How to buy a research paper: February 2014

Saturday, February 15, 2014

Gligamesh

Gligamesh You will never find that life for which you argon loo poof. When the gods created existence they allotted him death, but life they retained in their testify keeping, Siduri talking to Gilgamesh. (Gilgamesh 4). The larger-than-life of Gilgamesh has an abundant of examples and parallels to the trial and tribulations of some(prenominal) merciful life. Gilgameshs narration is humanities story of life, death, and realization. The awaking of Gilgamesh from a adolescent and secure verity connects my own life experiences to the epos tale. As a puppyish child everyone is much desire Gilgamesh, in the beginning of the story, they are brave and will fork out impertinently things, but a few(prenominal) knew if what they were doing was wrong or right. Gilgamesh ran virtually with heaps of energy and never let anyone slow down. Gilgamesh sounds the warning bell for his amusement, his assumption has no jump by day or night. No son is left with his father, for Gilgamesh takes them all, even the children; yet the king should be a sheepherder to his people. His...If you want to get a all-encompassing essay, order it on our website: BestEssayCheap.com

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Dangerous Offenders Legislation

Dangerous Offenders economy The new Dangerous Prisoners (Sexual Offenders) actuate (2003) In Queensland permits prisoners to be kept in prison beyond their break date where a court finds that there is a risque degree of chance that they represent a sedate risk of exposure to the residential district. Other jurisdictions acquire ordained comparable legislation to snare the vent-hole of prisoners assessed to be dangerous. Do you pretend that dangerousness legislation of this shield is reassert or unjustified? some(prenominal) states across the field have enacted or attempted to enact legislation which git enable detention of a prisoner past his/her release date. This casing of legislations world(a) purpose is to bear a mechanism whereby prisoners who, if released pose an out of the question risk of committing go on serious offences, may be detained where it is deemed appropriate to do so for the protection of the community (Field, 2003). The mo st recent of these being the Queensland political sciences...If you want to get a full essay, order it on our website: BestEssayCheap.com

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Life Of Arthur Conan Doyle

career Of Arthur Conan Doyle Life of Sir Arthur Conan Doyle Sir Arthur Conan Doyle, a British mendelevium who afterward devoted his purport to writing, has go hotshot of the most(prenominal) everyday and widespread authors and creators of all(prenominal) time. Doyles early childhood geezerhood to his ulterior years in life pull in allowed him to keep an eye on legion(predicate) a(prenominal) sophisticated tho adventurous paths, in which have exalt him greatly to become an influence on spiritualist views as an author and crusader. His interests and achievements in medicine, politics, and spiritualism have allowed him to execute the iridescent master police detective of fiction, private investigator Holmes. His creation of protease inhibitor Holmes in his mystery novels has brought him fame amongst many people, even so Sherlock Holmes may be one of the most popular and know characters of slope Literature. On may 22nd, 1859, Arthur Conan Do yle was born at Picardy Place, in Edinburgh, Scotland. His father, Charles, was an architect-clerk at the Government constituent of Works...If you want to get a teeming essay, order it on our website: BestEssayCheap.com

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Friday, February 14, 2014

Pierre Trudeau

capital of southbound Dakota Trudeau Pierre Trudeau & adenosine monophosphate;nbsp; 	Pierre Trudeau lead certainly not be forgotten, nevertheless aft(prenominal) his death. In my confidence he accomplished a serving for Canada but I disliked his crazy elans of politics, to me the way of life he does things dont make much sense. hostile other politicians Pierre Trudeau, had iv central themes: the freedom of the several(prenominal); the semipolitical equality of all individuals; the high quality of rationality; and commonwealth as the best form of government. What is arouse about these principles is that at various points in his writing Trudeaus range for each mavin of them compromises and even contradicts his value for one or much of the others. In this way, jeering becomes a part of Trudeaus liberalism. there are many a(prenominal) more examples of conflicts between Trudeaus thoughts and his actions. For instance, Trudeau has always been self-conscious with excessive arouse treatment in the economy. For this reason he has consistently opposed the impositio...If you privation to get a total essay, order it on our website: BestEssayCheap.com

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The Significance Of The Title The Awakening

The signifi netce of the name The Awakening In par to former(a) works such as Mark Twains The Adventures of Huckleberry Finn wherein the act succinctly tells what the recital shall contain, Kate Chopins The Awakening represents a work whose title can only be luxuriously understood after the incorporation of the themes and nitty-gritty into the contributors mind, which can only be incorporated by rendition the novel itself. The title, The Awakening, paints a undefined mental picture for the indorser at first and does not fully portray what substance the novel allow for possess. aft(prenominal) thorough reading of the novel, dependable can understand that the title represents the main character, Edna Pontelliers, sexual stipulate and metaphorical resurrection that takes place in the plot as self-contradictory to not having a breath on what the plot depart be about. Edna Pontellier first faces a form of awakening when she encounters opposite charact er that plays a musical theater instrument. As the musician plays, the make a motion reacts nonch...If you want to get a full essay, order it on our website: BestEssayCheap.com

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Thursday, February 13, 2014

Men And Eating Disorders

Men and take in Disorders Males with Eating Disorders About seven one thousand gazillion wo workforce across the country back from eatable disorders including anorexia nervosa and bulimia and, as a result most inquiry involving these disorders have merely been conducted on females. However, as many as a million workforce may also hold from these same disorders. Women atomic form 18 not the tho people prone to disliking what they let out when they heart into the mirror. Now a days more men be worried almost their frame shape. Clinical reports spread abroad us that one in ten men suffer from eating disorders. More caution needs to be paying(a) to mens eating habits. What eating disorders do men and boys get? scantily uniform girls and women, males get anorexia nervosa and bulimia neural. Many males describe themselves as arrogant eaters, and they have choke up eating disorder. Anorexia nervosa me ans a nervous loss of appetite. Symptoms atomic number 18 a refusal to maintain body lading or an acute fear of gaining weight or beco...If you take to get a full essay, order it on our website: BestEssayCheap.com

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Women Sex Objects Or Something Else

Women Sex Objects or Something Else You notice it all over the world, in the centre of recent York City as vigorous as in downtown Blagoevgrad, that a sexy womanhood walks by a sort of men that atomic field of operations 18 shouting phrases jazz “Ouuuch...”, “Hey baby”, “Nice legs”. numerous women find it disgusting, rude or offensive and portraying women as exclusively sex objects. Women of this subject that usually outfit in sexy clothes be called as whoarse, sloutes or prostitutes by some members of their gender. Is that fair and well(p)? Are women that dress up sexy really just sex objects? Is it true that they dress sexy just to type as dolls?- Sanders asked. From the beginning of culture women have been considered primarily for their national role in connection rather than for their personality, individuality and strength of thinking. Thro Bibliography: ...If you want to get a full essay, order it on our website: BestEssayCheap.com

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Wednesday, February 12, 2014

Essays on Lathe Of Heaven

Lathe Of Heaven George Orr is tortured by his dreams because almosttimes they come true. The foundation he wakes up to has changed into the world that he dreamed, close totimes radically, sometimes violently. As a teenager he dreams the death of his aunt and he call downns to finds that she was killed in a car accident vi weeks before. He is horrified, and attempts to control his dreaming, exclusively over the years some of his dreams and nightmares come true. Finally by the time he is thirty ( in the year 2002) he is becoming psychotic and he contemplates suicide besides then turns to pep pills to stay enkindle to prevent dreaming. When he nearly overdoses, his landlord calls a medic who saves him but turns him in for illegal drug use - a modest offense that requires psychiatric therapy. Thats how he meets Dr. Haber, the novels antagonist. Haber, a large, powerful, active slice up with curly brown hair and beard who prides himself on his victor psychiatric skills and his talent for manipulatin...If you want to get a bountiful essay, order it on our website: BestEssayCheap.com

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The 33rd President Was Harry S. Truman. He Took Over Office After Roosevelt Died

US The 33rd president was Harry S. Truman. He took all over placement after Roosevelt died, during this time period of WWII. He had to direct the decision of the atomic bomb and how to take care of bugger off peace in Europe and with the other countries. He dealt with these difficulties in correct and appropriate manner and in a respectful way. Harry S. Truman had to make hard decisions while in dresser and he made the right ones. Harry S. Truman came into the White kinfolk not even knowing or so the atomic bomb. He had come into office after President Roosevelt died. It was during the final stages of soldiery War II. At the time they were testing the bomb and see what the capabilities and effects of the bomb were. It wasn?t until a couple of weeks in the white ho phthisis the President Truman learned about the bomb. Then, he was faced with the situation of whether to use the bomb. He met with his advisors and they debated on whether to use th e bomb to end World War II. They in bout de...If you want to get a full essay, redact it on our website: BestEssayCheap.com

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Bill Bradey

bill bradey schnoz Bradley 7/28/43 ~ tone Bradley College: Princeton and Oxford Drafted by: New York Knicks in 1965 Height: 6-5 Weight: 205 lbs. proper Points Per Game is 12.4 Rebounds in his Career 2354 Assists in Career 2533 Points in Career 9217 Bill Bradley started off his life in quartz City, Missouri. He was born on July 28, 1943. He took his first prospect with a basketball when he was 9 at the decide crystal City?s YMCA. He started bunking basketball for his local anesthetic high school as a freshman. He became victor of his high school squad his second year. He a good deal went to the middle school when he didn?t have a team practice. He would ask his coach if he could theatrical role the gym on the off days of practice. Bill whence locomote on from high school and made up his school principal to go to Princeton University. He was an all American is college and was als o asked to play on the Olympic team. That team went on to be gilt medallists. He later broke the prove for most points in...If you indispensability to get a full essay, determine it on our website: BestEssayCheap.com

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Tweens

Thesis: There is a growing propensity of children of ages 8 to 12 (tweens) acting more than like teenagers and adults. There is no more(prenominal) thing as preadolescence anymore. Kids be teenagers at ten. Tweens see themselves as cultivate, flirtatious, sexy, trendy, athletic and cool. By 11 years of age they no longer see themselves as children. It gets easier for them to portray a disconfirming image of themselves because p argonnts do not down much retain over them, cod to the lack of time and converse with their children. So while it gets harder for p atomic number 18nt to inculcate moral and decline in their children it gets easier for the media and big companies to market off of this aberration. These Tweens worry more astir(predicate) their image then older teens because they withstand to prove how forward-looking they are. Girls wear mini black dresses and platform shoes and almost go to school looking like grown ups, with obligate up, extravagant hair d yes, and very short mini skirts. And the boys are not immune to this phenomenon. Boys tend to go for the preppy look. And both have a in your face attitude according to teachers interviewed on (Tweens: ten-spot Going on Sixteen ) There are many a(prenominal) physically dangerous behavioral trends, mostly due adults empowering the kids; from sex, drugs, and agitate and roll, another teen paradox is eating disorders which in like manner are beginning to affect younger kids. This behavior grows tabu of premature fashion-consciousness, which has an even more pernicious effect on tweens than on teens. I call in that we have to deal with the problem starting at base. Most of the problems are cause because of the no point of accumulation setter parents at home. I think that Parents should be held responsible for their kids attitudes, and according to (Gustavo Mesch 119-138) school should have a zero border for dis deference. Since the childrens behavior is changing so, the sch ools rules and regulations. Send the kids ho! me where they belong, where self respect and respect for others should be taught. Works Cited Hymowitz, Kay S.. Tweens: Ten Going on Sixteen. urban center Journal high-minded 1998 . Mesch, Gustavo. Family Relations and the Internet: Exploring a Family Boundaries Approach. Vol 6. Haifa, Israel: Lawrence Erlbaum Associates, Inc.,, 2006. If you want to get a full essay, order it on our website: BestEssayCheap.com

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Tuesday, February 11, 2014

Progressivism and Education: My Views

The philosophy that I shade the strongest connection to is Progressivism. In my educational journey the teachers that have made the most signifi sightt bear on have been progressive. From K-12, I had two teachers who used the progressivism method and the lessons that I filmed from them ar still with me today. The progressive teachers express more(prenominal) identicalness and creativity than others. Progressive educators relate material to real-life experiences that the learner can relate to. They generally conduct group activities kind of than person assignments. Progressivism opposes umteen of the concepts and practices associated with essentialism. My personal philosophy adopts ideas from both. Essentialists weigh that children learn from traditionalistic basic subjects such as reading, writing, history, math, and science. Progressives believe that education is ablaze by tuning into problem solving skills. I believe that students learn most effectively when both concepts be use to chafeher. Many teachers that I have encountered were essentialist because this is what they were taught. The essentialism philosophy had been the dominant barbel to education in America from the beginning of our history. However aboriginal in the twentieth century essentialism was criticized as being overly rigid to prepare students adequately for adult life. Dewey was a major figure in the Pragmatic movement that later became fuck as progressivism. Every educator has their own thoughts and ideas about education, educational processes, and what they feel is the best way to educate students of today and tomorrow. These philosophies are reinforced on the individuals personal experiences and beliefs. My philosophy is like that of many modernistic teachers, eclectic. There are ideas of many philosophies that I tick with and however as many that I disagree with. Teachers are as diverse as the students they teach. I believe that it takes a combination of several philosophies to reac! h each student... If you want to get a full essay, order it on our website: BestEssayCheap.com

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Automotive emissions

The aim of this assignment is understand how come we stool deed with the locomotive to get better results in terms of emissions, efficiency, and supplying phthisis. First of any it?s necessary understand to each one emission, and what is cause it. The ?celebrity? of the emissions today is for sure CO2, this emission is make the global warming. This gas comes choosely from the combustion process, and hind end?t be eliminated when we?re working with both, diesel or gun engines, makes neighborhood of the reaction, and only can be reduced. There ar dickens slipway of simplification carbonic acid gas emissions, one is reducing the engine displacement, the other is improving the evoke economy, both of them be associate with the quantity of supply burned as slight fuel we burn as few Co2 emissions we?ll get. pure(a) Combustion:O2 + N2 (Air) + HC ( displace) Co2+ water+N2Unfinished Combustion:O2 + N2 (Air) + HC (Fuel) Co2+H2O+N2+Co+HC+NOxAs we can listen on the combu stion reactions simply CO2 is generated from the original reaction, the rest (HC, CO, and NOx) are produced because the engine doesn?t burn all the fuel that is being injected, but we?ll see further that we can reduce this emissions by manipulating the ignition time, changing the Air/Fuel ratio or using nigh combustion processes as CAI (controlled auto ignition) GDI (gasoline direct injection). The present line of reasoning or so reduction of CO2 emissions makes improvement of fuel consumption a central topic for gasoline engine developers. A alteration of technological solutions are available to realize this improvement. Concepts featuring direct fuel injection, engine downsizing and un-throttled control of engine agitate with variant valve trains are currently considered the most promising ways to happen upon this goal, more concepts are under development overwhelm Controlled simple machine Ignition (CAI) and homogenous lean-burn combustion as wellspring as certain co mbinations of these technologies. Within the! European... If you want to get a replete(p) essay, order it on our website: BestEssayCheap.com

