The Ideas of Women Status between Mary Wollstonecraft and John Stuart Mill

Introduction The feminist movement since its earliest times has been marked with varying perspectives, positions and arguments. Nevertheless, these variations should be understandable, especially when interpreted within the contexts (both in time and space) that inspired them. Mary Wollstonecraft and John Stewart Mill represent different times in the evolution of women’s rights movement.Advertising We will write a custom essay sample on The Ideas of Women Status between Mary Wollstonecraft and John Stuart Mill specifically for you for only $16.05 $11/page Learn More Mary Wollstonecraft and John Stuart Mill Wollstonecraft and Mill share a common task, namely, the advocacy for more rights for women. That advocacy begins in admitting that women are treated differently from men. Still, as their essays show, there are differences in their advocacies that reflect certain contextual differences of their times. In A Vindication of the Rights of Women, Wol lstonecraft makes her argument based on the issues of morals and virtue. For her, one is considered moral and virtuous if they perform their tasks properly. However, this devotion to tasks can only occur if all people (men and women) are equal, which is attained through education. She writes: â€Å"There must be more equality established in society, or morality will never gain ground, and this virtuous equality will not rest firmly†¦ if one half of mankind [is] chained to its bottom by fate† (Wollstonecraft 802). If, for instance, a woman paid more attention to what men think of her looks, then she is failing in her moral obligation because she is distracted from her role, herself. She argues that each and every woman should acquire proper education as the only way to gain respect, as well as the freedom to choose the level of her independence. Wollstonecraft’s view of education for women is different from what Rousseau sees it to be (as women’s attempt to rise above men). For her, the purpose of education is not to give women power over men, but over themselves. Women attain freedom when they start to view themselves from the point of view of the self, and not the other (represented by men, in this case). She writes: â€Å"It is vain to expect virtue from women till they are, in some degree, independent of men; nay, it is vain to expect that strength of natural affection, which would make them good wives and good mothers† (Wollstonecraft 804). A woman who is not educated views herself from the perspective of men. As a result, being conscious of that masculine perspective, she becomes â€Å"cunning, mean, and selfish† (805)- either in rebellion against or adoration for that view.Advertising Looking for essay on gender studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More Unmistakably, Wollstonecraft’s arguments adopt a conservative perspective. To her, the ultimate purpo se of education for women is not for them to rise above their domestic plight. Rather, education would make them better equipped to be wives and bear children not for employment, voting rights, and property ownership, among others. Education would make women even better moral figures. Thus, by simply getting education, regardless of whether they remain in the same position as they previously were in, women are freed. We can, therefore, infer that Wollstonecraft, in her advocacy, still believes that the domestic setting is the woman’s place. Her goal is not to break away from that domestic cycle, but- perhaps to give it better status and name and, consequently, uplift the status of women. To Wollstonecraft, the differences between men and women, as well as their places in society, are both important and should be recognized as such. As long as women get that recognition, for Wollstonecraft, they have attained equality. John Stuart Mill’s arguments, of course, stem from the foundation first laid by the likes of Wollstonecraft. It is only expected that both Wollstonecraft and Mill share the basic task of advocating for more rights for women. However, the scopes of their advocacies are different. Mill, unlike Wollstonecraft, aims to give women the right to enter into fields hitherto known to belong to men. Mill examines the subordination of women from the legal dimension, that is, how the legal system (including the constitution) helps this subordination. But that legal system, he argues, is only the result of a social principle that â€Å"regulates the existing social relations between the two sexes† (Mill 819). In other words, there is an inherent element of society that makes the subordination of women natural and, therefore, generally accepted. This, he says, hinders human improvement. The purpose of his essay is to act as a mouthpiece for what he terms as â€Å"perfect equality† (Mill 819); a balance of power in which no side is gi ven power over the other. By ‘perfect equality’, Mill means that women should have equal rights as men in all facets of life, such as occupation, government and marriage. Mill, therefore, introduces the aspect of societal structure (of which the legal system is part). He presents his arguments by examining the role of nature and nurture. He questions the notion of ‘nature’ as used in the society to justify the plight of women. To him, what is seen as women’s nature is actually what the society has nurtured them to be.Advertising We will write a custom essay sample on The Ideas of