Ins Co, 2014 US Dist LEXIS 170357 (WD Wash Dec 8 2014).
Published by permission of DRI (Voice of the Defense Bar – www.dri.org); copyright of this article and any portion of this article (including edited versions) belongs to DRI and the author, as set forth in the DRI Agreement.
This article was first published by the International Law Office, a premium online legal update service for major companies and law firms worldwide. Register for a free subscription. | https://www.lexology.com/library/detail.aspx?g=668cf50a-b0f5-4008-a2f5-65844cfab816 |
- Join highly skilled passionate team of non-profit professionals based in Hawthorn.
- Be the lead person for writing all speeches relating to the program.
- Lead the development of an annual strategic communications plan for the education program.
The Communications Adviser, Education is responsible for ensuring clear, consistent and timely communications to all internal and external stakeholders, through the development and execution of targeted communications plans, including key messages and stakeholder relations activities as well as the development of communications to support engagement with key partners, Government divisions and the Education sector. You will also be responsible for the development of an annual communications plan targeted to both external and internal audiences and assisting in the development of quality and relevant collateral that supports the program.
Reporting to the Strategic Communications Manager your key responsibilities will be to;
- Work closely with team leads and advisers as well as the wider team to ensure stakeholder communications are part of an integrated approach to engage with internal and external stakeholders.
- Be the lead person for writing all speeches relating to the program.
- Develop and maintain accurate and relevant key messages for use by internal stakeholders.
- Work closely with the Strategic Marketing Manager, to lead the development of an annual strategic communications plan with built in objectives, key messages, targeted stakeholder campaign activities, timeline, budgets and tools for measurement.
- Develop appropriate and effective communications for key audiences, including development of presentations, letters, emails, briefing notes and written submissions.
- Work closely with other team members to develop key messages/speaking notes for stakeholder events, conferences and presentations.
- Work closely with team to develop communications for governance and advisory groups to communicate key elements of the project development and roll out. Support/develop EDM, webinars and general communications to support engagement with these groups.
- Work with the Strategic Communications Manager to help transfer research, clinical and specialist insights into effective communications strategies and activities.
- Assist with writing and editing relevant corporate publications and documents as required to ensure consistency, quality and alignment with messaging.
- Maintain consistency with brand, style and language guidelines, policies and practices.
- Support the development and implementation of a Communication and Stakeholder Engagement work plan to ensure delivery to agreed timelines and budget and to mitigate risk.
- Provide high quality written documents including briefing notes, preparation of contracts and agreements, and project management documentation; and provide input into the development of key reports, including Board reports, external reporting and ad hoc reports as required.
- Build strong relationships with key stakeholders at partner organisations to create successful two-ways channels of communications.
- Represent and support delivery partners at major conferences and other events as required.
- Build relationships with key internal and external stakeholders to support effective communications and engagement activities.
We are looking for a collaborative, innovative person with solid experience in speech writing and previous experience in developing and implementing annual strategic communications plans as well as the ability to build and manage stakeholder relations.
Previous exposure to working within government, mental health or the non-profit sector would be an advantage but not essential. This is a two year fixed term contract with view to extension.
To submit your application please click apply and send your resume in WORD format. | https://www.lloydconnect.com.au/jobs/communications-adviser |
Protecting Attorney-Client Privilege When Emailing with Outside DirectorsPDF
To qualify for protection under the attorney-client privilege, communications of legal advice, including email, must be made in confidence. When company counsel is communicating with a board of directors comprised of outside directors, thoughtful attention should be given to whether or not email communications with those directors are indeed confidential, and therefore privileged.
Most outside directors have other business interests, and many are employed by other companies. Often, outside directors use their employer's email system as their primary means of email communication. Does a confidential and privileged attorney-client communication retain those characteristics when sent by counsel for Company A to an outside director employed by Company B and using Company B's email system? That email -- intended to be privileged and confidential -- is controlled by another company, and is subject to actions of that other company, which may jeopardize the confidential and privileged nature of the email.
In analogous cases examining whether an employee's personal emails on an employer's email system are privileged, courts look to the expectation of the receiving party (here, the director) to determine whether the communication on the employer's email system is indeed privileged. In examining a director's expectation of privacy, a court may ask: Does the director's employer have a policy regarding email use and privacy? Does the director's employer have practices that include monitoring email content? What was the director's role within the organization?
If the director's employer has a policy or practice of accessing or monitoring email content, the director may not have a privacy expectation that is sufficient to protect the attorney-client privilege. On the other hand, if the director's employer allows personal use of the email system and does not have a policy or practice of monitoring email content, the director's expectation of privacy would be much greater and the privileged communications would likely be protected.
A potential threat to the confidential nature of privileged email communications arises if the director's emails on the employer's system are ever subject to discovery in an investigation or civil action -- whether that discovery is relevant to the employer's business or the company's business. If the employer must collect and review the director's emails for a matter related to the employer's business, company counsel likely will never know that privileged email communications regarding company business have been accessed and reviewed by the employer or its counsel.
If the director's employer receives a subpoena for company-related emails, or if the employer is cooperating to provide the emails voluntarily to the company, the logistics of the discovery process still present challenges. Retrieving the emails from the director's employer's system will require the employer's IT personnel to access the confidential and privileged emails. The director's employer may be unwilling to produce the director's emails to the third party serving the subpoena, or even company counsel, without first reviewing the emails to segregate those regarding the company from those relating to the employer's business.
If the director's emails are reviewed by counsel for the employer, the confidentiality of those communications is compromised and a court may find the attorney-client privilege was waived. Two alternatives may be used to avoid this result, but both require forethought and cooperation from the director's employer. Company counsel can provide the director's employer with search terms to identify and segregate the director's emails regarding company business. If the director's employer desires to review the documents prior to production, company counsel should attempt to negotiate a review by contract or other lawyers working at the direction of company counsel -- not the employer's counsel -- to protect the privilege.
A best practice for all email communications regarding board business is to indicate clearly in the subject line that the email relates to company business and is a privileged and confidential communication. This practice may increase the director's expectation of privacy -- if the language is treated by the employer as deserving confidential treatment under the employer's polices and practices. Further, if possible the director should segregate all emails regarding board business.
Both of these actions will allow the emails to be located more easily and may obviate the need for the employer to review them prior to production, in the situation discussed above.
To avoid these issues entirely, company counsel should consider alternative means of email communication with board members, including providing company email accounts to directors or instructing directors to use personal email accounts, rather than their employer's email systems, for board-related communications.
Protecting the confidential nature of privileged email communications with outside directors may require some changes to practice, but they should be considered thoughtfully to avoid unintended waiver of the privilege. | https://www.robinsonbradshaw.com/newsroom-publications-Protecting-Attorney-Client-Priviledge-09-30-2009.html |
There are different types of privilege, such as privilege against self-incrimination, privilege that attaches to "without prejudice" negotiations and legal professional privilege, which is considered in this chapter and is hereinafter referred to as LPP. There have been attempts to extend privilege beyond the legal professions but they have failed, since communications with other professional persons do not automatically attract legal professional privilege. Such communications may attract privilege where the communications are carried out in anticipation of litigation and with the dominant purpose of preparing for that litigation (Waugh v British Railways Board AC 521). The basis of LPP is that litigation can only be conducted properly by professional lawyers and that it is therefore necessary for a litigant to be able to communicate with his lawyers in unrestricted confidence.
The decision of the House of Lords in R v Derby Magistrates’ Court ex parte B 4 All ER 526 is that LPP is absolute and a court is not to attempt a balancing exercise between the public interest in maintaining lawyer - client confidence and other public interests. LPP attaches to communications and nothing but communications; therefore a lawyer can be forced to disclose the identity of a client.
64.2 Comparison of LPP and confidentiality
Communications between a lawyer and his client for the purpose of giving and obtaining legal advice attract privilege. The existence of privilege becomes relevant when litigation is anticipated. Essentially privilege is to do with litigation and confidentiality has (generally) nothing to do with litigation. If a secret was told to a lawyer by a client, it would be protected outside the courtroom by the law of contract (it being an implied term of the contract between a lawyer and his client that the lawyer will not disclose what passes between them). The same secret will be protected in the courtroom by the law of legal professional privilege (LPP). Privilege attaches to certain classes of potential disclosures, in practice exchanges between professional persons and their clients, which were carried out in anticipation of litigation and with the dominant purpose of preparing for that litigation (Waugh v British Railways Board AC 521). The law of confidentiality attaches to the information itself. The law of public interest immunity (often referred to as PII) is not properly described as privilege; it is much more closely akin to confidentiality. PII is not covered in this chapter.
64.3 Communications covered by LPP
Letters and other communications passing between a party and his solicitors are privileged from production provided they are confidential, written to or by the lawyer in his professional capacity and for the purpose of getting legal advice or assistance. In the case of Balabel v Air India Ch 317 the Court of Appeal held that the continuum of communications made between a lawyer and his client for the purpose of keeping each other informed so that legal advice may be sought and given as required also attracted privilege. In the case of Nederlanse Reassurantie Groep Holding NV v Bacon & Woodrow (a firm) 1 All ER 976 it was held that advice from a solicitor on matters not directly related to the law, such as the commercial wisdom of a transaction in relation to which legal advice is also sought, attracts privilege provided that the giving of that advice is directly related to the performance of his professional duty as a legal adviser. A client need not in either civil or criminal proceedings give in evidence communications between him and his legal adviser which fall into the classes detailed below. The legal adviser cannot, without his client's consent, give in evidence, in either civil or criminal proceedings, such communications, since privilege belongs to the client (see paragraph 64.6). Not all communications between the lawyer and his client are protected; those which attract privilege are communications made either:
The rule applies not only to domestic litigation but also to current, pending or contemplated foreign litigation. Therefore, if privilege attaches to a communication in a foreign court, the communication is privileged in subsequent English proceedings.
Section 10 of the Police and Criminal Evidence Act 1984 sets out items subject to legal professional privilege; and section 10(2) states that items held with the intention of furthering a criminal purpose are not items subject to legal privilege.
Communications with opposing parties (who are not third parties) cannot be privileged.
64.4 Who does LPP apply to?
The rule relating to LPP as set out above applies to the following persons :
If a non-legally qualified person, not falling into one of the exceptional groups above, performs the function of a legal adviser, communications between him and the client will be privileged.
In R v Umoh (1986) 84 Cr App. R 138, it was held that communications to and from a legal aid officer were not to be legally privileged. The Director of Public Prosecutions is not regarded by the English courts as a lawyer and so communications sent to him by police forces asking for legal advice were held not to be legally professionally privileged although they did attract public interest immunity from disclosure (see Evans v Chief Constable of Surrey QB 588).
64.5 Effect of LPP
The effect of a valid claim to privilege is that a witness cannot be compelled to answer any question to which the answer is information to which privilege attaches.
64.6 Situations when LPP cannot arise or where there is an implied waiver Criminal or fraudulent intentions
There are two established situations in which legal professional privilege cannot arise:
1) Fraud - if a client asks a legal adviser for advice which the client intends to use to facilitate a crime or a fraud and the legal adviser does not know that this is the purpose of the client seeking advice, the communications between the client and the lawyer are, on the grounds of public policy, deemed not privileged (see R v Cox & Railton 14 QBD 153). If a lawyer knows of the dishonest purpose and still gives advice, he does not act as a lawyer and the communications between him and his client are accordingly not legally privileged. Previous decisions had been that communications in connection with devices designed to defeat creditors, or inducements to breach contracts, would still attract legal professional privilege (see Konigsberg (a bankrupt) 3 All ER 289). However, the decision of the Court of Appeal in Barclays Bank plc v Eustice 4 All ER 511 was that "legal advice sought or given for the purpose of effecting iniquity was not privileged "(see also paragraph 31.4.64). If a solicitor acts for both the lender and borrower in relation to a mortgage transaction, legal professional privilege asserted over confidential communications between the solicitor and the borrower may be overridden on the lender’s application for discovery where the borrower has made a deliberate misrepresentation to the lender in order to secure an advance, provided that bad faith or impropriety has been pleaded and there is a sufficient foundation of fact to support that allegation (Nationwide Building Society v Various Solicitors).
2) Expert reports prepared in proceedings under the Children Act 1989 - the established principle is that in proceedings under the Children Act 1989 or in ward-ship, disclosure of legally privileged documents will be ordered if it is in the interests of the child concerned for that disclosure to take place, and
In addition, where civil proceedings are brought against a solicitor by his client, the client impliedly waives legal professional privilege in relation to all relevant documents to the extent necessary to enable the court to adjudicate on the matter fully and fairly.
64.7 Duration of LPP
Once a communication is privileged, it is always privileged (Calcraft v Guest 1 QB 759). This means that once client A's privilege has attached to a particular communication or document, that privilege persists for the benefit of client A and his successors in title while the interest which the privilege protects continues to exist. Care is needed in identifying the interest protected by the privilege. The privilege attracted by a report may subsist only in respect of the litigation for which it was created (Schneider v Leigh 2QB 195). There is a privilege which may be called a "common interest" privilege which is a privilege in aid of anticipated litigation in which several persons have a common interest (Buttes Oil v Hammer (No3) 1QB 223). A common interest is generally easy to identify. The common interest may come to an end and when it does, the privilege will not follow the separate parties. Where statute grants privilege, it will often decree for what purposes that privilege subsists.
64.8 Who does LPP belong to?
LPP belongs to the client not to the lawyer. LPP can be waived by the client but not by the lawyer, although there are a number of circumstances in which the lawyer will be found to have the client's actual or ostensible authority to waive the client's privilege. LPP passes to personal representatives and to trustees in bankruptcy. Privilege passes to successors in title and survives the death of the client (Bullivant v A-G for Victoria AC 196). If a party to an action assigns or otherwise transfers his interest in that action to another, his (relevant) LPP passes to the other (see Crescent Farm (Sidcup) Sports Ltd v Sterling Offices Ltd Ch 533). Where a document is privileged because an insurer caused it to be created for the purpose of pending or contemplated litigation on behalf of an insured, the insured as well as the insurer can claim that the document is privileged (Guinness Peat Properties Ltd v Fitzroy Robinson partnership 1 WLR 1027; 2 All ER 716).
Privilege cannot be asserted against a party who has a proprietary interest in the documents sought. The burden of proving the existence of the proprietary interest rests upon the party seeking production of the document. Trustees cannot claim privilege against beneficiaries; this principle also prevents persons in positions analogous to that of a trustee from claiming privilege as against persons analogous to that of a beneficiary. Where two persons jointly engage the same solicitor to act for them in the same transaction, neither party can assert legal professional privilege as against the other to prevent that other seeing any communication passing to or from the solicitor in his "joint" capacity, although communications between the solicitor and one of his clients on a separate matter will attract privilege that can be asserted against the other joint client in the original matter.
64.9 Waiver of privilege
Privilege can be expressly or impliedly waived by the client or his agent. The normal rules of agency apply and so the client, as principal, can be bound by waiver made by someone acting with actual or ostensible authority. If a document is read or is put in evidence, privilege is waived in respect of it. A deceased client's personal representative or a bankrupt client's trustee in bankruptcy can waive privilege.
64.10 Express waiver
In relation to express waiver, the general rule is that one can give away as much or as little of one's own privileged information as one wants. The important caveat to this rule is that one must not by giving partial disclosure of privileged information mislead another party or the court. If partial voluntary disclosure of privileged information has been given and there is reason to believe that this does mislead, the court is likely to order disclosure of a sufficient amount of further information for the picture to be made clear. Parties who voluntarily waive privilege in respect of a particular document will not be forced to disclose other privileged documents which deal with issues which are simply mentioned in the voluntarily disclosed document. The main principle is that a party is not entitled to edit his evidence, relying on the favourable parts of privileged communications, but refusing to reveal the rest. Where a party waives privilege in respect of part of a privileged document, he will generally be taken to have waived privilege in respect of the whole document unless the other part relates to an entirely distinct and unconnected matter such that severance of the document is possible. Where privilege is waived in respect of a principal document that waiver is confined to documents relevant to the transaction with which the principal document is concerned and does not extend to those documents which are relevant to the matters with which the transaction was itself concerned (General Accident Fire and Life Assurance Corp. v Tanter (The Zephyr) 1 WLR 100).
A party can waive a particular type of privilege without waiving privilege in respect of other information (privileged for another legal reason) relating to the same subject matter (George Doland Ltd v Blackburn Robson Coates & Co Ltd 1 WLR 1338).
Reference to a document or to its contents in a pleading does not waive any LPP attached to it. However, when communications pass between potential joint defendants when litigation is contemplated which might involve one or both of them, one party cannot waive privilege in respect of those communications without the authority of the other (Lee v South West Thames RHA 2 All ER 385).
64.11 Duration of waiver
A particular waiver either express or implied will apply only to the proceedings in which it occurred. If, in accordance with his duty to assist a criminal investigation, a plaintiff hands over to the police privileged documents prepared for a civil action against a person and copies of those documents are disclosed to that person by the prosecution, this cannot be construed as either an express or implied waiver of the privilege attaching to those documents because to hold otherwise would be contrary to public policy (British Coal Corporation v Dennis Rye Limited (no 2) 3 All ER 816. A waiver at an interlocutory stage will continue throughout the entire proceedings.
64.12 Statutory interference with LPP
Although there is no right to discovery of privileged documents on taxation, a taxing officer can order that a privileged document be produced to the court on taxation. The temporary suspension of privilege which this entails must be kept to the minimum necessary to ensure that the other party to the taxation has a fair hearing. Sometimes the taxing officer will have to disclose privileged documents to the other side so that taxation points can be properly argued. Where documents have been disclosed during the course of a taxation, privilege attaches to them again on the conclusion of the taxation.
Section 33 of the Limitation Act 1980 allows the court to disapply the primary limitation period in personal injury cases. Where a plaintiff wants the court to invoke the court’s discretion to disapply, he can be required to answer questions about the legal advice he received when the court will preserve LPP as far as it is consistent with fairness to both parties.
64.13 Effect of bankruptcy order
The trustee in bankruptcy is regarded for all purposes as legally identical to the bankrupt. When a bankruptcy order is made, the bankrupt is under a duty to deliver to the official receiver all books, papers and records in his possession, including any which would be privileged from disclosure in any proceedings. Where two parties engage the same solicitor to act for them and one such party is made bankrupt, the non bankrupt party cannot prevent disclosure to the trustee in bankruptcy of all relevant communications (see Konigsberg (a bankrupt), ex p The Trustee v Konigsberg 3 All ER 289).
The rights of confidentiality and privilege vested in the client in relation to papers and documents relating to property of the bankrupt client transfer to the trustee in bankruptcy and the trustee is entitled to assert the privilege formerly vested in the bankrupt.Notes: [s291(1)]
64.14 Dealing with solicitors (bankruptcy)
If a solicitor has acted for an individual who is made bankrupt, all papers and documents in the possession of the solicitor which belong to the client should be handed over to the trustee. This will included any privileged material (see paragraph 23.22). The rights of confidentiality and privilege vested in the client in relation to those papers and documents belonging to the solicitor and retained by him transfer by operation of law to the trustee so far as they relate to the property of the bankrupt client. Therefore, in relation to such matters, the trustee can be provided with copies of relevant material on payment of the solicitor's proper charges.
Further, the trustee can be provided with information as well as copies of documents from the solicitor insofar as the information relates to the property of the bankrupt. The trustee is not entitled to copies or information relating to the bankrupt's personal affairs, as distinct from his property, unless the bankrupt consents or the solicitor is ordered by the court to provide information or the trustee is able to convince the solicitor that the bankrupt has used him to further a criminal or fraudulent purpose but this must be the case since any privileged documents obtained by deception or otherwise improperly cannot be used by the party obtaining them. Any papers and documents which belong to the solicitor (e.g. original letters from the client and copies of letters to the client and papers and documents relating to the defence of any bankruptcy proceedings) need not be handed over or disclosed.
If a solicitor is requested by the trustee to hand over papers and documents belonging to the bankrupt, they must be handed over even if there is a lien. There is one exception, a lien on title documents is good if they are held as such eg an equitable charge by way of deposit of title deeds .
Papers and documents which belong to the solicitor and which came into existence in connection with the client's affairs do not have to be handed over but can be subject to a court order under section 366. In the case of papers and documents which relate to the bankrupt's personal affairs as distinct from his financial affairs, it may be possible, on the instructions of the bankrupt, to set up a claim of privilege.
As the solicitor is entitled to treat the trustee as the person to whom the obligations of privilege and confidentiality are owed, it is open to the solicitor to make oral statements or give written statements to him. If a solicitor is approached to disclose matters relating to the property of a bankrupt, the person from whom to seek consent to disclose is the trustee in bankruptcy. If a solicitor declines to assist the trustee, an application can be made for a private examination under section 366.Notes: [s311(1)] [s349]
64.15 Applying for private examination
If the official receiver requires information from persons (e.g. the bankrupt’s spouse or solicitors) who appear to have information about the bankrupt’s affairs and they have failed to assist the official receiver, he may consider applying for a private examination. In such circumstances, solicitors will be unable to claim that information and documents confided to them are subject to professional privilege and will be obliged to make a disclosure under an order pursuant to section 366 (see Murjani (a bankrupt) 1 All ER 65). Privilege against self incrimination does not apply to a bankrupt who is examined under section 366. A bankrupt cannot rely upon his own LPP since the trustee stands in the place of the bankrupt and is able to waive LPP, subject to the proviso that a distinction is to be drawn between privilege relating to the bankrupt’s property divisible amongst his creditors and privilege relating to property not so divisible or to matters personal to the bankrupt (see Konigsberg (a bankrupt) 1 WLR 1257). It is likely that third parties who do not have a duty to assist the trustee may be able to rely upon privilege against self incrimination. A third party may be able to assert LPP as a ground for refusing to deliver up documents to the trustee (see Ouvaroff BPIR 712). See paragraph 64.19 below regarding the use of information obtained under a private examination.Notes: [s366]
64.16 Effect of winding up order
When a winding up order has been made or where a provisional liquidator has been appointed, the liquidator or the provisional liquidator has a duty to take into his possession or control all property of the company. This would include those papers held by solicitors which belong to the company including privileged material (see paragraph 23.22). The liquidator is not entitled to those papers which did not belong to the company (e.g. the originals of letters from the company to the solicitor and copies of letters which the solicitor had written to the company). This material the solicitor is entitled to retain.Notes: [s235]
64.17 Dealing with solicitors (company)
A solicitor's duty of confidentiality is owed to the client and the client can waive it or consent to the provision of documents and information to third parties. If the solicitor received his instructions from the company, which is a separate legal entity, then the company is the client. Even if the instructions were given by the individuals within the company (eg the directors), they would have been instructing the solicitor as officers of the company, not in their personal capacity, and so, as the client, it is to the company that the duty of confidentiality is owed. Where there is no court order under section 236 and the client was a company, the solicitors cannot claim privilege or confidentiality against a liquidator except where it can fairly be said that the documents or information relate to another client's affairs and not those of the company. The person who can waive confidentiality and privilege is the liquidator. Where the solicitor is entitled to treat a liquidator as the person to whom the obligations of privilege and confidentiality are owed, it is open to the solicitor to make oral statements or give written statements to him. If investigations are commenced by any authority and a solicitor is requested to provide information, the liquidator is the person to whom privilege and confidentiality are owed and is the person able to consent to the disclosure of such information.
If the solicitor acted for the directors or shareholders in their personal capacity, then any information received as part of that retainer will be confidential to the individual who alone can waive confidentiality (subject to the comment made above about bankruptcies). Confidentiality can be overridden where the solicitor has been used to further a criminal or fraudulent purpose.(see paragraph 64.23)
64.18 Effect of a private examination
Section 236 gives the court the power to require any person thought to be capable of giving information concerning the affairs of a company in liquidation, administration or administrative receivership to submit an affidavit containing an account of his or her dealings with the company and to produce documents and records. If the application is made by a person who has power to waive confidentiality, a solicitor would probably have no answer to such an application except to the extent that he might be able to claim privilege on behalf of a client other than the company.
64.19 Disclosure of information to other authorities
Any statement made under section 236 may be used in evidence in any proceedings (whether or not brought under the Insolvency Act 1986) brought against any person making or concurring in making the statement. Information obtained during a private examination is to be treated, prima facie, as confidential. The written record of an examination under section 236, any answers to interrogatories and any affidavit submitted in compliance with an order shall not be filed in court and shall not be open to inspection by anyone other than the applicant or any person who could have applied for such an order in respect of the affairs of the same insolvent, unless the court orders otherwise. The transcripts from a private examination fall within the provisions of section 24 of the Criminal Justice Act 1988. Except where information is sought from an office holder by, for example, the Serious Fraud Office (SFO) acting under statutory powers, the guiding principle as to whether the court ought to require disclosure to third parties of information obtained under a private examination is that it should only be required where the purpose of the disclosure is to assist in the beneficial winding up of the company or it is otherwise justified for the attainment of justice in a particular case (see Barlow Clowes Gilt Managers Ltd Ch 208 and Marcel v Commissioner of Police Ch 225). A disclosure may be allowed when the information, if disclosed to a creditor of the company, may enable that creditor to pursue claims against other persons which may lead to the company being relieved of liability (see A company (No 005374 of 1993) BCC 734).
However, if information (provided to an office holder during a private examination) is sought by a person to whom the office holder is either required or authorised to provide it, then the guiding principle is displaced. The House of Lords in Arrows (No4) 3 WLR 656 held that where information has been obtained under statutory powers the duty of confidence owed on the Marcel principle cannot operate so as to prevent the person obtaining the information from disclosing it to those persons to whom the statutory provisions either require or authorise him to make disclosure. An office holder has a wide range of duties imposed on him by the Insolvency Act 1986, the Company Directors Disqualification Act 1986 and the Criminal Justice Act 1987 to report to the Department of Trade and Industry or to the prosecuting authorities cases of suspected dishonest or criminal conduct. A liquidator cannot be under any duty of confidence which will prevent the performance of his statutory duties. Documents can be obtained by the Director of the SFO under his statutory powers from an office holder even after charges have been brought. These can include documents obtained from an examinee under section 236 (see Trachtenberg BCC 492). The decision of the House of Lords in R v Director of SFO ex p Smith AC1 suggests that even the record of an examination which took place after charges were laid could be obtained by the SFO.