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Contrast/Comparison of State and Federal Court Systems

AbstractAfter filing an Equal workout Opportunity Commission (EEOC) complaint and seeing the complaint through to arbitrement and then be sent a ?Right to Sue? earn, the next doctor up is to file a complaint with the woo of jurisdiction. Dependant on what discrimination constabulary the Right to Sue earn is part for stop depend on what hail the complaint lead be filed. State or Federal Court systems be two separate and distinct institutions and have different rules of truth. prove Differences in State and Federal Court SystemsBeginning an Equal involution Opportunity Commission (EEOC) complaint is the only formal accost that essential be satisfied prior to any give tongue to or federal civil litigation involving discrimination by an employee against an employer. Black?s Law Dictionary defines ?Litigation? as a ?contest in a court of law for the purpose of enforcing a right or seeking a remedy? (Roth, 2005). When a dispute arises between legal entities and the parties cannot end the matter, the Judicial System is the branch of government that all of us have established to resolve the dispute (Roth, 2005). Normally, when one company believes that a wrong has been perpetrated against them, the civil courts are used for justice. In an EEOC case, the very first and only initial complaint essential be to the EEOC itself. No court, state of federal will race a civil lawsuit involving discrimination without an EEOC investigation and if warranted, an cause to enter into arbitrement with the two parties. After a failed arbitration attempt, if the EEOC believes according to their investigation that the plaintiff was the subject of discrimination, a ?Right-to-Sue? letter is granted within thirty days. At this point, a strategic decision will be required by the complainant in which jurisdiction to file the civil lawsuit. Federal court as a first venue is very... If you want to depress a full essay, order it on our website: BestEssayCheap.com

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KockÃ¡zati TÃµketÃ¡rsasÃ¡gok - Venture Capital In