Women Status between Mary Wollstonecraft and John Stuart Mill specifically for you for only $16.05 $11/page Learn More The society has never given women much room and freedom to explore what their nature really is. Rather, by placing and governing women within the framework of the dominant patriarchal psyche, society has nurtured the woman into what she is. Simply, the differences between men and women are the products of the society rather than the result of nature. The solution, to him, is found in opening space for women to explore further the limits of their nature. As a proof of how much women can achieve he says: â€Å"We know how small a number of reigning queens history presents, in comparison with that of kings. Of this smaller number a far larger proportion have shown talents for rule† (Mill 823). The differences in scope between the positions held by Wollstonecraft and Mill are products of context and, therefore, understandable. Besides, as the feminist movement has evolved over the years, the voices of advocacy have increasingly pushed for more rights. Therefore, it is understandable that Wollstonecraft’s arguments are more conservative in character that education for the housewife is enough for her. She is the product of a context that, perhaps, cannot permit more, and she has to stay within that context’s possibilities. Mill understands this. He is himself the product of a context that is beginning to open up to more new ideas. Therefore, education as such is not enough for him. To herald a new mindset with regard to social gender relations, Mills believes society must reach out to new horizons. In this respect, the establishments of the society, such as the legal system, should not interfere with the natural social set-up by taking sides. Conclusion In conclusion, this paper does not exhaust the issues that both authors explore in their papers. Still, it explores the central themes in the two articles. Wollstonecraft sees education as enough. Mill asks for much more. In the end, they both recognize the adverse plight of the womenfolk and call for their ‘freedom’- any situation better than the present. Works Cited Mill, John S. The Subjection of Women, New York: D. Appleton Co., 1869. Print.Advertising Looking for essay on gender studies? Let's see if we can help you! Get your first paper with 15% OFF Learn More Wollstonecraft, Mary. A Vindication of the Rights of Woman, London: Joseph Johnson, 1792. Print. This essay on The Ideas of Women Status between Mary Wollstonecraft and John Stuart Mill was written and submitted by user Layla Pope to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Essay on Science Marriage and Child Support

Essay on Science Marriage and Child Support Essay on Science: Marriage and Child Support     Respondent(s) Full legal name & address for service - street & number, municipality, postal code, telephone & fax numbers and e-mail address (if any). Lawyer’s name & address - street & number, municipality, postal code, telephone & fax numbers and e-mail address (if any).     My name is (full legal name)     I live in (municipality & province)   and I swear/affirm that the following is true: 1. I am the applicant in this divorce case. 2. There is no chance of a reconciliation between the respondent and me. 3. All the information in the application in this case is correct, except: (State any corrections or changes to the information in the application. Write â€Å"NONE† if there are no corrections or changes.)   4.  The certificate or registration of my marriage to the respondent has been signed and sealed by the Registrar General of Ontario and:  has been filed with the application.  is attached to this affidavit.  The certificate of my marriage to the respondent was issued outside Ontario. It is called (title of certificate)   It was issued at (place of issue)   on (date)   by (name and title of person who issued certificate)   and the information in it about my marriage is correct.  I have not been able to get a certificate or registration of my marriage. I was married to the respondent on (date)   at (place of marriage)   The marriage was performed by (name and title)   who had the authority to perform marriages in that place. Form 36: Affidavit for Divorce (page 2) Court File Number Error: Reference source not found 5. The legal basis for the divorce is:  that the respondent and I have been separated for at least one year. We separated on (date)    Other (Specify.)   6. I do not know about and I am not involved in any arrangement to make up or to hide evidence or to deceive the court in this divorce case. Strike out the following paragraphs if they do not apply. 7. I do not want to make a claim for a division of property in this divorce case, even though I know that it may be legally impossible to make such a claim after the divorce. 8. I want the divorce order to include the following paragraph numbers of the attached consent, settlement, separation agreement or previous court order: (List the numbers of the paragraphs that you want included in the divorce order.)   9. There are (number)   children of the marriage. They are: Full legal name of child Birth date (d, m, y)                         10. The custody and access arrangements for the child(ren) are as follows: (Give summary.)   11. These are the arrangements that have been made for the support of the child(ren) of the marriage: (a) The income of the party paying child support is $   per year. (b) The number of children for whom support is supposed to be paid is (number)   (c) The amount of support that should be paid according to the applicable table in the child support guidelines is $   per month. (d) The amount of child support actually being paid is $   per month. (NOTE: - Where the dollar amounts in clauses [c] and [d] are different, you must fill out the frame on the next page. If the amounts in clauses [c] and [d] are the same, skip the frame and go directly to paragraph 12.) Form 36:

Should You Be a Communications Major

Should You Be a Communications Major SAT / ACT Prep Online Guides and Tips Most colleges offer a communications major. In fact, you probably know at least a few people who plan to major or are currently majoring in the field. What exactly does a communications major entail in terms of coursework and skills? And what kinds of jobs and salaries can you expect with a communications degree? Read on to learn what a communications major is, what the most popular jobs for communications majors are, and what the job outlook is for each major job option. We’ll also provide you with some tips on how to determine whether a communications major is the right path for you. What Is a Communications Major? A communications major (also called a communication major or a communication studies major) is the study of how to effectively communicate different types of information in various fields such as journalism/media, business, politics, and law. As a communications major, you’ll learn how to research and analyze information and how to clearly and cogently communicate topics through writing and speaking. You will take courses in research strategies, theory, rhetoric, public speaking, writing, and journalism/media. According to the website Communication Studies, undergraduate communications courses can be grouped into two categories: theory-based courses and skills-based courses. Whereas theory-based classes deal with different types of communication (e.g., political vs virtual communication), skills-based courses emphasize the application and mastery of key skills, including public speaking, group communication, and public relations. For most undergraduate communications programs, you’ll be required to take a handful of core communications courses. These are typically taken during the first two years of undergrad in order to provide you with a basic foundation for your communications major. The exact core courses your communications major will require depends on the school you attend. For example, communication majors at Stanford must take an introductory comm course in addition to classes on research methods, media processes, and writing. Similarly, comm majors at UCLA must take intro comm courses as well as area courses centering on mass communication, interpersonal communication, communication technology, and political and legal communication. Because communications is such a broad field, many colleges offer specific concentrations to communications majors. This allows comm students to specialize in a particular area. At UMass Amherst, for instance, possible comm subfields include interpersonal communication and culture, media and popular culture studies, and film studies. Meanwhile, comm majors can specialize in one of three subfields at The Ohio State University: Communication Analysis and Practice, New Media and Communication Technology, and Strategic Communication. What Can You Do With a Communications Degree? Now that you know exactly what a communications degree entails, what can you do with it once you graduate college and enter the workforce? What are popular communications major jobs? As I mentioned, communications is a pretty broad field- meaning there’s actually a lot you can do with your major, depending on what your concentration is, what kind of job/career you want, and whether you plan to get an advanced degree. Here are some common fields communications majors often work in: Advertising Business Corporate management Customer service Education Film production Government/politics Graphic design Healthcare Human resources (HR) International relations (IR) Journalism Law Marketing Public relations (PR) Sales Social media Social work Writing/editing Below is a list of potential communications major jobs you could get. Note that for some jobs, such as lawyers, you must have further education in the form of advanced degrees, training, etc.: Announcer Author Brand manager Communications director Creative director Educational administrator Event planner/manager Foreign correspondent Graphic designer HR specialist/manager/coordinator Journalist/reporter Labor relations specialist/manager Lawyer Lobbyist Market researcher Marketing director Media planner/coordinator Media relations manager Newscaster Political scientist Politician Producer Professor PR specialist Sales representative Social media manager Translator/interpreter Writer/editor (including copywriter, scriptwriter, speechwriter, and technical writer) Communications Major: Salary and Job Outlook As we saw above, there’s a big number of jobs and careers you can have with a communications major. Consequently, your job outlook and salary potential as a communications major will depend mostly on the field you enter. Here is an overview of the (median) salaries for various communications major jobs and their job outlooks in terms of projected employment growth rates. Note that any number in the negatives means that