However, there is now considerable doubt regarding the extent to which documents and information produced under a private examination and then obtained by prosecution authorities can be used in subsequent criminal proceedings against the respondent (European Court of Human Rights decision in Saunders v UK ). Although this has far reaching consequences upon the conduct of criminal proceedings it is not thought that it will affect the principle that respondents under a duty to co-operate cannot rely upon the privilege against self incrimination when being examined under section 236.
A liquidator is only obliged to assist criminal defendants to the extent that he can produce material evidence in response to properly issued witness summons. In cases of doubt, the liquidator may apply to the Companies Court for directions.
Reference should also be made to Chapter 47 - Disclosure of Information, and Chapter 201 Disclosure and Exchange of Information with others in criminal proceedings.Notes: [s433 and r9.4(7)] [r9.5(1)(2)]
64.20 Discovery and inspection of documents
LPP is most commonly invoked in the discovery process. In most court actions in England and Wales a large amount of evidence is placed before the court in the form of a bundle of documents agreed between the solicitors for the parties. The general rule is that documentation from each party is made available to all other parties by means of a process known as discovery of documents in which all documents relevant to the issues between the parties are listed in schedules which are then served on the other parties, with the right for each side to inspect and take copies of those documents they require. The rules relating to discovery and inspection of documents in the High Court can be found in Order 24 of the Rules of the Supreme Court. However, discovery and inspection are entirely at the discretion of the court; discovery will not be ordered unless it is necessary either for disposing fairly of the case or for saving costs. The court will not allow oppressive discovery. If a document is read or is put in evidence, any privilege in respect of it is waived.
64.21 Privileged documents disclosed by mistake
During the process of discovery, copies of privileged documents sometimes are passed to the opposing party; this is usually a simple mistake. The general principle is that in such circumstances waiver of privilege will readily be assumed. However, this rule is often mitigated in practice by the effect of the decision in Derby & Co. Ltd v Weldon (No 8) 3 All ER 762 which held that where privileged documents are inadvertently disclosed to the other side in circumstances such that the inspecting party must have realised that a mistake had occurred but sought to take advantage of the inadvertent disclosure, the court had power, under its equitable jurisdiction, to order the inspecting party to return all the copies of the privileged documents obtained as a result of the mistake and also to grant an injunction restraining that party from using the information contained in the documents.
64.22 Privileged documents obtained improperly
Privileged documents obtained by deception or otherwise improperly cannot be used by the party obtaining them (ITC Film Distributors Ltd v Video Exchange Ltd Ch 431).
64.23 Partly privileged documents
Some documents relevant to the issues in the litigation may contain sections for which a party wishes to claim privilege and other sections which, if viewed in isolation, are not privileged and thus are willing to produce for inspection. The law on this point is complex. A document which contains sections which are privileged and sections which are not and can be divided into separate and distinct documents is referred to as a "severable document" (see Great Atlantic Insurance v Home Insurance 1 WLR 529, 536). A document which contains sections which are privileged and sections which are not and which is not a severable document is referred to as a "composite document". A solicitor preparing his client's list for discovery may wish to give his opponent access to the unprivileged sections of a "composite document" but must exercise care to ensure that in doing so he is not treated as having waived his client's privilege, thus giving the other party access to the sections of the composite document which the client objects to produce. See also paragraph 64.10 regarding express waiver.
64.24 Disqualification
In the case of Barings plc All ER (D) 1, the Vice Chancellor ruled that D reports are not protected by LPP since the D report was brought into existence as a result of a statutory obligation under section 7(3) of the Company Directors Disqualification Act 1986.
The Vice Chancellor noted that even if the D report was subject to LPP, in his view it should be waived. Disqualification Unit are presently running a test case to determine whether the Unit is obliged to disclose to respondents the D reports and supporting documents. | https://www.insolvencydirect.bis.gov.uk/freedomofinformationtechnical/technicalmanual/Ch61-72/Chapter64/chapter_64.htm |
In order to improve the framework on exchange-traded funds ("ETFs"), Bursa Malaysia Securities Berhad ("Exchange") amended the following on 7 December 2018 ("ETF Amendments"):
- Bursa Malaysia Securities Berhad Main Market Listing Requirements; and
- Rules and Directives of the Exchange in relation to ETFs.
The ETF Amendments came into effect on 2 January 2019.
Some of the key ETF Amendments relate to the following:
- Amendment of interim reporting frequency of ETFs from quarterly to a semi-annual basis;
- Amendments to the required contents of ETFs’ semi-annual report and annual report to encourage meaningful and value-add information to unit holders; and
- Amendment of immediate announcement requirements by ETFs to promote better transparency on specific key matters.
In line with the revised Guidelines on Exchange Traded Funds ("ETF Guidelines") issued on 26 November 2018, the Securities Commission Malaysia has allowed the issuance of a diversified range of ETFs, including future-based ETFs such as leveraged and inverse ETFs, synthetic ETFs, physical commodity ETFs and smart beta ETFs.
The objective of introducing a variety of ETFs is to promote competitive development, to aid product innovation in the market, as well as to offer new investment opportunities and exposure for investors with varying risk appetites. The ETF Guidelines came into effect on 2 January 2019.
In order to facilitate the trading of the new types of ETFs and improve the ecosystem for ETFs, the Exchange has reviewed the Permitted Short Selling framework for Market Makers, and introduced new provisions to regulate trading in Leveraged and Inverse Products ETFs. | https://www.rahmatlim.com/publication/articles/9139/bursa-issues-amendments-in-relation-to-exchange-traded-funds |
What happened in climate-related financial regulation last month, and what’s coming up
The US Securities and Exchange Commission (SEC) ended its consultation on a proposed rule to enhance ESG fund disclosures on August 16. The agency received over 170 comment letters from financial industry associations, lawmakers, and non-governmental organizations, among others.
A letter from 21 Republican state attorneys-general demanded that the SEC scrap the proposal, claiming it would be “illegal and misguided.” They argued that the rule — which would force fund managers to publish ESG-related data about their products in prospectuses, annual reports, and adviser brochures — exceeds the SEC’s authority and would unfairly compel the disclosure of non-material information.
In contrast, a separate letter from seven Democratic state attorneys-general supported the SEC proposal. “Without the disclosure requirements advanced in the Proposed Rule, individuals who want to invest according to their values must navigate through inconsistent, ambiguous, and often misleading statements used to promote various ESG strategies, or, worse, they must endure outright fraud,” the letter said.
The draft rule was published by the SEC on May 25. If implemented, it would mandate specific disclosure requirements for funds belonging to one of three categories:
- “Integration funds”, which incorporate ESG factors alongside non-ESG factors when making investment decisions, would have to report how they embed ESG factors in their investment processes;
- “ESG-focused funds”, which prioritize ESG in their investment decision-making, would have to produce a standardized ESG strategy overview table;
- “Impact funds”, which invest to achieve specific ESG goals, would have to disclose how they measure progress toward their objectives.
In addition, “ESG-focused funds” that incorporate environmental factors would have to calculate and disclose the carbon footprint and weighted average carbon intensity of their portfolios.
On August 25, the SEC adopted a rule change that forces some public companies to report information on their executives’ pay and how it relates to the performance of their business. Companies have the option under the rule to include non-financial performance measures in a list of three to seven “most important” measures used to set compensation.
Hester Peirce, a Republican member of the Commission, said the rule could make companies “feel compelled to tie their executive pay to the prescribed financial performance measures or to incorporate non-financial performance measures, such as environmental, social, and governance metrics.”
However, Democrat Commissioner Caroline Crenshaw said that the rule does not regulate the way companies pay their leaders. It only allows investors to better understand how their performance is measured.
The state of Texas blacklisted 10 banks and assets managers it claims are boycotting energy companies. State entities, including public pension funds, will be barred from investing in the companies and may have to sell their existing stakes in them as well.
BlackRock, BNP Paribas, Credit Suisse, Danske Bank, Jupiter Fund Management, Nordea, Schroders, Svenska Handelsbanken, Swedbank, and UBS were placed on the list by state Comptroller Glenn Hegar on August 24. Hegar also identified 350 funds that state entities will be prevented from investing in because of their fossil fuel policies.
The companies have 90 days to appeal the Comptroller’s decision.
The blacklist follows the passage of Texas Senate Bill 13 last year, which prohibits state entities from investing in or contracting with firms determined to be boycotting energy companies. To enact the law, Hegar sent letters to over 100 financial institutions to gather information on their fossil fuel investment policies.
The Florida State Board of Administration adopted a proposal by Governor Ron DeSantis that orders the state’s pension fund to disregard ESG considerations when making investment decisions.
The measure, enacted August 23, orders fund managers to make investment decisions “based only on pecuniary factors [which] do not include the consideration of the furtherance of social, political, or ideological interests.” Administrators are also barred from sacrificing investment returns or taking extra investment risk “to promote any non-pecuniary factors.”
ESG disclosure requirements for European Union (EU) asset managers entered into force on August 2.
The rules are part of the EU’s Markets in Financial Instruments Directive (MIFID II), a legislative package covering the bloc’s securities markets, investment intermediaries, and trading venues. Under the provisions that came into effect in August, asset managers must share ESG-related data on their products with fund distributors and insurers.
This data has to be published in a standardized European ESG Template (EET), which contains 580 data fields in total — although not all of these are relevant for every sector or geography. Much of the requested information should be produced by companies under other EU laws, including the Sustainable Taxonomy Regulation and Sustainable Finance Disclosure Regulation (SFDR).
Another set of MIFID II rules now in force require financial advisers to incorporate their customers’ sustainability preferences when selling them investments. To accommodate these preferences, advisers will have to offer products that: i) invest a minimum proportion in environmentally sustainable investments as defined under the Sustainable Taxonomy; ii) invest a minimum proportion in sustainable investments as defined under the SFDR, or iii) consider “Principal Adverse Impacts” on sustainability factors.
The European Commission (EC) has instructed regulatory agencies to investigate and report on greenwashing across the EU’s financial markets.
In a call for advice published on August 15, the Commission requested that the European Banking Authority, European Securities and Markets Authority, and European Insurance and Occupational Pensions Authority (collectively known as the European Supervisory Authorities, or ESAs) produce individual reports on how greenwashing and its related risks affect their areas of competence. These reports should also touch on the “implementation, supervision and enforcement of sustainable finance policies aimed at preventing greenwashing.”
The EC wants the reports to evidence the scale and frequency of potential greenwashing across the EU and give an overview of the supervisory practices and tools to combat it. The EC also expects the ESAs to recommend any improvements to the EU legislative framework that could better address greenwashing risks.
The EC has asked for progress reports to be produced by August 15, 2023, and final reports the year after that.
The European Securities and Markets Authority (ESMA) has endorsed plans to introduce an “EU ESG benchmark label” to identify investment indices that meet high environmental, social, and governance standards.
Benchmarks are groupings of financial instruments used by asset managers to construct funds and identify suitable investments for clients. European policymakers are working on rules that would govern EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks, and sustainability-related disclosures for benchmarks — initiatives designed to tackle greenwashing and prompt investors to support the low-carbon transition.
In an August 12 response to the European Commission’s consultation on the bloc’s Benchmarks Regulation review, ESMA said a labelling regime was justified to combat greenwashing by investment managers and benchmark providers. “[T]he absence of clear labelling raises questions on the inclusion of firms with a negative environmental or social impact in these benchmarks,” ESMA wrote.
The authority added that regulators should specify minimum methodology standards that benchmark providers would have to meet in order to earn the ESG label. “Enhanced transparency requirements on the methodology would help to reduce information asymmetries between benchmark administrators and users of benchmarks and help investors to make an informed assessment of the sustainability-related claims of the benchmark,” ESMA wrote.
The European Insurance and Occupational Pensions Authority (EIOPA) published final guidance for insurers and reinsurers on incorporating climate change into their Own Risk and Solvency Assessments (ORSAs).
An ORSA is the routine ‘health check’ that European (re)insurers conduct to assess the quality of their risk management. The final guidance, published August 2, describes EIOPA’s expectations when it comes to using climate scenarios as part of the ORSA process and includes recommendations on how firms can run climate risk materiality assessments.
EIOPA said that at present few (re)insurers gauge their climate risks using scenario analysis in the ORSA. Furthermore, those firms that run quantitative climate risk checks generally do so over a short time horizon. The guidance is intended to elevate insurers’ climate risk practices and encourage forward-looking management of both physical and transition risks.
The final guidance follows an industry-wide consultation conducted by EIOPA from December 2021 to February 10 of this year.
The UK’s Financial Conduct Authority (FCA) is recruiting experts to sit on a new “ESG Advisory Committee”, which will help align the agency’s activities with the country’s climate agenda.
The request for applications was issued on August 23. Interested parties have until September 16 to apply. The Committee is intended to advise the FCA Board on its ESG strategy, keep it up to date on emerging ESG issues, and advise on the oversight of ESG-related matters.
On August 9, the FCA’s Head of Asset Management and Pensions Policy sent a letterto the chief executive officers of hedge funds and private equity companies, warning those which sell ESG investments that they may be “subject to review to ensure marketing materials accurately describe their product.”
The letter said that ESG product documentation should be “clear, not misleading” and that the products themselves must “match the stated [ESG] claims.”
“It is important that investors have confidence in the products they are being offered, and this has specific relevance for products labelled as being ESG focussed and with investment strategies benchmarked against ESG themes,” the letter said.
The UK’s Prudential Regulation Authority (PRA), together with the FCA, published the minutes of a July meeting of the Climate Financial Risk Forum (CFRF) on August 18.
The CFRF is an industry forum convened by both the FCA and PRA to share best practices on climate scenario analysis, risk management, disclosure, and innovation. At the meeting, members discussed how the CFRF could help guide the financial industry through the current external landscape and what it means for companies’ short-term climate risk management plans and long-term emissions targets.
The CFRF also explored companies’ difficulties with meeting the UK’s climate disclosure requirements concurrently with those in other jurisdictions. Members were broadly supportive of the climate disclosure standards proposed by the International Sustainability Standards Board (ISSB). However, they believe any global standards should overlap with reporting standards in other jurisdictions. CFRF members will meet in October next to discuss any updates.
The Central Bank of Ireland has published draft guidance on climate risks for insurers and reinsurers.
Published August 3, the guidance includes recommendations for developing climate governance and risk management frameworks, and establishes the Central Bank’s expectations for how firms should address climate risks to their businesses.
Only 20% of Irish (re)insurers fully incorporate climate change in their risk management frameworks, a 2021 survey by the Central Bank found. In addition, less than half of firms were found to run some kind of climate scenario analysis or stress testing.
The Central Bank’s expectations, spelled out in the guidance, concern: (re)insurers’ climate risk governance; their assessment of the materiality of climate-related exposures; their use of scenario analysis and Own Risk and Solvency Assessments (ORSA); their strategy and business models; their risk appetite statements; their ongoing risk management; and their reserving, capital, underwriting, pricing and investments.
The draft guidance is open for public consultation until October 26.
Germany’s Bundesbank is hosting an online seminar on climate-related risks in central banks’ risk management on September 28.
Participants will learn what steps the Bundesbank has taken to tackle climate risks to its own balance sheet, including the different approaches and metrics used. The seminar will also describe sustainable investment strategies.
The session is aimed at central bank employees who are working on climate-related risks. Participants must register their interest by September 16.
The Banque de France (BdF) published a rundown of climate scenario exercises conducted by central banks and supervisors.
In its latest bulletin, published August 11, the BdF said that 31 climate exercises have either concluded or are in process, and that three-quarters of these use or build on the scenarios devised by the Network for Greening the Financial System (NGFS).
The BdF analysis also found that most central banks and supervisors believe the goal of these exercises is to raise awareness and develop expertise on climate. Furthermore, most exercises used both top-down (supervisor-led) and bottom-up (financial institution-led) approaches.
On August 17, Switzerland’s Federal Council adopted a framework that will act as a basis for the issuance of the country’s first green Confederation bonds.
The framework was primarily informed by the International Capital Market Association’s Green Bond Principles, which are the de facto global standards for green bond issuance. The framework maps out how the green bonds will overlap with Switzerland’s sustainability strategy, what green expenditures can be allocated toward the bonds, and how these will be reported.
The Swiss Federal Council approved the green bond framework as it wants to strengthen Switzerland’s role in sustainable financial services. Through the green Confederation bonds, the council intends to promote the use of international standards within the Swiss capital market and to encourage private sector entities to issue their own green bonds. Financing raised through the green bonds may go toward initiatives that have a “positive environmental impact,” including nature preservation, the construction of eco-friendly buildings, and public transport. Switzerland’s first green bond will be issued in the fall. Issuance details are still unclear and will depend on funding requirements and market conditions.
The Bank of Japan (BoJ) and the Japan Financial Services Agency (FSA) completed a pilot climate scenario exercise with three banks and three insurers.
In an English-language report on the exercises published August 26, the results showed that the banks’ projected credit losses due to physical and transition risks were lower than their annual net income and that each lender “had the capacity to conduct a risk analysis” for the scenarios used. The BoJ and FSA used three scenarios devised by the Network for Greening the Financial System (NGFS) for the exercise.
The results for the insurers showed policy claims are projected to rise as temperatures increase. But the regulators also said that analyzing specific physical climate risks is “insufficient to assess the changes in the probability/frequency of the occurrence of disasters in the future and that the results vary due to limitation in uniformity of assumptions and risk models.”
The BoJ and FSA said they would continue to engage with financial institutions on “methods and practical application of the scenario analysis” and would “contribute to the improvement of standard scenarios and international data initiatives” by sharing the results with other central banks and supervisors.
On August 5, the BoJ published the results of a survey on how Japanese financial markets are addressing climate change.
Securities issuers, investors, financial institutions, and rating agencies were invited to answer the survey, and 290 responded. Over 50% of participants said they believe that climate-related risks and opportunities are “reflected” or “somewhat reflected” in stock prices, and 40% said the same about corporate bond prices. In addition, a majority of respondents said they believe that climate-related risks and opportunities are more reflected in prices than a year ago.
When asked what steps would be necessary to better reflect climate-related risks and opportunities in stock and corporate bond prices, 70% of respondents said “enhancing and/or standardizing information disclosure” and 60% “increasing investors and/or issuers that place a high value on climate-related risks and opportunities.” Half of respondents also said “improving transparency in ESG evaluation” would help.
The BoJ intends to refine and repeat the survey in order to gather better information on how Japan’s financial markets factor in climate risks and opportunities.
The China Securities Regulatory Commission (CSRC) has ordered the countries’ top exchanges to ensure green bonds issued through their platforms accord with new green bond principles, Reuters reported on August 24.
China’s Green Bond Standards Committee unveiled the principles on July 29. These require that 100% of the proceeds of sold green bonds go toward green projects. The prior standard required just half to be earmarked in this way. Unlike in other jurisdictions where similar green bond principles are voluntary, the CSRC are making them mandatory for exchange-traded bonds.
New climate-related disclosure standards for large fund managers set by the Hong Kong Securities and Futures Commission (SFC) entered into force on August 20.
The standards require managers that oversee more than HKD$8 billion in assets to identify “relevant and material physical and transition climate-related risks for each investment strategy and fund” and take “reasonable steps to assess the impact of these risks on the performance of underlying investments.” Smaller funds will have to apply the standards by November this year.
The SFC rules build on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and cover climate governance, investment management, climate risk management, and disclosure.
An official at the Reserve Bank of Australia (RBA) has said banks have “more work to do” when it comes to climate-related financial risk management.
In a speech on August 24, Jonathan Kerns — the RBA’s Head of Domestic Markets — said lenders have “less experience modelling the financial impacts of climate events” than insurers and need to enhance systems and procedures to bring their risk management up to scratch.
He also highlighted the dangers Australian mortgage lenders could face from physical climate risks. Kearns said that home values could fall in areas impacted by physical climate risks, which would make it harder for mortgage borrowers to refinance or sell their properties. As a result, mortgage lenders would have more home loans stuck on their books for a long time, backed by low-value collateral.
He added that climate risk may make it hard to insure properties in certain areas. This would also imperil mortgage lenders, since uninsured homes are likely to drop sharply in value following climate-related natural disasters.
The Australian Prudential Regulation Authority (APRA) has found that roughly one-third of financial institutions do not include climate risk as part of their strategic planning.
That’s according to the findings of a climate risk self-assessment survey published on August 4. Out of the 64 firms that participated, only a “small portion” said they had fully integrated climate change with their risk management systems and practices. Around 20% said they have no formal process to identify climate risks, and 25% said they don’t use climate risk metrics.
But the survey also found there is “reasonable cross-industry alignment” to APRA’s climate risk guidance, which was released last November. This is especially true in the areas of climate governance and disclosure. Four out of five boards, or board committees, said they oversee climate risk on a frequent basis, and 77% said they have had training in climate risk.
The Australian Securities and Investments Commission (ASIC) has said it will take enforcement action to tackle the greenwashing of funds and financial products.
In the agency’s latest corporate plan, published August 22, sustainable finance practices were highlighted as a “core strategic project.” ASIC listed five specific actions it would take in this area:
- Oversight of the sustainability-related disclosure and governance practices of listed companies, managed funds, superannuation funds, and green bonds;
- Licensing and supervision of carbon and related markets;
- Implementing a new Memorandum of Understanding with the Australian Energy Regulator to address misconduct in gas and electricity markets;
- Continue to work with peer domestic and international regulators on sustainable finance developments;
- Enforcement against misconduct, including misleading marketing and greenwashing by entities.
In an August 23 speech presenting the corporate plan, ASIC Chair Joseph Longo said the agency is analyzing ‘green’ investments and zeroing in on false claims made by firms. “We are actively monitoring the market, looking for dubious claims … Serious breaches will fall foul of the misleading and deceptive disclosure provisions in the Corporations Act, and we will take enforcement action,” he said.
The Monetary Authority of Singapore (MAS) announced that the country’s first 50-year sovereign green S$2.4bn (USD$1.7bn) bond priced at 3.04%. The country’s Aug-72 bond is the longest-tenor sovereign green bond to date.
Most of Singapore’s sovereign bond — S$2.35bn (USD$1.68bn) — was placed with accredited and institutional investors, while the remaining quantity was made available to individual investors.
“The extension of the sovereign yield curve to 50 years will further develop the Singapore Dollar bond market and support longer-tenor corporate issuances,” MAS’s Deputy Managing Director of Markets and Development, Leong Sing Chiong, said in a statement. “MAS will continue to support the pipeline of green sovereign bonds, as well as the broader development of green finance as an enabler of global efforts to mitigate climate change.”
Deutsche Bank’s Singapore branch, HSBC’s Singapore branch, the Overseas Chinese Banking Corporation, and the Standard Chartered Bank in Singapore were some of the bookrunners of the transaction.
On August 23, the Bank of Thailand (BoT) released a report that provides direction to the financial sector on transitioning to a green economy. Part of the report’s goal is to help businesses and the public prepare for the low-carbon transition while considering each industry’s circumstances and readiness. The guidance builds off a February 2022 BoT paper that set the tone to reposition Thailand’s financial sector in favor of an environmentally-friendly and digital economy.
In its August paper, BoT lays out a five-step plan to ensure that businesses experience a smooth and orderly green transition. These are:
- Issuing policy in Q3 2022 that will require financial firms to consider environmental factors in their operations and encourage them to offer financial products and services to companies;
- Creating a taxonomy to classify businesses’ activities based on their climate impact;
- Developing climate disclosure standards for financial institutions, as well as environment-related data platforms, beginning Q4 2022;
- Building incentives related to the low-carbon transition for financial firms, companies, and consumers;
- Educating financial sector workers on how to identify and manage climate-related risks and opportunities.
Through its new guidance, Thailand’s central bank is aiming to help the country achieve its carbon neutrality and net-zero goals.
The International Sustainability Standards Board (ISSB) has appointed Jingdong Hua, a former Vice President and Treasurer of the World Bank, to serve as Vice Chair.
Hua, whose recruitment was announced on August 31, will work alongside fellow Vice Chair Sue Llyod and Chair Emmanuel Faber. Hua will be based at the ISSB’s office in Montreal.
His appointment concludes the recruitment process for the 14-strong ISSB. Earlier in August, the standard-setter recruited three Board members from Europe and Japan.
On August 1, the ISSB completed its merger with the Value Reporting Foundation, a voluntary standard-setting body that oversaw the Integrated Reporting Framework and Sustainable Accounting Standards Board. The ISSB has now taken over the governance of these initiatives, and intends to integrate them with its work to design and implement a global baseline for sustainability-related reporting rules. | https://www.manifestclimate.com/blog/climate-risk-regulation-rundown-august-bb0/ |
The 2008 financial crisis reiterated the importance of greater portfolio diversification and effective risk management when identifying sources of returns. This meant diversifying investments across asset classes and investing in vehicles that are flexible and agile. Exchange traded funds (ETFs) were introduced as an investment vehicle to address varied portfolio objectives, providing low-cost options for nearly every asset class. Specifically, balanced ETFs have gained popularity in the recent past, allowing for effective diversification through one simple holding. Furthermore, empirical evidence suggests that ETFs act as shock absorbers during volatile periods since buyers and sellers transact directly with each other in the secondary market without trading the underlying assets.
The ETF revolution has expanded globally, with over 7,700 ETFs/exchange-traded products (ETPs) from over 411 providers listed on 72 exchanges in 58 countries.