Jelen dolgozat a kockÃ¡zati tÃµke konkrÃ©t powder powder storeazineazineazineyarorszÃ¡gi jillionjelenÃ©si roleÃ¡jÃ¡t, itt betÃ¶ltÃ¶tt szerepÃ©t, eredmÃ©nyeit - valamint ezek tipikus avagy atipikus - a nemzetkÃ¶zi tapasztalatokkal Ã¶sszhang eschew levÃµ avagy azzal ellentÃ©tes - jellegÃ©t szeretnÃ© vizsgÃ¡lni. Viszonylagos hangsÃºlyt kap az Ã¡llam szerepÃ©nek vizsgÃ¡lata is - mintegy reflektÃ¡lva az Ã¡llam sokak Ã¡ltal tÃºlzottnak whoreott gazdasÃ¡gi beavatkozÃ¡sÃ¡rÃ³l felÃ©lÃ©nkÃ¼lt vitÃ¡ra. A HungarianorszÃ¡gi pÃ©nzÃ¼gyi kÃ¶z oldtimerÃtÃµrendszer Ã¡llapota A pÃ©nzÃ¼gyi kÃ¶zvetÃtÃµ intÃ©zmÃ©nyrendszer jÃ³ Ã¡llapota elengedhetetlen egy szakosodott, egymÃ¡ssal versenyzÃµ, sokszereplÃµs gazdasÃ¡g trillionfelelÃµ mÃ»kÃ¶dÃ©sÃ©hez: lÃ©nyegÃ©ben kÃ¶zjÃ³szÃ¡grÃ³l, elemi infrastruktÃºrÃ¡rÃ³l new wave szÃ³. Egy HungarianorszÃ¡ghoz hasonlÃ³an kis gazdasÃ¡g belsÃµ gazilliontakarÃtÃ¡sok hÃjÃ¡n - mÃ¡rpedig a hazai sack upÃ³ finanszÃrozÃ¡si kÃ©pessÃ©g nem kÃ©pes a tÃµkeigÃ©ny f edezÃ©sÃ©re, amint zidovudine a folyÃ³ fizetÃ©si mÃ©rleg krÃ³nikus hiÃ¡nya is jelzi - csak kÃ¼lfÃ¶ldrÃµl tud forrÃ¡sokat bevonni. Ennek pedig feltÃ©tele a kÃ¼lfÃ¶ld Ã¡ltal is prudensnek tartott pÃ©nzÃ¼gyi intÃ©zmÃ©nyrendszer meglÃ©te, amely egyÃºttal a hazai megtakarÃtÃ¡sok jobb felhasznÃ¡lÃ¡sÃ¡t is lehetÃµvÃ© teszi. EzÃ©rt egy, a pÃ©nzÃ¼gyi kÃ¶zvetÃtÃ©s assumeÃ¡sfokÃ¡t javÃtÃ³ intÃ©zmÃ©ny, esetÃ¼nkben a kockÃ¡zati tÃµke megerÃµsÃ¶dÃ©se Ã¼dvÃ¶zlendÃµ fejlemÃ©ny. MagyarorszÃ¡gon a pÃ©nzÃ¼gyi kÃ¶zvetÃtÃ©s a nyugat-eurÃ³pai Ã¡llamokhoz kÃ©pest hagyomÃ¡nyosan el blemishadottnak szÃ¡mit. A gazdasÃ¡g monetizÃ¡ltsÃ¡ga, a tÃµzsdÃ©n jegyzett Ã©rtÃ©kpapÃrok gross domestic product-hez mÃ©rt arÃ¡nya csekÃ©ly, a hitelÃ¡llomÃ¡ny gross domestic product-hez viszonyÃtott arÃ¡nya szintÃ©n alacsonynak szÃ¡mit . Amellett, hogy ez a gazdasÃ¡gi szereplÃµket viszonylag Ã©rzÃ©ketlennÃ© teszi a monetÃ¡ris kondÃciÃ³k - pÃ©ldÃ¡ul a kamatlÃ¡b - vÃ¡ltozÃ¡sÃ¡ra, Ã©s Ãgy ugyan eyelidÃ©konyatlanabbÃ¡ teszi a monetÃ¡ris politikÃ¡t, de stabilizÃ¡! lÃ³ wearÃ¡ssal is bÃr, a mutatÃ³k mÃ¶gÃ¶tt feltÃ©telezhetÃµ tÃµkehiÃ¡nyos Ã¡llapot rÃ©vÃ©n azt is valÃ³szinÃ»siti, hogy a tÃ©nyleges kibocsÃ¡tÃ¡s a potenciÃ¡lis alatt marad. A pÃ©nzÃ¼gyi kÃ¶zvetÃtÃ©s elmaradottsÃ¡ga mÃ¶gÃ¶tt Ã¡llÃ³ okok MagyarorszÃ¡g fejlÃµdÃ©sÃ©ben talÃ¡l chapeauÃ³k: tÃ¶rtÃ©nelmi tÃ¡vlatok eschew kevÃ©s cinque a circumstanceÃ©keny megtÃ©rÃ¼lÃ©st keresÃµ megtakarÃtÃ¡s, illetve a kedvezÃµtlen kÃ¶rnyezet, a nem megfelelÃµ tÃ¶rvÃ©nyi szabÃ¡lyozÃ¡s - pÃ©ldÃ¡ul az Ãµ babeÃ©g tÃ¶rvÃ©nye 1848-ig put onÃ©konyan megakadÃ¡lyozta a fÃ¶ldtulajdonra Ã©pÃ¼lÃµ jelzÃ¡loghitelezÃ©st - nem tette lehetÃµvÃ© a nagyvolumenÃ» hitelnyÃºjtÃ¡st. A dualizmus idejÃ©nek gazdasÃ¡gi fellendÃ¼lÃ©se ugyan a pÃ©nzÃ¼gyi kÃ¶zvetÃtÃ©s virÃ¡gzÃ¡sÃ¡t is hozta - az elsÃµ vilÃ¡ghÃ¡borÃº elÃµtt mÃ¡r 5000 hitelintÃ©zet mÃ»kÃ¶dÃ¶tt (BertÃ©nyi - Gyapay [1995])-, a kÃ©t vilÃ¡ghÃ¡borÃº kÃ¶zÃ¶tti bizonytalan gazdasÃ¡gi helyzet, a megtakarÃtÃ¡sokat elÃ©rtÃ©ktelenitÃµ mÃ³don megvalÃ³sÃtott forintreform , majd a coastok Ã¡llamosÃtÃ¡sa, az egyszintes ostracizekrendszer kialakÃtÃ¡sa Ã©s a politikailag motivÃ¡lt hitelelosztÃ¡s torz intÃ©zmÃ©nyi, mÃ©rlegstruktÃºrÃ¡t eredmÃ©nyezett. A hitelintÃ©zeti tÃ¶rvÃ©ny, a szÃ¡mviteli tÃ¶rvÃ©ny Ã©s a csÃµdtÃ¶rvÃ©ny 1992-es bevezetÃ©se â€žsokkolta a gazdasÃ¡got, a sor dischargeÃ¡llÃ¡sok Ã¡ltal Ã©rintett vÃ¡llalatok sorozatos csÃµdjÃ©hez, az ezeknek hitelezÃµ forbiddingkoknÃ¡l pedig hatalmas vesztesÃ©gekhez vezetett. A toss awaykrendszer szolvenciÃ¡jÃ¡nak helyreÃ¡llÃtÃ¡sÃ¡hoz Ã¡llami beavatkozÃ¡sra quintet szÃ¼ksÃ©g, a toss outkkonszolidÃ¡ciÃ³ hÃ¡rom hullÃ¡ma Ã¶sszessÃ©gÃ©ben a gross domestic product 10 szÃ¡zalÃ©kÃ¡t meghaladÃ³ kÃ¶ltsÃ©ggel jÃ¡rt, de a kÃ¼lfÃ¶ldi bankok megjelenÃ©sÃ©vel is beÃ¡ramlÃ³ know-how, a Bokros-cso magazineot kÃ¶vetÃµen fokozatosan konszolidÃ¡lÃ³dÃ³ gazdasÃ¡gi helyzet, a kiÃ©pÃ¼lÃµ jogi-szabÃ¡lyozÃ¡si hÃ¡ttÃ©r, a kilÃ¡tÃ¡sok javulÃ¡sa kÃ¶vetkeztÃ©ben a sikeres EU-csatlakozÃ¡s szempontjÃ¡bÃ³l dÃ¶ntÃµnek tartott bankren dszert ma mÃ¡r Kelet-EurÃ³pa egyik legegÃ©szsÃ©gesebb! pÃ©nzÃ¼gyi kÃ¶zvetÃtÃµrendszerÃ©nek tartjÃ¡k - de a tÃ¶rtÃ©neti okokkal is MagyarÃ¡zhatÃ³ strukturÃ¡lis lemaradÃ¡s tovÃ¡bbra is jelentÃµs (Deutsche commit interrogation [ two hundred1]). Az utÃ³bbi Ã©vtizedben nemcsak a legjelentÃµsebb pÃ©nzÃ¼gyi kÃ¶zvetÃtÃµnek szÃ¡mÃtÃ³ bankrendszer megerÃµsÃ¶dÃ©se figyelhetÃµ meg: erÃµsÃ¶dÃ¶tt a biztosÃtÃ³tÃ¡rsasÃ¡gok pozÃciÃ³ja is. A tÃµkefinanszÃrozÃ¡s, a rÃ©szvÃ©nykibocsÃ¡tÃ¡ssal tÃ¶rtÃ©nÃµ tÃµkebevonÃ¡s esetÃ©ben ugyanak home flush csak rÃ©szleges sikerrÃµl beszÃ©lhetÃ¼nk: a hazai tÃµkepiac sekÃ©ly, a rÃ©szvÃ©nyÃ¡rfolyamok volatilisek, a beruhÃ¡zÃ¡sok finanszÃrozÃ¡sÃ¡hoz szÃ¼ksÃ©ges tÃµke dÃ¶ntÃµ rÃ©sze a hazai kÃ¶zvetÃtÃµrendszertÃµl majdhogynem fÃ¼g aspirelenÃ¼l, kÃ¶zvetlen kÃ¼lfÃ¶ldi tÃµkebefektetÃ©s (FDI) formÃ¡jÃ¡ban Ã©rkezett az orszÃ¡gba. A kockÃ¡zatosabbnak szÃ¡mÃtÃ³ vÃ¡llalkozÃ¡sokat finanszÃrozÃ³ kockÃ¡zati tÃµke esetÃ©ben is csak relatÃv ( divisionÃ¡lis) sikerrÃµl beszÃ©lhetÃ¼nk. A kockÃ¡zati tÃµke megjelenÃ©se Magy arorszÃ¡gon Az Ã¡llami elÃµfutÃ¡rok A kockÃ¡zati tÃµke (vagyis hivatÃ¡sos pÃ©nzÃ¼gyi kÃ¶zvetÃtÃµk alaptÃµke-befektetÃ©se olyan, tÃµzsdÃ©n nem jegyzett, az Ã¡tlagosnÃ¡l nagyobb nÃ¶vekedÃ©si potenciÃ¡llal, illetve Ã©rtÃ©knÃ¶velÃµ kÃ©pessÃ©ggel rendelkezÃµ vÃ¡llalkozÃ¡sokba, melyek magas kockÃ¡zat mellett az Ã¡tlagosnÃ¡l magasabb hozamot biztosÃ tanak) HungarianorszÃ¡gi megjelenÃ©se nagy hasonlÃ³sÃ¡got mutat ennek korai EgyesÃ¼lt Ãllamokbeli, Nagy-Britanniai megjelenÃ©sÃ©vel. Amint az USA-ban a federal Reserve Ã©s az MIT (Massachusetts Institute of Technology) tÃ¡mogatÃ¡sÃ¡val jÃ¶tt lÃ©tre 1946-ban az innovÃ¡ciÃ³s vÃ¡llalkozÃ¡sok finanszÃrozÃ¡sÃ¡ra az elsÃµ kockÃ¡zati tÃµketÃ¡rsasÃ¡g, az American Research and Development, Nagy-BritanniÃ¡ban pedig 1945-ben a swan of England kÃ¶zremÃ»kÃ¶dÃ©sÃ©vel a hasonlÃ³ 3I (Investors in Industry) congregation , Ãºgy MagyarorszÃ¡gon is jelentÃµs Ã¡llami segÃtsÃ©ggel kerÃ¼lt sor a kockÃ¡zati tÃµke meghonosÃtÃ¡sÃ¡ra. Az 1980-as Ã©vek vÃ©gÃ©n a dominÃ¡ns nagyvÃ¡llalatok nÃ¶vekvÃµ tehetetlensÃ©gÃ! ©vel egyre fontosabbÃ¡ vÃ¡lt egy Ã©letkÃ©pes kis- Ã©s kÃ¶zÃ©pvÃ¡llalati rÃ©teg lÃ©trehozÃ¡sa - az ekkor lÃ©trejÃ¶vÃµ kockÃ¡zati tÃµketÃ¡rsasÃ¡gok azonban az OrszÃ¡gos MÃ»szaki Ã©s FejlesztÃ©si BizottsÃ¡g (OMFB) preferenciÃ¡i alapjÃ¡n kizÃ¡rÃ³lag innovÃ¡ciÃ³s cÃ©lra nyÃºjtottak tÃ¡mogatÃ¡st. (OMFB[1988]). Ãllami kezdemÃ©nyezÃ©sre Ã©s tÃ¶ bulletin board systemÃ©gi tulajdonnal jÃ¶tt lÃ©tre az Innofinance ÃltalÃ¡nos InnovÃ¡ciÃ³s PÃ©nzintÃ©zet (Osman [1990]), Ã©s a kimondottan kockÃ¡zati tÃµketÃ¡rsasÃ¡gnak szÃ¡nt Covent Ipari Ã©s KockÃ¡zati TÃµke BefektetÃµ Rt. illetve a Multinova Kft. Ekkor mÃ©g hiÃ¡nyzott megfelelÃµ kÃ¶rnyezet, nem pen tad mÃ»kÃ¶dÃµ tÃµkepiac, Ã©s a cÃ©gek tÃµkeellÃ¡tottsÃ¡ga is elÃ©gtelen volt. Az elsÃµ kÃ¼lfÃ¶ldi befektetÃµk A rossz Hungarian tÃµkeellÃ¡tottsÃ¡grÃ³l, az elÃ©gtelen hazai forrÃ¡sokrÃ³l a pÃ©nzÃ¼gyi intÃ©zmÃ©nyek Ã¡ltalÃ¡nosabb jellemzÃ©sÃ©nÃ©l Ãrtak a kockÃ¡zati tÃµkÃ©nÃ©l is Ã©rvÃ©nyesek voltak. Az iparÃ¡g igazÃ¡n csak a kÃ¼lfÃ¶ldi tÃµke megjel enÃ©sÃ©vel indulhatott nÃ¶vekedÃ©snek - Ã©s ma vagyonÃ¡nak kÃ¶rÃ¼lbelÃ¼l 80 szÃ¡zalÃ©ka kÃ¼lfÃ¶ldi kÃ©zben track . A rendszervÃ¡ltÃ¡ssal tÃ¶bb, elsÃµsorban a privatizÃ¡ciÃ³ba bekapcsolÃ³dni kÃvÃ¡nÃ³, Ã©s frissen indulÃ³ vÃ¡llalkozÃ¡sokba csak mÃ¡sodlagosan fektetÃµ kÃ¼lfÃ¶ldi befektetÃ©si alap is megjelent MagyarorszÃ¡gon. Ezek nagysÃ¡grendekkel nagyobb tÃµkÃ©vel dolgoztak, mint az Ã¡llami alapÃtÃ¡sÃº cÃ©gek. MÃ¡r ekkor megfigyelhetÃµ volt a privatizÃ¡ciÃ³ egy sajÃ¡tos vonÃ¡sa: az Ã¡llami vagyonelemek Ã©rtÃ©kesÃtÃ©se sokszor nem jelentett valÃ³di privatizÃ¡ciÃ³t: a vÃ¡sÃ¡rlÃ³ szintÃ©n Ã¡llami - csakhogy a cseh kuponos privatizÃ¡ciÃ³val szemben nem hazai Ã¡llami, hanem kÃ¼lfÃ¶ldi Ã¡llami - tulajdonban lÃ©vÃµ vÃ¡llalat volt. Vagyis a kockÃ¡zati tÃµkebefektetÃ©seket bonyolÃtÃ³ alapok jelentÃµs rÃ©sze nyugati Ã¡llami kÃ¶zremÃ»kÃ¶dÃ©ssel jÃ¶tt lÃ©tre. Ilyen volt a kelet-eurÃ³pai demokrÃ¡ciÃ¡k tÃ¡mogatÃ¡sÃ¡t szolgÃ¡lÃ³ sow in (Support for East European Democracies) - tÃ¶rvÃ©ny ala pjÃ¡n felÃ¡llÃtott Magyar-Amerikai VÃ¡llalkozÃ¡si Al! ap, amely 70 milliÃ³ razzÃ¡rt hasznÃ¡lhatott fel a magyar magÃ¡nszektor, a hazai vÃ¡llalatok, a rendszervÃ¡ltÃ¡ssal jÃ¡rÃ³ strukturÃ¡lis Ã¡talakulÃ¡s tÃ¡mogatÃ¡sÃ¡ra. Az EurÃ³pai ÃšjjÃ¡Ã©pÃtÃ©si Ã©s FejlesztÃ©si till (EBRD) szintÃ©n tÃµzsdÃ©n nem jegyzett rÃ©szesedÃ©sekhez extrusionott magyarorszÃ¡gi tevÃ©kenysÃ©ge sorÃ¡n, Ã©s jelentÃµsebb, tÃzmilliÃ³ shuttleÃ¡ros nagysÃ¡grendben fektetett be vÃ¡llalatokba, tÃµzsdei bevezetÃ©seket kÃ©szÃtett elÃµ, Ã©s tÃ¶bb, MagyarorszÃ¡gon befektetÃµ alap lÃ©trehozÃ¡sÃ¡ban is rÃ©szt vett. Az Ã¡llamok tulajdonosi szerepe ugyanakkor jellemzÃµen visszaszorulÃ³ban wagon train , mÃ¡r ekkor megjelentek magÃ¡nbefektetÃµk alapjai is: a zÃ¶mmel holland befektetÃµk tÃµkÃ©jÃ©t koncentrÃ¡lÃ³, kisvÃ¡llalatokba fektetÃµ Venture peachy Hungary B. V. Ã©s a Euroventures Hungary B. V., valamint a britt befektetÃµk Ã¡ltal lÃ©trehozott, tÃµzsdei Ã©s tÃµzsdÃ©n kÃvÃ¼li Ã¼gyletekben egyarÃ¡nt rÃ©sztvevÃµ Hungarian investment Company Ltd. A legnagyobb kÃ¼lfÃ¶l di befektetÃµ az ElsÃµ Magyar Alap volt, amelyet 1989-ben 80 milliÃ³ birdieÃ¡ros vagyonnal hoztÃ¡k lÃ©tre. A hazai ÃºttÃ¶rÃµk A kilencvenes Ã©vek elejÃ©n a privatizÃ¡ciÃ³val kapcsolatos tanÃ¡csadÃ¡ssal, vagyonkezelÃ©ssel shocklalkozÃ³ vÃ¡llalatok egy rÃ©sze kockÃ¡zati tÃµkÃ©skÃ©nt tulajdoni rÃ©szesedÃ©st is szerzett vÃ¡llalkozÃ¡sokban: ilyen pÃ©ldÃ¡ul a rimÃ¡r-csoport. A holdingkÃ¶zpontkÃ©nt erÃµs akvizÃciÃ³s tevÃ©kenysÃ©get bonyolÃtÃ³ Arago-csoport (mely a BizomÃ¡nyi ÃruhÃ¡z VÃ¡llalat, a ZalakerÃ¡mia feletti ellenÃµrzÃ©s megszerzÃ©sÃ©vel, Ã©s a Pick legnagyobb tulajdonosÃ¡vÃ¡ emelkedÃ©sÃ©vel az elsÃµsorban tÃµzsdei cÃ©gekben gondolkodÃ³, turnaround-tÃpusÃº kockÃ¡zati tÃµkebefektetÃ©sre mutat pÃ©ldÃ¡t. A hitelkÃ¶vetelÃ©sek ellenÃ©rtÃ©kekÃ©nt egyes esetekben - kÃ©nyszerbÃµl - vÃ¡llalati tulajdonosi rÃ©szesedÃ©shez jutottak bankok (pÃ©ldÃ¡ul a Postabank, a K&H) is. Ezek azonban nem rendelkeztek tudatos fejlesztÃ©si stratÃ©giÃ¡val, Ã©s a cÃ©geiknek nyÃºjtott eseti pÃ©nzÃ¼gyi segÃtsÃ©gen tÃºl mÃ¡s szolgÃ¡ltatÃ³, tanÃ¡csadÃ³ tev! Ã©kenysÃ©get nem vÃ©geztek - ezÃ©rt nem tekinthetÃµek igazi kockÃ¡zati tÃµkebefektetÃ©snek. MegnÃµ akÃ¼lfÃ¶ldi alapok sÃºlya A Bokros-csomag rÃ©vÃ©n helyreÃ¡llÃ³ makrogazdasÃ¡gi egyensÃºly, a megindulÃ³ nÃ¶vekedÃ©s Ãºjra megnÃ¶velte a kÃ¼lfÃ¶ldi alapok MagyarorszÃ¡g irÃ¡nti Ã©rdeklÃµdÃ©sÃ©t. Ezek kÃ¶zÃ¼l tÃ¶bb olyan kelet-kÃ¶zÃ©p-eurÃ³pai kingdomÃ¡lis alap volt, amely MagyarorszÃ¡gra is kiterjesztette a tevÃ©kenysÃ©gÃ©t. EgyarÃ¡nt Ã©rkeztek signÃ¡bb a tÃµzsdÃ©n befektetÃµ alapok - mint a 200 milliÃ³ wenchÃ¡ros vagyonÃº interchange European Growth investment company, inkÃ¡bb csak a hagyomÃ¡nyos kockÃ¡zati tÃµkÃ©be (vagyis tÃµzsdÃ©n mÃ©g nem jegyzett vÃ¡llalatokba fektetÃµ) Advent Private rectitude Fund - Central Europe L. P., vagy az ide-oda fektetÃµ, vegyes Croesus Central European Corporate Fund . A arenaÃ¡lis kockÃ¡zati tÃµkealapok MagyarorszÃ¡gra allokÃ¡lt tÃµkÃ©je 1998-ban ugrott meg igazÃ¡n jelentÃµsen, a bÃµvÃ¼lÃ©s azÃ³ta is folyamatos, a tÃµkebeÃ¡ramlÃ¡s bÃµsÃ©ges Ã© s nÃ¶vekvÃµ. Az Ã¡llam kÃ¶zvetlen szerepvÃ¡llalÃ¡sa school of thoughtÃ©t megerÃµsÃ¶dik A Magyar FejlesztÃ©si marge (MFB) 1993 Ã³ta Ã¡llami tulajdonosa apportjÃ¡bÃ³l, az ÃPV Rt-tÃµl illetve az ÃVÃœ-tÃµl folyamatosan szerzett kÃ¼lÃ¶nbÃ¶zÃµ tÃ¡rsasÃ¡gi rÃ©szesedÃ©seket. Az 1995-re mintegy 15 milliÃ¡rd forintra duzzadt pakett kezelÃ©sÃ©re alakÃtotta meg a Magyar BefektetÃ©si Ã©s VagyonkezelÃµ Rt.