decline in employment is expected instead of growth. All information is from the US Bureau of Labor Statistics (BLS). Currently, the average employment growth rate in the US is 7%. Any rate that is more than 1% higher than this average signifies growth, while any rate more than 1% lower indicates a decline. All jobs in the chart below are arranged from highest to lowest (median) salary: Job Title Median Salary (2017) Employment Growth Rate (2016-2026) Advertising, Promotions, and Marketing Managers $129,380 10% Sales Managers $121,060 7% Lawyers* $119,250 8% Political Scientists* $115,110 3% Public Relations and Fundraising Managers $111,280 10% Human Resources Managers $110,120 9% Training and Development Managers $108,250 10% Art Directors $92,500 5% Postsecondary Education Administrators* $92,360 10% Postsecondary Teachers* $76,000 15% Technical Writers $70,930 11% Purchasing Managers, Buyers, and Purchasing Agents $66,610 -3% Social and Community Service Managers $64,100 18% Market Research Analysts $63,230 23% Labor Relations Specialists $63,200 -8% Writers and Authors $61,820 8% Human Resources Specialists $60,350 7% Public Relations Specialist $59,300 9% Editors $58,770 -1% Insurance Sales Agents $49,710 10% Advertising Sales Agents $49,680 -4% Graphic Designers $48,700 4% Meeting, Convention, and Event Planners $48,290 11% Interpreters and Translators $47,190 18% Reporters, Correspondents, and Broadcast News Analysts $40,910 -9% Announcers $31,500 -9% *Master’s and/or doctoral degree typically required. As you can see from this chart, there is a big array of salaries and employment growth rates for communications majors depending on what job you get. The highest-grossing jobs are typically managerial positions and jobs that require advanced degrees, such as lawyers, political scientists, and college professors. Know, however, that it’ll likely take a lot of time and experience before you can reach this salary level (or higher). In other words, don't expect to be getting this salary straight out of undergrad. By contrast, jobs with the lowest salaries are usually those that require a high amount of independent work and little leadership skill, from designers and translators to announcers. Many of these positions can be considered entry-level jobs, as they're more likely to be open to those with minimal work experience. By looking at the employment growth rates for all the jobs listed above, we can see that there are clear differences between the communications jobs that are in high demand and those that are gradually falling in importance. Jobs with faster-than-average growth rates include market research analysts (23%), interpreters and translators (18%), and social and community service managers (18%). These are excellent jobs for communications majors to get, as there is a growing demand for them. Meanwhile, jobs that can expect declines include reporters and correspondents (-9%), announcers (-9%), and labor relations specialists (-8%). As a result, communications majors will be better off avoiding these types of jobs, since they're not in demand right now. Is a Communications Degree Right for You? So far, we’ve taken a look at what a communications major is, what kinds of jobs you can get with a communications degree, and what salaries and employment growth rates you can expect. With all this information in mind, you’re probably wondering: is a communications degree right for you? Here are three questions to ask yourself to help you decide whether you should go for a communications major or not: #1: Do You Have a Passion for Communicating With Others? First things first, are you absolutely passionate about communicating with others? Do you enjoy facilitating and improving communication, be it in written or spoken form (or both)? If so, then a communications major sounds like a great fit for your skills and career goals. Remember, communications is ultimately about, well, communicating. So if you love writing, connecting with audiences, and giving presentations, you'll most certainly enjoy this major- and be more likely to utilize it in a career you love. #2: Do You Have a Specific Field or Concentration in Mind? Although you don’t need to have everything decided before you declare a communications major, it’s a good idea to take some time to think about what types of subfields or concentrations within the communications field interest you most. For example, if you’re a great writer, you might want to explore a concentration in journalism or media. A fan of politics? Look into political communication. Hoping to break into graphic design? Consider an emphasis in visual communication. It's your choice and yours alone. (Note that the communications concentrations available to you will ultimately depend on what’s offered at your particular college.) Being able to narrow your focus early on can help you eventually look for (and land) jobs that target your specific area of expertise, since you’ll know exactly what kind of field you're hoping to work in and will have all the applicable skills and knowledge necessary to do well in it. It’ll also help you figure out ahead of time whether your field will be easier or harder to break into (i.e., whether it has a high employment growth rate or a low/negative growth rate). If you don’t have a specific concentration in mind, you might find it harder to figure out what it is you want to do with your communications degree once you graduate