Ways to balance a portfolio with ETFs
A portfolio seeking moderate risk and diversification can be built with an optimal mix of equity and fixed-income ETFs (e.g., 60% equities and 40% bonds). These portfolios aid easy rebalancing, if required. For instance, certain ETFs track the Morgan Stanley Capital International All Country World Index (MSCI ACWI), which provides exposure to developed- and emerging-market stocks. Others track the Barclays US Aggregate Bond Index, which covers multiple bond types including Treasury, government agency, mortgage-backed, investment-grade corporate and dollar-denominated international bonds.
An intermediate approach to an ETF-inclusive portfolio would consist of about 10 ETFs with the right balance. For example, for stock exposure across markets, a portfolio can have a large-cap US ETF, an international developed-market ETF and an emerging-market ETF. Similarly, for bonds, a portfolio could include ETFs that invest in Treasury bonds, sub-investment-grade (high-yield or junk) bonds and international bonds. This approach ensures adequate coverage across asset classes and offers the ability to adjust portfolio weights.
Fine-tuning: core-and-satellite strategy
A fine-tuned portfolio normally invests in 20 or more ETFs and prefers specific allocations that are expected to perform best. The allocations are divided into thinner slices (core and strategy ETFs). The strategy builds the core with ETFs that provide broad market exposure to deliver performance and stability. The strategy then builds a “satellite” portion to benefit from market opportunities through access to specific industries, sectors, regions, commodities and macroeconomic trends. In the case of investors focusing on a specific sector, they have the opportunity to identify with a growth trend over the long term while minimising their risk exposure, compared with a single-stock allocation.
Before ETF model portfolios
After ETF model portfolios
Pioneers in liquidity (despite COVID-19-related market turmoil)
The past year and a half has been troubled by high levels of market volatility, forced redemptions in the equity market and extremely unfavourable bond-market conditions. Pandemic-induced market behaviour enhanced demand for stability in investments and a liquid, non-volatile market for trading. Particularly in markets hard hit by the pandemic, ETFs had the following advantages over other instruments.
ETFs (with their comparatively low volatility) were a catalyst for cautious investing as investors turned increasingly to them to manage risk
Bid-ask spreads for ETFs widened in line with the market (other instruments had wider spreads) largely due to increased trading volumes and hedging costs
Liquidity deterioration in the bond market encouraged institutional investors to shift to ETFs for fixed-income exposure
ETFs provided transparency in bond-market prices when cash bond markets were frozen or difficult to trade in
Exchange-market trading of ETFs accounted for 34% of all cash equity trading in Europe and 41% in the US, compared with daily average trading volumes of 21% and 27%, respectively, in 2019
A record USD81.6bn of primary-market trading was reported in iShares European-domiciled ETFs in March 2020, representing a 168% y/y increase that was 155% higher than the trailing 12-month average
Trading volume trend
Recent innovations/popular ETF launches
For the above mentioned reasons, a number of managers have designed and launched new products. Fund launches by leading asset managers could be viewed as a sign of good times to come for institutional investors, whose interests are skewing increasingly towards ETFs. The funds launched belong to a diverse spectrum of exposures (including ESG, thematic, multi-asset, inflation-linked, commodity-backed, technology, conservative, moderate, growth and value). We list below examples of recently launched reputed ETFs:
Hartford Schroders Commodity Strategy ETF
VanEck HIP Sustainable Muni ETF
Xtrackers Emerging Markets Carbon Reduction and Climate Improvers ETF
BlackRock Future Climate and Sustainability Economy ETF
We believe it is rational to have a portfolio with controlled and multiple exposures, whether they be the most sophisticated institutional money managers or novice investors in the embryonic investment stage. Whatever the size of the investment, it does not require a complicated portfolio with several holdings to achieve targeted returns – a few carefully selected ETFs in different areas could get the job done.
“Think of ETFs as the market’s version of a wolf pack picking off and weeding out the slower and weaker active fund managers in the herd, those with consistently poor returns and high fees” – Vito J. Racanelli, Managing Director, Fundstrat Global Advisors
Investing in international equities offers exposure to the potential growth of various global industries while boosting portfolio diversification. And exchange-traded funds (ETFs)...
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Enjoy the current installment of “Weekend Reading For Financial Planners” - this week’s edition kicks off with the news that the SEC is considering updating several of its regulations regarding cybersecurity to address modern threats and vulnerabilities, which for SEC-registered investment advisors, could lead to increased preparedness and reporting requirements (though it remains to be seen whether any new rule would constitute a more clear and comprehensive policy than the current patchwork of cybersecurity regulations that RIAs must follow).
Also in industry news this week:
- The SEC has started sending deficiency letters to broker-dealers who fail to comply with Reg BI’s requirements to assess and document rollovers to ensure they are in clients’ best interests – which portends even greater issues with the DOL set to enforce its own rollover rules starting February 1
- The Public Investors Advocate Bar Association (PIABA) is lobbying the SEC to prohibit forced arbitration clauses in RIA advisory contracts and require firms to cover more of the costs of arbitration (which currently can run upwards of $30,000 for clients just to start the arbitration process)
From there, we have several articles on Medicare strategies:
- How advisors can help their clients select the best Medicare agent
- Why it is important for clients to look past the premiums and consider the total potential costs when selecting Medicare plans
- How Medicare’s general enrollment period, which runs through March, is an opportunity for eligible clients to sign up for Medicare if they missed their initial enrollment period (but still comes with late enrollment penalties)
We also have a number of articles on advisor-client communication:
- A new study assessing the role of qualitative data gathering in developing client trust and commitment shows that most planners overestimate how much effort they’re really putting in to learn about their clients (at least when compared to their clients’ perception of those efforts)
- Why financial advisors often cost themselves business by focusing more on themselves and their expertise in conversations with prospects, when in reality most prospects are more interested in what the advisor can do to make them feel important
- Why the phrase “financial planning” itself can cause resistance to financial planning conversations by conjuring unpleasant feelings about change, aging, and death; while reframing those conversations around “investing” (e.g., in oneself for the future) can make clients feel more positive about planning and saving
We wrap up with three final articles, all about self-improvement:
- How you can more effectively ask for feedback
- How we can combine seemingly unremarkable skills to produce extraordinary outcomes
- Why creating a ‘personal monopoly’ of leveraging your best personal properties is a better option than trying to win the ‘metagame’ by chasing the latest advisory industry trend
Enjoy the ‘light’ reading!
Pending SEC Proposal Targets Advisers' Cyber 'Hygiene'
(Mark Schoeff | InvestmentNews)
In recent years, financial industry regulators have increasingly recognized the importance of cybersecurity for advisory firms, given that most firms not only hold a trove of their clients’ personal data, but often (through discretionary trading or money movement abilities) have power over their clients’ money itself. And in light of numerous high-profile hacks of Fortune 500 companies – showing that even the largest corporations can fall victim to cybercrime – firms of all sizes have sought to develop cybersecurity programs that can protect their clients and meet the SEC’s requirements for cybersecurity compliance. But the problem is that, while numerous SEC rules – such as books and records, data privacy, and business continuity – touch on a firm’s cybersecurity procedures, there is no comprehensive and explicit cybersecurity rule that firms can reference.
As a result, advisory firms – particularly smaller firms without dedicated IT support staff – must follow a patchwork of various regulations which can be opaque, complex, and arduous to follow. Furthermore, many of the SEC’s rules that do explicitly discuss cybersecurity – such as 1999’s Regulation S-P requiring firms to protect customer records and information – are decades old and potentially do not take into account modern security threats in our increasingly digital world. And so, as threats evolve and new vulnerabilities appear, many firms are stuck relying on out-of-date guidance that contains little actionable instruction for firms that simply want to keep their clients’ data safe.
In a speech this week, SEC Chair Gary Gensler proposed three broad steps that the SEC will consider to modernize and expand its cybersecurity regulations. First, the SEC will consider reforming Regulation Systems Compliance and Integrity (Reg SCI), a 2014 rule requiring stock exchanges and clearinghouses to maintain robust cyber infrastructure, and potentially expanding it to cover some of the largest broker-dealer firms (acknowledging their significance in providing custody and trading infrastructure to a large swath of the financial industry). Second, the SEC may increase its requirements for cybersecurity preparedness and reporting for RIAs and broker-dealers. Finally, the SEC will consider reforming and modernizing Regulation S-P (including, specifically, altering the timing and method of notification that clients would receive if their personal data were breached). Ultimately, however, Gensler’s speech was so broad in scope that it gave little indication of whether the SEC’s proposal will result in a more clear and comprehensive cybersecurity policy for financial advisors (or simply, as suggested in the speech, increase reporting requirements for RIAs); however, any new proposed rules are targeted to be released in April 2022, so firms can look forward to more details potentially forthcoming this spring.
Broker-Dealers Are Getting Reg BI Deficiency Letters From SEC, Compliance Exec Says
(Tracey Longo | Financial Advisor)
The SEC’s Regulation Best Interest (Reg BI) rule requires SEC-registered broker-dealers to act in their clients’ best interests when making an investment recommendation. Among the recommendations covered by the rule are rollover recommendations for clients’ retirement funds (such as assets in IRAs or 401(k) plans), for which the broker-dealer must assess “reasonably available alternatives” to demonstrate that the recommendation is in the client’s best interests. Prior to Reg BI’s enactment in June of 2020, rollovers were often significant sources of abusive sales practices, with a subset of less-honest broker-dealers in their role as “advisors” convincing retirees to roll over entire accounts into products that would generate a hefty commission for the broker-dealer; the rule was designed to curb such abuses by requiring more transparency about the costs and benefits of executing a rollover to catch those ‘bad apples’.
At least that is how it would work in theory; in practice, however, it seems that many broker-dealers have yet to fully comply with Reg BI’s requirements, and are receiving deficiency letters from the SEC detailing their failures to complete and document the required assessments. Among the various deficiencies are the failure to standardize, digitize, and supervise representatives’ obligation requirements, as well as allowing representatives to “self-attest” that they have performed their duty-of-care obligations by simply checking a box on a form, without providing any of the actual data used to make the assessment (thereby taking the advisor’s word that they fulfilled their obligation, which would presumably do little to prevent any abusive behavior by a dishonest advisor who could simply self-attest whether or not they actually performed the assessment).
The SEC’s letters come as the Department of Labor is preparing to enforce its own best-interests rules regarding rollover recommendations starting February 1, which requires firms to deliver their rationale for making a recommendation directly to the investor (as opposed to only documenting it internally, as the SEC requires), and to conduct an annual review of their compliance with the rule – meaning that firms who fail to digitize and properly archive their recommendations may find themselves swamped in paper forms or PDFs when it comes time to perform those reviews. Ultimately, the failure of so many broker-dealers to comply with Reg BI foreshadows even greater future issues complying with DOL’s even-more-stringent requirements (which could end up costing those firms greatly, since DOL has the ability to impose a 10-year suspension of rollover transactions on firms that violate its best-interests rules).
Group Seeks End To RIAs Forcing Costly Arbitration On Clients
(Tracey Longo | Financial Advisor)
Recently, the existence of arbitration clauses in advisory firms’ client agreements has become an increasing matter of debate. The advisory industry tends to favor the clauses, which provide a way to settle disputes with clients more quickly and privately than through the court system, but investor advocates have begun speaking up against the clauses for a variety of reasons.
First, the clauses are generally mandatory, meaning clients have no option to bring their dispute to court rather than follow the arbitration process. Second, there is a widespread belief that arbitration outcomes tend to favor advisory firms over clients (since arbitrators often come from within the industry). Third, and perhaps most alarming, clients who pursue arbitration against advisory firms often need to pay $30,000 in arbitration fees in advance just to begin the process – a fact that may deter many clients from even pursuing disputes (since an investor who loses savings due to bad advice may not have the money to pay in advance; and even if they did, the amount they could stand to recover through arbitration could be less than the cost of the arbitration itself).
To reduce the burden that the arbitration process imposes on clients, the Public Investors Advocate Bar Association (PIABA) is lobbying the SEC and NASAA to either prohibit forced arbitration clauses altogether, or require RIAs to pick up a greater portion of the cost of arbitration. This position represents a harder stance from PIABA, which previously sought only for firms to be required to disclose their arbitration clauses on Form CRS, but it also echoes legislation introduced in the House of Representatives last year that would have guaranteed RIA clients a choice of pursuing disputes either through arbitration or in court. Notably, a third possible route would be to simply require all arbitration disputes to proceed in FINRA arbitration forum, which currently permits claims against RIAs to go through its forum (but only if both the client and the RIA agree to it, giving the RIA an effective veto over the process), which has a comparatively lower average of $2,300 in fees and requires the firms to pay a higher proportion of the cost – meaning that, if the arbitration process were shifted over to FINRA, it would accomplish PIABA’s aim of reducing the cost of arbitration to clients without the need for more extensive reforms.
A Guide To Buying The Right Medicare Policy
(Joanne Giardini-Russell | Advisor Perspectives)
Navigating Medicare enrollment can be a tricky task for retirees, and sometimes for their financial advisors as well. And while many advisors feel comfortable outlining the different parts of Medicare as well as their general advantages and disadvantages, they often refer clients to a Medicare specialist to help the client choose a particular plan. But as Giardini-Russell (a Medicare agent herself) argues, the quality of service from these agents can vary significantly.
The agent-vetting process can occur as clients are approaching Medicare eligibility age (typically 65), and a good agent should be familiar with the pros and cons of starting Medicare at the age of eligibility if the client has other options (e.g., a workplace retirement plan). Also, a good agent will also guide clients through the process of applying for Medicare Parts A and B, even though they will not earn a commission for doing so (as Medicare specialists are typically only compensated for Medigap supplemental policies, Medicare Part D prescription drug plans, and Medicare Advantage plans). Similarly, agents should be able to explain how the client’s Medicare premiums will be impacted by the Income-Related Monthly Adjustment Amount (IRMAA) based on their income (an area where advisors can provide value by helping control client income to stay below IRMAA threshold levels!).
Agents can then help clients choose among Medigap, Medicare Part D, and Medicare Advantage plans for their specific state. For example, if the client is considering a Medicare Advantage plan, having an agent that is familiar with the insurance carriers and hospital networks in the client’s state can help ensure they choose a plan that includes the best medical providers for their individual situation. The key point is that not all Medicare agents are the same, and advisors can not only help clients find a Medicare agent that best suits their particular needs, but also provide support in reviewing potential policies and explaining the implications for their financial plan!
When Choosing A Medicare Plan, Look Beyond The Premiums
(Mark Miller | Wealth Management)
When reviewing different Medicare options, some retirees might first look at the cost of premiums when selecting from the available plan options. However, because not all Medicare plans are created equal (and because retirees will have varying needs for medical care), choosing a plan with a lower premium could end up costing a retiree more in the long run.
One of the major decisions when enrolling in Medicare is whether to choose traditional fee-for-service Medicare or Medicare Advantage. Medicare Advantage plans can be attractive for some retirees because they often have lower premiums than the alternative of using traditional Medicare with Medigap and Part D prescription plans, and can come with additional benefits, such as prescription, dental, and vision benefits. Nonetheless, these plans can have high maximum out-of-pocket limits that could be reached if the insured has significant medical needs. Further, Medicare Advantage plans steer retirees to ‘in-network’ providers, meaning that a policyholder could end up paying significantly more for care if they are seen by an ‘out-of-network’ provider.
Similarly, retirees choosing among Medigap policies might be tempted to choose the plan with the cheapest higher-deductible premium (which could result in significant out-of-pocket expenses if the retiree ends up needing expensive medical care), or at the opposite end, the plan with the most comprehensive coverage (which might lead the retiree to pay more in premiums when they could afford the deductibles and coinsurance of a plan with cheaper premiums). In the end, there is no ‘one-size-fits-all’ approach to selecting Medicare plans, and advisors can help clients look beyond premiums to the total expected costs to select the most appropriate plans given their health and financial situation.
Medicare Do-Over Season
(Mary Beth Franklin | InvestmentNews)
The timeline for Medicare enrollment can be confusing for many retirees. While most retirees sign up for Medicare in the seven-month initial enrollment period (the three months before they turn 65, their birthday month, and the three months after they turn 65), those who continued to use (creditable) employer health coverage after turning 65 can sign up for Medicare penalty-free up during a special enrollment period that ends eight months after their coverage ends.
Given the various deadlines, a portion of retirees will forget to enroll in Medicare during either the initial or special enrollment periods. However, they get another opportunity during the general enrollment period that runs from January 1 through March 31 each year. Yet this opportunity comes with additional costs, as the coverage will not begin until the following July 1 (creating a period where the retiree could be on the hook for any medical expenses), and their Medicare Part B premiums will incur a 10% late enrollment penalty (which is applied to Part B premiums for the rest of their life!) for every year they were eligible to enroll in Part B but did not.
The January through March period is also the time when those with Medicare Advantage plans can switch to a different Advantage plan, or to traditional Medicare. However, switching from an Advantage plan to original Medicare can be difficult for some people with health problems, as insurers can reject applicants or charge increased premiums for those who apply for a Medigap plan to supplement their traditional Medicare application given that they are now outside of their initial seven-month enrollment period. Given the potential consequences of not applying for Medicare during the initial or special enrollment periods, financial advisors can support clients (and save them potentially thousands of dollars in penalties!) by making sure they enroll in time and choose the Medicare plans that best meet their needs.
The Role Of Qualitative Data Gathering In Developing Client Trust And Commitment
(Carol Anderson and Deanna Sharpe | Journal of Financial Planning)
The ability to communicate and foster productive relationships with clients has long been recognized as a key skill for financial advisors. Communication opens the door to trust and commitment on behalf of the client, and those qualities are necessary for creating an open dialogue between the planner and client and ultimately for delivering advice in the client’s best interest. But it is difficult to quantify what exactly comprises effective communication, and what really builds trust in client relationships, because unlike some of the more technical areas of financial planning, there is not much clear-cut data on the subject of client communication.
A 2006 research study by the Life Planning Consortium attempted to provide empirical evidence for the role of effective communication in planner-client relationships by surveying both planners and clients on the planner’s use of various communication tasks and measuring the levels of client trust and commitment, both from the planner’s and the client’s perspective. In this paper, Anderson and Sharpe replicate the 2006 study to evaluate how planner-client communications have evolved in the intervening years, focusing on planners’ efforts to learn about their clients in four specific areas: cultural values, personality types and traits, money attitudes and beliefs, and family history and family values. The study’s most notable finding was that, in all four categories, planners significantly overestimated their communication skills (that is, planners rated themselves much more likely to make efforts to learn about their clients than their clients rated them) – a finding that differed starkly from the 2006 study, in which planners and clients closely agreed in each category.
Ultimately, the study’s findings may suggest that financial planners have not necessarily become worse communicators, but that clients have perhaps evolved a different set of expectations about what comprises best efforts to understand the client and their attitudes and values. And one of the study’s other notable findings – that there is a statistically significant relationship between planners’ efforts to obtain this information and the level of trust and commitment experienced by the client – underscores the importance for planners of making the effort to learn about their clients in these categories (and perhaps doing so more explicitly than the planner might assume they should).
The Sign Around Every Person's Neck
(Mitch Anthony | Financial Advisor)
Financial advisors – in particular those near the beginnings of their careers – are often eager to prove their expertise to prospective clients. But an advisor who gets too wrapped up in their own knowledge during a conversation risks forgetting who matters most in that dialogue. Because prospective clients are often less interested in the advisor’s technical expertise – since, after all, there may be many expert advisors to choose from, and if the prospect showed up in the advisor’s office the advisor likely already has the benefit of the doubt that they’re a credible expert – than whether the advisor can help them feel important.
And while simply recognizing this fact, and making sincere inquiries to boost the prospective client’s sense of significance, can go a long way toward improving an advisor’s communication skills, the fact is that there is likely more that each of us can do to improve our curiosity, inquiry, and listening skills. Because, in reality, most people are not born with great listening skills; rather, the ability to listen actively and empathetically (thus letting the advisor’s recommendations flow naturally from the conversation) must be practiced and developed over time. A good first step towards deepening these skills is to self-assess and understand areas in which one may be lacking empathy and listening skills. For instance, some advisors may be prone to dominating a conversation with their own stories. Others may focus predominantly on the facts of a situation without making the effort to fully understand the client’s feelings. And still others may simply miss the point of what a person is trying to say, fixating instead on irrelevant details. An increased level of self-awareness can help one recognize where they have the most need for improvement.
From there, it is a matter of practicing those skills, focusing on one’s weakest areas and practicing awareness to bring them up to par. In any conversation, however, it may ultimately do advisors good to imagine a sign hanging around the other person’s neck reading “Help Me Feel Important”, which is almost always what client communication is about in the end.
Don't Recommend Financial Planning
(Dan Solin | Advisor Perspectives)
Surveys have shown that a large majority of Americans do not work with a financial advisor. Many factors, such as the cost of financial planning or the desire to manage one’s own finances, may factor into this statistic, but it could be possible that the reason many people avoid financial planning is that they simply prefer not to think of the realities of change, aging, and death that financial planning inevitably touches on, and avoid financial planning conversations in order to get around these thoughts. Researchers have dubbed this effect the “End of History Illusion”, which causes us to think of ourselves (as well as our values and preferences) as fixed in time rather than the ever-evolving beings we are.
Accordingly, Solin suggests that one way to have more productive conversations around financial planning may be to avoid the phrase “financial planning” altogether, and instead to frame those conversations around the idea of “investing” – not with respect to their investment portfolio, but investing in themselves and their future. After all, “planning” can conjure images of necessary (but unpleasant) actions without an easy-to-imagine reward, in much the same way that we may know that flossing our teeth and eating vegetables are good for us in some way, but many people nonetheless avoid them because the future rewards for doing so are simply not tangible enough to overcome the “work” required.
On the other hand, “investing” carries the feeling of building towards something – a house, a child’s education, the future wellbeing of children and grandchildren, or anything that might have an immediate resonance for the client. And even without getting into a conversation about stocks and bonds, converting the conversation about financial planning to one about investing fits, because each of the client’s goals require the two inputs – funds and time – that define an investment. So for planners who encounter resistance to having financial planning conversations, this simple reframing of ‘investing into oneself' may be the way to overcome that resistance, have a productive conversation, and ultimately spur action.
How To Get Feedback
(Tomas Pueyo | Uncharted Territories)
Getting useful feedback is an important part of self-improvement. At the same time, while receiving positive feedback can be fulfilling, getting negative feedback can be both painful for the recipient and awkward for the person giving the feedback. Getting painful feedback can also make you question your skills, especially if the topic of the feedback is both important and something you previously considered a strength. But given the importance of feedback, there are several ways to both ask for and receive feedback that will make the experience better for both the person giving and receiving the feedback.
Getting high-quality feedback starts with how you ask for it. Best practices include being specific in what you are asking for feedback on, and asking for it in advance if possible. For example, rather than asking “How was my speech” after it was already given, asking “Could you give feedback on my delivery” in advance of the speech gives the person giving the speech a better idea of what to evaluate, and avoids a situation where they criticize the speech immediately after it was given.
When receiving feedback, it is important to avoid interrupting the person giving the feedback if you disagree with what they are saying (as you do not want to cut off what they have to say). And even if you do disagree with the content of the feedback, it is an opportunity to consider whether you are communicating in a way that gets your point across as intended (as almost by definition, their negative feedback suggests they didn’t receive the information that way, regardless of what was intended!). Also, when receiving negative feedback, it can help to separate your behavior from your identity. For example, if a colleague says that a comment you made offended them, it does not mean that you are a bad person, but rather that in the future you could consider changing the offending behavior (e.g., phrase that point differently!).
Finally, it is also important to thank, and not attack, the person giving the feedback, because even if you disagree with it, you want to leave the door open to receiving feedback in the future that could prove helpful to you. The key point is that while being a good recipient of feedback can take just as much thoughtfulness and skill as giving valuable feedback, the rewards to doing so can be significant!
Big Skills
(Morgan Housel | Collaborative Fund)
The phrase “the whole is greater than the sum of its parts” helps explain the concept that two seemingly innocuous factors can turn into something greater when combined. For example, one of the major advancements in human history came with the creation of bronze, whose hardness is useful for tools and weapons, but is the combination of copper and tin, neither of which are particularly hard themselves.
This can apply to financial planning as well, where observing the full range of a client’s financial situation can show more strength than any of the individual accounts they hold. But the idea that the whole can exceed the sum of its parts can also extend into human talent, where a combination of seemingly normal abilities can combine to create an extraordinary skill. For example, neither drawing nor being funny is particularly extraordinary, but someone who combines those skills could be a great cartoonist.
Housel identifies several characteristics that, while not particularly notable in isolation, can lead to improved decision-making and professional success when combined. These include, among others: curiosity across disciplines; the willingness to adapt views you wish were permanent; thinking in probabilities as opposed to certainties; knowing the long-term consequences of your actions; and deserving the good reputation that you have. As while again, none of these take any particular skill or natural ability (and might even be ignored in isolation!), together they could lead to extraordinary success!
Why You Should Ignore The Metagame
(Nick Maggiulli | Of Dollars And Data)
After playing a ‘game’ for a long time – whether it’s basketball, investing, or another activity – you might get the feeling that the unwritten ‘rules’ of the game have changed. In basketball, an example of this has been the dramatic increase in three-point attempts by NBA teams in the past decade; the value of a three-pointer has remained the same, but teams have figured out that increasing the number of three-point attempts can lead to more victories. This game about the game is called the ‘metagame’, and can be thought of as the optimal strategy to win a game at a specific point in time (and recognizes that the optimal strategy can change as the meta shifts over time).