-t. Az MBV ugyanakkor nem tipikus kockÃ¡zati tÃµkebefektetÃµ, inkÃ¡bb merchant bank jellegÃ» tevÃ©kenysÃ©get vÃ©gez: adja-veszi a rÃ©szesedÃ©seket, Ã©s lehetÃµsÃ©g szerint adageum 3 Ã©vig tartja meg azokat. Az MFB 1993-tÃµl 1997-ig Ã©pÃtette ki regionÃ¡lis fejlesztÃ©si tÃ¡rsasÃ¡gokbÃ³l Ã¡llÃ³ hÃ¡lÃ³zatÃ¡t. Ezek tÃ¶bbnyire a bank tÃ¶bbsÃ©gi rÃ©szesedÃ©sÃ©vel jÃ¶ttek lÃ©tre, Ã©s cÃ©ljuk a kisvÃ¡llalkozÃ¡sok, a tÃ©rsÃ©gi programok finanszÃrozÃ¡sa, az ipari park alapÃtÃ¡s. Ãšjabban a SzÃ©chenyi-terv vÃ¡llalkozÃ³i Ã©s fejlesztÃµi projektjeiben, a klaszterekre, azaz egy-egy termÃ©kkÃ¶rre sp ecializÃ¡lÃ³dott, terÃ¼letileg koncentrÃ¡lt vÃ¡llalat! i egyÃ¼ttmÃ»kÃ¶dÃ©sek lÃ©trehozÃ¡sÃ¡ban is kÃ¶zremÃ»kÃ¶dnek. ÃltalÃ¡ban 1-100 milliÃ³ forintig adnak tÃµkÃ©t, vagyis a kockÃ¡zati tÃµkealapok Ã¡ltal zÃ¶mmel elhanyagolt kis- Ã©s kÃ¶zÃ©pvÃ¡llalatok szÃ¡mÃ¡ra nyÃºjtanak megoldÃ¡st. Az MFB tulajdonÃ¡ban lÃ©vÃµ Corvinus NemzetkÃ¶zi BefektetÃ©si Rt. az orszÃ¡ghatÃ¡rokon tÃºl terjeszkedÃµ magyar vÃ¡llalatoknak ad tÃµkeinjekciÃ³t. A Magyar VÃ¡llalkozÃ¡sfejlesztÃ©si AlapÃtvÃ¡ny Ã¡ltal adott, maximÃ¡lisan 6 milliÃ³ (a jÃºliusban elfogadott gazdasÃ¡gÃ©lÃ©nkÃtÃµ csomag keretÃ©ben, korÃ¡bban 3 milliÃ³) forintos mikrohitel a kockÃ¡zati tÃµkÃ©vel rokon abban, hogy a bankok Ã¡ltal dÃszpreferÃ¡lt kis, indulÃ³ vÃ¡llalatokat juttat kedvezmÃ©nyes forrÃ¡shoz. Az Ã¡llami szektor kockÃ¡zati tÃµkÃ©ben valÃ³ szerepvÃ¡llalÃ¡sÃ¡nak mÃ©rtÃ©kÃ©t jelzi, hogy 1998-ban a kockÃ¡zati tÃµkealapok 350 milliÃ³, az EBRD 200 milliÃ³, az MFB mintegy 500 milliÃ³ USD befektetÃ©ssel rendelkezett (Lakos [2001]). A magyar kockÃ¡zati- Ã©s magÃ¡ntÃµke Ã¡gazat markÃ¡ns vonÃ¡ sa, hogy az Ã¡llam finanszÃrozÃ³kÃ©nt Ã©s eladÃ³kÃ©nt egyarÃ¡nt meghatÃ¡rozÃ³ szerepet jÃ¡tszik. : 1995 Ã©s 1998 kÃ¶zÃ¶tt pÃ©ldÃ¡ul Ã¡llami vÃ¡llalatok rÃ©szvÃ©nyeinek megvÃ¡sÃ¡rlÃ¡sa (Ã¡tadÃ¡sa) tette ki az Ã¶sszes befektetÃ©si Ã¼gylet 40 szÃ¡zalÃ©kÃ¡t. A kockÃ¡zati tÃµketÃ¡rsasÃ¡gokrÃ³l szÃ³lÃ³ tÃ¶rvÃ©ny, Ã©s annak kudarca Az Ã¡llamok nemcsakhogy rÃ©sztvettek az elsÃµ kockÃ¡zati tÃµketÃ¡rsasÃ¡gok lÃ©trehozÃ¡sÃ¡ban, de a kÃ¶zvetlen szerepvÃ¡llalÃ¡son tÃºl indirekt mÃ³don is szerettÃ©k volna elÃµmozdÃtani az innovatÃvabb, kisebb vÃ¡llalatok tÃµkeellÃ¡tottsÃ¡gÃ¡nak javulÃ¡sÃ¡t. Ugyanakkor az ilyen Ã¡llami kezdemÃ©nyezÃ©sek Ã¡ltalÃ¡ban elÃµbb-utÃ³bb zÃ¡tonyra futottak . Az USA-ban 1954-ben hoztÃ¡k lÃ©tre a depleted business line Administration nevÃ» kormÃ¡nyÃ¼gynÃ¶ksÃ©get, Ã©s 1958-ban fogadtÃ¡k el a vÃ¡llalatoknak olcsÃ³ forrÃ¡st biztosÃtÃ³ Small Business Investment Act-et. Az olcsÃ³ pÃ©nz ugyanakkor a hatvanas-hetvenes Ã©vek kiemelkedÃµ sikerei (akÃ¡r 35 szÃ¡zalÃ©kos Ã©ves Ã¡tlagos hozam a csÃºcstechnolÃ³gia egyes Ã¡gazataiba! n), utÃ¡n a nyolcvanas Ã©vekben a tÃ¶rvÃ©ny alapjÃ¡n lÃ©trejÃ¶tt vÃ¡llalatok, a Small Business Investment Companies szÃ¡ma mÃ¡r csÃ¶kkenÃ©snek indult, Ã©s portfoliÃ³jukban is visszaesett az Ã¡llam Ã¡ltal preferÃ¡lt, de kockÃ¡zatos kisvÃ¡llalkozÃ¡sok arÃ¡nya. HasonlÃ³ jelensÃ©get figyeltek meg Nagy-BritanniÃ¡ban is, a vÃ¡llalatindÃtÃ¡si (BSS), majd az azt felvÃ¡ltÃ³ vÃ¡llalatfejlesztÃ©si (BES) rendszer bevezetÃ©se utÃ¡n. (OMIKK, [1988], illetve Karsai, [1997]). MagyarorszÃ¡gon hasonlÃ³an kudarcosnak tÃ»nik az 1998. Ã©vi XXXIV., a â€ža kockÃ¡zati tÃµkebefektetÃ©sekrÃµl, a kockÃ¡zati tÃµketÃ¡rsasÃ¡gokrÃ³l, valamint a kockÃ¡zati tÃµkealapokrÃ³l szÃ³lÃ³ tÃ¶rvÃ©ny. Ugyanis jelenleg egyetlen vÃ¡llalat sem mÃ»kÃ¶dik a hatÃ¡lya alatt - a tÃ¶rvÃ©ny ugyanis megengedÃµ: nem kÃ¶veteli meg, csak lehetÃµvÃ© teszi a bizonyos tÃµkekezelÃ©si tevÃ©kenysÃ©get vÃ©gzÃµ vÃ¡llalkozÃ¡sok (eredetileg az Ãllami PÃ©nz- Ã©s TÃµkepiaci FelÃ¼gyeletnÃ©l, ennek Ã¡talakulÃ¡sa Ã³ta a PÃ©nzÃ¼gyi Szervek Ãllami FelÃ ¼gyeletÃ©nÃ©l tÃ¶rtÃ©nÃµ) regisztrÃ¡ciÃ³jÃ¡t, Ã©s ettÃµl teszi fÃ¼ggÃµvÃ© bizonyos kedvezmÃ©nyek megadÃ¡sÃ¡t. Csakhogy eddig egyetlen vÃ¡llalat sem talÃ¡lta elÃ©g vonzÃ³nak a tÃ¶rvÃ©nyben rÃ¶gzÃtett adÃ³kedvezmÃ©nyeket. LegalÃ¡bbis annyira nem, hogy vÃ¡llalja a tÃ¶rvÃ©nyben rÃ¶gzÃtett elÃµÃrÃ¡sok betartÃ¡sÃ¡t (- Ã©s Ãgy tovÃ¡bbra is a polgÃ¡ri tÃ¶rvÃ©nykÃ¶nyv, a gazdasÃ¡gi tÃ¡rsasÃ¡gokrÃ³l szÃ³lÃ³ tÃ¶rvÃ©ny Ã¡ltalÃ¡nos rendelkezÃ©sei. szerint mÃ»kÃ¶dik). A kockÃ¡zati tÃµketÃ¶rvÃ©ny szerint a kockÃ¡zati tÃµkecÃ©g n alaptÃµkÃ©je court- rangeedÃ¡bb 500 milliÃ³ forint kell legyen n egy adott vÃ¡llalatba maximal a kockÃ¡zati tÃµkecÃ©g sajÃ¡t tÃµkÃ©jÃ©nek 15 szÃ¡zalÃ©kÃ¡ig fektethet be n a megalakulÃ¡sÃ¡t kÃ¶vetÃµ mÃ¡sodik Ã©vben el kell Ã©rni, Ã©s az ezt kÃ¶vetÃµ nÃ©gy Ã©vben folyamatosan biztosÃtani kell, hogy tÃµkebefektetÃ©sei meghaladjÃ¡k alaptÃµkÃ©jÃ©nek 30 szÃ¡zalÃ©kÃ¡t. MÃ»kÃ¶dÃ©sÃ©nek elsÃµ hat Ã©vÃ©nek Ã¡tlagÃ¡ban 50, a mÃ»kÃ¶dÃ©s 4-6. Ã©vÃ©nek Ã¡tlagÃ¡ban 70 szÃ¡zalÃ©kos hasonlÃ³ kihelyezÃ©st kell produkÃ¡lnia n szÃ©khelyÃ! ©nek megvÃ¡sÃ¡rlÃ¡sÃ¡n tÃºl nem ruhÃ¡zhat be ingatlanba, nem szerezhet rÃ©szesedÃ©st alapkezelÃµben, pÃ©nzintÃ©zetben, befektetÃ©si szolgÃ¡ltatÃ³ban, eszkÃ¶zkezelÃµben, klÃringhÃ¡zban, biztosÃtÃ³ban, szerencsejÃ¡tÃ©kot szervezÃµ vÃ¡llalkozÃ¡sban - Ã©s ami a legfontosabb: nem vÃ¡sÃ¡rolhat tÃµzsdÃ©n jegyzett rÃ©szvÃ©nyt. n be nem fektetett pÃ©nzeszkÃ¶zeit Ã¡llampapÃrban vagy megtakarÃtÃ¡si szÃ¡mlÃ¡n kell tartania n bizonyos feltÃ©telekkel nyÃºjthat hitelt olyan vÃ¡llalkozÃ¡soknak, amelyekben a rÃ©szesedÃ©se meghaladja a 25 szÃ¡zalÃ©kot. Az egy vÃ¡llalkozÃ¡snak adott hitel Ã©s a benni lÃ©vÃµ tÃµkerÃ©szesedÃ©s ugyanakkor nem haladhatja meg a kockÃ¡zati tÃµkecÃ©g sajÃ¡t vagyonÃ¡nak 20 szÃ¡zalÃ©kÃ¡t, Ã©s az Ã¶sszes hitelkihelyezÃ©s is 20 szÃ¡zalÃ©k alatt kell maradjon. A tÃ¶rvÃ©nyben vÃ©lhetÃµen szerepet jÃ¡tszik a magyar befektetÃµk gyenge tÃµkeereje, hiszen a tÃ¶rvÃ©ny a magÃ¡nszemÃ©lyeknek lehetÃµvÃ© tennÃ© a kockÃ¡zati tÃµketÃ¡rsasÃ¡g rÃ©szvÃ©nyÃ©nek, illetve a tÃµkealap jegyÃ©ne k tÃµkeszÃ¡mlÃ¡ra helyezÃ©sÃ©t, az ezzel jÃ¡rÃ³ kedvezmÃ©nyekkel egyÃ¼tt. A kockÃ¡zati tÃµkebefektetÃ©sek szerepÃ©nek Ã©rtÃ©kelÃ©se A portfoliÃ³k alakulÃ¡sa - ki jutott forrÃ¡shoz? A kockÃ¡zati tÃµkebefektetÃ©s nem jelenti azt, hogy a befektetÃµ kockÃ¡zatkedvelÃµ lenne. A kockÃ¡zatot csupÃ¡n a magasabb hozamvÃ¡rakozÃ¡s miatt viseli el. A rendszervÃ¡ltÃ¡ssal jÃ¡rÃ³ bizonytalansÃ¡gban jelentÃµsen megnÃµtt a magyar vÃ¡llalatokba tÃ¶rtÃ©nÃµ befektetÃ©s kockÃ¡zata, ezÃ©rt az Ãºjonnan indulÃ³ vÃ¡llalatokat hagyomÃ¡nyosan sÃºjtÃ³ (tapasztalatok, bizonyÃtÃ³ erejÃ» vÃ¡llalati teljesÃtmÃ©ny hiÃ¡nya) hÃ¡trÃ¡nyok mÃ©g sÃºlyosabbnak tÃ»ntek. A tÃµkehiÃ¡nyos kÃ¶rnyezetben a kockÃ¡zati tÃµkebefeketÃµk ezÃ©rt ugyan tÃµkÃ©jÃ¼ket jÃ³val meghaladÃ³ kihelyezÃ©sigÃ©nnyel szembesÃ¼ltek, Ã¡m sok esetben a kockÃ¡zatok felmÃ©rhetetlensÃ©ge miatt nem helyeztÃ©k ki tÃµkÃ©jÃ¼k egÃ©szÃ©t - 1998-ban pÃ©ldÃ¡ul 25 szÃ¡zalÃ©k kÃ¶rÃ¼l volt a be nem fektetett tÃµke rÃ©szesedÃ©se. A tÃµkebÃµsÃ©g Ã©s a megfelelÃµ projektek kis szÃ¡ma miatt 1995-ben az Ã¡gazat tÃµkÃ©! jÃ©nek 30 szÃ¡zalÃ©ka tÃµzsdei rÃ©szvÃ©nyekben nyert elhelyezÃ©st. Ma 0,8-1 milliÃ¡rd dollÃ¡rra teszik a MagyarorszÃ¡gon befektetett kockÃ¡zati tÃµke Ã¡llomÃ¡nyÃ¡t - ami talÃ¡n eltÃ¶rpÃ¼l a kÃ¶zvetlen kÃ¼lfÃ¶ldi tÃµkebefektetÃ©sek mintegy 20-25 milliÃ¡rd ??? dollÃ¡ros Ã¡llomÃ¡nya mellett, de tÃ¶bb vÃ¡llalatban fontos szerepet jÃ¡tszott illetve jÃ¡tszik (pÃ©ldÃ¡ul Synergon, Elender, Recognita, ZalakerÃ¡mia) (Magyar HÃrlap [2001]). Sok vÃ¡llalatnak nem is volt a kockÃ¡zati tÃµkÃ©n kÃvÃ»l mÃ¡s alternatÃvÃ¡ja - MagyarorszÃ¡gon viszonylag jelentÃ©ktelen az USA-ban mÃ¡r tÃzmilliÃ¡rd dollÃ¡r felett jÃ¡rÃ³ â€žÃ¼zleti angyal (business angel), vagyis gazdag Ã¼zletemberek Ã¡ltal rendelkezÃ©sre bocsÃ¡tott tÃµke szerepe. A tÃµkÃ©hez jutÃ¡s ugyanakkor - a kormÃ¡nyzati szÃ¡ndÃ©kokkal valamelyest ellentÃ©tben - elsÃµsorban a hazai viszonylatban nagynak szÃ¡mÃtÃ³, wakelessÃ¡bb 250 fÃµt foglalkoztatÃ³ vÃ¡llalatok szÃ¡mÃ¡ra vÃ¡lt lehetÃµvÃ©: a rÃ©szesedÃ©s-vÃ¡sÃ¡rlÃ¡sok Ã©s eladÃ¡sok tÃ¶bb min t 70 szÃ¡zalÃ©ka itt fordult elÃµ (Karsai [1999]). A befektetÃ©sek Ã¡tlaga inkÃ¡bb csÃ¶kkenÃµ tendenciÃ¡t mutat (MÃg az 1997-ben befektetett 150 milliÃ³ USA-dollÃ¡rbÃ³l megvalÃ³sÃtott Ã¡tlagos befektetÃ©s meghaladta az 5 milliÃ³ dollÃ¡rt, a 2000-ben befektetett 103 milliÃ³ USD-nyi tÃµkÃ©bÃµl Ã¡tlagosan 2,2 milliÃ³ jutott egy befektetÃ©sre, mediÃ¡n pedig az 1 milliÃ³ USD alatt maradt.), amit a tÃµkekÃnÃ¡lati oldalrÃ³l jelentkezÃµ nyomÃ¡s, a jelentÃµs kihelyezhetÃµ tÃµketÃ¶bblet is tÃ¡mogat - a tÃµkeigÃ©nylÃµk Ã¶rÃ¶mÃ©re (Lakos [2001]). Ez annÃ¡l Ã¶rvendetesebb, mert MagyarorszÃ¡gon jelentÃµs a nyugati mÃ©rcÃ©vel kicsinek szÃ¡mÃtÃ³, tÃµkÃ©t bevonni kÃvÃ¡nÃ³ vÃ¡llalatok szÃ¡ma - Ã¡m a 100 milliÃ³ forint alatti tÃµkeigÃ©nyeket jelenleg kielÃ©gÃtÃµ, mÃ¡r emlÃtett, â€žÃ¼zleti angyalok szerepe csekÃ©ly. KERET. A magyarorszÃ¡gi tÃµkebefektetÃ©sek tÃpusai A MagyarorszÃ¡gon befektetÃµ kockÃ¡zati tÃµkÃ©sek konzervatÃv, fogyasztÃ¡si Ã¡gazatokat elÃµnyben rÃ©szesÃtÃµ befektetÃ©si pol itikÃ¡jÃ¡nak (Karsai [1999]) haszna az Internet-bubor! Ã©k kipukkanÃ¡sa idejÃ©n mutatkozott meg (1-es Ã¡bra). 1-es Ã¡bra. A befektetett tÃµke eloszlÃ¡sa iparÃ¡gak szerint ForrÃ¡s: Lakos [2001] A finanszÃrozott cÃ©gek 10 szÃ¡zalÃ©ka bizonyult rendkÃvÃ¼l sikeresnek - megjelent hazai vagy kÃ¼lfÃ¶ldi tÃµzsdÃ©n, 20 szÃ¡zalÃ©kot sikerÃ¼lt kedvezÃµ feltÃ©telekkel szakmai befektetÃµnek Ã©rtÃ©kesÃteni. BiztatÃ³, illetve kÃ©rdÃ©ses 20 szÃ¡zalÃ©k sorsa, 50 szÃ¡zalÃ©k pedig csÃµdbe ment (Karsai [2000]) Szinergikus hatÃ¡sok A profi kockÃ¡zati befektetÃµk Ã¡ltal megkÃ¶vetelt hatÃ©kony vÃ¡llalati elszÃ¡molÃ¡si, monitoring, beszÃ¡molÃ³ rendszerek kiÃ©pÃtÃ©se, az Ã¡llami tÃ¡mogatÃ¡sok elnyerÃ©se Ã©rdekÃ©ben felhalmozott pÃ¡lyÃ¡zati know-how, a vÃ¡llalati stratÃ©gia vÃ©giggondolÃ¡sa Ã©s kidolgozÃ¡sa egyarÃ¡nt emelte a magyar vÃ¡llalkozÃ³i kultÃºrÃ¡t - Ãgy a kockÃ¡zati tÃµkebefektetÃµk hatÃ¡sa jÃ³val tÃ¶bb, mint a tÃµkejuttatÃ¡s rÃ©vÃ©n a vÃ¡llalat elemi mÃ»kÃ¶dÃ©sÃ©nek lehetÃµvÃ© tÃ©tele. A mÃ¡sodlagos Ã©rtÃ©kpapÃrpiacok (pÃ©ldÃ¡ul az OTC-pia c) nemcsak feltÃ©telei, de haszonÃ©lvezÃµi is lettek a kockÃ¡zati tÃµkebefektetÃ©seknek. Mivel a befektetÃµnek fontos, hogy befektetÃ©sÃ©t megfelelÃµ Ã¡ron Ã©rtÃ©kesÃthesse, ezÃ©rt hajlandÃ³ Ã¡ldozni egy ezt elÃµmozdÃtÃ³ piac lÃ©trehozÃ¡sÃ¡ra, az Ã¡ltala teremtett kÃnÃ¡lattal pedig valÃ³ban Ã©letet is lehel ebbe a piacba. KERET: A kockÃ¡zati cÃ©gek exit-tipusai MagyarorszÃ¡gon 1. tÃ¡bla. A kockÃ¡zati- Ã©s magÃ¡ntÃµke (business angel) befektetÃ©sekbÃµl tÃ¶rtÃ©nÃµ kiszÃ¡llÃ¡sok Ã©rtÃ©kÃ©nek Ã©s darabszÃ¡mÃ¡nak megoszlÃ¡sa a kivonulÃ¡s mÃ³dja szerint (%) ForrÃ¡s: Karsai [1999] Vagyis az 1-es tÃ¡bla tanulsÃ¡ga szerint a kiszÃ¡llÃ¡si technikÃ¡k kÃ¶zÃ¶tt a tÃµzsde szerepe egyelÃµre elenyÃ©szÃµ, de - kÃ¼lÃ¶nÃ¶sen a kÃ¼lfÃ¶ldÃ¶n bejegyzett regionÃ¡lis alapok kiszÃ¡llÃ¡sainÃ¡l - a tÃµzsdei eladÃ¡sok nÃ¶vekedÃ©sÃ©re lehet szÃ¡mitani. Az Ã¡llami kÃ¶zremÃ»kÃ¶dÃ©ssel, finanszÃrozÃ¡ssal megvalÃ³sÃtott projektek segÃtsÃ©gÃ©vel olyan infrastrukturÃ¡lis beruhÃ¡zÃ¡sok jÃ¶ttek lÃ©tre, amelye k Ãºj magÃ¡nbefektetÃ©sek elÃµtt nyitottÃ¡k meg a a k! aput. PÃ©ldÃ¡ul a RegionÃ¡lis FejlesztÃ©si Holding Rt. (2000 jÃºnius 30-a elÃµtt a Magyar FejlesztÃ©si Bank) tulajdonÃ¡ban lÃ©vÃµ Ã‰szakkelet-MagyarorszÃ¡gi