college. Ultimately, it’s better to spend your time as a communications major developing specific skills that’ll serve you well in a particular field rather than overly general skills that won’t make you stand apart from other job applicants. #3: Are You OK With Getting an Advanced Degree If Necessary? As we discussed above, some communications majors go on to enter specialized professions in fields such as law, politics, or education. If your interest lies in a specialized field, be sure to ask yourself whether you’d be OK with having to get a master’s degree or doctorate after receiving a bachelor’s degree in communications. This isn’t just about time but also money. Do you have enough funds to get yourself through multiple years of grad school? If not, are you open to taking out loans? Do you have a particular career in mind that you believe is worth going to grad school for? That being said, having an advanced degree and meeting all prerequisites for a job doesn’t guarantee that you'll get hired. This is especially true for college professors. If your goal is to become a full-time professor, you can bet that it’ll take far more than a doctorate to actually get you there. Why is this? The reality is that many jobs that require applicants to have an advanced degree also expect them to have ample experience (e.g., internships) and/or a prominent professional presence (e.g., academic publications). These high expectations for candidates are mainly due to how competitive certain jobs have become in recent years. In short, be sure to weigh the pros and cons of attending grad school for the communications career you’re considering pursuing. Should You Be a Communications Major? Key Takeaways Communications is one of the broadest majors out there, letting students study tons of skills and pursue an array of careers. In general, a communications major is the study of communicating, interpreting, and analyzing different types of information. Most colleges that have a communications major offer specific concentrations or subfields for students to select from as part of their communications degree; these often include themes such as visual communication, political communication, and media. Communications majors can choose from many career paths and fields, from public relations and advertising to graphic design and translation. Job outlooks can vary significantly depending on the field, so it’s important to keep this factor into consideration as you decide which concentration you want to do for your communications major. Finally, in order to determine whether a communications degree is right for you, ask yourself the following three questions: Do you have a passion for communicating with others? Do you have a specific field or concentration in mind? Are you OK with getting an advanced degree if necessary? No matter what you decide to major in, know that a communications major is a great choice for many students- and you might just be one of them! What’s Next? Considering studying journalism or graphic design in college? Then take a look at our lists of the best journalism schools and the best graphic design schools in the US! Struggling to figure out what you should major in? Check out our five expert tips to help you select the best college major based on your interests and goals. If you're looking for a low-key major, we also have a guide to the easiest majors for your bachelor's degree here. Do you love to communicate in foreign languages, or hope to be able to do so one day? Then you'll definitely want to read my guide on why you should consider majoring in a foreign language. Want to improve your SAT score by 160 points or your ACT score by 4 points? We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Cogn. week3 Essay Example | Topics and Well Written Essays - 1000 words

Cogn. week3 - Essay Example The relation to theories is done with good understanding of the concept it entails. The social and cultural factors in terms of a gap in perception is one that I can relate to my own example of the difference in context of culture that acts as a barrier to perceiving another persons point of view. Assignment # 3 Write a brief explanation of the extent to which you think perception involves learning. After reading up on Sternberg’s (2009) literature on perception we can come to the conclusion that learning and perception are intertwined. Just look at what we mean when we use the term learning, it is basically a moderately permanent modification in one’s behavior resulting due to some experience or a practice. This change encompasses concepts such as classical and operant conditioning as well as perceptual learning. Now let’s look at what we mean when we use the term perception. It usually relates to one’s awareness of things, experiences or events that stim ulate ones senses. So we can rightfully say that when one perceives something through the environment, he is learning from it and then putting it into practice (Hulse, Deese & Egeth, 1975). Look at the visual aspect of learning which is highly dependant on the brains tendency to organize various stimuli into objects which are seen as figures. The basic development of an individual is greatly impacted by the things he perceives which he does by learning. Most of everything that we learn in our daily lives takes root from a learning resulting from new perceptions; with our present perception being impacted by our prior learning, especially when there is