For example, when it comes to investing, this could refer to ‘hot’ investment trends, whether it was the internet stocks during the boom in the late 1990s or cryptocurrencies today. And while these changes to the metagame can create success for early adopters, those who come late to the party often end up losing out as the game shifts again (e.g., those who bought Pets.com stock soon before the tech bubble burst). And so, Maggiulli argues that the time it takes to successfully ‘play’ the metagame (identifying trends and jumping on them, while there is still value to be had) is not necessarily worth the potential rewards given that many others will be attempting to do the same.
Instead, he suggests creating a ‘personal monopoly’, where you leverage your relative strengths to create a career and life uniquely suited to you (rather than chasing the trends that many others are also pursuing). For financial advisors, this could mean that instead of chasing the hot new trends to attract generalist clients (for whom many other advisors are competing), that you instead find a niche of interest where you can provide superior service to a specific group of clients. And so, the key point is that concentrating your effort on building your own unique talents can be a better way to find success than trying to ‘win’ (and feel like you’re continuously chasing) the metagame!
We hope you enjoyed the reading! Please leave a comment below to share your thoughts, or make a suggestion of any articles you think we should highlight in a future column!
In the meantime, if you're interested in more news and information regarding advisor technology, we'd highly recommend checking out Craig Iskowitz's "Wealth Management Today" blog, as well as Gavin Spitzner's "Wealth Management Weekly" blog. | https://www.kitces.com/blog/weekend-reading-for-financial-planners-jan-29-30/ |
I am now in my 24th month of independence. As you read my account of this journey, I recognize that some of you are already on this path, some are contemplating it, and the rest are quite sure, at least for the time being, that running an independent advisory firm is not part of the plan. That’s perfectly fine. Running a business is not for everyone. But for those who are game, even for those who are simply curious, I hope to provide some unique perspectives and meaningful insights into this wonderful world of independence. The information that follows is intended to convey, in real time, what lies ahead for those interested in pursuing the independent route.
The Road So Far
My journey officially began on April 1, 2007, the day I left my secure corporate environment as a senior financial planner with one of the largest banks in the world and opted for independence in Baton Rouge, Louisiana, in my own firm: Integrity Wealth Management. I had previously worked for a global wirehouse, a regional brokerage firm, and another bank in the Northeast, but by 2007, I needed a change.
While there was some security and name recognition in being with a big firm, I was frustrated because I was trying to serve clients in the best way I could, but was kept from doing so by an employer who had its own best interests–and products–at heart. Moreover, the inflexibility and bureaucratic nature of a large Wall Street firm stifled my flexibility and creativity, and the only party getting any richer in the process was the parent company (as the old Wall St. joke goes, “two out of three ain’t bad”).
What Your Peers Are Reading
So I decided to strike out on my own, but was doing so without my own significant book of business. I had a plan to build up my client roster, however. In fact, though I had thoroughly and methodically planned for every contingency, or so I thought, unforeseen issues arose right away. One such example occurred right at the beginning when I selected a particular broker/dealer. At the eleventh hour, circumstances changed–that is, my understanding of how I would work with this leading independent broker/dealer turned out to be different from the B/D’s understanding–so I decided not to affiliate with that specific broker/dealer.
There I was, on my own with no place to custody assets. In retrospect, it turned out for the best. I wound up changing direction and became an RIA, a decision I’m very glad I made.
During my first few months, my income was derived primarily from financial planning fees. In my years as an employee investment advisor, I had never charged for planning and was a bit nervous the first time I quoted a fee to a prospective client.
There I was, looking directly into his eyes, when I said my fee for writing the plan “should cost between $2,000 and $3,000.” The prospective client never blinked. I was kicking myself for not asking for a higher fee! Well, this particular individual had a net worth in the tens of millions of dollars, so to him, I suppose, it was no big deal. I learned very fast that the wealthy are willing, and able, to pay for advice.
I also quickly realized that controlling expenses was one of the most important issues for a small business. I didn’t begin by renting office space or hiring any staff. I simply set up an office in my home and got to work. I did invest in technology, though. I bought a laptop and three printers–one high-quality color, one black and white, and an all-in-one unit for faxing, copying, and scanning.
Nine months into my journey, at the end of 2007, I had a total of three clients and around $2 million under management. In 2008, I added several million dollars more and have now reached a point where the business is stabilizing.
This past August, I moved out of my home and rented an office. I now have an 850-square-foot space with a nice reception area, an executive office, two smaller offices, a full kitchen, and a private bathroom. There is enough space here to accommodate the growth of my business for several years.
Advisor Value and Client Acquisition
Many years ago, I realized that for an advisor to be successful, he must offer something of value to the client. It’s equally true that there are a limited number of “value metrics” by which an advisor can create a differentiation between himself and his competition. An advisor must not only have a well-defined story to tell, but the story must be substantive and easily digestible by a client. Let’s explore the advisor-client relationship.
There are basically three groups of advisors–good communicators, good technicians, and those who possess both qualities. I believe it is this third group which has the greatest potential for long-term success, and that’s because it’s tied up with why clients choose a particular advisor? Let’s take a look at some basic principles which greatly influence client acquisition and how I have addressed it.
I find that most clients choose their advisors based not on a set of factual, logical data, but rather from an intuitive, emotional perspective. Maybe the advisor told a good story and made the client feel comfortable. Perhaps they were referred by a trusted friend. In any event, the reason a client chooses an advisor, or makes any other decision for that matter, is because they instinctively “feel” it is the right thing to do. Why this disconnect between fact and feelings? I believe it is due, at least in part, to the fact that we’re all emotional creatures and that clients, in particular, really don’t understand our business. They may be very intelligent people, and accomplished in their own areas of expertise, but most couldn’t tell you the difference between a brokerage operation and an RIA platform.
In my practice, I’ve created a document titled “What’s Important to You.” A prospective client simply reads each item on the list and then ranks the item’s importance. If they rank the items low, I’m probably not the right advisor for them and they should find someone better suited to their situation. However, if they rank the items high, meaning they view them as important, then it’s only a matter of their willingness to hire me, because the prospect’s values and mine coincide: those prospective clients know that I can deliver what is important to them.
So examine your business. Try and put yourself in the client’s position. Better yet, start a client focus group, something I plan to do in 2009. Twice a year, I will gather selected clients and ask questions such as: “What do you like about what I provide?” “What do you dislike?” and “What can I do to improve my services?” How do you find out what the client wants? You ask them! | https://www.thinkadvisor.com/2009/04/01/values-advisor/ |
The role will provide you with an opportunity to become an integral part of our successful MEP and Sustainability Team. The culture in our team is to be a trusted client advisor, selected for our professional quality service, enthusiasm and expertise in the built environment.
The successful candidate will assist Group Leader at an appropriate level to their qualifications and experience and assist CAD Team in general associated administration.
It is anticipated that this role will be for an Apprentice.
Person Specification:
A Revit & CAD Team Document Controller should be dedicated and enthusiastic. You should pay attention to detail and be adaptable with a keen eye for detail.
Key Responsibilities:
- Maintain regular contact and report progress to the CAD Manager
- Undertake duties in a professional manner
- Keep the CAD Manager appraised of important issues
- Ensure that training needs are identified and addressed
Competencies:
You will be require to demonstrate a good level of qualifications, a sound knowledge of Word, Excel etc and you will be expected to develop your competency through experience and continued learning.
The Document Controller will be expected to maintain all existing qualifications and to extend these as appropriate to their role. Levels of education, experience and skills will determine the opportunities available in the future.
Main Duties:
- On a daily basis assist the CAD team with administration duties
- Setting up of drawing registers and issue sheets
- Attend one to one reviews at half yearly intervals
- Upload / issue CAD and Revit files to various portals
- Administrate and correct any issues with uploads etc
- Become familiar with Document control FTP web sites
- Communicate with Engineers & other members of the CAD team
Essential
- A good level of general education including Word and Excel
- A genuine interest in M&E draughting
- Experience of working with Revit & AutoCAD would be beneficial but not essential
- Ability to work within a team
- Good communicate skills
Our Vision:
To be identified as a trusted client advisor; national in reach, local in service and selected for our quality and expertise in the build environment
Our Values:
- Professional Integrity
- Technical Expertise
- Solution Focused
- Reliable Personal Service
Training and Development
The Practice is keen to assist individuals in developing work related professional interests. The Practice takes training seriously, providing practical and financial assistance to all personnel.
Calfordseaden is an Equal Opportunities Employer and is committed to and support the principles of equality of opportunity in employment, training and service delivery.
Immigration, Asylum and Nationality Act 2006: List of Documents
The Practice is required under this Act to ensure that all Employees have the right to work in the UK and the right to do the work offered.
At interview all potential Employees must provide one of the original documents set out in List A or two of the original documents in the combinations given in List B (Please see Supporting Document 1). It is not necessary to produce documents from both lists.
Photocopies of documents provided will be retained on the successful applicant's file.
This job description will be subject to review in the light of changing circumstances and may include other duties and responsibilities as may be determined. It is not intended to be rigid or inflexible but should be regarded as providing guidelines within which the individual works.
Under General Data Protection Act 2018 all employees are responsible for records held, created or used as part of their work for calfordseaden, whether paper-based or electronic, which also includes emails. Records should be managed and stored appropriately and should in all cases comply with the requirements of the ACT.
The appointment is subject to proof of the attainment of any qualifications deemed essential to the post and used as a basis for shortlisting and selection. Failure to provide evidence of the required qualifications will result in the offer of employment being withdrawn. | https://calfordseaden.com/vacancy/cad-team-document-controller-ref-g06o0622/ |
Vijay is someone i can truly say is a friend , philosopher and a guide. He has a sound vision and knowledge of financial planning and gives the right advice each time. His proactive approach and personal attention to each client is just commendable. Each time I faced a problem and reported to him, he owned it up as if it were his own problem and ensured that right solution was achieved and at the earliest possible time. He’s someone you can trust blindly with your finances!
Vijay has surpassed my expectations of working with a financial advisor, I feel secure that my short term and long term financial goals are being taken care of in a planned and structured way.
I am absolutely delighted with the services provided by New Horizon Capital. The expertise and attention to detail with which Mr Vijay handled my financial services could not be faulted. His continuous advice have saved me significant amount of Money. His Professional and ethical ways of working elicit my trust and Respect.
Our sincere apprecitation to mr Vijay S Kalra who was friendly, respectful and patient when he was processing our new Vehicle loan. His Timely Guidance helped us save both time and money.
We are happy to utilise the services of New Horizon capital for all our future Financial services and also refer our friends and associates. | http://www.nhcapital.in/testimonials/ |
Fiduciary FAQ: What The Latest Milestone Actually Means (Andrew Welsch, Financial Planning) – Today, June 9th, marks the applicability date of the Impartial Conduct Standards under the Department of Labor’s fiduciary rule, a process that was almost 6 years in the making (although technically the rule doesn’t take effect until 11:59PM tonight!). Notably, though, the primary part of the fiduciary rule that is taking effect is just the Impartial Conduct Standards that financial advisors must act as fiduciaries (at least regarding retirement accounts); the additional fiduciary agreements, policies and procedures requirements, and (website) disclosure rules, won’t kick in until January 1st of 2018. However, financial institutions have already begun to send out information to clients about various changes that may be occurring under the fiduciary rule, as many firms have already been implementing changes just to ensure they comply with the Impartial Conduct Standards (and some have been making announcements today). In the meantime, though, the fiduciary rule is still not a done deal, even though the Impartial Conduct Standards are applicable today, as House Republicans just included a proposal to repeal of the DoL fiduciary rule in the new Financial Choice Act (though it doesn’t appear to stand much chance of passing the Senate as-is), a similar piece of legislation was just proposed in the Senate (though it too is still subject to a Democratic filibuster), and OMB just posted a notice that the Labor Department will soon be soliciting public comments about potential modifications to the rule. Still, the odds of a full repeal seem low, though there is much discussion about whether the rule might at least be changed, particularly with respect to the controversial class action lawsuit provision (which some claim will raises costs, and others suggest are an essential point of accountability to ensure financial institutions take the rules seriously), though some have also warned that the disclosure requirements may still be problematic for some advisory firms (e.g., RIAs that do not qualify for the level-fee fiduciary streamlined exemption). Nonetheless, the fact remains that the fiduciary rule is now official and on the books, and even though the Department of Labor itself has indicated it will not be aggressively enforcing through the end of the year as long as firms try to comply in good faith, the rule is already driving substantial positive changes in the industry, from simplification in mutual fund share classes with the rise of “T shares and clean shares” to new product filings that should expand the accessibility of various no-load insurance and annuity products to fee-based financial advisors. And all financial advisors should be certain that going forward, they have clear documentation in their client files, for every IRA rollover, that analyzes the costs and performance of the old plan against what the advisor proposed, to substantiate that the rollover really was the appropriate recommendation for the retirement investor!
7 Ways To Onboard Your New Clients & Become Super Referable (Bill Cates, Referral Coach) – While most advisors focus on trying to generate referrals from long-term satisfied clients, the reality is that it’s possible to start generating referrals by creating “wow” experiences for clients from the very first moment they say “yes” and begin the onboarding experience with the advisory firm. Which means it’s worth spending time thinking about and looking at how you onboard clients, and the kinds of first impressions you set. Some potential ways to improve the client onboarding experience include: 1) have other members of your team contact the new client to introduce themselves, by a phone call, a handwritten note, or even just stepping into the initial meeting when the client is in the office (which helps the client understand the depth of the team, how well they will be supported, and put a face and an initial relationship to the other people who the client will be interacting with in the future); 2) invite the new client to a client appreciation event (or even just take the new client to lunch, or a ball game or golf outing, or any other fun event to start building the “business friendship”); 3) consider creating an “expectations agreement” (i.e., client engagement standards), that helps to set out clear communication and service expectations with the client; 4) conduct a follow-up phone review the first time the client gets a statement with their new accounts, to help affirm that they understand everything and don’t have any questions or concerns); 5) send them a physical book (don’t underestimate the perceived value of something tangible!), either related to the work you do, or something related to their hobbies or interests (which helps to show them you were listening and they were heard!); 6) connect with them via social media; and 7) create a “welcome package” to celebrate their onboarding as a new client (which could include cookies or sweets, fun items for their children, gift cards or coupons, a card signed by your team, etc.) and help make the new client process a memorable experience.
Building A Financial Services Business That Grows Itself (Erin Botsford, Investment News) – Ultimately, it doesn’t matter how good you are at delivering financial advice, if you have no clients to deliver the advice to. Which means if you don’t have a way to get clients handed to you automatically, you have to figure out how to prospect and market to bring in clients… ideally, in a way that is sustainable and scalable. Botsford, in her recent new book “Seven Figure Firm: How To Build A Financial Services Business That Grows Itself“, details some of the strategies that she’s used successfully over the years, including: 1) drop-ins with small business owners first thing in the morning (if you arrive between 7AM and 8AM, you can get to the key owners before the receptionist/gatekeepers arrive, and offer to come back later bringing pizza for lunch or to give employees a financial seminar); 2) figure out how to network your way into an organization by inviting employees out to lunch, learn about their problems, and ask them who else you should be meeting (which, repeated over a period of months and years, can give you a very big prospecting list!); 3) conduct seminars to offer education, with an opportunity to work with those who want more help (but be prepared to do the hustle it takes to get people in the room for the seminar, as old-fashioned advertising with newspaper or radio ads just doesn’t work well anymore!); and 4) explore speaking to clubs and organizations (which you can find a list of through the local Chamber of Commerce). The key point, though, is to recognize that nothing works instantly and immediately; Botsford suggests that you have to commit to any method, persistently, for 18 months, to see if you can make it work, before you give up. And notably, Botsford points out that she built her business without asking her friends and family to do business first; in fact, when she told them initially that she had a policy of not doing business with friends and family, she says they actually rallied around her and become more willing to refer, as they no longer had to fear an awkward moment of being asked themselves.
The Neuroscience Of Trust (Paul Zak, Harvard Business Review) – Having trust is crucial, both in the context of engaging with clients and customers, and businesses engaging with their employees. Yet few organizations really focus on how to build a culture of trust, and deep trust relationships with clients, often engaging in short-term fads and tips, rather than looking at the core of how trust really forms. In subsequent research, Zak found that trust occurs when our bodies release oxytocin to the brain, which appears to reduce our fear of trusting strangers, allowing us to view others as more trustworthy, and reciprocate that trust. Accordingly, to the extent that we can determine how to increase the release of oxytocin (or limit it from being decreased), we have the potential to increase trust at the level of brain chemicals themselves – and, most notably, stress itself is an inhibitor of oxytocin, which is why we’re less trusting and have more trouble interacting with others when we’re stressed. Ultimately, Zak extended his research to find 8 ways that businesses can foster trust, including: 1) recognize excellence (as public recognition from peers that is tangible, personal, public, but unexpected, has a powerful positive effect on trust); 2) induce “challenge stress” (as moderate stress actually induces the release of oxytocin, helping people pull together to complete a common task… as long as it’s still achievable); 3) give people discretion in how they do their work (once they’re trained, allow them to do what they want, as when they feel trusted, they’re more likely to be trusting); 4) enable “job crafting” (where people choose what tasks/projects to focus on, which usually means they focus their energies on what they enjoy the most, thereby enhancing their positive views of the company and the outcomes); 5) Share information broadly (e.g., about goals and progress towards goals); 6) intentionally build relationships (i.e., by really asking about how team members or clients are doing, and showing empathy for their concerns); 7) facilitate whole-person growth (as when people feel like they’re making personal progress and the company is invested in them, they’re more trusting); and 8) show vulnerability (which triggers feelings of empathy in others, releasing oxytocin and making them more trusting). And notably, while the research was done primarily in the context of companies/managers building trust with employees, if you read the list again, you’ll realize that many of these are equally feasible and relevant for advisors to build trust with clients and prospects, too!
The Five Powerful Tools Your Website Needs (Claire Akin, Indigo Marketing Agency) – While a lot of financial advisors have done the work in recent years to “update” their websites to be more visually appealing, with new logos and high-quality pictures and images, Akin notes that there are several additional key features that are necessary for a good financial advisor website to actually convert visitors into qualified prospects who contact the firm about doing business. The key (and often overlooked) features include: 1) a sample financial plan (if the product you’re selling is a financial plan, why not give prospects a free sample to view, so they really understand what they’ll be getting?); 2) a lead capture form where people can enter their email address to get more information (notably, this is separate from the “contact” form where people actually reach out to do business… this is about getting leads onto your drip marketing list, so that they can someday contact you about actually doing business as a bona fide prospect!); 3) an online scheduling app that allows interested prospects to easily schedule an introductory call with you (which makes it easier for the prospect, and saves time for the advisor and his/her team!); 4) a custom video, where you share your story, what you do, and why, so people can connect with you personally, beyond just the static information on your website; and 5) be certain to include the keywords that help optimize your website for the search engines (i.e., if you’re hoping your website will come up when someone types “financial advisor <cityname>” into Google, be certain that the words “financial advisor” and your city name appear on the homepage of your website and the supporting page description!).
Looking For New Clients? (Joel Bruckenstein, Financial Advisor) – Historically, most financial advisors have generated new business through referrals (either from existing clients, or Centers of Influence), or in some cases are close enough to “capacity” that they just aren’t seeking any more new clients at all. But with referral marketing on the decline, and a growing number of referral sources becoming competitors (from CPAs going into wealth management, to RIA custodians and asset managers launching their own advice offerings), and new competition as well (e.g., robo-advisors), pressure is growing to find more scalable ways to drive new business development, which is increasingly turning advisors towards technology tools that help with marketing, from both existing and new technology providers. For instance, eMoney Advisor is launching a new Lead Generation Tool, which will allow advisors to share a unique URL that lets prospects engage directly with the software, entering a minimal amount of basic information, a simple goal, a few data points, and begin to get immediate feedback of whether they’re on track or not (and if they’re not, prompting them to contact you as the advisor for help!); notably, eMoney is also working on a new “Prospect Purchase” program that will actually generate leads directly through digital marketing, and then hand them off to financial advisors, for some yet-to-be-determined cost. In the newcomer category, Bruckenstein points out EverPlans, which is a secure digital archive that clients can use to store everything their loved ones will need if someone happens (i.e., not only wills and trusts and insurance policies, but information about important accounts and passwords, vendors, health and medical information, final wishes and funeral preferences). By offering EverPlans to clients, the advisor has the opportunity to start forming relationships with the client’s children/heirs, in large part because the EverPlans process includes inviting clients to write a “just in case” letter (a quick summary for family/advisors of what to do if something happens to them), and those who will have access to it are notified (thereby becoming aware of the service the advisor is providing). Other digital tools to support advisor marketing include: FinMason, which offers a service called FinScore Pro, a risk assessment tool that can be embedded on the advisor’s website to invite prospects to have their portfolio (automatically) analyzed, and then prompted to share the results with the advisor and contact the advisor if they need help (though FinScore Pro is cheaper than similar competitor Riskalyze); RiXtema, which offers a tool called “Annuity Advisor” that lets prospects get their annuities analyzed; and MyMoneyGuide from MoneyGuidePro, which allows advisors to have prospects go through an initial guided financial planning process, and then work further with the financial advisor if they need deeper assistance.
Cetera’s New Digital Tool For Deciphering Client Behavior (Suleman Din, Financial Planning) – The standard approach to risk tolerance assessment tools is to ask clients a series of financial and other questions, and then score their answers to determine whether they’re more conservative or aggressive. However, Cetera has recently launched a new facial recognition software tool called Decipher, which provides prospects/clients with a series of questions and financial vignettes, scans their faces as they read through and navigate the situations, and then “scores” them based on their facial expressions and visual emotional reactions! The idea of the software is that not all financial advisors pick up on all non-verbal cues from clients and prospects (especially when meeting with a couple at once), and that people aren’t always good at answering questions to report their own tolerance for risk; however, software may be able to more fully capture and analyze a person’s non-verbal communication to come up with additional or unique insights. The idea may sound far-fetched, but the reality is that facial recognition software is already used extensively by law enforcement (particularly at global borders), and the financial industry has increasingly been using facial recognition as a way to grant clients access to their accounts via mobile device. Though ultimately, Cetera emphasizes that the software is meant to support and augment financial advisors, rather than replace them. And for client privacy purposes, the software will not store any of the biometric information and facial images or videos, simply capture them for scoring, and then report the results of the tests into summaries for financial advisors (with all data processed in the U.S.).
Can Vestwell Revolutionize How Advisors Sell Retirement Plans? (Ryan Neal, Wealth Management) – One of the biggest challenges for advisors looking to add 401(k) plans to their solutions for clients is that the process can be very paperwork intensive, and is often far slower to establish and process than “traditional” investment accounts. Newcomer Vestwell is aiming to change that, building what is effectively a “robo-advisor-for-advisors” platform specifically to help advisors sell and administer 401(k) and 403(b) plans at a lower cost by using digital tools to ease and automate the previously-cumbersome administrative parts of the process. Vestwell also uses Quovo’s account aggregation technology to let plan participants sync outside accounts, improving the experience for the client, and opening up visibility about additional business opportunities for the advisor. Vestwell is founded by Aaron Schumm, who previously built and sold the FolioDynamix TAMP platform, and is essentially trying to re-create the ease and popularity of the TAMP and its supporting technology, but in the 401(k) and 403(b) channels. The Vestwell platform will allow digital inputting of all key data (e.g., employee census information and the plan adoption agreement), generate side-by-side proposals with fee comparisons, and the full stack solution costs just 35bps to 65bps depending on the plan size. And to minimize the fiduciary liability risk for the advisor, Vestwell curates the investment strategies and acts as the named fiduciary and investment manager (although the RIA can choose to be the investment manager, with a different fee-structure and fiduciary responsibility arrangement). At this point, Vestwell is aiming primarily to capture the small-to-mid-sized 401(k) market (i.e., plans up to $50M of AUM), which may be particularly appealing for financial advisors who work with small business owners who offer such employer retirement plans.
Client Portals: Many Options, Different Goals (Mark Nahlovsky, SEI Practically Speaking) – In the past, advisor technology was a custom creation of large firms, which over time (in the late 1990s and the 2000s) become a series of software components that independent advisors could purchase and begin integrating together. Now, though, advisor technology is consolidating around client portals, which clients connect to in order to engage with their financial advisor and financial information. However, the challenge is that there are lots of different client portal options now, and the relative benefits of each varies depending on what, exactly, the advisor wants to get out of the portal for their clients, and the perspective of the portal creator themselves. For instance, investment custodians offer basic client portals that allow investors to see their accounts and the holdings of those accounts… but they don’t necessarily put the advisor into the picture (even if the client is viewing accounts the advisor manages!), nor do they often pull in other financial information for the client. On the other hand, independent portfolio management solutions are increasingly offering more modern interfaces that at least pull together investment holdings across multiple custodians and platforms (and often outside accounts through account aggregation as well), although their “core” as a portfolio reporting solution still means that’s often where the first development resources go. Financial planning software is increasingly offering its own full-household account aggregation portals as well now, from eMoneyAdvisor to newcomers like Advizr, although those programs are often so focused on the financial plan that they fail to give clients enough information on portfolio performance reporting (which, for the financial planner who also manages portfolios, is often still a necessity). And, in the meantime, client portals are also beginning to crop up from new robo-advisor-for-advisor platforms, and there are direct-to-consumer technology companies that also give clients a holistic personal financial management solution (e.g., Quicken, Mint.com). And some financial advisors, unsatisifed with them all, are creating their own custom portal instead. The bottom line: even though there’s been a proliferation of client portal tools, none are really executing on everything the financial advisor needs, but this is probably still only the start of what’s yet to come.