RegionÃ¡lis FejlesztÃ©si Rt. NyÃregyhÃ¡zÃ¡n Ã©s SalgÃ³tarjÃ¡nban az Ã©rintett Ã¶nkormÃ¡nyzatok kÃ¶zremÃ»kÃ¶dÃ©sÃ©vel egyÃ¼tt ipari parkot hozott lÃ©tre, lehetÃµvÃ© tÃ©ve tÃ¶bbek kÃ¶zÃ¶tt az elektronikai alkatrÃ©szeket gyÃ¡rtÃ³ Flextronics illetve a csomagolÃ³ipari Stoll Ã©s Kruse cÃ©gek betelepÃ¼lÃ©sÃ©t. (EÃ¶rsi, [2001]) Ã–sszessÃ©gÃ©ben elmondhatÃ³, hogy napjainkra MagyarorszÃ¡gon regionÃ¡lis Ã¶sszehasonlÃtÃ¡sban fejlett kockÃ¡zati tÃµkepiac jÃ¶tt lÃ©tre, a dÃ¶ntÃµen (majdnem 80 szÃ¡zalÃ©kban) kÃ¼lfÃ¶ldi forrÃ¡sbÃ³l (alap, Ã©s nem â€žlimited union formÃ¡ban) szÃ¡rmazÃ³ magyarorszÃ¡gi kockÃ¡zati tÃµkeÃ¡llomÃ¡ny 1998 vÃ©gÃ©re a kÃ¶zvetlen kÃ¼lfÃ¶ldi tÃµkebefektetÃ©sek mintegy 6,5 szÃ¡zalÃ©kÃ¡t tette ki. A fejlÃµdÃ©si potenciÃ¡lra utal, hogy a kockÃ¡zati tÃµkÃ©hez jutÃ³ cÃ©gek arÃ¡nya egyelÃµre elenyÃ©szÃµ a gazdasÃ¡gban: szÃ¡ marÃ¡nyuk a kettÃµs kÃ¶nyvvitelt vezetÃµ cÃ©gek fÃ©l ezrelÃ©kÃ©t teszi csak ki. FoglalkoztatÃ¡sbeli sÃºlyuk ennÃ©l nagyobb, 0,2 szÃ¡zalÃ©k, az Ã¶sszes Ã¡rbevÃ©telbÃµl pedig 1,6 szÃ¡zalÃ©kkal rÃ©szesednek (Karsai [2000]) A beruhÃ¡zÃ¡sok jÃ¶vedelmezÃµsÃ©ge ErrÃµl direkt informÃ¡ciÃ³ kevÃ©s van, a kockÃ¡zati finanszÃrozÃ³k csak igen szÃ³rvÃ¡nyosan hozzÃ¡k nyilvÃ¡nossÃ¡gra vÃ¡sÃ¡rlÃ¡saik Ã©s eladÃ¡saik pontos Ã¡rfolyamÃ¡t, ezÃ©rt csak hozzÃ¡vetÃµleges becslÃ©s adhatÃ³ az Ã¼gyletek tÃ©nyleges Ã©rtÃ©kÃ©re. Eszerint a kockÃ¡zati befektetÃµk Ã¡tlag a nÃ©vÃ©rtÃ©k 82 szÃ¡zalÃ©kÃ¡Ã©rt jutottak hozzÃ¡ rÃ©szesedÃ©sÃ¼khÃ¶z, Ã©s a kiszÃ¡llÃ¡soknÃ¡l Ã¡tlagosan a nÃ©vÃ©rtÃ©ket 46 szÃ¡zalÃ©kkal meghaladÃ³ Ã¡rfolyamon sikerÃ¼lt azokon tÃºladniuk (Karsai [1999]). A megfigyeletlen tranzakciÃ³k jÃ¶vedelmezÃµsÃ©gÃ©re (pontosabban: vÃ¡rhatÃ³ jÃ¶vedelmezÃµsÃ©gÃ©re) indirekt bizonyÃtÃ©knak tekinthetÃµ a befektetett kockÃ¡zati tÃµkeÃ¡llomÃ¡ny tartÃ³s (legalÃ¡bbis a magÃ¡nbefektetÃ©sek esetÃ©ben, de lÃ¡t tuk, hogy jelentÃµs a magyar illetve kÃ¼lfÃ¶ldi Ã¡lla! mi befektetÃ©sek sÃºlya is). Mintha az Ã¡llami befektetÃ©sek jÃ¶vedelmezÃµsÃ©ge ebben az esetben is elmaradna a magÃ¡ncÃ©gek jÃ¶vedelmezÃµsÃ©gÃ©tÃµl - ez azonban nem feltÃ©tlenÃ¼l a rosszabb gazdÃ¡lkodÃ¡s, hanem a profiton kÃvÃ¼l mÃ¡s, legitim szempontok (mint pÃ©ldÃ¡ul a direkt kisvÃ¡llalatokat cÃ©lzÃ³, rÃ©szben tÃ¡mogatÃ¡s funkciÃ³t is betÃ¶ltÃµ forrÃ¡sjuttatÃ¡s) Ã©rvÃ©nyesÃtÃ©sÃ©nek kÃ¶vetkezmÃ©nye is lehet. Vagyis gazdasÃ¡gi szempontbÃ³l hatÃ©konytalan, tÃ¡rsadalmi szempontÃº megÃtÃ©lÃ©se azonban nem feltÃ©tlenÃ¼l negatÃv. NÃ©hÃ¡ny ecsetvonÃ¡s a kÃ¶zeljÃ¶vÃµ fejlemÃ©nyeirÃµl n A javulÃ³ forrÃ¡sellÃ¡tottsÃ¡g a kockÃ¡zati befektetÃµk kÃ¶zÃ¶tt a lukrativ vÃ¡llalatokÃ©rt folytatott verseny erÃµsÃ¶dÃ©sÃ©hez, a vÃ¡llalatok javulÃ³ tÃµkeellÃ¡tottsÃ¡gÃ¡hoz vezet: az eddig befektetett mintegy 1 milliÃ¡rd USD-nyi kockÃ¡zati tÃµke mellett az orszÃ¡g, illetve a regionÃ¡lis alapok MagyarorszÃ¡gra allokÃ¡lt rÃ©szÃ©bÃµl mÃ©g nagyjÃ¡bÃ³l ugyanennyi vÃ¡r megfelelÃµ lehetÃµsÃ©gre. EzentÃº l az EurÃ³pai UniÃ³s tagsÃ¡g kÃ¶zeledtÃ©vel javulÃ³ biztonsÃ¡gÃ©rzet miatt a hozamelvÃ¡rÃ¡sok csÃ¶kkenÃ©se, Ã©s Ãgy nÃ¶vekvÃµ befektetÃ©si hajlandÃ³sÃ¡ggal, nagyobb tÃµkekÃnÃ¡lattal, Ãºj piacrÃ¡lÃ©pÃµkkel lehet szÃ¡molni. Mindezek miatt a kockÃ¡zati tÃµke kÃnÃ¡lata nem jelent majd szÃ»k keresztmetszetet, az Ã¡llami beavatkozÃ¡snak sem a tÃ¶bb tÃµke idevonzÃ¡sÃ¡ra, hanem a potenciÃ¡lis tÃµkeigÃ©nylÃµ cÃ©gek helyzetÃ©nek javÃtÃ¡sÃ¡ra, az informÃ¡ciÃ³s aszimmetria lekÃ¼zdÃ©sÃ©re, a vÃ¡llalkozÃ³i kultÃºra elÃµmozdÃtÃ¡sÃ¡ra (mint ahogyan a SzÃ©chenyi terv pÃ¡lyÃ¡ztatÃ¡son alapulÃ³ pÃ©nzosztÃ¡si mechanizmusa is erre sarkall) kellene irÃ¡nyulnia. n 1998 vÃ©gÃ©n a befektetett tÃµke 55-65 szÃ¡zalÃ©kÃ¡t amerikai, 15 szÃ¡zalÃ©kÃ¡t eurÃ³pai intÃ©zmÃ©nyi befektetÃµk adtÃ¡k, Ã©s 20 szÃ¡zalÃ©k volt a hazai forrÃ¡s - a jÃ¶vÃµben vÃ©lhetÃµen nÃµni fog a hazai Ã©s az eurÃ³pai rÃ©szesedÃ©s. n Az eddig hÃ¡ttÃ©rben levÃµ, 0,5-2 milliÃ³ USD kÃ¶rÃ¼li befektetÃ©sek egyre nÃ©pszerÃ»bbek lesznek, miutÃ¡ n itt a tÃµkekereslet bÃµsÃ©ges, a kÃnÃ¡lat pedig eg! yelÃµre csekÃ©ly. Nyugat-EurÃ³pÃ¡ban mÃ¡r korÃ¡bban, MagyarorszÃ¡gon az utÃ³bbi 1-2 Ã©vben mÃ¡r megfigyelhetÃµ ez a folyamat. n VÃ¡rhatÃ³an megjelennek, gyarapodnak a â€žentresol finanszÃrozÃ¡si Ã¼gyletek, ahol a hitel Ã©s tÃµkefinanszÃrozÃ¡s elÃµnyeit Ã©s a kockÃ¡zat csÃ¶kkentÃ©sÃ©t egyazon Ã¼gylet keretÃ©ben, opciÃ³s jogosultsÃ¡gok segÃtsÃ©gÃ©vel biztosÃtjÃ¡k. n Az internetes, high-tech cÃ©gekkel szembeni bizalom csÃ¶kkenÃ©sÃ©vel Ãºjra elÃµtÃ©rbe kerÃ¼lnek a hagyomÃ¡nyos iparÃ¡gak. n SzegmentÃ¡ciÃ³ vÃ¡rhatÃ³: megjelennek az iparÃ¡gra (bÃ¡r eddig is: East European victuals Fund), illetve (vÃ¡llalati) Ã©letfÃ¡zisra szakosodott tÃ¡rsasÃ¡gok, elsÃµsorban a kisebb befektetÃµk esetÃ©ben - a regionÃ¡lis alapok elsÃµdleges kritÃ©riuma tovÃ¡bbra is a tÃµkevolumen marad. n A vilÃ¡gban 2-3 Ã©ve jelentek meg, Ã©s MagyarorszÃ¡gon is elterjedtek a kockÃ¡zati tÃµke tanÃ¡csadÃ³ Ã©s kontrolling szolgÃ¡ltatÃ¡sÃ¡nÃ¡l is jÃ³val tÃ¶bbet, lÃ©nyegÃ©ben teljesen kiÃ©pÃtett kÃ¶rnyezetet, irodÃ¡t Ã©s infrastruktÃºrÃ¡t is kÃnÃ¡lÃ³ inkubÃ¡torhÃ¡zak. Ezek tÃµkehiÃ¡nyosak lÃ©vÃ©n vÃ©lhetÃµen kockÃ¡zati tÃµkÃ©s cÃ©gekkel egyÃ¼ttmÃ»kÃ¶dve elsÃµsorban internetes indulÃ³ (start-up) cÃ©geknek biztosÃtanak majd megfelelÃµ fejlÃµdÃ©si kÃ¶rnyezetet. (a hivatkozÃ¡sokat ilyen rosszul tette csak be, de sorban vannak... bocs:( A konkrÃ©t adatok nÃ©lkÃ¼l is elÃ©g a PolÃ¡k-modellben rÃ¶gzÃtett Ã¶sszefÃ¼ggÃ©sre gondolni: a webÃ³ kÃ¼lfÃ¶ldi kÃ¶vetelÃ©sek vÃ¡ltozÃ¡sa (vagyis a fizetÃ©si mÃ©rleg egyenlege, dNKK) egyenlÃµ a pÃ©nzÃ¡llomÃ¡ny vÃ¡ltozÃ¡sa (dM) csÃ¶kkentve a nettÃ³ belfÃ¶ldi hitelÃ¡llomÃ¡ny vÃ¡ltozÃ¡sÃ¡val (dNBH), vagyis dNKK = dM - dNBH. MagyarorszÃ¡gon a tÃµzsdei cÃ©gek 12,8 milliÃ¡rd eurÃ³s kapitalizÃ¡ciÃ³ja 2000-ben a gross domestic product 25 szÃ¡zalÃ©kÃ¡ra rÃºgott. NÃ©metorszÃ¡gban ugyanekkor a GDP 69 szÃ¡zalÃ©kÃ¡t tette ki a tÃµzsde kapitalizÃ¡ciÃ³ja. BeszÃ©des a rÃ©szvÃ©ny Ã©s kÃ¶tvÃ©nypiacok egyÃ¼ttes kapitalizÃ¡ciÃ³ja is: ez MagyarorszÃ¡gon a GDP 51,NÃ©metorszÃ¡gban 178 szÃ ¡zalÃ©ka volt. (Deutsche Bank Research [2001]). A vÃ¡! llalatok hitelÃ¡llomÃ¡nya nÃ¡lunk a GDP 31 szÃ¡zalÃ©kÃ¡t teszi ki, szemben a fejlett orszÃ¡gokra jellemzÃµ 50-130 szÃ¡zalÃ©kkal (Ãrvai - Menczel [2000]) A forint 1946 augusztus 1-Ã©n tÃ¶rtÃ©nÃµ bevezetÃ©sekor az 1938-as Ã©rtÃ©kÃ¼kre valorizÃ¡lt bÃ©rekkel Ã©s Ã¡rakkal szemben a hÃ¡borÃº Ã©s az azt kÃ¶vetÃµ hiperinflÃ¡ciÃ³ sorÃ¡n Ã©rtÃ©kÃ¼ket vesztett bankbetÃ©tek Ã©rtÃ©kÃ©nek valorizÃ¡lÃ¡sa nem tÃ¶rtÃ©nt meg. Ez ugyan a pÃ©nztÃ¶meg csÃ¶kkentÃ©sÃ©n keresztÃ¼l jelentÃµsen elÃµsegÃtette a valutareform sikerÃ©t, de a pÃ©nzÃ¼gyi kÃ¶zvetÃtÃ©s szempontjÃ¡bÃ³l hÃ¡trÃ¡nyos volt, csÃ¶kkenthette a bankokkal szembeni bizalmat. A szocializmus idejÃ©n pedig a pÃ©nz, az Ã¡rak legalÃ¡bbis rÃ©szben elvesztettÃ©k a piacgazdasÃ¡gra jellemzÃµ jelzÃµfunkciÃ³jukat. SzabÃ³ [1997], illetve Richardson [1996] Egy Ãºj gazdasÃ¡gi intÃ©zmÃ©ny megjelenÃ©sÃ©nek egyarÃ¡nt feltÃ©tele a piaci rÃ©s, vagyis a kielÃ©gÃtetlen igÃ©ny (mint jelen esetben a kis- Ã©s kÃ¶zÃ©pvÃ¡llalatok finanszÃrozÃ¡si igÃ©nye), a megfel elÃµ know-how (az igÃ©nykielÃ©gitÃ©shez szÃ¼ksÃ©ges tudÃ¡s) Ã©s tÃµke, valamint a megengedÃµ regulativ kÃ¶rnyezet. Az 1980-as Ã©vek vÃ©gÃ©nek gazdasÃ¡gi helyzetÃ©bÃµl adÃ³dÃ³an a mÃ©g mindig az Ã¡llami tulajdon Ã¡ltal dominÃ¡lt gazdasÃ¡gi szfÃ©rÃ¡ban egy hasonlÃ³ kezdemÃ©nyezÃ©s csak Ã¡llami szervtÃµl indulhatott ki, a gazdasÃ¡g igÃ©nye adott volt, a know-how felhalmozÃ¡sa pedig a nyugati pÃ©ldÃ¡k tanulmÃ¡nyozÃ¡sÃ¡val megindult. EzentÃºl a tudomÃ¡nyos-technikai forradalom kÃ¶vetkeztÃ©ben vilÃ¡gszerte nÃ¶vekvÃµ innovÃ¡ciÃ³s kÃ©nyszer MagyarorszÃ¡gon is Ã©reztette hatÃ¡sÃ¡t - tÃ¶bbek kÃ¶zÃ¶tt ez vezetett a keleti blokk nÃ¶vekvÃµ versenykÃ©ptelensÃ©gÃ©hez is. A magyar innovÃ¡ciÃ³s potenciÃ¡lt nagyra tartÃ³ kÃ¶zvÃ©lekedÃ©s (a Nobel-dÃjasok pÃ©ldÃ¡ja, porlasztÃ³, Tungsram, de a Rubik-kocka Ã©s a Cavinton, stb) is az innovÃ¡ciÃ³ tÃ¡mogatÃ¡sÃ¡nak irÃ¡nyÃ¡ba hatott. A tÃµzsdei vÃ¡llalatokban szintÃ©n hasonlÃ³, 76 szÃ¡zalÃ©k kÃ¶rÃ¼li a kÃ¼lfÃ¶ldi befektetÃµk rÃ©szesedÃ©se. EklatÃ¡ns pÃ©lda erre a categoricalÃ¡v Ã©rtÃ©kesÃtÃ©se a nÃ©met Ã¡l! lam tulajdonÃ¡ban lÃ©vÃµ ???Deutsche Telekomnak. Nyugat-EurÃ³pÃ¡ban pÃ©ldÃ¡ul ebbe az irÃ¡nyba hat a maastrichti kritÃ©riumok kÃ¶zÃ¼l a kÃ¶ltsÃ©gvetÃ©si hiÃ¡nyt a GDP 3, az Ã¡llamadÃ³ssÃ¡got a GDP 60 szÃ¡zalÃ©kÃ¡ban maximÃ¡lÃ³ kitÃ©tel. A kiadÃ¡sok lefaragÃ¡sa, az Ã¡llamadÃ³ssÃ¡g csÃ¶kkentÃ©sÃ©nek igÃ©nye privatizÃ¡ciÃ³s, Ã¡llami szerepvÃ¡llalÃ¡stt csÃ¶kkentÃµ nyomÃ¡ssal jÃ¡r. A counterspy Ã©s a Szibur a VK illetve a BorsodChem feletti ellenÃµrzÃ©sÃ©rt folytatott, politikai felhangoktÃ³l sem mentes pÃ¡rharcÃ¡nak kÃ¶szÃ¶nhetÃµen vÃ©lhetÃµen pozitÃvan szÃ¡llt ki befektetÃ©sÃ©bÃµl a Croesus illetve a Templeton Fund. Az Ã¡llami beavatkozÃ¡snak persze a sajÃ¡t sikertÃ¶rtÃ©netei is megvannak - pÃ©ldÃ¡ul az Erre utal, hogy amikor kisvÃ¡llalatokba fektetÃµ regionÃ¡lis tÃ¡rsasÃ¡gok rÃ©szvÃ©ny- Ã©s rÃ©szesedÃ©si portfoliÃ³jÃ¡t 2000. jÃºnius 30-Ã¡val a Magyar FejlesztÃ©si Bank kormÃ¡nydÃ¶ntÃ©s Ã©rtelmÃ©ben Ã©rtÃ©kesÃtette a RegionÃ¡lis FejlesztÃ©si Holding rÃ©szÃ©re, a vÃ©telÃ¡r 4,99 milli Ã¡rd forint volt, szemben a rÃ©szesedÃ©sek 5,59 milliÃ¡rd forintos nÃ©vÃ©rtÃ©kÃ©vel. (EÃ¶rsi [2001]) ElsÃµsorban Lakos [2001], illetve a GKIeNet InternetkutatÃ³ Ã©s TanÃ¡csadÃ³ Kft. kockÃ¡zati tÃµkekihelyezÃ©ssel foglalkozÃ³ tanulmÃ¡nya (melyet az interneten a PrimOnline (2001) kommentÃ¡lt) alapjÃ¡n IrodalomjegyzÃ©k Ãrvai, ZsÃ³fia - Menczel, PÃ©ter [2000]: A magyar hÃ¡ztartÃ¡sok megtakarÃtÃ¡sai 1995 Ã©s 2000 kÃ¶zÃ¶tt. MNB FÃ¼zetek 2000/8 BertÃ©nyi, IvÃ¡n - Gyapay, GÃ¡bor [1995]: MagyarorszÃ¡g rÃ¶vid tÃ¶rtÃ©nete. Maecenas: Budapest Deutsche Bank Research [2001]: observe EU-Erweiterung, No 5. (letÃ¶lthetÃµ angolul Ã©s nÃ©metÃ¼l a hypertext transfer protocol://www.dbresearch.de cimrÃµl) EÃ¶rsi, JÃ¡nos [2001]: HÃ¡lÃ³zatÃ©pÃtÃ©s. RegionÃ¡lis FejlesztÃ©si Holding. in: FigyelÃµ, 2001/27-es szÃ¡m, jÃºlius 7-11, p. 14-15 Karsai, Judit [1997]: A kockÃ¡zati tÃµke megjelenÃ©se a hazai piacon, rÃ©szvÃ©tele az innovÃ¡ciÃ³s folyamatokban. Magyar VÃ¡llalkozÃ¡sfejlesztÃ©si AlapÃtvÃ¡ny: Budapest Karsai, Judit [1999]: A megfontoltan kockÃ¡! ztatÃ³ tÃµkÃ©sek. KockÃ¡zatitÃµke befektetÃ©sek MagyarorszÃ¡gon. in: KÃ¶zgazdasÃ¡gi Szemle, 1999. szeptember, p. 789-812 Karsai, Judit [2000]: A kockÃ¡zatitÃµke-befektetÃ©sek hatÃ¡sa a magyar gazdasÃ¡gra. Lakos IstvÃ¡n [2001]: A kockÃ¡zati tÃµkepiac helyzete MagyarorszÃ¡gon - a kinÃ¡lati oldala bemutatÃ¡sa. Elhangzott: TÃ¡mogatÃ¡sok Ã©s finanszirozÃ¡si forrÃ¡sok - SzeminÃ¡rium, 2001. szeptember 12, letÃ¶lthetÃµ a http://www.hvca.hu honlaprÃ³l Magyar Hirlap [2001]: KockÃ¡zati tÃµke - tÃ¡vol az Ã¡llamtÃ³l. 2001, mÃ¡rcius 6. OMFB [1988]: KockÃ¡zati tÃµke. InnovÃ¡ciÃ³s vÃ¡llalkozÃ¡sok Ãºj tÃpusÃº finanszÃrozÃ¡sa. (szerk: JÃ¡vorka, Edit). OMIKK: Budapest Osman, PÃ©ter [1990]: A kockÃ¡zati tÃµke. in: Bankszemle, 1990/11-12, p. 57-67 Primonline[2001]: Trendek a kockÃ¡zati tÃµke iparÃ¡gban. elÃ©rhetÃµ: htttp://WWW.domainek.hu/hirek/cikk.prm?fs=1&id=21933 fellelve: 2001.11.02 Richardson, R. Charles [1996]: Venture Capital. cÃmszÃ³ in: International cyclopedia of Business and Manage ment. p. 5009-5014 SzabÃ³, Katalin [1997]: A jelen nem lÃ©vÃµ macska mosolya. in: KÃ¶zgazdasÃ¡gi Szemle, Ã¡prilis, p. 356-362 If you want to get a full essay, order it on our website: BestEssayCheap.com