an emotional meaning attached (Hochberg, 1964). This can be best explained by the aid of an example. A gun might be perceived a lot differently by a woman who has seen someone being shot as compared to the innocent way a child might look at it. The child would view it as a toy and associate it with fun and play whereas the woman will p erceive it as a deadly weapon associated with feelings of fear and danger. Another relevant example can be that of an infant learning how to walk. Initially he will fall as he tries to balance in order to walk. He experiences a fall while he is at it however he still practices to learn how to walk. So in this way he is learning from his mistakes. Look at a blind man trying to learn how to walk. Him learning to walk around on his own lies greatly on his perception of spaces and figures hence without one he cannot achieve the other. That is how greatly the two concepts are connected. References Hochberg. J. Art, Perception and Reality. The representation of things and people. The John Hopkings university press. 1972. Pg. 47. Hulse, Deese & Egeth. 1975. The psychology of learning. McGraw-Hill, 1975 Sternberg, R.J. (2009). Cognitive psychology, (5th ed.). Belmont, CA: Wadsworth Cengage

Describe the development of ancient Greek burial customs through time Essay

Describe the development of ancient Greek burial customs through time - Essay Example The Archaic and Classical Periods continued the worship of the dead. Central to all of the periods was that honor was of central importance in burial (Morris 49). Valor on the battlefield and the ability to produce offspring were more valued than anything else in the Greek society, since they provided continuity to the ancient Greek bloodlines and society. Greek territory is located at the Aegean sea, and spread across many islands (Martin 1). Mainland is covered by mountains (Martin 1). Only 20 – 30 percent of Greek mainland and a few islands were arable in the time of ancient Greece (Martin 2). Sea was their main transport route (Martin 2). Greeks traded with merchants from the Near East, Egypt and other eastern Mediterranean parts (Martin 2). Despite the shared culture, Greeks never constituted one state. Ancient Greeks lived in different communities, ranging from oligarchies to monarchies and tyrannies, with some such as Athens reaching democracy (Martin). However, they all shared â€Å"a cultural identity because they spoke dialects of the same language† (Martin 4). They worshipped the same gods and gathered at celebrations of their gods (Martin 4). Two prominent cultures in the Bronze Age were the Mycenaean on the mainland and Minoan on Crete. Around 2,200 B.C., the Minoan culture developed (Martin 24). Palaces sprang up in the Minoan culture. Females were highly valued as represented on the palace frescoes and figurines of â€Å"bosomy goddesses†, but burial customs reveal that males held highest positions in running the society (Martin 26). Martial prowess was highly valued, as the wealth of weaponry found in graves of Minoan males indicated (Martin 26). It is safe to assume than Minoan palaces were run by male kings or princes, and that the society was already highly specialized (Martin 26). The first Greek speaking culture whose burial grounds have been uncovered come from the Mycenaean

Bigger: Native son :: essays research papers

Bigger: A real threat?   Ã‚  Ã‚  Ã‚  Ã‚  The theme that Native Son author Richard Wright puts in this story is that the white community makes Bigger act the way he does, that through the communities actions, Bigger does all the things he is accused of doing. The theme that I present is that Bigger only acts the way that he did because of the influences that the white community has had on him accepted by everyone. When Bigger gets the acceptance and love he has always wanted, he acts like he does not know what to do, because really, he does not.   Ã‚  Ã‚  Ã‚  Ã‚  In Native Son, Bigger uses his instincts and acts like the white people around him have formed him to act. They way that he has been formed to act is to not trust anyone. Bigger gets the acceptance and love he wanted from Mary and Jan, but he still hates them and when they try to really get to know him, he ends up hurting them. He is scared of them simply because he has never experienced these feelings before, and it brings attention to him fro m himself and others. Once Bigger accidentally kills Mary, he feels for the first time in his life that he is a person and that he has done something that somebody will recognize, but unfortunately it is murder. When Mrs. Dalton walks in and is about to tell Mary good night, Bigger becomes scared stiff with fear that he will be caught committing a crime, let alone rape. If Mrs. Dalton finds out he is in there he will be caught so he tries to cover it up and accidentally kills Mary. The police ask why he did not just tell Mrs. Dalton that he was in the room, Bigger replies and says he was filled with so much fear that he did not know what else to do and that he did not mean to kill Mary. He was so scared of getting caught or doing something wrong that he just tried to cover it up. This is one of the things that white people have been teaching him since he can remember. The white people have been teaching him to just cover things up by how the whites act to the blacks. If a white man does something bad to a black man the white man just covers it up a little and everything goes back to normal.