The Elements Of Value (Eric Almquist & John Senior & Nicolas Block, Harvard Business Review) – The fundamental decision that any prospective buyer of a product or service faces is deciding whether the perceived value is worth the cost. The challenge, though, is that while pricing is often relatively straightforward to determine, pinning down “value” is far more psychologically complicated, as it often varies by the eye of the beholder. Nonetheless, it’s still possible to break down the core components of “value”, which the authors find will fall into four primary categories that comprise 30 different types of value: functional (e.g., saves time, simplifies, organizes, informs, etc.); emotional (e.g., reduces anxiety, fun/entertaining, nostalgic, aesthetically pleasing); life-changing (provides hope, is motivating, aids self-actualization); and social impact (the value is “self-transcedent” – beyond one’s self). Notably, the relative value of these categories is hierarchical – similar to Maslow’s hierarchy of needs, the functional benefits come first, while the emotional are higher-order (but most be built on functional benefits), the life-changing benefits are even more valuable (on top of functional and emotional), and the social impact benefits may be most valuable but can only “work” if at least some of the underlying needs are satisfied as well. Not surprisingly, the researchers found that the most successful companies are the ones that can deliver on several elements of value (and several tiers of the hierarchy), though companies don’t have to hit all 30 (for instance, Apple still only scored high in 11 out of 30 elements), and certain elements are vital (e.g., “quality” is an absolute necessity in virtually all situations). From the advisor’s perspective, though, it’s interesting to think about how these elements of value map onto what we as financial advisors do – where some of what we do is functional (simplify, save time, make money), other parts are emotional (reduce anxiety), and some are life-changing (retirement transitions, or motivating towards them), but it may be best to pick specific elements of value and really focus on delivering them well (since it’s not feasible to do them all).
What Is Your Value Proposition (Barry Ritholtz, Big Picture) – In a world where so much information is available online and for free, there is a growing challenge and pressure on financial advisors to explain what they do, and why it’s worth paying for, over letting clients just read, learn, invest, and make their own financial decisions themselves. Accordingly, Ritholtz shares the 10-element value proposition that he uses to justify the firm’s services and pricing to clients: 1) behavior management (both to help clients avoid disasters like selling in a down market, and also to keep positive momentum in what the goals they’re working towards); 2) communication/understanding (as there’s a myriad of bad information out there, and it’s valuable to be a filter for clients to help convey to them the accurate information that they need to know); 3) financial planning plus updates (as it’s vital to put investments in the context of a broader plan); 4) better portfolios (as you might be able to build it yourself, but do you really want to take the time and develop the expertise to do so, and unfortunately we know in reality most consumers do not effectively diversify their portfolios); 5) cost-effective implementation (as while the advisor themselves have cost, a fiduciary advisor has a healthy incentive to drive down underlying investment costs as low as possible); 6) constant monitoring and updates (as most of the time, nothing important happens, and thus most consumers don’t keep paying attention… which means they miss some important opportunities when they do come along!); 7) access to a professional network (as quality advisors can provide helpful referrals to other quality professionals); 8) portfolio rebalancing (which everyone knows they “should” do, but many often fail to do themselves); 9) tax management and tax loss harvesting (another example of something that can be done individually, but often doesn’t get the attention it deserves, while an advisory firm can ensure it’s being done consistently and properly); and 10) establishing a spending strategy (as there’s more than just the retirement portfolio itself, such as when to take Social Security benefits to supplement the portfolio). Again, the key point is not that investors can’t do this themselves, but simply that many don’t want to, or won’t realistically maintain the focus to do it and follow through when the time comes.
New Thinking Could Help Advisers Better Deliver Value (Dan Kemp, FT Adviser) – As financial advisors around the world adjust to the shifting regulatory environment, with recent new fiduciary rules (that outright banned commissions) in both Australia and the UK, there is a near-universal struggle to figure out how to effectively articulate the value proposition of financial advisors, especially in a world of unlimited free information, and low-cost “robo” platforms to access markets. The general answer remains that advisors help clients to reach their financial goals, but clearly the way this is done is shifting, as the approach the past – a focus on technical expertise and market access – are no longer compelling on their own in the age of technology. Kemp suggests that one path forward is akin to how theology has evolved in the modern scientific era – where in the past, the role of the Church was often to help “fill in the gaps with God” (where gaps in humanity’s knowledge was attributed to divine intervention), but now it is increasingly focusing on the shared journey of personal development with God. In this context, it implies that going forward, advisors must focus less on the “how”, which can be increasingly addressed through technology and the internet, and focus more on the “why”. For instance, “how to invest to achieve your goals” is available through technology, but answering “why do so many investors fail to reach their goals” is ultimately not a question of information, but of human behavior. Of course, the idea of behavioral coaching is not entirely new for financial advisors, but Kemp suggests that the industry has been very light historically on real training on behavioral coaching – a gap that must and will soon be filled, as advisors are increasingly compelled to stop focusing on the “how” and start focusing on the client “whys” instead. | https://www.kitces.com/blog/weekend-reading-for-financial-planners-jun-10-11/ |
When Choosing a Financial Advisor, Ask the Right Questions
How do you choose a financial advisor? Like most people, you probably are busy with your work and family, and may not have the time or expertise needed to thoroughly understand the investment world.
So how do you choose the right financial advisor? You can start by asking the right questions. Here are a few to consider:
- Have you worked with people in my situation? As an investor, you have your own special set of characteristics: level of assets, stage of life, long-term goals, etc. Before you sign up to work with a financial advisor, you need to make sure he or she is comfortable working with someone like you.
- What are your credentials? Inquire about a prospective advisor's qualifications. Make sure anyone you might work with has all the necessary securities licenses.
- Are you or the firm you represent affiliated with regulatory organizations? Ask whether the advisor or the firm he or she represents is regulated. For example, any firm or advisor who is a member of the Investment Industry Regulatory Organization of Canada (IIROC) would need to comply with rules that protect client assets if a firm becomes insolvent.
- What is your investment philosophy? Just like investors, financial advisors have different investment philosophies. Some might be naturally more aggressive, while others are more conservative. But the ideal advisor can provide you with guidance based on your risk tolerance and investment preferences.
- How will you communicate with me? Make sure your financial advisor will communicate regularly with you. Find out when you'll receive statements and how often you'll meet in person to review your portfolio. Will your financial advisor call with suggestions and recommendations? Are you free to contact him or her at any time? Remember, you're entrusting this person with your financial future – so you have a right to always expect open, honest and frequent communications.
- What sort of resources can you draw upon? Find out if a prospective investment professional has access to quality research and technical expertise in key areas, such as investments, insurance and estate planning. In some cases, a financial advisor may be able to bring in added expertise through a relationship with another professional, such as a lawyer or accountant.
- How are you paid? Investment professionals can be paid through fees, commissions, percentage of assets under management or even a combination of these. You need to know, right from the start, how your financial advisor is being compensated.
- Can you provide me with references? A lot of people are too shy to ask for references. However, a reputable financial advisor will be happy to give you some names of people you can call. Of course, you shouldn't expect a financial professional to provide you with the specifics of other clients' financial transactions. But you should be free to ask about a financial advisor's style, responsiveness, etc.
Your association with a financial advisor is one of the most important business relationships you'll ever have. Making the right choice today can pay off into the future. | http://mypelham.com/articles/when-choosing-financial-advisor-ask-right-questions |
Graduated at the Faculty of Law in Ljubljana, SLovenia.
During his professional career, he focuses mainly on civil and commercial law, but I also possess vast experience in tort actions and proceedings for damages, and in providing legal representation of clients before courts and similar bodies. He represented and provided counsel to numerous well-known Slovene and foreign companies. When necessary, he also cooperates with foreign law firms and regularly publishes expert papers and participate in professional training courses and various workshops, where he also frequently gives lectures and talks.
Apart from Slovene, he is also fluent in English, German, Croatian and Serbian languages.
Firm Description
Bobič Law Firm was established with a view of providing clients with a comprehensive array of legal services in selected areas of expertise. The Bobič Law Firm is renowned for its fast response, a professional approach tailored to the needs of individual clients and a line of reasoning which is oriented towards achieving clients’ business objectives. Together with their network of external partners, who are qualified to cover different fields of expertise, such as the financial and tax issues, the Bobič Law Firm provides legal counsel to individuals and legal entities in all areas of their activities. Therefore they have earned the trust of many Slovene and foreign clients.
Their main goal is to achieve client satisfaction and long-term cooperation.
At the Bobič Law Firm, they take pride in conducting their work in a diligent, consistent and professional manner, while enriching their experience by continuous professional training and involvement in the latest professional developments. They understand that law is not an end in itself, which is why they strive to find the best possible practical solution for every individual client regardless of the service they provide. In doing so, they are able to provide successful and effective legal counsel to all their clients, which is why they managed to earn the trust of both entities governed by commercial and public law, as well as by individuals. | https://iae.group/marko-bobic/ |
During most of my career in financial services, the first few months of each year is filled with heavy conversation surrounding investments, the stock market, and getting taxes done. Naturally, some lead to how that impacts one’s retirement and ability to sustain lifetime income. However, thus far this year I’ve also been receiving many estate planning questions which allows me greater opportunities to help my clients.
In this blog we will discuss a more difficult, yet important subject, on how your advisor can help alleviate the concerns of adult children.
Key Takeaways:
Whose money is it anyway? Ethically, can the children reasonably expect to get it all?
Expectations management: If adult children serve as a fiduciary for an elderly parent, can they really be objective?
Everyone has the right to be foolish. How do we balance independence and safety?
Many adult children want their parents to be happy and safe, but it is usually a crisis that brings up the conversation.
As a professional fiduciary, I often remind my clients that they are the first beneficiary of their trust. Estate planning is much like an airplane oxygen mask; you must put on yours before you assist anyone else, even your children. What if your elderly mother (the family matriarch) wants to enjoy her last days in love and companionship, but her children want to prevent any loss of their inheritance?
Here is a real-life example from an industry colleague of ours:
Daughter calls the mother’s financial advisor for the first time. The daughter’s mother has been a client for over 15 years. Daughter demands to know how much money Mom has with the Financial Advisor. Without permission from his client, of course, the advisor cannot share any information with the daughter.
“What prompted you to call?” the advisor asked.
Daughter said, “My mother is behaving strangely. She smiles all the time, is mysterious about her schedule and wouldn’t let me come in the last time I dropped by to see her. I think she’s seeing someone but won’t admit it. What if the man she is seeing takes advantage of her? What if he takes all her money?”
The advisor said, “I would be happy to call your mother to find out how she is doing.” He didn’t offer any more information, and finally the daughter thanked him and hung up.
When my financial advisor friend shared this story above, he said his client, age 75, told him she was fine. She was dating a friend from her college days and wanted to figure out her feelings for him before introducing him to her daughter. The client denied the advisor permission to share information about her romantic life. The advisor suggested that if the client developed the kind of feelings that might lead to marriage, he had some ideas to keep the peace within the family. The client thanked the advisor for alerting her to her daughter’s phone call.
How would you and your family react to this situation?
When first meeting with new clients, I have learned to let the clients drive the conversation, as the most important things they want to discuss are often their needs, their personal independence and their families. I listen for the clues about how elders see themselves and their aging process.
For adult children, there is often no perceived line between themselves and their parents’ money. The family discussions are often limited to daily logistics or other less sensitive topics. Parents are expected to help their kids financially, and yet few families ever discuss the details about what each family member has in the bank, or what their respective tax returns look like. Many adult children want their parents to be happy and safe, but it is usually a crisis that brings up the conversation.
Prenuptial agreements have long been a tool for keeping control over a client’s (and the family’s) wealth. But many clients feel prenups are unromantic things and adversarial. In this article, I will focus on other estate planning solutions, as elders in love may be more willing to address these issues as part of planning with the end in mind. Each elder may have children of his or her own and each may even have a separate trust in place.
Expectations management
When Mom starts dating again, she becomes vulnerable to flatterers and predators. The kids may or may not be supportive of newfound love, and a skilled financial advisor can offer an objective discussion. The best elder dating circumstances I’ve experienced have been when each elder has his or her own funds and doesn’t ask for “help” from the new “friend.” Make sure a family member or your parent’s financial advisor is kept abreast of any travel plans, any changes in residence, or any requests for financial help or financial information. A number of financial advisors I know offer to be the “bad guy” on behalf of elder clients so that their client can always tell a date, “I don’t know, I’ll have to ask my financial advisor.” Your parent and their primary financial advisor can set a threshold dollar amount (for example, anything over $500) that requires your parent to contact you or the advisor if asked for a loan or gift. We have seen lots of scams that would have been prevented if only the senior had reached out to a trusted third party before writing the check or sending the wire.
Balancing independence and safety
If an elder still has capacity, he or she has every right to spend their money as they wish. There is no law against being foolish. Even the most successful, intelligent and accomplished elders can get taken in, especially when romantic feelings are involved. Here are a few tips that you and your parent’s advisor can use for opening a dialogue with an elderly single parent:
Even very smart people can get scammed; there is no defense against deceit, so tell your parent there is no shame in asking more questions or “sleeping on it” before making big life decisions.
If the deal (or the dating) is a secret, something might be “wrong” with it. Please warn parents about Internet dating. If the new romantic interest asks for money, it may be a scam and not love, or sometimes a combination of the two.
If the new couple is serious about being together, the financial advisor can offer to hold a “yours, mine and ours” discussion. This discussion might include having your client and the new love reveal financials to each other, asking whose home they will live in, who will pay the household bills, and how death or incapacity of one or the other would play out for them, etc.
There is an opportunity to talk about estate planning prior to marriage. Couples who are 50-plus are often receptive to the discussion of logistics, having had some life experience, but may need an interested third party to get the details out in the open.
The estate planning process
Having an estate plan in place and knowing when to have someone else responsible for managing the trust/estate are powerful tools in the prevention of financial elder abuse. I have seen the value of the proactive relationship between financial advisors and clients. The advisors who guide the estate planning process and then support the ongoing maintenance of the plan have the best opportunities to keep the conversation going with at-risk clients—the ones who are generous with gifts to friends and family, they describe themselves as frugal, and they are interested in every new investment opportunity that comes along. The estate planning process can take several months to complete initially. You and your parents’ advisor should remind your parent that this life event (meeting someone new, getting married or moving, for instance) is a great time to revisit the estate plan to see whether it will still meet his or her needs, the relationship will grow.
Conclusion
We all want to have a choice about how we live our lives, and with whom we share our legacy. We often don’t realize we have become vulnerable until it is too late. A skilled advisor genuinely cares about their clients and is always willing to risk talking openly about their client’s life choices.
As always, we are here to help.
Best, | http://caminvestor.com/2017/03/16/advanced-estate-planning-mom-dating/ |
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 12,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
Responsibilities
The Consultant-Technology & Data support client engagements from cultivation to completion. This high performing team helps clients define their information strategy, architecture and governance, get the most value from business intelligence and analytics, and implement enterprise content and data management solutions to enable business insights, reduce cost and complexity, increase trust and integrity, and improve operational effectiveness. The nature of our projects is extremely fluid and requires self-motivated individuals that are willing to develop solutions on their own or as part of a team of highly skilled professionals. Project members are provided the opportunity to interact with our clients' senior management, as well as the opportunity to enhance their technical skills, business development acumen, and client service principles.
In this role, you will be accountable for assigned activities and deliverables of the project team and support the day-to-day coordination of maintaining client relationships. You are expected to effectively develop client deliverables end-to-end, prioritize tasks, and work within team environments for multiple complex projects simultaneously. Work products are expected to be high-quality and client ready. In this role, you will directly support and seek feedback from senior consultants, managing consultants and directors leading the client engagements.
Key Responsibilities:
Gathering, analyzing, and reporting on complex data sets in support of project objectives.
Providing detailed fact finding, research, and analysis within related areas to further support delivery.
As part of a project team, identifying best practices and deploying innovative solutions to meet needs of the clients that we serve.
Understanding an unstructured client problem, conducting market analysis and peer research, developing a solution framework for how the client can address the problem as part of a wider ecosystem of public, private and institutional stakeholders, and providing the business case for tactical recommendations
Working with minimal oversight and helping to manage client relations
Proficiency in core management consulting responsibilities:
Baseline assessments and secondary research
Stakeholder interviews
Hypothesizing solutions frameworks
Synthesizing multiple inputs into coherent insights across a variety of formats; slide decks, written narrative, playbooks, dashboards and toolkits
Communicating solutions and recommendations to clients through reports and presentations
Qualifications
Minimum degree required: Bachelors
Minimum years of experience: 1+ year excluding internships, co-ops, and fellowships
Must be able to travel 25%-50% Monday-Thursday
Hands-on experience with some or all the following areas:
Working knowledge of data management and data analytics practices
Translating business needs into data and business intelligence solutions
Experience analyzing large and complex data sets, including a demonstrated thorough aptitude for conducting quantitative and qualitative analyses
Experience validating source data and identifying data quality issues
Ability to prioritize multiple tasks, researching and analyzing client data, and utilizing problem-solving skills and coaching others on doing so
Ability to collaborate and work in a team environment, as well as the ability to work independently
Ability to be strategic and creative while remaining detail-oriented and process-focused
Strong written and oral communication skills
Competencies include:
Strong written and oral communication skills
Sharp logical reasoning and critical thinking skills
Outstanding attention to detail
Solid verbal communication and narrative development skills, with the ability to summarize and convey key insights from analyses to senior audiences
High degree of comfort working in unstructured situations and ability to maintain poise, maturity and work well under pressure
Ability to be self-directed, anticipatory, and responsive
Collegial team player who can work within a small, motivated team of diverse consulting professionals
Ability to effectively create client-ready PowerPoint presentations and Excel analysis
Due to contractual obligations US citizenship is required
Preferred Qualifications:
Ability to meet requirements and be issued a Public Trust access
Masters degree
3+ years of experience excluding internships, co-ops, and fellowships
Experience building data visualizations in Tableau or PowerBI
Experience with data tools Collibra, Informatica, Mulesoft, SQL Server Integration Services (SSIS)
Certification(s) in technology use to manage and analyze data
Certification(s) (e.g., Project Management Professional (PMP), Certified Associate in Project Management (CAPM), PMI Agile Certified Practitioner (PMI-ACP), Lean Six Sigma, Certified Change Management Professional (CCMP), Prosci Change Management Certification)
Additional Requirements
Due to our contractual requirements and federal orders, including an Executive Order from the White House and an emergency regulation from the Centers for Medicare & Medicaid Services (CMS), the position for which you are applying requires that you provide proof of your vaccination status. If you are unable to receive the COVID-19 vaccine for medical reasons or because of a sincerely held religious belief, you may request an exemption from the vaccination requirement which shall be reviewed after the submission of requested documentation. If an accommodation is granted, the conditions may include weekly testing and masking. All Guidehouse employees also agree to follow any additional health and safety mitigation policies that may be required in the workplace.
The successful candidate must not be subject to employment restrictions from a former employer (such as a non-compete) that would prevent the candidate from performing the job responsibilities as described.
Position is open virtually to candidates physically based in Eastern Time Zone only
Disclaimer
About Guidehouse
Guidehouse is an Equal Employment Opportunity / Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, national origin, ancestry, citizenship status, military status, protected veteran status, religion, creed, physical or mental disability, medical condition, marital status, sex, sexual orientation, gender, gender identity or expression, age, genetic information, or any other basis protected by law, ordinance, or regulation.
Guidehouse will consider for employment qualified applicants with criminal histories in a manner consistent with the requirements of applicable law or ordinance including the Fair Chance Ordinance of Los Angeles and San Francisco.
If you have visited our website for information about employment opportunities, or to apply for a position, and you require an accommodation, please contact Guidehouse Recruiting at 1-571-633-1711 or via email at [email protected] . All information you provide will be kept confidential and will be used only to the extent required to provide needed reasonable accommodation.
Guidehouse does not accept unsolicited resumes through or from search firms or staffing agencies. All unsolicited resumes will be considered the property of Guidehouse and Guidehouse will not be obligated to pay a placement fee.
Rewards and Benefits
Guidehouse offers a comprehensive, total rewards package that includes competitive compensation and a flexible benefits package that reflects our commitment to creating a diverse and supportive workplace.
Benefits include: | https://seasonalworks.labor.ny.gov/new-york-ny/esi-consultant-technology-data/C7F669534D1F4154B8C4B1B60474FF7E/job/?vs=28 |
Job Summary:
The Servicing Financial Advisor has responsibility for managing existing client relationships, either working with a more experienced financial advisor, on their own, or with the support of supporting financial advisors. The position may be responsible for formulating and implementing advice but may also rely on technical specialists to develop recommendations within an individual specialist’s area of expertise. Typically, service advisers are not expected to develop new client relationships until they reach the top of the position. However, they are building a book of clients where they function as the relationship lead.
Equal Opportunity is Real Here
Team Vestia embraces diversity and equal opportunity as essential to the core of who we are. We are committed to building a team that represents a variety of backgrounds, perspectives, and skills. The more inclusive we are, the better Team Vestia will be!
Primary Responsibilities Include:
· Communicating regularly with assigned clients to provide ongoing advice and recommendations
· Beginning to develop a niche expertise within the firm and practice groups within the firm to be ready for the lead financial advisor role
· Preparing the financial planning recommendations and working with the rest of the team to oversee and help execute those recommendations
· Participating in and/or conducting client meetings
· Collaborating with team members from all service lines to best serve the client
· Entering Data in financial planning or tax management software and ensuring the ongoing accuracy of this data
· Implementing financial planning recommendations
· Monitoring the financial plan and communicating with clients
· Updating financial planning recommendations
· Participation and thorough note taking in most client meetings as directed by more experienced financial advisors, tax specialists, or estate planning attorneys
· Coordinating with Client Service Administrators around follow up needed after client meetings
· Networking through various face to face and electronic means to build a base of business connections throughout the world
· Functioning as a backup for Lead Financial Advisors
· Maintaining confidentiality of client information
· Completing any and all other duties as assigned
· Ability to work with a flexible schedule including occasional nights, weekend, travel as necessary for the successful execution of firm business
· Outstanding understanding or experience in financial services or a related field of professional expertise
Additional Responsibilities in Offices Without Other Staff May Include:
· Completing insurance or investment applications with clients on a face to face basis
Travel:
· Travel as needed to support senior Advisors or facilitate client relationship management or accomplish other corporate functions. Ability to transport oneself is necessary.
Required Experience / Qualifications:
· High school diploma or GED (minimum required)
· Bachelor's Degree or equivalent work experience (minimum required)
· Series 65 License (or equivalent) must be attained within 30 days of hire
· Life & Health Insurance License must be attained within 30 days of hire
· Proficiency in Microsoft Office applications and proven ability to quickly learn other software applications as needed
· Interpersonal skills, notable attention to detail, outstanding time management and organizational skills
Preferred Experience / Qualifications:
· Bachelor’s degree in finance, accounting, or business
· Certified Financial Planner (CFP) certification
· 3 years financial industry experience
· Experience in client facing roles
Work Environment:
· While performing the duties of this job, the employee regularly works in an office setting, or if necessary, a virtual work office environment. | http://www.jobs.fortwayne.com/Job/62510256/financial-advisor-job-in-fort-wayne-in?source=10 |
Atheists, you're as much believers as theists. You believe in science in matters that science wasn't able to figure out yet?
So how could you claim intellect over theists if you believe blindly in science even though it failed to answer a simple question like how the universe was formed from nothing
16 Answers
- robin_lionheartLv 76 months ago
Atheism has nothing to do with science. One does not need any knowledge of, nor even interest in, science to be an atheist.
While I have a couple science degrees, that's naught to do with my atheism. And I don't "believe blindly in science", but I do trust the scientific method. I understand how it works and why it works.
Science isn't invalidated merely because there are questions science hasn't answered yet.
- Anonymous6 months ago
Correction, atheism is just a lack of belief in god. Not believing in something isn't a belief.
- jpopelishLv 76 months ago
I don't believe in believing in stuff.
I'll take testable knowledge, every time,
and still reserve a bit of doubt.
Science is not a method
for proving any explanation
is absolutely true and correct.
Science is a method that proves
that some explanations have to be mistaken,
because they are contradicted
by measurable reality.
--
Regards,
John Popelish
- How do you think about the answers? You can sign in to vote the answer.
- DocLv 56 months ago
How was god formed from nothing ? If it's possible for him, why not the universe ?
- Bulldog reduxLv 76 months ago
I get your point: Whenever science doesn't yet fully explain something, that's evidence for the existence of God. This kind of reasoning leads to "the God of the gaps." Apparently you're OK with the God of the gaps, though that doesn't seem very Christian to me.
- Anonymous6 months ago
I do not "believe in science", imbecile. I utilize the scientific method to determine what is and is not real.
- Anonymous6 months ago
I believe in what's proven.
- poldi2Lv 76 months ago
It is not believing blindly in science, it is accepting the facts that science finds.
That is nothing like believing in some god without any evidence that god exists. | https://answers.yahoo.com/question/index?qid=20190616013758AADokss |
Over the years, I have had the privilege to work and speak with numerous top financial advisors in search for their secrets to success. How did they grow their business? How did they overcome the obstacles of starting a business? How did they get suspects to become prospects and get prospects to become clients? And once they became clients, how did they keep them? Well, the list of questions could go on.
Here’s what some of them have shared with me:
Build Those COIs
At the onset of this advisor’s career, she recognized the need to build long-term relationships with lawyers and accountants. One way to demonstrate her knowledge and expertise was to educate these professionals about life insurance and how to use it in estate planning and business succession. This consisted of primarily conducting ongoing educational seminars at the offices of these professionals. In addition to seminars, she attended, participated and networked at tax conferences for several years. As the interest in seminars grew and the relationships became more established, she began receiving referrals from them. Over the course of approximately 3 years, the advisor built up an extensive contact list of approximately 100 (COIs). For many years, over 70% of her referrals were coming from these professionals.
Ask, Ask and Ask
That really is the key. Given that this advisor believes strongly in providing exceptional service to his clients, he finds the most appropriate time to ask for referrals is once a transaction has been completed.