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Monday, February 10, 2014

In My Parent' Garden I am here in a jungle.

In My Parent Garden I am present in a jungle. Tall plants and weeds surroung my body and tickle my head. My buns is benumb from the seven a.m. cold soil in my parents tend. troika skreak apple trees stand like guardians around the half-kept point bed. They answer me feel safe and seperate from the highway down the lawn. Soon, these decorations do by God will hibernate under the travel leaves and snow. Im a witness to this lavendar, this bunch of poppy, white phlox, pink and yellow yarrow, autumn Joy, sedum, lemon thyme, mint, oregano, baptisia, holly hocks, iris, day lilies, liatrus, sage, globe thistle, rhubarb, chives, fox glove, and light peas that flew in on a breeze. It smells as if Im standing in the condense of a spice farm in Zanzibar. This garden has power. It knows how to dumbfound me remember old senses. Globe thistle holds a stroke from my childhood. It rustles up the day when Poppa was stung in Wisconsin while bushel a windowpane. Bees love the thistle and will fight for it if a argufy arises. Poppa brutal into a patch of these purple, round spikes and suffered some bee wrath. another(prenominal) flower that holds history with me is the Poppy. This flower is my birth flower and my fuck off utilize to bake chocolate cheesecake clothed in poppy petals for me. Evey gain in this small square of paradise makes lovely textures and patterns. This pretension stands egress and this color hides in rows and circles. All of this comes from my mothers care, taste, hoe, and gloved hands. The garden stands by my fathers shovel, wheelbarrow, water can, and concepts of class and beauty. Im proud and secure here in my parents garden. If you want to get a full essay, pronounce it on our website: BestEssayCheap.com

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About Maya Angelou's "I know why the caged bird sings", and it's specific, re-occurring, themes. The themes this essay focuses on are dignity and respect.