JetBlue Airways Corporation Essay

JetBlue Airways Corporation was formed in August 1998 as a low-fare, low-cost but high service passenger airline serving select United States market. JetBlue’s operations strategy was designed to achieve a low cost, whilst offering customers a pleasing and differentiated flying experience. JetBlue has had a successful business model and strong financial results during that period, and performed well in comparison to other airline companies in the US during the period between 2000 and 2003. It had been the only other airline apart from Southwest airlines, to have been profitable during the aftermath of the September 11, 2001 attacks on World Trade Center, and at a time when the entire airline industry was experiencing losses. The core of JetBlue’s strategy was low operating cost achieved through a smaller and more productive workforce; utilizing aircraft efficiently; better use of technology to achieve lower distribution cost i.e. use of electronic ticket as against paper ticket; use of brand new single model planes that reduced maintenance costs and training costs at the same time. However, moving into the growth phase, JetBlue was contemplating expansion with the introduction of a new model of planes, i.e. Embraer E190, that are smaller than the A320s that they were using. These planes were to be utilized for penetrating mid-size cities and also during off-peak times on existing routes. The company defined these markets as destination with 100 to 600 local passengers per day each way, compared to the much larger markets that the company was serving with its A320s. This had potential implications for its low-cost strategy. Jetblue’s expansion required investments in areas other than just new aircraft. Owen needed to decide how to raise additional capital to fund the  company’s growth. Investment bankers had presented two financing proposals; a new public equity offering and a private placement of convertible debentures. Own needed to decide which proposal, if any, to recommend to the board. QUESTION 1 PART A In early 2003, JetBlue continue to see opportunity to grow by adding both new market and new flight to existing destination. One of such new market where the company believed there was attractive opportunity was the mid-sized market segment which comprised of destinations with 100 – 600 local passengers per day each way. To accommodate this growth, the company is seeking to purchase 65 new Airbus A320, with an option to buy additional 50 new aircraft, and also committed to purchase 100 Embraer E190 aircraft, with the option to purchase 100 additional ones. Jetblue had embarked on a $6.8 billion plane acquisition program that would increase its aircraft fleet from 45 to 252, including existing aircraft purchase commitment. The company needs thus to think about a way to finance those acquisitions, as well as other needed investments such as spare parts, new engines, additional hangars and a flight training centre JOHN OWEN THE CFO OF JETBLUE IS TRYING TO DECIDE WHICH OF TWO FINANCING PROPOSALS (NEW PUBLIC EQUITY OFFERING AND A PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURE) TO PURSUE. A straight equity issue will dilute his principal shareholders’ ownership, but favored a conservative capital structure that would help to ensure JetBlue’s financial flexibility, access to capital and a favorable lending rate. On the other hand, a convertible debt alternative seems less dilutive, and cheaper, but brings with it an increased risk of default and financial problems. PART B The financing decision taken by the CFO is important because of the positive impact it is expected to have on the current and future performance of the JetBlue. The considerations as regards impact of the financing decision are discussed; IMPACT ON CURRENT PERFORMANCE OF THE COMPANY It is expected that the new capital would ease Jetblue’s ability to finance its short term obligations as JetBlue does not have a line of credit, or short-term borrowing facility. Therefore, the company depends on its operating cash flow to finance its short-term obligations The new capital will be required to finance working capital requirement of Jetblue, Working capital is the short term resources that are used to manage the business on a daily basis. This is otherwise referred to as current asset. The financing decision which is aimed at securing the purchase of the new 100-seat Embraer E190 aircraft would allow JetBlue to enter smaller markets while maintaining low operating costs, and increase flight frequency on existing routes. The low fares offered by JetBlue would allow it to attract new passengers who might otherwise not fly. Earnings from this market segment is expected to contribute to the profitability and positive financial performance of the company IMPACT ON FUTURE PERFORMANCE OF THE COMPANY The additional capital is expected to strengthen the company’s balance sheet at a time when JetBlue will be shouldering a significant amount of debt related to new aircraft deliveries. The decision on financing method would result in a strong capital structure for Jetblue which would ensure that the company would continue to grow while avoiding financial problems. The new cash inflow which is directed at ensuring JetBlue achieves its expansion