When approaching his clients on the subject of referrals, he leads the conversation to go something like this: “Part of my commitment to clients is ensuring that I’ve met their needs and they are satisfied with the service I provide. If you’re happy with my service and there are any family members or friends whom you care about the most and you think I can help, I would be more than happy to meet with them to discuss their options. I want to help those people who really care about their families and want to ensure that their families are well taken care of.”
Get to Know Them Well
When this advisor receives a client referral, he typically waits 3-5 days and proceeds to follow-up with the prospect. The advisor tells the prospect that a “mutual friend” suggested that he contact them. He likes to refer to his clients as a “mutual friend” because they really are. This advisor invests time in getting to know his clients and building lasting relationships, ultimately making them good friends.
Another advisor takes a very holistic approach to his business. By acting like a business consultant to his small business clients, he tries to educate them on a series of items such as how to empower their employees and plan for their succession. There are 3 vagaries of life that will impact on everyone’s business and planning whatever they might be: death, disability, and retirement. He utilizes a number of different techniques to quantify the needs in each of these vagaries. Over the years, the relationship becomes so involved that some clients even seek the advisor’s opinion with respect to who they should hire and/or fire.
It’s also important to conduct very effective and in-depth fact-finding sessions. Ask a lot of open-ended questions about the people that are close to them, how they got into business, what their biggest challenges are, etc. Be a good listener and take notes when clients are talking. This ensures that you’re capturing and understanding what really matters most to the client and then taking the appropriate actions in your recommendations.
It’s also important to meet clients on a regular basis (e.g. coffee, lunch, breakfast, dinner) so that you can stay in the loop with respect to their life and any other significant changes. Your relationship with the client will evolve into one of friendship, as a result of taking the time to learn about them and their respective business.
Have a Process for Exceptional Service
Annual reviews form a very important part of every advisor’s practice. Having a process that demonstrates your attention to detail for exceptional service should be clearly evident and transparent for the client. A great way to achieve this is to present the client with a customized binder during the annual review. The binder, which acts as a financial roadmap includes key sections on goals, investments, insurance, tax, wills and estates. As the advisor gets to the end of the review, there is a section in the binder that covers introductions and referrals. The advisor explains that his preferred method of growing his business is through recommendations from existing clients.
By taking clients through the comprehensive annual review, you are demonstrating your commitment to exceptional service. As they experience your unique service, clients are more motivated to refer you. Having a section in a binder dedicated to referrals and introductions, allows an advisor to formalize the process and encourages clients to think about it.
Act today by choosing just one of the ideas listed above and build it into your practice on a consistent basis. Remember, without implementation, there can’t be results! | https://sgandassociates.ca/secrets-of-successful-advisors/ |
A financial Advisor has the responsibility of assisting clients in selecting investment portfolios for their various investment requirements; this is the responsibility to select the appropriate asset allocation for you based on targeted risk, returns and time horizon objectives and generally comes in the form of having to choose the right unit trust for your investment.
I often come across clients’ portfolios whose solution is to hold multiple balanced funds as the underlying unit trusts, which I believe is an attempt by the advisor to ‘diversify’ the portfolio –this, in my opinion, is a quasi-approach to attempting to reduce risk and does not always work as the advisor intends.
One of the biggest contributors to risk is the asset allocation of the portfolio (i.e. placing more money into volatiles assets if the time horizon is short); blending balanced fund managers may exacerbate this risk instead of reducing it. The reason for this is the discretion that the various managers may have to re-balance the underlying weightings towards various asset classes, let’s explore this idea further.
Managers may, at various points through an investment or economic cycle, increase or decrease their holdings in, let’s say equity or bonds. This is alright if, on average, the fund manager’s combined in your portfolio hold opposite views on the market or hold different mandates as their changes in weightings will hopefully offset each other, by one manager increasing equity and the other decreasing the equity (or any of the other asset classes). The problem arises when the managers hold the same convictions to the asset classes and move in conjunction with each other (which is very common as most managers in a specific investment “space” may track the same benchmark or fall into the same peer group for ratings).
Your portfolio may now be more aggressive or conservative than when you originally set the account up, which may not be ideal to your required solution – said otherwise, this means that you cannot control your asset allocation. Everyone understands the analogy “buy low and sell high), and without a structured asset allocation you lose this opportunity in a structured and emotional way. If you initially allocate / invest 40% of your portfolio to the stock market (equity) and the stock market performs well then your allocation may, hypothetically, increase to 45%. You then should “trim” down this portfolio drift back to 40% and take the profit; this has the effect of keeping your account’s risk and return objectives in check. You also get some benefit if your stock market allocation falls, hypothetically, to 30% as you will then sell from the other assets classes to put more money into stocks, which you will now be buying at a cheaper price.
This is very complicated but my three simple recommendations to overcome the problem of not being able to control your portfolio asset allocation would be to:
• select balanced fund managers with verifiable differing views,
• hold a single unit trust and completely outsource the asset allocation decision to that single manager (this essentially means you are voting that this
manager has the best team for every asset class, which is highly unlikely – so be careful with this approach), or
• to have your advisor creates a bespoke solution with single asset class managers and to have a solution “built up” for you.
You should approach your financial advisor’s recommendations with the “why, why, why?” tactic until you are satisfied with the reasoning that your financial advisor provides behind their recommendation. Remember that an advisor is only as good as their support, and without the appropriate software to assist the advisor, keeping track of your account manually may mean that your account gets neglected, especially if your advisor has a large number of clients.
There is evidence for both blending balanced funds (split funding) or using building blocks to tailor your specific asset allocation, the trick however does not lie in which is better but which is best for your strategy. It is always best to get finance advice from your qualified financial planner, please do so before making any decisions yourself. | http://www.blackivorymagazine.co.za/investment-portfolios-blending-balanced-fund-managers/ |
New Zealand’s fertility rate is dropping below replacement rates. Paul Spoonley explains why, and why we should care.
In recent years, many aspects of New Zealand’s changing population have drawn public attention. Immigration – tick. Ageing – tick. Regional differences and disparities – tick. Population growth rates and projections – tick. Fertility – not so much. Perhaps the time has come to pay more attention and to discuss the consequences of what is now obvious: declining fertility.
The decline – and decline – of fertility rates
The release this week of the StatsNZ data on the birth and fertility rates for the year ending December 2020 is fascinating.
A quick recap from Demography 101: for a population to replace itself, it needs a Total Fertility Rate (TFR) of 2.1 births per woman. High-income countries have seen a drop below this replacement rate, beginning with countries like Japan, since the 1970s.
In 1960, the TFR for New Zealand was 4.03 births per woman as the post-war baby boom continued. Many other countries (Australia, UK, the US) were already down to 2.4-3.0, while Japan was already down to 2.0 births per woman.
By 2010, all these countries were below fertility replacement rates while New Zealand remained above, at 2.17 births per woman. But since then, New Zealand fertility has dropped – rapidly – to join the others. By 2017, the New Zealand rate was 1.71 births, about the same as Australia, the UK and the US.
The latest data for 2020 shows that the rate has dropped again – to 1.61 births per woman. At a TFR of 1.5 or below, a country becomes part of a growing list of what are labelled “low, low fertility countries”. These include Japan, most of southern Europe and parts of Asia. Is this a possibility for New Zealand?
What is happening?
The research literature suggests that the key factors in this fertility decline are the (growing) educational qualifications of women combined with their workforce participation. The availability of contraception helps. The cost of living, and especially of housing, does not; it often requires a double-income household. Having children is replaced by surviving economically.
Unlike their parents and grandparents, millennials and more recent generations have changed their behaviour when it comes to children. They are having their first child much later – the prime minister being a classic example – and they are opting for “one and done” or increasingly “none at all”.
The StatsNZ data show these changing patterns. The median age of first birth has not changed much in the last two decades. In 2004, it was 30.3 years; in 2020, it was 30.8 years. But in 2020, there were more children born to women in the 40-44-year-old age group (2,019 children) compared to the 15-18-year-olds (1,881). And the largest group of children were born to women in their early 30s (34% of all live births).
Is declining fertility simply a result of later births, and especially first births? It certainly has been, but in 2020, this factor is less significant than the declining number of births – and the declining importance of natural increase (births minus deaths) as a contribution to population growth.
In 2010, there were 63,897 live births in New Zealand and once deaths were deducted from this number, the natural increase was 35,467 people added to the population. In 2020 there were 57,573 live births, and natural increase was 24,960.
Is Covid-19 the reason for the 2020 dip?
It is not entirely clear but given that New Zealand went into lockdown in March, the impact is likely to be minimal for 2020. But that might not be true for fertility in 2021.
Lockdown gave rise to some light-hearted comments about the possibility of a baby boom. In fact, the international literature suggests quite the reverse. It was encouraged by a Brookings Institute piece that suggested a spike was not on the cards. In fact, they forecast that there would be 300,000 to 500,000 fewer births in the US as a direct result of Covid-19. As media commentary described it, a Covid-19 “baby bust”.
The reasons are not difficult to find: the economic uncertainty and especially the impacts on employment for many of those in the age groups who are thinking about having children; or the anxieties about the state of community health and whether Covid-19 would be under control. There are additional factors. Apparently, having to look after your children during lockdowns convinced some parents that adding to the tally and the possibility of further periods of childcare was off-putting.
I see no reason why New Zealand should be any different from other high-income countries. If 2020 saw our lowest fertility rate yet, I fully expect that 2021 will see a further drop as a result of Covid-19.
Does declining fertility actually matter?
This is an interesting question. Dropping fertility rates are seen as having some positive benefits, including lower population growth rates and environmental benefits. Indeed, the decision not to have children, or to have fewer of them, has frequently been driven by environmental considerations.
The downside is that it further accelerates and exaggerates the inversion of the population structure. Simply put, the ratio of those aged over 65 begins to outnumber the 0-15-year-olds. Given New Zealand’s dropping fertility rate, and the potential impacts of Covid-19, we might reach the tipping point where the over-65s outnumber the under-15s quite soon.
Internationally, this population inversion and the implications for a country’s population is beginning to have significant consequences. Again, in 2020, the UN provided some interesting population projections. In short, it is anticipated that 23 countries would see a halving of their national population between now and the end of the century. Japan is one candidate (it reached its population peak in 2017 and last year, saw a decline of 500,000). Japan will go from a population of 128 million to 53 million. It will be joined by countries such as Italy, Spain, Portugal, Thailand and South Korea.
There is also an intra-country dynamic. Five regions, led by Gisborne and Northland, lead the way with fertility rates (2.33 births per woman for Gisborne, 2.28 for Northland) that are easily above the replacement rate, while the other 10 regions are below, and sometimes well below, replacement rate fertility. Otago (1.38 births per woman) is the lowest, followed by Wellington (1.54) and Auckland (1.64). Ethnicity, the median age of the local population and fertility behaviours all help explain these differences.
Our immigration rates (the 2013-2020 period saw a very large net gain to our population from immigration of more than 400,000 people) have tended to detract from paying much attention to fertility. Canada expects to get 100% of its population growth from immigration by 2034. Will the declining fertility rates of New Zealand now become more apparent and a matter of public and policy interest given the very major drop in immigration?
Where to from here?
Perhaps a good starting point would be to pay more attention to our fertility trends. Elsewhere, there has been talk of a “fertility implosion”, a “baby slump” or a “demographic disaster”. This is rather extravagant language that tends towards the apocalyptic. But there are implications. Everything from population growth – or decline – rates through to tax generation and transfers to the implications for our future workforce.
Are we ready for population decline? What are the implications of both declining fertility and a shrinking population? What happens when the working age population is outnumbered by those in the younger and older age groups? What are the economic implications?
Fertility rates deserve more of our attention. | https://thespinoff.co.nz/society/19-02-2021/a-baby-implosion-the-implications-of-our-very-low-fertility-rate |
In 2015, Newfoundland and Labrador had the most rapidly aging population in the country – which when combined with high rates of youth out-migration, declining birth rates, and an increasing number of people moving from rural parts of the province to more urban centres, means that the province is facing an unprecedented population challenge. The need to plan for these changes and develop strategies to adjust and adapt to the changes is paramount.
Regional Population Projections for Newfoundland and Labrador report focuses on the regions in NL for the period of 2016-2036, but includes estimates for the province as a whole. These projections provide a basis for further research into the implications of demographic change in the province. Results from three projection models, The Natural Survival Model (NS), the Historical (Cyclic) Survival Model (HS), and the Replacement Survival Model (RS), are presented.
The NS, HS and RS models help provide insight to how population will change in terms of both the total number of people living in a region as well as the resulting age structure. The NS model indicates the capacity of a region to grow by natural replacement by accounting for regional fertility and death rates, though does not consider migration. This model also identifies regions whose age structure combined with its fertility and death rates can or cannot maintain their populations without in-migration.
The HS model results provide insight into the age structure of populations if past migration trends continue into the future. For some regions this may be likely, given that over multiple census periods there has been very little, if any, in-migration and significant out-migration of younger cohorts without replacement. The result, a decreasing and rapidly aging population, is particularly significant in those regions that will decline even where a significant labour force replacement factor is built in as indicated in the results from the RS model.
Workforce replacement requires that those not previously in the workforce join it, that others remain in the region rather than leave, and/or there is in-migration. Given the economic base of many of the island’s regions, the required replacement success levels necessary to maintain the workforce population, as forecast in the RS model scenarios, will be difficult to achieve. The overall conclusion is that the aging rand in the province as a whole suggests that there are underlying fertility and migration issues that will prevent maintaining or growing the base population in the long term.
For the province as a whole the NL model indicates that deaths would exceed births over the projection period and excluding migration, there is little or no internal propensity for growth. When migration trends are factored in the HS model outcomes are similar to those from the NS model – the overall population is projected to decline by nearly 8% between 2016 and 2036 under the medium scenario. Even a replacement of 70% of the current labour force would not be sufficient to maintain the current overall workforce population to 2036. The patter of low birth rates, high out-migration, an aging population and overall population decrease is common to all regions in the province with the exceptions of the northeast Avalon and central Labrador.
The results present a challenging picture for most regions in the province. Most regional populations are projected to continue to decline and age over the 2016-2036 timeframe. For most regions birth rates are low and outmigration of the young and those females in their childbearing years mean that regional populations are not being reproduced. Out-migration, particularly of the young and those in the labour force, together with the relative immobility of older members of the communities and their increasing longevity, is reflected in declining numbers and aging regional populations. This situation is not new, for the last 20 years or more the demographic structure of the province has shifted from a rapid growth model, in which the population was sustained through natural replacement, to a no-growth model in which population stability or growth can only be achieved through in-migration. This is particularly true for rural NL where many of the regions have been in decline or multiple census periods.
Among the issues arising are question relating to labour markets – how will future demands for labour be met given a shrinking population and aging labour supply? Similarly, changes in the number, age and geography of the population has implications on the demand for public, private and non-government sector services. What services, what levels of demands will be required and in which locations? IN addition there are the problems of the cost and delivery of services in the current period of significant economic constraints. Here there are social as well as economic considerations to weigh and priorities to determine. How those decision and effects are managed will require a strong, but sensitive government working with those affected.
The demographic changes in the province are not new and the issues that arise from those changes not surprising. The purpose of this study is to try and ensure that the current and projected demographic situation is clearly understood so that its implications can be recognized, more fully debated and appropriate actions considered.
The report, found at http://www.mun.ca/harriscentre/PopulationProject/, is thus intended as a source of information about the current and projected demographic situation and a baseline for further study about its implications. | https://mun.yaffle.ca/projects/3262 |
How would the declining global population impact property prices? Does it still make sense to invest in new real estate developments in developed countries? Are midrange family homes & similar investments likely to rise in value in coming decades?
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For decades, policymakers, pundits, and analysts had raised concerns about the exponentially growing global population. This concern was raised considerably from 1960 onwards, and old fears such as the Malthusian limit etc., at times, were reinvigorated.
In such an environment, real estate, or anything with ownership of land, as an investment, was particularly favored. Mark Twain famously said: "Buy land, they're not making it anymore." Nonetheless, strategic investor(s) must always reassess emerging realities to determine whether certain strategies are still viable, as no strategy, none whatsoever, works in all scenarios, all the time.
Recent data, particularly from the last two decades, presents a very different scenario: The global fertility rate or birth rate per woman has dropped by 54% in the last six decades, at a rate of --1.28% (geometric mean) decline per year.
At this rate, the global birth rate per woman would soon decline below 2; 2 births per woman is the minimum figure required to maintain a population at current levels. When the birth rate falls below 2, the world will enter Sub-replacement fertility; this rate, if sustained, leads to each new generation being less populous than the older generation (U.N., 2021).
Bricker & Ibbitson (2019), in their book titled: "Empty Planet: The Shock of Global Population Decline," on similar lines, argue that the global population would start to decline by 2050, or perhaps sooner. If one may not be so inclined to accept their 'analysis,' it should be noted that the insights that data from the last six decades provide are irrefutable. Unless there is a baby boom, similar to the post-World War II period, which at this stage seems highly unlikely, the global population is set to decline.
How would population decline impact property prices and the assumption that "land" and real estate are good, foolproof, low-risk, long-term investments?
Empirical evidence may help us better understand how population decline may impact property prices. Puerto Rico is an apt example here. From 2007 to 2020, Puerto Rico's population declined by about 18%, and housing prices in this period, while fluctuating, fell more than 30%; at the same time, demand for luxury houses grew to record levels; data from other regions with shrinking populations also paints a similar picture (U.N., 2021; T.E., 2021; Segarra, 2021).
What conclusions can be derived from these insights?
As the population starts to decline worldwide, we are very likely to see a decline in prices of low-cost & midrange homes, and increased demand for luxury houses. For example, if this scenario was to unfold today, in an average American city, say, Denver, Colorado, we would see a significant decline in demand and prices for/of houses under $500K, and a considerable increase in demand and prices for/of homes priced above $2 million.
We would see a move away from up-and-coming areas or areas broadly viewed as undesirable, compared to more established, "high-end' areas of the city.
For example, if this scenario were to unfold today in Los Angeles County, we would see a significant reduction in demand for, and price of, low income and middle-class areas, and a substantial increase in the demand and price of houses in areas such as Malibu, Beverly Hills, Bel Air, etc., the already established luxury areas.
Why would the demand for "average homes" decline?
The "Real Disposable Personal Income" in the U.S. has increased by 609% in the last six decades, a yearly growth rate (geometric mean) of about 3.26% p.a.; disposable income across the OECD countries and the world has continually increased overall in recent decades. Personal Disposable income is likely to rise in the coming years as well (BEA, 2021, OECD, 2021).
Another key issue that we must understand here is that economic productivity, in conjunction with labor and capital, depends on the determinant technology of the economy, as per the neoclassical model of growth. While one important factor, labor, may reduce in quantity, determinant technology of economies, due to advances in A.I., neural networks, and other machine learning tech, across multiple countries, is projected to see a very substantial improvement, due to tech-related advances that are likely further to enhance productivity growth rate globally.
Such growth, coupled with a declining global population, would also contribute to further increases in disposable incomes. Amalgamating these factors, it becomes clear that a lower population with more money would demand more luxury real estate and less affordable real estate in undesired areas. Thus, if current population and income trends persist, we are more likely to see a higher demand for luxury homes and properties in the future rather than affordable homes.
Should new real estate developments and emerging projects still be seen as a good investment?
As per the emergent trends discussed earlier, investors should be very cautious about allocating capital in new development projects with a long-term maturity horizon. Any projects that are likely to yield a return beyond eight years in this space must be scrutinized very thoroughly and reevaluated. The old assumptions of demand and growth, as per emerging trends, are unlikely to apply in the future, and thus, present valuation models, and net present value calculations, as per current assumptions, are likely to yield erroneous results.
For example, a pension fund, insurance firm, or individual investor may be evaluating an investment proposition of a developing gated community, in a city that is unlikely to see an idiosyncratic population influx. They may assume that population growth in the city would be sustained at the long-term growth rate of the last decade. However, this may not be an accurate assumption at all. While some cities, especially in the developing world, are likely to see a population increase for the midterm horizon, developed countries, in the mid-to-long-term horizon, are likely to (firstly) see an end of population growth, and, secondly, a population decline.
This means that real estate development projects that are likely to mature in 8+ years would face a reduced demand and, hence, a downward price pressure; this essentially means that investors are unlikely to make positive real net returns on these investments and more likely to see real negative returns on these investments. Therefore, strict caution must be exercised regarding allocating capital in such long-term investments.
Investors that are already invested in such projects should consider liquidating their positions more seriously.
Are all long-term developments in the real estate sector likely to see a decline in value?
There are additional nuances, nevertheless, that we must understand/consider: As elaborated in the Puerto Rico example/empirical evidence and discussion, as real incomes grow in the future and the population declines, demand for luxury properties, especially in the highly desired areas, is likely to increase.
This would mean that such new developments, i.e., luxury property developments or luxury gated community developments, are likely to see increased demand and appreciation of prices; this effect should accentuate as real incomes rise, with improvements in the determinant technology of economies, and also, with the decline in populations.
It is, nonetheless, crucial to understand that while it is highly likely that luxury properties and developments would perform significantly better in the future, due to the factors elaborated in this report, presently, we cannot, however, predict which type of luxury properties would be in demand, desired, or trending in the future.
Therefore, investors wanting to benefit from this projected long-term appreciation of luxury properties should not bet on just one luxury development as it may or may not be demanded or trending in the future. A diversified approach, either through an ETF, etc., would diversify the downside risk better. All such investment instruments, however, should be thoroughly scrutinized.
Another further nuance that we must consider:
In many developing countries, where the birth rate per woman is unlikely to decline below 2, in the short-term, demand for new developments is likely to remain stable; nonetheless, as property prices in developed international markets are likely to decline due to emerging trends, property and investment property prices in developing markets, even with a high fertility rate, as per the covariance of real estate returns of these countries with the overall global property prices (their beta in relation with international property prices), may be adversely impacted by the decline in international property prices.
For example, let's assume that the beta of returns of real estate investments in Nigeria, in relation to international property prices is 1.4. If global property prices drop by, say, 10%, Nigerian property prices would also be negatively impacted and most likely decline by 14%. Local investors and funds seeing the decline in global property prices may also (erroneously) see these international investments as more favorably than local Nigerian investments.
Similarly, declining prices in the local markets may distort individual decision making; individuals/families wanting to buy a new home or property, seeing a decline in property prices, may hesitate from making the purchasing decisions, sensing that prices may decline further, and anticipating that it may be cheaper to acquire the same property in the future.
All in all, a decline in global property prices, is also likely to destabilize and negatively impact prices in countries with a high fertility rate.
Investors and institutions, in conclusion, should reevaluate their long-term property portfolios and reconsider the investment assumptions. It is also important to understand that as other investors/individuals start to understand this viewpoint, the time horizon in which we are likely to see a decline in the value of new developments is likely to shorten.
As uncertainty about the future prospects of new projects with long-term maturity rises, their market value is likely to become more volatile, attaining a declining momentum. Just these apprehensions about future prospects, therefore, may negatively impact the value of such projects.
Bibliography
Ibbitson, D. B. (2019). Empty planet: the shock of global population decline. London: Robinson.
Segarra, C. G. (2021). Luxury Real Estate in Historic Demand. The Weekly Journal. Retrieved from https://www.theweeklyjournal.com/business/luxury-real-estate-in-historic-demand/article_ce12b810-bd92-11eb-91b6-f78ae49ccbcd.html
TE. (2021). Puerto Rico House Price Index. Trading Economics. Retrieved from https://tradingeconomics.com/puerto-rico/housing-index
National Bureau of Economic Research. "Trevor Swan and the Neoclassical Growth Model," Abstract & Pages 1 & 11. Accessed July 4, 2020.
OECD (2021), Household disposable income (indicator). DOI: 10.1787/dd50eddd-en (Accessed on 06 July 2021)
U.N. (2021). Fertility rate, total (births per woman). United Nations. Retrieved from https://data.worldbank.org/indicator/SP.DYN.TFRT.IN
U.N. (2021). Population, Population, total - Puerto Rico. United Nations. Retrieved from https://data.worldbank.org/indicator/SP.POP.TOTL?locations=PR
U.S. Bureau of Economic Analysis, Real Disposable Personal Income [DSPIC96], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DSPIC96, July 5, 2021. | https://www.riskconcern.com/post/declining-world-population-property-prices-new-real-estate-developments-still-a-good-investment |
Aging population will put more pressure on Alberta’s provincial finances
According to last week’s fiscal update, Alberta will incur a $5.8 billion deficit in 2021/22—the province’s 13th budget deficit in the last 14 years—but our fiscal challenges don’t end there. According to recent projections, absent a change in policy, the province will likely not see a balanced budget until at least 2040 as an aging population will put significant pressure on provincial finances.
Alberta’s fertility rate—and relatedly, population growth—is expected to decline in the coming decades. For context, Alberta’s average annual population growth rate was 2.0 per cent over the most recent 20-year period from 2001 to 2020, but that rate is expected to be as low as 1.6 per cent from now until 2040.
At the same time, Albertans are living longer. A slower population growth rate coupled with increasing life expectancy means seniors will constitute a greater share of Alberta’s population in the future than they do today. In 2020, Albertans aged 65 or older accounted for 13.8 per cent of the total population. According to projections, that proportion will reach 18.8 per cent by 2040. This will slow growth in revenues and drive health-care spending increases.
A new study published by the Fraser Institute explored long-term projections for provincial finances incorporating these effects. Let’s start with the revenue side. The working-age (15 to 64) share of Alberta’s population is projected to decline from 67.6 per cent in 2020 to 64.8 per cent by 2040. Unless there’s a marked increase in senior’s participation in the workforce, this will likely mean a marked decline in the share of Albertans that are working, driving economic growth and generating tax revenue.