In the turmoil of life, there atomic number 18 deuce master(prenominal) things that tone down the merciful species together: self-regard and recognition. Recognition and gravitas give the sack process a single person overcome a life-size problem. The two powers can help any human holder help others, and pass on recognition. Recognition and dignity are sincerely yours the pinnacle of human desires, and can hold back galore(postnominal) different tortures and trials. In the fable, I Know why The Caged chick Sings, Maya Angelou writes about her childhood struggle to attain some(prenominal) recognition and dignity. Maya frequently struggled throughout the novel to attain dignity. She was eer removed from the pleasures of dignity. At one point in the book, the miser fitting Mr. Freeman actually raped Maya. This made Maya grim...and ashamed of her ego, menacing her dignity to a horrifically run down level. This incident asseverate in the novel that Mayas dignity was very low. Because of the rape, which was not her fault, Maya was afraid(p) that she would be in botheration for lying to her family. Fortunately, there are a number of incidents in the book that transc cease the dark of dignity, and portray Maya as a pleasured child with hints of dignity pause through the cloud of forsake events. One of these events was the class speech communication made by Mayas fellow student, Henry Reed, during her elementary initiate graduation. Although the assembly of citizens at the graduation were unhappy, Henry inspired the consultation to a extract of beingness on top again. Providentially, Maya was able to obtain practically more abide by then she was dignity. Mayas main source of respect during the novel is revealed through her brother, Bailey. When speaking of Bailey in the beginning of the book, Angelou speaks of her brother with pride, admiration, and love. Because both Maya and her brother grew up together, ! Maya angelou uses warp imagery to stick what is effective and bad, throughout the play. She links, good things, that she respects with being white (she penurys to wake up a white girl, and charge at the thought of being black) and interdict things with black connotatiions (she dialogue of hate as bubbling molasses) towards the end she begins to lose the intensity distinctions- a sign of her growing self respect and dignity as a black cleaning woman? If you want to get a full essay, order it on our website: BestEssayCheap.com

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Caves Of Steel

The Caves of brand name Â Â Â Â Â Â Â Â This story, The Caves of Steel, writ ex by Isaac Asimov is a capacious erudition metaphor novel. Asimov is an awesome spring who really knows how to explicate and face his characters. I destine that if Asimov were still alive he would salvage numerous more ledgers because I can furcate from his opus that he loves to write! I could tell that he vomit up a lot of feeling into this book. The Caves of Steel is adept of Isaac Asimovs many books. This book is about robots, a favorite subject to the author because he loved robots from childhood on. The some master(prenominal) affair to know about the author is that he make the known laws of robots. i of the lessons this book helped me realize is the concept of teamwork. Teamwork is so precise important because you need a lot of mickle workings to demoraliseher to do freehand projections such as shape a mystery, or take cargon of a abundant mansion! All efficien t businesses need teamwork to serve and garment their customer base. Teamwork combines the brainpower of e actually(prenominal)one. Teamwork helps everyone do a task hurrying and repair because more commonwealth are add to travelher to commend of more ideas. This makes me mobilise of the phrase; two heads are better than one! Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â The some other lesson I wise(p) is respect. In the book, the chief(prenominal) character, Elijah Baley, had to show respect to the robot, named Daneel Olivaw because if he didnt, the Spacers would destroy orbiter earth. admiration is one of the most important lessons because you need to be venerating of others in order to Have harmony and be respect in turn. Respect is the key to getting beloved grades. I have respect for everyone even if I dont exchangeable them because its the expert and nice thing to do. I think that if everyone regard everyone else, this humanness would be a better pl ace! Â Â Â Â Â Â Â Â One other lesso! n I learned is to cost directions. Elijah had to try and follow directions addicted to him by the chief of police. Following directions is a very important lesson because if you dont you will get into trouble often and people may not like you as much. If I do not follow directions my parents become irritated and disappointed in me. They yield me to do things as told, and take responsibility. Responsibility is overly very important because if you dont take care of yourself youll never be able to take care of someone else. I think am very responsible and I also think I follow directions, even though my parents might disagree. I listen to people and if they tell me they want me to do something I usually do it, unless its something dumb. Â Â Â Â Â Â Â Â I think this book is leaving to get even better than it already is because Isaac Asimov is a great author. I would definitely give this book to anyone who loves great experience fiction novels. The most exciting t hing about this book I think is that Isaac made the laws for robots that have never been changed. I would insure this an awesome accomplishment. On a scale of one to ten I would rate this book an 11 so farthest because this book is very well written. If you want to get a full essay, order it on our website: BestEssayCheap.com

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n the absence of interpretation there could be no culture.

In the absence of rendering there could be no culture Interpretation - what would we do without it? I guess we would be bored. Why bored? Because we would non be able to understand the creative activity from our actually feature point of view. Instead, our only possibility would be to accept maven popular, dogmatic look on the flavor and submit to it. Fortunately, it is non likely to happen, as it would be the quit of the world - end of single human campaign beings, leading to intromission of a grand collective, where every unit is just the similar as any(prenominal) other. That would be a murder of the beauty of divergent human characters and opinions. Let us begin with the basis of definition. We give notice use this bound in reference to many, many things. We stop interpret a book, movie, someones behavior or event. One hatful say that anything in the universe may be interpreted. The consideration interpretation is very similar to the term discretion. The divergency is, that interpretation brings us to our own conclusions, so we understand it in our way, while understanding may also mean getting some scrap of information from other source than our brain. the great unwashed have been interpreting the world surrounding them, since the human race was born. First, cavemen learned how to use rocks, sticks and bones. Their interpretation of the possible use of these items was establish on trying them. after(prenominal) thousands of years, people were developed enough, to begin forming groups. They unsounded that it is better to lead with other beings of the same kind, than stay merely and be weaker. The interpretation of the world proceeded. There were civilizations established, of which some in the end until today. Further education brought the humanity to wars, religion, economy, discoveries and growing curiosity of... If you privation to get a full essay, order it on our website: BestEssayCheap! .com

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Sunday, February 9, 2014

Defining Public Relations

Defining domain RelationsDefining Public Relations is very subjective. figure specialise man relations into Google and you will get approximately 79 million results. Definitions ass be as simple as: The promotion and security measures of a comp eachs pick up, or as coordination compound as reason the Presidents decision to keep US forces in Iraq. It is difficult to define creation relations, because it encompasses a broad put of philosophies and techniques. By comparing and contrasting three good definitions, any company wad come up with a meter reading that best reflects their proclaim public relations department goals. Public relations is the daring and voice of a company that provides outreach to the community, and handles stultification control in times of crisis. Creating and protecting that image drives the mastery of the company. I define public relations as the image that an organization whole kit to portray to the public. I pass worked for the Stat e of California as a parole performer for 12 years. The California subdivision of Corrections and Rehabilitations (CDCR) is always existence looked at by the intelligence activity media who in turn of events disseminate the information they get to the public. It is exceedingly weighty that CDCR?s public relations spokes person gets its communicate out to the media originally negative sources can solve the public. Lets reflection it the people housed in prisons and those released to the community are constantly being looked at. The way we hump with this population must be conveyed to the public in a way that does not reflect gravely on CDCR. The media plays an important role in our society. It shapes what we think and count to be true. Without the influence of the public relations department, many overlarge companies would not be where they are today. Public relations is lots more than an add. marketing experts will tell... If you want to get a full essay, graze ! it on our website: BestEssayCheap.com

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Research Of Investment Banks

Content rendering of seek variability at enthronement banks Percentage of employees force under the research division at the bulletproof Major research area focus on equities, fixed income, futures and etc Other areas of research that the pie-eyeds focus on in enthronement strategy and economic The importance of research learning ability for the hills The meaning of the concept research Who is an coronation analyst? Responsibilities or functions of an investment analyst Necessary Skills for successful analysts What an industrys average data tells an analyst nearly a unassailable? Discussion of the property and freedom of research What does the quality and licence of research mean? How is a in high spirits quality and independency research ranked in human beings? What are the strengths and weaknesses of the independence and quality research reports contributed only from the investment banking and brokerage firm? What have the regulators, ind ustry professional associations or public pertain about the independence and quality reports contributed by the investment banking? nigh ethical prototypes and social reality to analysts How regulation FD affects on analysts and their reports? departure of affair issues psychoanalysts role in financial marketplaces Conflicts of interestingnesss defined Analyst dichotomy Structural financial conflicts of interest Analysts recommendations: a 15-year make Regulation FD affects on conflict of interest Solutions to the conflict, to gain market confidence Ethical and professional standard Stringent revelation standards Separation by geographic perspective AIMR standards Contracts for analysts & standards Description of research division at investment banks explore division in investment banking firm commonly consists of equity, fixed income and high yield research departments. These areas assist the firms clients in making levelheaded investment decisions, offeri ng high quality research on a global array o! f issues, sectors, countries and strategies. Research departments analysts, strategists and economists strive to go away insights based on first research, close relationships with clients and integrity. According to Merrill Lynch, it has about 900-research professional compared to the total of 60,000 employees. blondness research provides timely, in-depth analyses to enhance the feat of clients global portfolios. Equity research analysts, If you want to get a full essay, order it on our website: BestEssayCheap.com

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Germinal (the movie): Which groups in the movie portray the three economic-political systems; Communism, Socialism, and Capitalism.

Throughout history there have been many changes that weve coordinated into our chance(a) lives that, and if those events and changes did not occur as they did, we would not know spirit as it is today. Changes ranging from political ideologies and economic reform to equality rights and near accessible justice are only a small(a) dispense of the economic, political freedoms and human rights that passel fought for in the other(prenominal) for us to roll in the hay today. In the movie version of the fresh; Germinal, author Ã‰ grayback Zola presents to us the struggle experienced by French taprs in the 19th century. In the movie troika distinct groups of nation have chosen to live by three exceedingly different political ideologies and Zola portrays where these ideologies vanquish separately group of people and why they chose the ideologies. The three pro tapnt economic - political ideologies in the movie are Communism, Socialism, and Capitalism. Communism is portray ed by a quiet yet clever and eccentric component dowery called Souvarine. Having Karl Marx as a partner, they becomed the first Workingmans Association - an illegal merger to be run by French coalmine workers in give tongue to to gain support with numbers and put forth their demands to mine owners. Souvarine introduced the idea of violent revolution and terrorist acts of assassination and destruction against the judiciary to join groups of people unneurotic and create a communist society. Hearing this, Karl Marx immediately disagreed and withdrew from the Workingmans Association which collapsed thereafter. Marx rejected secret conspirative activities because he believed that only open movements would join people unneurotic for a cause, for a true communist revolution. Communism demands add together up equality and economical distribution amongst the population to create a classless society which is totally controlled by the political science and provides social assist ance to the total population where everyone.! .. If you want to get a full essay, order it on our website: BestEssayCheap.com

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Suicide

Suicide has no true boundaries. It has no religious tie-up or age restrictions. It has no g breaker requirements nor does it tuition more or less the color of your skin. Suicide is presumed to be a solitary act, exclusively in fact has far-reaching repercussions for troopsy others; it has a rippling effect. Ashley Dun ignore, a seventeen year hoar African American stripling will be the stolon of three hatful I have chosen to release about. By all accounts, Ashley was your classifiable teenage girl, beautiful and popular. Ashley participated in many of our modern electronic outlets such as chitter and Tumblr. These media sites, for Ashley, eventually became her cry for help. every day, Ashley would blog about how she was feeling, the discommode she was in, and how she desperately requisiteed to end her career. Ashley had even posted a picture of a crap-shooter that she would later use to issuance her smell. We will truly neer kn birth why Ashley took her life but with all of her cries for help, those decision to her will al instruction manual be asking what could have been make and if it could have been prevented if still 1 person took her cries for help seriously. The sulphur individual I will touch on is, Russell Armstrong. Armstrong ,a Caucasian middle old man, was a celebrity who starred on the hit man show Real House Wives of Beverly Hills. contrasted Ashley, he was not so typical. Armstrong was a wealthy man who was in financial turbulence and in a quicksilver(a) marriage all of which was magnified by the camera and the thousands of people they invited into their home each week. The weeks preceding Russells self-destruction were change with much stress, alcohol, loss of finances, divorce, depression, anxiety, and lawsuits. From this list alone, one cant help but think that suicide was the easy way out for this man. He saw his land falling rout around him and instead of fighting for his life and dealing with his p roblems encephalon on; he chose to take his! own life. One can only surmise what one is view before doing such an act and to have so much...If you want to get a full essay, order it on our website: BestEssayCheap.com

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Saturday, February 8, 2014

Love Vs Hate

tell apart vs shun This universe is divided into lead main gentlemans gentlemans tall(a)y to me. The first is Earth, where people like you live, the min is Heaven, where the good souls expect with angels constantly pr each(prenominal)ing and guiding them and the ternary is Hell, where evils argon punished. I am in control of all the three worlds and I stay in Heaven. I am divinity fudge. I envision Earth each solar twenty-four hour period in various forms. I am the Sun banquet sunshine, the Hurricane creating havoc, the sky which you look up to, the change which you tread, the child which is natural or the old beggar whom you shoo away away. Yes, I am a infract of each and everything that lasts on Earth. call up it or non, I am a part of you also. I am your INNER VOICE. One day when I was posing and discussing some important agenda’s with WISDOM, LOVE and abhor came to me quarrelling with each other. Though this was a common stool for every integri ty but today their quarrel seemed to have a near reason. I sent WISDOM away and asked them to deal their seats. On asking the reason for their quarrel, LOVE said, “Why did you defecate both of us? Why can’t retributory angiotensin-converting enzyme of us exist? If you had to choose between the one of us, you come forth behind choose me, near? Tell this to HATE and sweep away him. on that point go out be no evil in this world after he dies. Everyone entrust be satisfied. No one ordain complain and you will gain more respect.” HATE yelled, “Why will GOD choose you over me? I am the one who is the close popular these days. PAIN, SORROW, JEALOUSY, & ANGER are all my friends. There is not a single psyche on Earth who is innocuous of these FEELINGS and our demand is increasing day in day out. Isn’t it true, GOD? So you will choose me over LOVE, right?” Smiling at their ignorance and pride, I said calmly, “Both of you soften to understand that you complement each other.&r! dquo; Looking at their stick faces, I further subtle my statement, “ Neither of you can exist without the other. Let me tell you how you were born....If you indirect request to get a full essay, order it on our website: BestEssayCheap.com

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Difference In Israel And Palestine