At the same time, a growing senior population will put pressure on health-care spending because seniors use more health-care resources than other age groups as they are more vulnerable to illness and chronic disease that require acute care. Alber¬tans aged 65 or older accounted for 36.9 per¬ cent of all provincial health-care spending in 2018 despite accounting for only approximately 12.8 per cent of the provincial population. In contrast, Albertans under the age of 25 accounted for just 17.7 per ¬cent of all provincial health-care spending while constituting a much larger share (31.1 per cent) of the population.
Correspondingly, health-care spending is projected to increase by approximately 5.6 per cent annually (on average) from now until 2040/41. In other words, this area of spending is projected to increase from 6.3 per cent of the provincial economy in 2019 to 7.0 per cent of the economy by 2040.
Overall, the province is expected to incur persistent budget deficits until at least 2040, absent a change in spending or tax policy. And remember, the risk of future recessions, rising interest rates and other unexpected events would only compound the province’s problems.
Alberta’s finances continue to face challenges. If the government in Edmonton wants to avoid even more red ink in the future as the population ages, it will have to make policy changes.
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Get the latest news from the Fraser Institute on the latest research studies, news and events. | https://fraserinstitute.org/article/aging-population-will-put-more-pressure-on-albertas-provincial-finances |
Rapid human population growth has a variety of consequences. Population grows faster in the world 's poorest countries. High fertility rates have historically been strongly correlated with poverty, and high childhood mortality rates. Falling fertility rates are generally associated with improved standards of living, increased life expectancy, and lowered infant mortality. The family planning policy adopted by the government in the early 1980s reduced the overall growth rate of population, but the massive migration from rural to urban China has supplied the much needed labour force to fuel industrialization.
Population aging is set to be increasing by 2050. Many countries will be suffering a decline of GDP, growth rate and others from this aging population. The main factors of this process are low and declining fertility rate and increasing life expectancy. As the cost of living increases, people tend to have a smaller family to reduce cost of living. While the health care system is improving, people become healthier and it helps to increase the life expectancy.
But the ageing population of European countries, in recent decades, is due to the relatively high birth rate in first quarter of the century, coupled with the decreasing rate of mortality in all age groups. The broad decline in fertility resulting in a process of population ageing, which occurs at a rate that does not correspondence in the history of most countries already aged and has significant social implications. Due to the differences in mortality due to gender, ageing tends to assume a greater dimension in women. Moreover, for a certain period of time, the changing age structure has a declining demographic dependency ratio, setting a time line for a breath-making to face a dependency ratio which again grow without, however, earlier levels, but transforms from young dependence in elderly. The concern with the quality of life in old age gained importance in the past 30 years to the extent that the growth of number of older people and the expansion of longevity became an experience shared by an
Population ageing is defined as the process by which the proportion of elderly persons in the population increases .The rapid decline in fertility and lowering of mortality rates in recent years has led to dramatic rise in the number and proportion of the elderly in the population of developed and developing countries. Until the early 1980s, developing countries perceived that population aging was an issue that concerned developed countries only. But as consequence of rapid decline in fertility and of increasing life expectancy, the developing countries have become increasingly aware of range of problems regarding ageing. In India trend of population ageing is very high. A reverse mortgage is a home loan that provides cash payments based on
Malthus said that the rate of population growth was much higher than the increase in food capacity needed for human nutrition, which inevitably creates a crisis. Malthus, who exemplifies the population growth in the United States, in particular, has suggested that if the population is released, the population will increase one time every twenty-five years. According to this, the balance between the population and the foodstuffs is deteriorating and the difference between population growth and sources must be
The attitude of demographers and economists about the role of population in economic development has undergone a dramatic change in recent years-from a pessimistic to an optimistic view. Earlier many scholars believed that rapid growth of population puts a constraint on faster growth by diverting resources from investment to consumption. The more recent view holds that the process of demographic transition resulting from a fast decline in mortality rates and a slower decline in birth rates creates a population bulge initially in the younger age group, but creates a window of opportunity later when the young join the work force. The demographic dividend hypothesis relies on the changes in the age structure of population leading to a rise in
Very impoverished country) - Stage 3: Late expanding – most low-income countries. - Stage 4: Low fluctuating – most middle and high-income countries. - Stage 5: Contracting - The rate of births decreases with death rates. This will affect the population to go higher, but we do not want the population to grow too fast. Patterns in Births (Crude Birth Rate) - The number of survived births per 1000 population in a year.
This has major impact on sustainability of current pension plans in the country. The more elderly people there are, the more pension plans to support. Based on the projected values estimated by United Nations Population Division, as quoted by Park (2012) in an ADB report, the ratio of the elderly (60 and above) to the active labor force (15-59 years old) is gradually increasing. This means that the labor force carries a gradually increasing burden brought about by the elderly. In line with this, there is a gradually increasing imbalance between contributions and benefits for the pension funds.
Figure 3 shows a steady decline in visitors from inception of the Modernization Program in 2006-2010, part of it likely due to the economic recession. Looking further, it also shows an increase of passenger traffic from 2011-2014 which could also be the result of economic recovery in addition to the expanded international market. 2010 and 2012 shows a significant jump in previous year international visitors of 12.1% and 20.4% respectively. Conclusion Honolulu International Airport has been preparing for quite some time to be able to accommodate the influx of passengers from U.S. and International carriers with the development of the Hawaii Airports Modernization Program. The foresight of former Governor Linda Lingle to start this initiative should undoubtedly relieve current and future passenger congestion traveling through Honolulu.
According to the UNDESA (United Nations Department of Economic and Social Affairs), the current population of the world is 7.4 billion. It is expected to reach 8.5 billion by 2030, 9.7 billion by 2050, and 11.2 billion by 2100. Lots of reasons contribute to the effect of rising populations. One of the main reasons is the number of revolutions and the advances in medicine. The world’s population rose because before medicine if you got sick you could die of most illnesses. | https://www.ipl.org/essay/Essay-On-Population-Growth-And-Aging-FJDG3Q5YNR |
The Economics Focus in this week’s Economist makes some excellent points. Most importantly, it demonstrates the degree to which looking at national rates of GDP growth independently from national rates of population growth produces a misleading impression of what is really happening.
America and Australia usually have the kind of economies that people understand to be growing rapidly – a fact often attributed to their dynamism, lack of enthusiasm for income redistribution, etc. By contrast, Germany and Japan tend to be lamented as low-growth laggards. If you consider the changes in GDP per capita, Japan grew more quickly than either Australia or the United States between 2002 and 2007. Because of relatively high rates of population growth, the American economy needs to ‘run just to stand still.’ The problem is even more acute in places with still higher rates of population growth.
Arguably, this offers one more reason to cheer falling populations as a sign of national maturity. While an aging population does put strain on pay-as-you-go pension and health care systems, that is a one-time cost of adjustment. Once it has been borne, a diminishing population means fewer resource constraints, a higher level of physical and financial capital per person, and a increased factor price for labour, yielding improved economic returns for workers.
For both environmental and economic reasons, we may thus have good reason to hope for fewer members in each subsequent generation.
Despite this, American parents are much more likely to be happy than non-parents. This is for two reasons, argues Mr Brooks, an economist at Syracuse University. Even if children are irksome now, they lend meaning to life in the long term. And the kind of people who are happy are also more likely to have children. Which leads on to Mr Brooks’s most controversial finding: in America, conservatives are happier than liberals.
*gasp*! Are you suggesting we should stop pleading, guilt-tripping, and creating incentives for white women to reproduce? Didn’t you know population control/reduction is only for those other races?
Do you mean workers can extract a higher surplus value in mature economies? Or is it rather that they are simply more developed, have more needs, and thus command a higher base wage to reproduce them as that kind of worker? That seems more likely – as economies become more mature, unskilled jobs are deported and people work on average in more skilled jobs – and it costs more to reproduce skilled workers as skilled workers (they need to have families and pay for school, etc..). Of course this isn’t part of the calculation how much to pay workers, its the abstract value of labour that gets worked out more or less fairly in the real messy world of labour relations.
All I mean is that if you have an economy where raw materials, capital, and labour are the major inputs, a contraction in the supply of labour will increase the relative price for that good.
Shrink the labour pool, and wages will rise relative to other costs. That said, it is possible that the overall loss of productivity associated with too much contraction would offset the welfare gains for workers.
Are you suggesting we should stop pleading, guilt-tripping, and creating incentives for white women to reproduce? Didn’t you know population control/reduction is only for those other races?
Race wasn’t what I was thinking about when I wrote the above: more long-term national macroeconomics and ecological impact.
1) Scrapping tax and other incentives for people to have children. Once they do have children, however, programs meant to improve the welfare of the latter are probably still required.
2) Trying to convince people – through reasoned argument and by example – to limit their fertility.
I was being sarcastic. I know it wasn’t your point. My point is that I rarely come across arguments that support negative population growth in First World countries, and I frequently come across arguments for lowering fertility-some of which may be valid and some of which are clearly “coloured” by racism.
Because of relatively high rates of population growth, the American economy needs to ‘run just to stand still.’ The problem is even more acute in places with still higher rates of population growth.
When I wrote this, I was thinking primarily about developing countries. As we talked about before, it takes a whole lot of economic growth to produce decent jobs for all and rising per-capita wealth when the average woman has seven children.
Contraception for all, and a moving away from the assumption that more people is better, are both messages that are valid in every state.
In an evolutionary way, doctrines that preach high fertility tend to out-compete those that encourage restraint. Consider the examples of Protestantism and Mormonism in the United States. No points for guessing which approach is growing in popularity and number of adherents.
The decline in the Japanese population — a million people over five years — is the first population decline since Japan began its census in 1920. | https://www.sindark.com/2008/03/27/population-and-gdp/ |
HAMPTON -- One of the biggest stories to come out of the latest Census data, according to demographer Peter Francese, is the drop in the population of people under the age of 18 in New Hampshire.
Hampton was one of the towns in the Seacoast that saw the biggest drop of its under-18 population from 2000 to 2010.
Hampton dropped 15.6 percent compared to North Hampton which dropped 9.6 percent and Portsmouth which lost 3 percent of its young residents.
Rockingham County saw an 8 percent decrease in people under the age of 18, while the state dropped 7.2 percent.
Hampton officials said this week the reasons for the decline are likely many. Among them are the fact people are having less children, the decline of winter rental housing at the beach and the overall affordability of moving to Hampton.
While Hampton's under-18 population declined, under-18 populations in Hampton Falls and Seabrook saw incremental increases.
"The thing that immediately comes to mind is perhaps that our property values during the period increased in relative terms at a faster rate then a lot of communities," selectmen Chairman Richard Nichols said this week. "That has implications for people in an age range to have children and their ability to afford that."
Nichols said 10 years ago, the average assessed value of a single-family home in Hampton was $173,000. Now it is $364,000.
While taxes on an average single-family home 10 years ago were $3,944, today the cost is about $5,869.
"My gut feeling is that I don't think it was a huge increase that would drive people out," Nichols said. "It's more of function of people of child-bearing age moving in at a much lower rate to replace those people."
Hampton School Board Chairman Rosemary Lamers said she was not surprised to see such a decline.
All three schools in Hampton have experienced a decline of enrollment during the last 10 years.
While 10 years ago enrollment hovered between 1,475 and 1,500 students, it is now down to 1,260.
"It isn't a surprise," Lamers said of the Census results. She noted the school conducted a study back in 2005 which predicted similar declines.
Lamers credits a number of factors to the population decline, including the fact the district has seen a sharp decline over the years in enrollment of transient students.
In the past, Hampton would always receive a bump in student population during the school year due to families moving into winter rental housing at Hampton Beach.
"The population at the beach has declined for two reasons from what I understand," Lamers said. "First, is the cost of housing and second, is the availability. Years ago, there used to be a lot more cottages but a lot of homeowners have converted them to 12-month homes."
Bob Preston, of Preston Real Estate of Hampton and Seabrook, said over the years, there has been a significant decrease in winter rentals at the beach.
"In the old days, there wasn't a lot of rental places in and around the area so people were forced to come to the beach," Preston said. "That isn't the case anymore. We also haven't had any big construction jobs where a (construction worker's) family would move here because of employment."
But Preston believes the decline of children under the age of 18 has more to do with the fact people are having less children.
"In the old day, people had three or four kids," Preston said. "I come from (a family of) five. Today, there is a lot of families with just two."
Lamers said she also believes the lack of jobs in the area as well as the cost to live in Hampton could also be factors.
"People in general are more transient in the work force because you go where the job is," Lamers said. "Also watching the number of foreclosures in town is indicative the prices having gone to a point where people can't really afford them."
Looking at adults, the population of those ages 18 and older grew by 18.5 percent in Stratham, 15.1 percent in Greenland, 8.4 percent in Hampton and 0.6 percent in Portsmouth. | http://hampton.lib.nh.us/hampton/history/censussaysnobabyboomintownHU20110325.htm |
Population structure has direct implications for economic growth with significant consequences for countries undergoing demographic transition, such as India. Against this backdrop, this paper examines the impact of changing population structure on economic growth in India. We ask whether India’s current phase of demographic dividend will continue and, if yes, what are the preconditions? The analysis informs that, unlike China, India’s savings and growth potential as well as the magnitude and timing of first demographic dividend is adversely affected by slow pace of fertility decline. The ARDL estimates suggest that one percent decline in dependency ratio could lead to about 4 percent increase in per capita GDP of India. However, this relationship is indicative of expected adverse consequences when the dependency ratio begins to rise. The paper also compares India with China and argues that higher savings rate and favorable population structure are critical to harvest a second demographic dividend. | https://paa2015.princeton.edu/abstracts/150747 |
Population ageing is a global trend, which is most evident in advanced economies. This article details the impact of demographic developments on labour supply in advanced economies. The ageing of the workforce has tended to reduce labour supply. This has been mostly offset by increased labour force participation of women and older people. These trends are occurring in Australia, although strong migration has mitigated some of the impact of ageing.
Introduction
Demographic change can greatly affect the size and shape of the workforce. Population ageing, through a long-term decline in fertility rates and increased life expectancy, is most progressed in advanced economies. It has put downward pressure on aggregate labour supply as older workers retire. Other factors have tended to offset this, however, including increasingly delayed retirement and rising female labour force participation. These long-term trends have implications for our assessment of labour market conditions in Australia and its trading partners. Australia has one of the youngest populations among advanced economies, so understanding how its peers are faring with population ageing can provide insights into future labour market trends that Australia may face. This article quantifies the effect of ageing on the supply of labour across a number of advanced economies, highlighting when and how Australian outcomes differ from those of similar economies.
Demographic Developments
Population ageing is a global phenomenon, but is most evident in advanced economies. These economies have the highest median age – at around 40 years – although some middle-income economies, such as China, are ageing more rapidly (Graph 1). The share of the population at prime working age – those aged 25–54 years, who tend to have the greatest attachment to the labour market – peaked almost two decades ago in advanced economies. Across these economies, the speed and trajectory of demographic change varies. Ageing is most evident in parts of high-income east Asia and Western Europe, such as Japan, Italy and Germany. Korea has a smaller share of elderly people, but is ageing more rapidly than other advanced economies, and is projected to have the highest median age in the world by 2050. Australia has one of the youngest populations among advanced economies. Its relatively high net migration rate has helped offset the ageing of the native-born population (Connolly, Davis and Spence 2011). This has contributed to Australia having one of the highest rates of population growth over the past decade across advanced economies (Graph 2).
Drivers of Labour Force Growth
The size of the labour force, the part of the population that is employed or actively seeking employment, is a key measure of total labour supply in an economy. Labour force growth is determined by growth in the working-age population (generally defined as those aged 15 and over) and changes in the labour force participation rate (the propensity of working-age people to work or actively seek work). Ageing affects both of these factors through slower population growth and the lower participation of older people as they retire.
Growth in the working-age population has been the main driver of labour force growth for most advanced economies over the past decade (Graph 3). Australia has seen particularly robust growth in its working-age population of 1¾ per cent each year over the past decade. Strong net migration has been a major contributor to this growth. In contrast, Japan and the euro area, which have been ageing faster, have seen less than half a per cent growth in working-age population. This highlights the influence of ageing in putting downward pressure on population growth, and so the size of a country's labour force.
Across countries, the contribution from the participation rate to labour force growth has been mixed. Over the past decade, the participation rate has been relatively stable in Australia, while in the euro area and the United Kingdom it has added slightly to the overall growth in labour supply. Recently, high rates of net migration of working-age people to New Zealand and Sweden and strong growth in female participation in Korea have contributed to noticeable increases in participation rates and, as a result, labour supply growth in these countries (Graph 4). Earlier, in the mid 2000s, Australia also saw a large pick-up in labour force participation, in part associated with the acceleration in net migration at that time. The participation rates in the United States, Canada and Japan have declined substantially since around 2000, causing a noticeable drag on labour supply growth. However, more recently, the tightening of the labour market in these economies as they have recovered from the global financial crisis, appears to have helped arrest the decline.
Ageing and Labour Force Participation Rates
The effect of the population age structure on aggregate participation
The tendency for a person to be in the labour force varies by sex and over one's life cycle. Changes in this propensity to work and the demographic structure of the population affect a country's aggregate labour force participation rate and can be separated into a cohort and a demographic effect. The cohort effect is the change in the labour force participation rates for different demographic groups over time. Examples of cohort effects include the increased propensity for females at any given age to be in paid employment over time, or the increasing tendency for young people to enter the workforce later as their access to tertiary education increases.
The demographic effect is the aggregate impact of a shift in age structure of the labour force, keeping the participation rates of different age groups constant. The changing age structure of the population has been a persistent and increasing drag on labour force participation across advanced economies since the mid 1990s (Graph 5). The demographic drag has been widespread, reflecting the broad-based decline in the share of the prime-age population. It has been the largest in Japan, averaging around one-third of a percentage point per year over the past two decades.
Rising female workforce participation over the past few decades has largely made up for the demographic effects of ageing. This positive contribution from rising female participation has been common across advanced economies, although the timing has differed, with changes having occurred earliest and fastest in the United States and Canada. Australia has seen a consistent rise in female participation. Across advanced economies, the increasing participation of females has been incentivised by government policy changes, such as parental leave, child care and part-time work entitlements, alongside changing social attitudes and increased education (Blau and Kahn 2013).
Male participation rates have declined considerably in most advanced economies, partly driven by demographic change. Nonetheless, in recent years, the male cohort effect has tended to be slightly positive, on average, especially in New Zealand and Europe as older workers delay their retirement. The largest negative contribution has been in the United States, reflecting a multi-decade long trend in falling prime-age participation, which has only recently subsided (CEA 2016).
Another way to look at the effect of demographic change is to consider the participation rates that would have resulted if the population share in each age cohort had been unchanged from 2000 – which approximately corresponds to the peak of the prime-age labour share in the population of many advanced economies. This exercise shows that aggregate labour force participation rates would have been higher and mostly increasing across advanced economies (Graph 6). The rise largely reflects the increase of women and older workers in the workforce. The role of ageing in depressing labour force participation is most notable in Japan. Without ageing, Japan's labour force participation rate would be almost 6 percentage points higher. Australia's participation rate would be around 2–3 percentage points higher if there had been no demographic change since 2000; the decline in participation earlier this decade also appears to have been driven by ageing effects. A limitation of this exercise is that ageing and cohort effects are assumed to be independent of each other. However, if the population were not ageing, it is likely that people would make different decisions about their employment.
Participation of older workers and retirement policies
The increasing participation of older cohorts in the workforce has occurred alongside significant improvements in health outcomes and life expectancy. Furthermore, increasing longevity incentivises people to work longer to ensure they have adequate savings for retirement. The labour force participation rate of people aged 55 and over has been rising steadily since the mid 2000s across advanced economies, partially reversing a multi-decade decline in the average age of retirement (OECD 2015a). Over the past decade, the participation rate of people in advanced economies aged 55–64 years old and 65 years and over has increased by an average of 9 and 4 percentage points, respectively (Graph 7). For most countries, participation rates of older women have increased by more than those of older men from comparable age cohorts over this period.
Australia's experience of older workers' participation in the workforce is typical for an advanced economy. While euro area countries such as Germany, Italy and France have seen a much larger increase in the labour force participation of older people over the past decade, this represents a catch-up to retirement norms in other advanced economies; the average age of retirement among the euro area countries remains relatively low.
Across advanced economies, the gap between the participation rates of older people and those of prime-age workers is gradually narrowing. This is particularly the case for the 55–64-year-old cohort, which now has a participation rate of less than 20 percentage points below the prime-age cohort in most advanced economies. While there is a limit to the additional labour supply that can be generated by increased participation by older cohorts, the lower participation rates for those over 65 years old suggest there may be some scope to increase labour supply from this cohort. New Zealand, for example, has seen a large increase in labour force participation of this cohort. The New Zealand Treasury (2016) attributes this increase to factors such as labour market flexibility and government policy changes to pension access eligibility. In Japan and Korea, the share of the population over the age of 75 who are in the labour force has been gradually increasing over the past few years.
Rising workforce participation of older workers in advanced economies can be attributed to multiple factors. As well as improving health outcomes and increasing life expectancies across advanced economies, it also reflects: changes to workplace culture that support older workers to remain in the labour force; a shift away from physically demanding employment; and workers' concerns about inadequacy of pension or retirement savings (especially in light of increasing longevity) (OECD 2015b). The official retirement age – the age when individuals are entitled to access retirement savings or government-provided pensions – can also affect retirement decisions. However, given the gradual nature of changes in official retirement ages and the small amount of cross-country variation, these are unlikely to explain the rapid and varied pace of increasing labour force participation by older workers. The effective retirement age – the average age when people actually withdraw from the labour market – differs from the official retirement age, partially because of differences in tax laws, pension access requirements and pension amounts. In Australia, the ability to access the aged pension or superannuation savings is cited by older workers as the main reason for leaving the workforce. For example, the gradual increase in the age that women become eligible for a pension in Australia, from 60 to 65 between 1995 and 2013, was accompanied by an increase in labour force participation of almost 30 percentage points over this period. In Korea, the high effective retirement age mostly reflects financial need; the government-provided pension is low and the elderly poverty rate is high (OECD 2015a).
Labour force projections
As the population in advanced economies ages further it will continue to put downward pressure on the supply of labour; the participation rates of specific cohorts are also likely to continue to change. The potential changes to labour supply over the next 25 years can be illustrated with three scenarios based on different assumptions about how participation rates for different cohorts might change, along with population projections from the United Nations. The scenarios are as follows (Table 1):
- The ‘ageing only’ scenario assumes there are no changes to cohort participation rates from 2016. It illustrates the strong downward pressure that ageing will exert on labour supply. Future participation rates in all economies trend lower as the share of the population accounted for by older cohorts increases. Australia's participation rate is projected to have one of the smaller declines under this scenario.
- An assumption of no change in participation rates by cohort is likely to be pessimistic, so the second ‘cross-country benchmark’ scenario assumes that each economy's cohort-specific participation rate converges to the highest participation rate observed among the included countries since 2000 (the benchmark). This illustrates the impact that a broad-based increase in participation could achieve, although full cross-country convergence is likely to be too optimistic. By 2040, most of the economies are projected to increase their overall participation rates, although those ageing more slowly, such as Australia, converge to participation rates that are around 5–10 percentage points higher than the rapidly ageing Asian and European economies.
- The ‘delayed retirement’ scenario explores the effect of delayed retirement, by projecting the rising participation of older workers. Under this scenario, the aggregate participation rate would remain broadly stable or decrease slightly because the increased participation of older cohorts is offset by the ageing of the workforce.
These scenarios suggest that, while ageing will put downward pressure on participation rates in all advanced economies, increases in cohort-specific participation rates could largely offset this. Despite this, labour force growth is still expected to slow sharply in advanced economies due to slower population growth. This reduction in labour supply is likely to tighten the labour market, all else being equal.
|Australia||Canada||Euro area||Japan||New Zealand||South Korea||Sweden||US|
|2000–16||1.5||0.1||1.5||−2.3||4.5||1.5||4.4||−4.3|
|2017–40 projections:|
|Ageing only||−4.6||−6.9||−7.4||−5.6||−5.8||−5.6||−4.0||−3.7|
|Benchmark||6.0||2.9||6.2||0.6||−0.1||1.5||4.0||7.8|
|Delayed retirement||−1.8||−2.8||−2.2||−0.1||0.0||1.1||0.3||−2.6|
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Sources: ABS; BLS; CEIC Data; Eurostat; ILOSTAT; RBA; Statistics Canada; Statistics Japan; Statistics New Zealand; United Nations
Ageing and Hours Worked
Workers can also adjust their labour supply by changing their hours worked. For example, a worker around retirement age may choose to exit the labour force (thereby supplying no labour) or they may decide to partially retire by transitioning from full- to part-time work. As health outcomes improve, the elderly may work full time for longer, but it is also plausible that many elderly workers will choose partial retirement at some point.
Both older and younger workers are more likely to work part time than prime-age workers (Graph 8). This phenomenon is broad based across countries. Australia's total part-time employment share is high by international standards, although it is less of an outlier for the older age cohort. For those aged above 65 years, part-time work is more prevalent in many European countries. Most part-time workers in the older age cohorts voluntarily work part-time, suggesting reduced work hours is an important element of transitioning to retirement. Pension eligibility also plays a role. In some countries workers are incentivised to limit their hours so they can receive the pension. The part-time employment shares for those aged 55–64 years have been roughly stable over the past decade across advanced economies. They have generally increased for those aged over 64 years. However, in countries that saw substantial increases in the participation rates of their oldest cohort, such as Canada and New Zealand, the part-time employment share declined as more workers remained working full time rather than retire.
Over the past decade, the increase in part-time work has led to a decline in average hours worked per worker. However, within the part-time worker cohort for those aged over 55 years, average hours have increased. Both demand and supply factors are likely to be driving this increase in part-time hours, such as increased availability of flexible work, financial need and improved health.