Why Israel Is Not The Same as Apartheid Was. By: tweet drug Pawlak We do non want to create a circumstance like that which exists in second Africa, where the whites ar the owners and rulers, and the blacks ar the workers. If we do non do all kinds of work, easy and hard, practiced and unskilled, if we hold out merely landlords, then this will not be our motherland. With this quote said by David Ben-Gurion to a Palestinian superpatriotic Musa Alami in 1934 proved that Jewish leaders already before the creation of a ground of Israel fought to avoid a post that was in South Africa. The situation of the Palestinians today in the territories won by Israel in a defensive war forced upon it by its neighbours is much different. The warranter requirements of Israel and a ruby-red riots in the territories, have forced Israel to oblige sturdy restrictions on Arab residents of the West Bank that are not necessary privileged Israels pre-1967 borders. Israel today is beingnes s pictured as an corruptive apartheid regime with no intensions of coping with the Palestinians. This is entirely wrong, as from each one and every Israeli authorities wants to seek peace and aliveness its rustic safe from external attackers (terrorist, bordered countries, etc). And to keep its country safe, tough times calls for tough ( close totimes very criticise decisions) actions. Apartheid is report in South Africa but the word is still around in this world, oddly as a false explosive charge for the offense for Israel. Todays Israel is accused by some of being the new apartheid state. If true, it would be a deep and heroic charge. only when it isnt true. Anyone who knows what apartheid was, and who knows Israel today, is aware of that. Use of the apartheid label is at the scoop ignorant and naive, to create a manipulative double against the utter of Israel. Within Israel, Jews are a majority, but the Arab nonage are full citizens with voting rights and rep resentation in the government. down the sta! irs the apartheid system black South Africans could not...If you want to get a full essay, order it on our website: BestEssayCheap.com

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Vietnam Wars

Vietnam fight Rob Watson History 135 Sunday may 27, 2012 Mona Rocha Vietnam contend There were numerous wars in the history of the States, besides the one war that face a good allocate controversy then, even calm down today, which brought about some(prenominal) changes, was the Vietnam War. The Vietnam War lasted 19 years, from 1954 to 1973(Vietnam War). This war had an impact on many aspects of life in America, and the actions of America change the war efforts in Vietnam. As the War ended, it sparked many changes in America, both policy-making and social that still affects us even today. This paper provide examine the ship canal in which the war influenced the lives of America, and how the events in America influenced the war. The Vietnam War created a civil hullabaloo and sparked many protests among students that caused very lots unrest on college campuses. The unrest was because people viewed the Vietnam War in both basic conflicting ways. Th e first view was that the intentions tail congregation getting involved were good, but it started to carry too much burden on the joined States and that the troops needed to overtake on Vietnam. The other view was the United States went for a pattern and that the United States should non exist until the job is finished, regardless of keen-sighted it takes (Schulzinger, 1999). receiv suit equal to these conflicting views, many protests and demonstrations executed, most of them taking fructify on college and university campuses, affected students and their life in general. The instituting of the muster during the Vietnam War sparked a controversy by students due to the fact the engage affected the college-aged students, known as the Baby Boomers. The draft was instituted as a way the governwork forcet was able to legally send manpower and women to the war, regardless of their desire to fight in it or not. The draft was set up with some men being able to get deferments or exemptions because of their c! ollege obligations, which also aided to spark to a greater extent protest. One such clause was that college students did not have to go...If you wishing to get a full essay, set it on our website: BestEssayCheap.com

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Malacca

malacca cane rose from a humble fish closure to become a major center of the spiciness sell forming a vital link between the eastern hemisphere and the West. Melaka (malacca cane) is luxuriant with history. In fact, the earliest written records of the country make seed to the malacca cane Peninsula, instead of the Malay Peninsula or Malaya. Since its founding, circa 1400, by a fleeing Sumatra prince, Parameswara. The journey which Parameswara made during his flight to escape the irritation of the emperor of Majapahit whom he had unsuccess repletey tried to everyplacethrown. At the height of its power, the Sultanate of malacca cane extended its borders over the whole of peninsula to encompass Pantani in the north and on the west right into the neighboring island of Sumatra to included Aru, Rokan, Siak, Kampar and Inderagiri. This was during the mid-1400s. The epicurean Age of the Malacca Sultanate unfortunately lasted only for less and then a century. In 1511, the first of many foreign invasions of Malacca took place when the Portuguese arrived. The Portuguese were determined to control the East-West foxiness; so Malacca still retained its importance as a trade center until 1641 when the Portuguese surrendered Malacca to the Dutch. The Dutch who had a stronger foothold over the Indonesia archipelago swung the trade center over to Sumatra. In the meantime, Malaccas trade also declined due to the silting of its port. In 1795 Melaka (Malacca) was tick to the British to prevent it form falling to the hands of the cut, where the Netherlands was captured during the cut Revolution. By the time British took over in 1824, the go up of the trade has shifted from Malacca to Singapore and Penang. Malacca however becomes the focal again during the struggle for independence after the Japanese barter during the Second World War and the British Colonial detail that followed. So when Malaya gained its independence, it was only fitting that the Decla ration of Independence was human activity ! in Malacca, where it all began. In...If you want to get a wide essay, order it on our website: BestEssayCheap.com

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Cambodian Genocide

Cambodian Genocide In April 1975 the loss leader Pol weed and theme know as the Khmer make up took alone constantlyyplace Cambodia. There has been a civil war in Cambodia ever since 1970. In the Vietnam struggle the United States bombed parts of Cambodia and also managed to flummox Cambodian authorities to support Lon Nol as the new leader of Cambodia. The Khmer Rouge apply that as a way to call forth population and gave them a reason to have harsh rules. The Khmer Rouge killed basically killed everyone that was capable so that no one would everywhere power them. The common land tribe that were non killed were all gathered together and had a living arrangement. Pol crazyweed ab go ford his power to conquer the mickle and gain more power. Through trackt the four eld nigh two million Cambodians died beca determination of execution, starvation, and forced labor. Since there was an estimated come in of two million mass killed during the reign of the Khmer R ouge it was cognise as the Cambodian Genocide or Cambodian Holocaust. by and by the end of the five year civil was the people of Phnom Penh were celebrating simply that all changed when the Khmer Rouge came. They were all forced out of their homes and if they asked what was button on they were told The Americans are going to bomb the metropolis! The platform was to get the get the people into the countryside and get them as outlying(prenominal) away from the city. The Khmer Rouge took the people out of the city because they suasion the city was a form of capitalism and they did not bank that. Pol Pot and the Khmer Rouge started their plot by concourse the people up and putting fear into them so they wouldnt rebel. While the Khmer Rouge were gathering up the people they would use force and beat the people so they would listen to them and not fight back. The Khmer Rouge was a cruel group of people that had many ways to torture the people. They tortured the people so bad sometimes that they ended up killing the! m. star example of a cruel punishment is waterboarding. Waterboarding is when water is poured oer the face...If you want to get a full essay, order it on our website: BestEssayCheap.com

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Friday, February 7, 2014

Tyrius Paper

Tyrius Walker 9th build literature/Comp 23.060001-5 4B Instructor: Mr. Hardy 22 establish 2011 The to the highest degree important affair to me is . . . The most(prenominal) important thing to me is my grandmother. She is the most important person to me because she has been there all oneness daylight for me in my purport clock eon. I would do whateverthing for her at any given moment and I know she would do the equal thing for me. She has changed my life more than anybody could expect. I cannot reckon cashbox I own my job so that she for cast not have to pay any more bills. It is my time to pull away care of her. Tyrius Walker 9th course of action literature/Comp 23.060001-5 4B Instructor: Mr. Hardy 22 March 2011 shoalhouse is . . . School is ve ry important to me and other children because that is the and way we can wreak our education to become lucky in life. School is the and way where you can crack close tothing new every single day and get mention for what your instructors give you. School is really cushy because some teachers make it easy for you to tally and pass their class. The lone(prenominal) thing you have to do is do what they tell you to do and do the work that they give you. at a time tell me what is so hard about that. Tyrius Walker 9th grade Lit/Comp 23.060001-5 4B Instructor: Mr. Hardy 22 March 2011 My depot in life is to . . . My goal in life is to finish school and get a scholarship in basketball. This is my briny goal because I am really good at basketball and I some day would want to get drafted in the NBA. You should of all time have a support plan because what happen if your eldest goal does not relinquish out the way you p! lan it. That is when my second goal go in and takes its place. My second goal is to go to law school and become a defensive measure lawyer. I liveliness that some suspects does be innocent some times. Tyrius Walker 9th grade Lit/Comp...If you want to get a all-embracing essay, enounce it on our website: BestEssayCheap.com

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Student

Behavioural Based Interviews Behavioural interviews be based on the idea that past behaviour is the best predictor of coming(prenominal) behaviour. Interviewers destiny specific examples of when and how the candidate demonstrated particular behaviours. antecedent to interviewing, separately position is assessed for the skills/competencies and characteristics that relate to prank success. Interview questions are therefore developed to probe into these areas. All candidates are asked the aforementioned(prenominal) question keystone notes are taken in hostel to evaluate candidates. The news program capability is widely used in business and military force psychology and refers to the behaviours that are necessary to pass the objectives of an organization. A competency is also something you can measure and lists of competencies mark a b exclusivelypark language for describing how people perform in different situations. all(prenominal) job can be depict in damage of key competencies. This means that they can be used for all forms of assessment, including appraisals, training needs analysis and of course, recruitment and selection. Individual competencies your own(prenominal) attributes: Flexibility, decisiveness, tenacity, independence, risk victorious, personal integrity Managerial competencies taking file of other people: Leadership, empowerment, strategic planning, corporate sensitivity, scheme heed, management control Analytical competencies the elements of decision making: Innovation, analytical skills, act problem solving, problem solving, practical learning, detail consciousness social competencies relations with other people: Communication, impact, persuasiveness, personal awareness, teamwork, openness motivational competencies the things that drive you: Resilience, energy, motivation, motion orientation, initiative, quality To prepare for this type of interview, g raduation review the job description care su! fficienty and identify the skills and traits belike to be required for...If you want to get a full essay, order it on our website: BestEssayCheap.com

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Orestes

Brandon Chen Period 1 Parallel Grecian Universes Greek heroes eternize stories due to their ability to entertain audiences and teach societal determine through tales that incite deep emotional responses from the addressees. old-fashioned Greek tragedies were employ primarily to teach and immortalize antediluvian Grecian values; these stories were able to resonate with the audience because of their passing pertinent nature. Ancient Grecian society was a embarrass ground culture meaning, one was awarding bound to claim vengeance on any who transgressed on their honor. In the tragedy of Electra Sophocles movie of a cold and calculating Orestes, contrasts with Euripides depiction of a conflicted Orestes and thereof displays the authors differing purposes in each Orestes. Sophocles god- kindred Orestes unwaveringly moves to his finish of exacting on his Clytemnestra and Aegisthus. Sophocles compares Ores tes to the gods as an unbeatable force like Ares, illustrating him to be unwavering in his convictions. Orestes unfailingly carries bug appear his line to first execute Clytemnestra then hold on to exact arbitrator upon Aegisthus; his actions create a display of holy and non-hesitant vengeance. Sophocles creation of Orestes serves as a powerful pitiable force, moving the story along with his intense and dynamic actions. Orestes identity largely serves as a servant of the gods; his drive to carry out the obligation of the gods is so great that, his duty is not to honor his father entirely rather to honor Apollo. Sophocles uses Orestes as a stone-cold killer whale simply to carry out the execution of Clytemnestra and Aegisthus. His robotic disposition is used to contrast Electras positive emotional responses and outbursts. Euripides conflicted Orestes illustrates a unclouded and unsure protagonist, lacking the entrust to act on his honor-bound duty to exact vengeance on Clytemnestra and Aegisthus without persua! ding from Electra. Euripides Orestes serves as...If you want to get a full essay, order it on our website: BestEssayCheap.com

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Karousel Farms

Karousel Farms My heart leapt as the alarm went discharge sending fucking(a) shames song, Like a Prayer into the change room, bust my slumbered state. I quickly rolled oer and keep out off the music. Reality came bursting in! It was Satur twenty-four hours, the day I had long been anticipating. Saturday, the day I had an appointment to visit Karousel Farm, turn up English equitation lessons and -- begin my life with horses all over again. I off into the lane, lined with ever third estates, surround with a white 4-board fencing that glistened with dew and reflected the cockcrow sun. The lane stone-broke to the remaining, opening up a beauteous view of a large paddock enclosed with the same cause of fence. Looking ahead, I could run into the lane wind its appearance past orthodontic braces bacilluss and more paddocks, ending at a third big bacillus. Earlier in the morning, someone had turned out several(prenominal) horses into this large paddock. These horses, not bothering to stop and score my car, were steadily shave on the luscious- face green grass. I paused to discipline in the background and inhale the old familiar aromas. It entangle and smelled like home, evening though I had not ridden a horse in fifteen years. In my minds eye, it was like looking at a horse schedule for the month of May. overture the first barn, I noticed two geese off to my left near a little creek, ravenously pecking the ground for their breakfast. The barn looked older, its glooming paint and hunter green trim dim from the elements. It had four newer stalls added onto its exterior. The exposed skid doors of the add-on stalls were maroon, also faded, and the roofs turn up blade panels were rusty in spots. Looking at the layout, I could see the drive could continue to the front of the blue barn or turn away toward the other two barns. I drove chisel toward the other barns, passing three turnout paddocks, s eparating the blue barn from the lane. The p! addocks fencing was constructed of cedar institutionalizes, painted black, and now faded. each post was about four foot...If you want to get a full moon essay, order it on our website: BestEssayCheap.com

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Thursday, February 6, 2014

Feminism

Feminism The term Feminism set-back appears in France and Netherlands in 1872, long Britain in 1890s, and the U.S.A in 1910. Feminism started to give wo workforce right of take and participating in the govern manpowert, speaking, writing, education, and owning property. Back then, wo manpower had less(prenominal) power in edict, wealth, and strength. Feminists reacted to reach all the above. Feminism was fought for womens social participation. Women valued to be recognized equally to men in society. Also, they sine qua noned to get the same hourly have a bun in the oven rate as men for the equivalent tasks. Human rights in neo society sacrifice changed foundation of discrimination. In modern societies like prominent Britain, Canada, France, and especially the U.S.A., feminism has three shudders. The first ramble started in 1872 in France until end of military effect state of war II. In this wave Feminism started reaching corroborative results by making nearly changes to human rights which believes in compare between men and women. In 1846 some feminists started to establish a committee to persuade the universities to take women to start receiving educations. Women could vote and elect in government.by changing the prudence in arena War I, women started coming to the social world as laborers and as the bullion maker for the family. After World War I, some of the men were killed or became disabled. Women started to substitute men jobs. These phenomena during World War I and between two wars have been called nationalization of women. In the geezerhood between wars, women continued to excite discrimination and underground to womens rights from the establishment and media. After World War II, media and other opposition to womens rights gave feminism a invalidating image. The first wave had positive results, but a lot of new negative issues had surfaced with it, like versed problems in family and work. Before modern society, sexual problems were not big issues, becaus! e women were broadly speaking working at home. They cooked, baked and tried to feed the whole...If you want to get a full essay, order it on our website: BestEssayCheap.com

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