In aggregate, total labour hours supplied are likely to continue increasing in less rapidly ageing economies, including Australia, although at a slowing pace as labour force growth slows (Graph 9). In the more rapidly ageing economies, increases in labour force participation rates have kept the supply of hours fairly stable since 2000. However, without further increases to the labour supply (such as migration or increased participation by older or female workers), total labour hours supplied in these economies are likely to fall sharply over the next few decades.
Conclusion
Demographic change is a key driver of labour supply trends. Population ageing has reduced growth in the labour force across advanced economies, although strong migration has lessened some of this impact in Australia. Increased female and elderly workforce participation has partially offset the downward pressure from ageing. Projections show that continued growth in participation by these groups can continue to counterbalance some of the substantial effects of ageing on aggregate participation. Nonetheless, overall growth in the labour force and total hours supplied will continue to slow, all else being equal.
The broader macroeconomic consequences of these developments are uncertain, as demographic change can influence both potential and actual output. Subdued trend growth in labour supply will lower potential output growth and tighten the labour market, all else being equal. This would put upward pressure on wages and inflation. However, there may be offsetting changes in the demand for labour, if, for example, an older population consumes less or labour scarcity leads firms to innovate in order to improve labour productivity (raising potential output). Labour shortages could also see societies open themselves up to increased migration, which would boost labour supply. Overall, while the most likely implication of ageing is a tighter labour market in the longer term, the ageing phenomenon will shape the behaviour of households, firms and governments in ways that are difficult to predict and may go some way to reversing these trends.
Footnotes
The authors are from the Economic Analysis Department. [*]
This analysis focuses on a variety of advanced economies that are either important Australian trading partners or that have demographic profiles that illustrate varied ageing developments. The euro area is analysed as a single labour market in much of this article, although labour laws differ across countries. Data are annual up to 2016.
To do this we follow the methodology of Hotchkiss (2009).
Following Holzmann (2005), the benchmark is the highest participation rate since 2000 for that cohort among a set of advanced economies. These are mostly from Japan for males and Sweden and New Zealand for females. Each cohort's participation rate is increased by 1 percentage point per year until the benchmark level is reached. Demographic shifts are the UN projections.
There has been some convergence in cross-country female participation rates since 2000 (IMF 2017).
The participation rates for older workers (aged over 50) are assumed to increase at the same pace observed over the past five years for each economy, but are constrained to be at or below the current prime-age participation rate. The participation rates for the younger cohorts are held at their 2016 level.
See Cassidy and Parsons (2017) for a detailed review of part-time work trends in Australia.
The graph projects total hours supplied by holding participation rates and hours worked by each age cohort fixed at their 2016 levels, and then calculating the hours supplied by each age cohort using UN population projections. This likely represents a lower bound estimate if participation rates of older cohorts and women increase further.
References
Blau F and L Kahn (2013), ‘Female Labor Supply: Why is the US Falling Behind?’, NBER Working Paper No 18702.
Cassidy N and S Parsons (2017), ‘The Rising Share of Part-time Employment’, RBA Bulletin, September, pp 19–26 .
Connolly E, K Davis and G Spence (2011), ‘Trends in Labour Supply’, RBA Bulletin, June, pp 1–8.
CEA (Council of Economic Advisors) (2016), ‘The Long-Term Decline in Prime-Age Male Labor Force Participation’, June.
Holzmann R (2005), ‘Demographic Alternatives for Aging Industrial Countries: Increased Total Fertility Rate, Labor Force Participation, or Immigration’, Institute for the Study of Labor Discussion Paper No. 1885.
Hotchkiss J (2009), ‘Decomposing Changes in the Aggregate Labor Force Participation Rate’, Federal Reserve Bank of Atlanta Working Paper 2009-6a.
IMF (International Monetary Fund) (2017), ‘Box 1.1: Labor Force Participation Rates in Advanced Economies’, World Economic Outlook, October, pp 37–41.
New Zealand Treasury (2016), ‘2016 Statement on the Long-Term Fiscal Position’, November. Available at <http://www.treasury.govt.nz/government/longterm/fiscalposition/2016/he-tirohanga-mokopuna>.
OECD (2015a), Pensions at a Glance 2015: OECD and G20 indicators, OECD Publishing, Paris.
OECD (2015b), Ageing: Debate the Issues, OECD Insights, OECD Publishing, Paris. | https://www.rba.gov.au/publications/bulletin/2017/dec/5.html |
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Genetic factors are clearly important in the etiology of schizophrenia, but the environment in which an individual's genes find expression is also crucial to the development of the illness. In this review of environmental risk factors for schizophrenia, we consider risks operating prenatally and perinatally, during childhood, and then later in life prior to illness onset Some of these risk factors have been well documented, for example, early hazards causing fetal growth retardation or hypoxia, and hazards nearer the onset of illness like drug abuse and migration. Others are much less certain. The importance of interaction between genetic and environmental risk is, however, undoubtedly important and there is emerging evidence for this from a range of sources. As the etiology of schizophrenia is unraveled, the picture becomes more complex, but also more obviously relevant to the plight of the individual patient.
National Center for
Biotechnology Information, | https://www.ncbi.nlm.nih.gov/pubmed/16060597 |
The biological reaction to stressful events is multifaceted, involving several neurochemical systems that work together in a complex and interactive manner. Greater understanding of the biological systems involved in reactions to stress and the biological mechanisms by which the organism may protect itself from trauma is well under way. This research is confounded, however, by the complex interaction of environmental and genetic factors. Nonetheless, new neuroscience tools have opened a window that has begun to provide investigators the opportunity to examine these biological systems and explore protective factors that may, in turn, lead to pharmacologic and/or psychosocial treatments that influence resilience and recovery.
Medscape Psychiatry. 2005;10(2) © 2005 Medscape
Cite this: Stress and Resilience: Implications for Depression and Anxiety - Medscape - Dec 29, 2005. | https://www.medscape.com/viewarticle/518761_5 |
I am a statistical epidemiologist. My two main interests are: i) the life course epidemiology of obesity and cardiovascular disease, and ii) the complex and bidirectional relationships between social factors (socioeconomic disadvantage, adverse childhood experiences) and health.
I have experience of statistical techniques for repeated measures data, and in the integration of genetic data into epidemiological studies. | https://www.bristol.ac.uk/people/person/Laura-Howe-f19b05f6-1978-428e-9a84-85f403c63cb2/ |
In 1981 I was extremely lucky to work at the Moghul Room Restaurant, part of the luxury hotel group of The Oberoi, New Delhi. This was to be my first taste of a classic Indian restaurant with a grand reputation of serving the best of Moghul food, second only to the world-renowned Bukhara in the Maurya Sheraton, New Delhi.
My job as a trainee was to pick up the groceries and the veggies required for the following day, arrange them in an orderly manner and, of course, peel the onions, garlic and ginger by the bagful!!
A few days passed before I realized that the chefs and the cooks worked in perfect harmony and, more importantly, none of them used a printed recipe to cook from. “Chef”, I asked, “don’t you have a recipe, or is it simply ‘a bit of this’ and ‘a bit of that’ – or do you just remember it all in your head?!!”
The chef replies in Urdu, “‘Son’, yeh khaana kitna pyaaz, lahsoon adrak, tamatar ka nahin hai, yeh kalaa hai, kaise aur kab daalne ki!!” So, it was not, after all, about how much chopped onion, garlic or ginger you add but more about ‘how’ and ‘when’. Quantities may change based on the region and the climate; the skill and the technique does not change and that, my dear friends, takes muddattein, years and years of practice, tapasya, riyaaz: Sacrifice!!!
An example of the use of this acquired ‘technique’ is shown brilliantly in a dish called Kachche Gosht Ki Biryani. I first came across this dish at the Banjara Hotel in Hyderabad in 1980 where Ustaad was called in to make it for a very special occasion! No weighing scales, no chopping boards and, of course, no written recipes were used. Onions were sliced by hand, ginger and garlic were crushed in a sill-Batta (mortar and pestle), spices were ground individually, and so the process went on…
Chefs in India were judged on how proficient they were at making a biryani as it was believed that a good chef could make a good biryani whereas a great chef (Ustaad) could make KGKB!!
Ustaad always said, “Cooking Indian food is like playing cricket. It’s all about practice. Good chefs practice till they get it right; great chefs practice till they don’t get it wrong!! Just like Ustaad Sachin…”
Nice one,mate!
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Blog at WordPress.com. | https://nilgiris.com.au/how-to-cook-like-ustaad-sachin/ |
When Marcus Samuelsson visits the Mexican community of Chicago in No Passport Required, he meets several Chicagoans WTTW knows well. Further immerse yourself in the Mexican community with videos, profiles, and recipes from the chefs and others in the show.
They're accomplished veterans in the kitchen, but that's not their only skill: they also craft leather and wood products by hand, decorate walls with graffiti, practice Latin dance, and scuba dive. Discover the fascinating hobbies of Chicago chefs in our new digital series, Chefs off the Clock.
Dying eggs for Easter is a time-honored and beloved tradition, and it's fun and easy to make natural coloring. Once you've dyed them, why not spice your hard-boiled eggs up by deviling them, using greek yogurt instead of mayo for something a bit healthier? | https://interactive.wttw.com/playlist/food?page=1 |
Every woman is born a good cook
I believe that the ability to cook good food is not in-born. It is false to say the contrary. We all learn how to cook. Otherwise, catering schools, or cookery books for that matter, would not exist.
Or even TV shows such as Cake Boss and Kitchen Delight would be unnecessary. Cooking is simply not in-born. It is a process and it is limitless. People seek to try out new recipes they watched on television, listened to or read.
My grandmother says it is about experience and that is why our parents are usually better cooks than us. This is because with time they learn how to make the food perfect, for instance, such things as water measurements, etc.
I, however, get perturbed when a chef teaches me something and when I try it out, my food is not similar to theirs. It is not even close to what they cook. May be, it is because they are better trained and have cooked more dishes than someone who has just learned overnight.
Some people though even after being taught, are worse than they were before. Maybe, it is not learned. Some fail to steam matooke and it ends up burnt. Or even when some adds too much salt when frying an egg. Maybe, it is in-born because some women – including this writer – are great cooks.
There are dishes I prepare and yet I was not taught by anyone. I was the only girl amidst four boys and we had to eat. I prepared the food and it was tasty, because nobody refused to eat.
I guess I can say I’m a naturally good cook. Of course, there are certain things that we are trained to do for instance using banana leaves but who trained the people that existed before us when there was no technology at all.
So I guess, it can be in-born too. The women who say they cannot cook are liars because in my view, women are naturally good cooks. We just chose not to do it but in most cases, we can cook.
As for the men who can cook, they are just lucky because usually men cannot cook. They are taught. Though it is surprising and annoying how well they pick up and become better than women. But why? My mother told me that we are not taught how to cook we teach ourselves and with practice, we become better.
I guess that is an art that is in-born within us. That can be perfected but it can never be learned. Maybe that is why we have better cooks than others and even those that have mastered the science some have learned the art while others have failed to master it.
In a nutshell, just as we go to school and learn, some pass while others fail. I guess it is the same for cooking some will learn and be perfect at it while others, because of the love they have for food, they become masters at playing around with various cooking methods.
The opinion will vary but in my view, cooking is a perfected art. We all know how to cook but that depends on the time we dedicate to it and not how many recipes one is taught.
Besides, being perfect comes with experience and that’s why our parents are better chefs than us because they spent more time in the kitchen than we do. | https://www.ugandanewsreleases.com/every-woman-is-born-a-good-cook/ |
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10/9/2017
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It is all about FOOD!!!™
This Blog offers an easy-to-read condensed descriptive of food groups, nutrients such as Minerals, Vitamins, Fat, Proteins and Carbohydrates, and their essential role the way nature intended, including their interactions on our body, and systems; nutrition; cooking processes; up-to-date listing of world news with major impact on food and consumers; comprehensive review of restaurants (Menus, Food-on-plate and Quality of Service); and easy-to-follow Exquisite recipes, as well as healthy snacks and juices.
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Olivier is a Michelin-Star trained chef, a leading lecturer on the UK-first Natural Chefs and Vegan Natural Chefs, and a registered Naturopath and qualified Nutritional Therapist, embracing fully his passion for good food and healthy eating.
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The information contained herein, including, but not limited to, texts, graphics, images, links, and other materials, blog articles and newsletters, is intended for general informational purpose only. It does not address any individual circumstances, and it is not a substitute for professional medical advice, diagnosis or treatment and should not be relied on to make decisions about your health. Always seek the advise of your physician with any questions you have regarding your medical care.
Content and pictures wherein are subject to copyright. You are not authorised to use, reproduce, modify, distribute or share, in part or in its entirety, without the written permission of Exquisite Private Chef. | https://www.exquisiteprivatechef.co.uk/its-all-about-food/category/superfoods |
The majority of pasta dishes use either a tomato-based or an olive oil-based sauce. A few others might use a cheese-based sauce like ricotta cheese.
This white clam sauce recipe might be considered easy to prepare. The slightly troublesome part is cleaning the clams (see notes below) to remove salt and sand.
Even then it is simply a matter of soaking in fresh water and scrubbing. And clams are generally quite clean anyway, so this is not a big issue.
As with most "easy" recipes, however, mastery is the tricky part. In this case, you need to cook the clams just right. Over-cooking will render them rubbery and tasteless.
Traditionally, white clam sauce is served with spaghetti or with linguine / linguini. (Linguini is said to be a "misspelling" of linguine but both spellings have become generally accepted, with linguini being more widely used.)
White clam sauce recipe for pasta vongole
For serving and garnish:
Method:
Notes about buying clams
Clams are sometimes sold ready-shelled and ready-cooked, either frozen, chilled or in cans, soaked in brine. Unless you know of a good brand, try to avoid these are ready-prepared clams tend to be tasteless and rubbery. They won't make a very white clam sauce recipe.
When buying fresh clams, avoid those that are permanently open. Some may be open but will shut tightly once "disturbed". Those that remain open - even when you prod them - are already dead, smelly and should not be eaten. Also, avoid clams with broken shells.
There are many -- apparently over 2,000 -- different types of clams. The types used in pasta dishes are generally small, with smooth shells that are about 2cm to 4cm across. Choose bigger clams if possible, as the flesh shrinks when cooked and small clams will become very small!
Some chefs claim that small clams taste better but to me, it is a bit meaningless when the clams are so tiny that I hardly get a taste of them.
Clams vs cockles
Clams come from sandy beaches and have white flesh. Even among these, some clams are rounder and have thicker shells, while others are more oval in shape and have thinner shells. They generally taste similar.
I have seen one white clam sauce recipe that talked about cockles. Perhaps the words clams and cockles mean the same thing in some cultures. In Asia, however, cockles refer to a shellfish with ridged (as opposed to smooth) shells, lives usually in black mud, and have red, "bloody" flesh.
This is a totally different shellfish, which the Chinese in Southeast Asia use in a curry noodle dish called laksa, or add to fried rice noodles. Do not use it for your white clam sauce recipe. The taste will be very different -- and your pasta dish will no loner be white!
This said, however, you may vary this recipe using mussels, scallops or other shellfish.
Click here for a tomato-based instead of white clam sauce recipe.
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New! CommentsHave your say about what you just read! Kindly leave a comment in the box below. | https://www.best-natural-foods.com/white-clam-sauce-recipe.html |
I am an avid outdoorsman who enjoys hunting, fly fishing, camping, rockhounding, and just relaxing in wild places. I am also a self-proclaimed 'Foodie Camper', and love to cook and eat well when camping. In preparing for trips I began noticing a general lack of information regarding the topic and decided to take the plunge into the Blogosphere. I plan to use this blog to explore the idea of gourmet cooking in the outdoors and collaborate with others to further develop recipes, discuss equipment, techniques, and pre-trip preparation.
I want to make sure the average camper can prepare the recipes I discuss, so I won't be using elaborate equipment or gear. I am currently camping with a 1960's Coleman 2-burner liquid fuel stove, a small 10" non-stick skillet, a medium sized GSI Glacier Stainless Cookset, an aluminum percolating coffee pot, and a Rubbermaid cooler. | https://www.livingoverland.com/2010/03/concept-explained.html |
The perfect guide for professional chefs in training and aspiring amateurs, this fully illustrated, comprehensive step-by-step manual covers all aspects of preparing, cooking and serving delicious, high-end food.
This authoritative reference book covers 250 core techniques in extensive, ultra-clear step-by-step photographs. These techniques are then put into practice in 70 classic and contemporary recipes, designed by chefs. With over 1,800 photographs in total, this astonishing reference work is an essential guide for any serious cook, professional or amateur. | https://booklarder.com/products/institut-paul-bocuse-gastronomique-the-definitive-step-by-step-guide-to-cul |
The origins of brunch are a bit hazy. Some think that the meal has its roots in England’s hunt breakfasts—lavish meals that featured a delicious smorgasbord of goodies such as chicken livers, eggs, meats, bacon, fresh fruit and sweets. Others think it derives from the practice of Catholics fasting before mass and then sitting down for a large midday meal.
What is certain is that the word “brunch” first appeared in print in an 1895 Hunter’s Weekly article. In “Brunch: A Plea,” British author Guy Beringer suggested an alternative to the heavy, post-church Sunday meals in favor of lighter fare served late in the morning. ”Brunch is cheerful, sociable and inciting,” Beringer said. ”It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.”
It caught on in the United States in the 1930s. It was a meal championed by hotels since most restaurants were closed on Sundays and, with church attendance flagging after World War II, people were looking for a new social outlet that also let them sleep in a bit. Restaurants soon hopped on the bandwagon and began offering the decadent spreads of food and signature morning cocktails, such as Bloody Mary’s, Bellini’s, Screwdrivers and Mimosas.
Restaurant chefs have generally seen Brunch as a challenge (read don’t like it!). After a busy Saturday night, trying to create a menu for a meal that stretches from 11 A.M. until 3 or 4 in the afternoon and finding that right balance between breakfast foods, lunch foods and exotic hybrids of the two is no small task.
So here are some of my favorite Brunch recipes that I really like:
JOHN’S BANANA BREAD
BREAKFAST SAUSAGE
DUTCH BABIES
MANGOES IN SPICED SYRUP
CODDLED EGGS WITH POTATOES, BACON AND HERBS
OLD FASHIONED APPLE CRISP
SMOKED TROUT SALAD
GET THE RECIPES HERE! | https://chefjohnash.com/favorite-recipes-brunch/ |
Since there are so many popular food blogs, I thought it might be interesting to take a look at the rules around putting a recipe from a cookbook or other source in your blog post. After all, if you’re blogging about something you made, you’re probably going to whet people’s appetites enough that they want to try the recipe themselves.
I should preface all this by saying that I am not a lawyer, so look on this as a starting point for making your own assessment rather than a legal opinion. Judges will not be impressed when you bring a printout of my post into the courtroom!
Many folks feel that as long as they adequately cite/credit the source, they can republish at will. While it’s certainly somewhat more defensible to give credit when you are copying someone else’s work, doing so is still a violation of copyright law. This suggests that you can’t include recipes in a blog post. However, recipes are a grey area as far as copyright goes.
The U.S. Copyright Office has this to say about recipes:
Mere listings of ingredients as in recipes, formulas, compounds, or prescriptions are not subject to copyright protection. However, when a recipe or formula is accompanied by substantial literary expression in the form of an explanation or directions, or when there is a combination of recipes, as in a cookbook, there may be a basis for copyright protection.
That clears it right up for you, doesn’t it? Of course not. Copyright law is pretty darn fuzzy, and according to many lawyers, deliberately so. This leaves room for the courts to interpret the law in specific cases, and those of us trying not to be one of those cases trying to figure out just where we stand. What the preceding paragraph suggest to me is that I can include the list of ingredients in my blog post with no worries whatsoever, but that I’d be better off writing out my own instructions for using them, rather than using those provided by the recipe’s author.
However, this article on FindLaw about recipe copyright says:
Courts are inclined to hold, however, that an individual recipe lacks sufficient creativity to qualify for copyright.
The article goes on to say that the courts have been more likely to protect cookbook authors whose compilations of recipes—cookbooks—have been used by others, but generally have not protected individual recipes. Bad news for cookbook authors and chefs, perhaps, but this does mean that food bloggers wishing to republish single recipes aren’t bound by the same strict rules as others wanting to use copyrighted material.
If you’ve had experience in this area you’d like to share with others, please tell us about it in a comment. I’m sure reality differs from theory in this case, as it does in so many things.
And you should note, though, that this all is U.S. law; if you’re dealing with publishing in another country, you’ll have to do some research to find the rules that apply to you.
Susannah,
Thanks for covering a lot of technical aspects in your blog, your posts are really unique in the blogs about blogging world.
Back to the issue, im not a copyright lawyer or anything, but I do believe that our copyright laws are screwed.
Here are some youtube videos to get you thinking more about copyright and copying
http://www.youtube.com/watch?v=zL2FOrx41N0
http://www.youtube.com/watch?v=IeTybKL1pM4
Posted by Litigation support dc on Sep 16, 2010. | http://www.bloggingfordummiesbook.com/blog/entry/copyright_and_recipes/ |
You just had a successful community event at your church and there are several photos that you think would look perfect in your newsletter and on your website. The pastor delivered an especially inspiring sermon and you want to share it on social media. What is the protocol for using images of people? Do you need their permission? What about broadcasting worship services?
As society becomes increasingly dependent on technology as well as increasingly concerned with individual privacy, there are plenty of questions about liability when it comes to using digital images in ministry publications and websites. Here are a few best practices:
In general, it is acceptable to use a photo or video footage from an organizational event as long as the people photographed are not individually identified. By attending a public event, the individuals would not likely have a ‘reasonable expectation of privacy’. However, if you will be identifying the people by name, it is best to have participants sign a photo use agreement.
Posting or publishing photos of children without permission from a parent or legal guardian could get your ministry into hot water. It’s always a good idea to inform parents ahead of time that you plan to take photos during an event or activity. Ask parents to submit a signed photo use agreement or “do not photograph” form before the activity, so your ministry team knows which photos they have permission to post. The form should note whether the agreement applies to a one-time event or an ongoing activity, such as the June 1-5 session of vacation Bible school. Until a youth is 18, a parent or legal guardian should sign these forms.
Children in foster care require special consideration. Foster children are wards of the state, so foster parents cannot legally sign documents on their behalf. Ministries would likely need a signed photo use agreement from a foster child’s caseworker. When in doubt, give a higher level of privacy to foster children. Often, they have been removed from their birthparents’ homes due to abuse or neglect. In some cases, broadcasting a child’s whereabouts could put the child at risk of being placed an unsafe situation.
Ask foster parents and others with privacy concerns to submit a “do not photograph” form. Keep an updated “do not photograph” list and share it with all staff and volunteers who might take pictures during ministry activities. Remind ministry workers to review the list before posting any photos online, even if they’re posting to a social media page considered to be personal, closed, or private. Privacy settings change over time, and information once considered private can be shared inadvertently.
If you don’t have such a form, ask your local school district to provide a sample document that you could tailor to your ministry’s needs. Be sure to have a locally licensed attorney review and approve it.
There are several portions of worship services that could lead to increased liability when recorded and broadcast:
Original sermons generally can be posted with no legal issues, as long as the speaker authored the sermon within the scope of employment with the ministry. If the sermon was written by someone other than the presenter, such as one borrowed from a collection of sermons found online, obtain written permission from the work’s author or owner to broadcast the sermon. Some exceptions apply for older sermons that are considered part of the public domain. The laws in this area are complicated, so it’s best to ask an attorney for help to make sure no copyright laws are broken.
You’ve invited a guest speaker to an event at your church and you want to promote their presence, or you want to note on your website that a well-known religious leader endorses your ministry. Can you use the guest speaker’s or well-known leader’s photo?
The best practice is to obtain written consent from the individual outlining how his or her name or image will be used and expressing that it is for promotional purposes. The law of privacy allows a person to seek legal protections from the use of his or her name or image by another person or organization. It’s best to be careful in this instance, especially with the development of ‘publicity rights’ of celebrities and other influential people now taking shape.
Have each member sign a form acknowledging that their image and personal information—such as name, address, and phone number—will be used in the directory. The form should allow members the option of withholding or protecting some or all of their information.
In the case of online directories, ministries should refrain from posting any identifying information (home addresses, phone numbers, and other contact information) on public, non-password protected websites. Online directories should be password protected to ensure that identifying information is restricted to members of the congregation.
Thank you for your interest in Brotherhood Mutual. We appreciate the opportunity to provide your church or other ministry with an insurance quote and will reply to your request as soon as possible.
Text to follow... | https://www.brotherhoodmutual.com/resources/safety-library/risk-management-articles/administrative-staff-and-finance/documents-and-data/legal-guidelines-for-photo-and-video-use/ |
Welcome to the NCSS Instructional Technology Department, where R.E.A.L. Technology is our goal. In an effort to support Newton County School System's obligation of preparing the next generation of innovative leaders, creators, producers, and performers, the Instructional Technology Department provides ongoing hands-on professional learning opportunities, collaborative resources, and innovative support for all stakeholders of Newton County, including: teachers, administrators, students, paraprofessionals, support staff, and community members. We firmly believe that with the rapid changes in today's world, it is imperative that all vested are given the foundation to utilize technology effectively to create, collaborate, and become responsible global citizens.
Our mission is to support students and teachers in seamlessly and effectively embedding technology into everyday classroom practices to create relevant and rigorous learning environments that support increased student achievement and builds global communication skills. As we model, engage, and implement effective technology diffusion and integration practices we encourage students at every level to be life-long learners and enthusiasts of technology.
Federal law prohibits discrimination on the basis of race, color or national origin (Title VI of the Civil Rights Act of 1964); sex (Title IX of the Educational Amendments of 1972 and the Carl D. Perkins Career and Technical Act of 2006): or disability (Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990) in educational programs or activities receiving federal financial assistance. | https://www.newtoncountyschools.org/cms/One.aspx?portalId=72263&pageId=186421 |
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