activities. It is expected that the company will be in a position to purchase larger volumes of jet fuel and would thus have more leverage in procuring fuel than today. The company will thus suffer relatively less from fuel shortages and the negative impact a rise in fuel has an operating income QUESTION 2 PART A John Owen the CFO of JetBlue generally favored a conservative capital structure. A conservative funding strategy is when a firm finances both its seasonal and permanent requirement with long term debt. The criteria which John Owen used to evaluate his decision on the appropriate capital structure and mode of financing to support the expansion drive of the business are; FINANCIAL FLEXIBILITY: This refers to the firm’s ability to take advantage of unforeseen opportunities or their ability to deal with expected events depending on the firm’s financial policies and financial structure. A firm with a high debt obligation and weak solvency and liquidity is not financially flexible. FAVORABLE LENDING RATE: The lending rate to a business varies directly with the risk associated with any given financial structure which can be accessed by leverage analysis. It is expected that a higher leverage (as a result of accepting debt offering) tends to amplify a firm’s predictable business swings i.e. associated risk. This inclines to increase lending rate to the firm and ultimately result in an unfavorable lending rate. CONTROL: The financing scheme of a company can imply changes in control constrains on the firm, this can be indicated by percentage distribution of share ownership and structure of debt covenant. There is a high chance that the board of directors will not favor the equity offering as they were  sensitive about the dilution (i.e. control dilution) that an equity offering would cause to existing shareholders. INCOME: This compares financing tactics on the basis of their effect on value creation and distribution i.e. the impact on Earnings per share (EPS) and Return on equity (ROE). The debt option limited the ability of Jetblue to manage one of the airline’s principal risk; rising fuel prices. As discussed above, the debt offering afforded Jetblue less financial flexibility. If fuel prices rose unexpectedly, operating income will decline thus hurting JetBlue’s ability to meet the additional debt service payments. PART B Other criteria John Owen could use to evaluate his decision on the appropriate capital structure and mode of financing are; Timing: This considers whether the current capital market environment is the right time to implement any alternative financial structure and what the implication for future financing will be if the proposed structure is adopted. Financial market condition often favour one or another kind of financing. Others: This is the consideration of the impact of the alternative financing choice on other issues and vice versa. An example is the ability to use collateral to reduce the costs and risk of debt financing and the effect of various financing tactics on the liquidity of investment. REASONS WHY JOHN OWEN SHOULD PROPOSE THE EQUITY FINANCING OPTION From the above analysis, it can be deduced that using equity financing option minimizes the company’s weighted average cost of capital, thus maximizes the overall stock price of the company and the shareholders’ wealth. The NPV of the company is higher under the equity financing option JetBlue, as any airline company has a debt to equity ratio of 61.21% and incurs very high fixed costs as a result of high value operating property and equipment. An equity offering would increase the financial flexibility of the company. The company has a very high operating leverage as a result of variability in fuel price. This exposes the company to the risk of cash flow projections errors in case it does not meet the projected revenues figures. Any variation in the estimated revenues, might lead the company to a position where it could not meet its financial obligations related to debt. From this point of view, JetBlue needs to secure its cash flows. This can be achieved using equity financing. The lending rate to a business varies directly with the risk associated with any given financial structure which can be accessed by leverage analysis. Issuing equity will reduce the leverage of business and reduce lending rate. PART C Other financing option I would like to recommend to the board and John Owen are; JetBlue can consider some other alternatives as well. Indeed, the company can issue some preferred stock. This stock might be considered as equity in accounting, to strengthen the balance sheet of the company, but will at the same time accommodate the board members’ concern about dilution. Another alternative might be the issuance of simple corporate bonds. The coupon rate for those will however be higher than the 3.5% of the convertible bonds. This option will thus cost more for JetBlue than convertible bonds QUESTION 4 PART A Aviation fuel cost is the second largest operating cost in the airline industry after payroll, this has significant impact on operating and financing risks of a company. IMPACT ON OPERATING RISK: In 2002, JetBlue’s fuel cost amounted to $76 million or 14.4% of operating cost. In the event that fuel prices rises, there will be a significant drop in operating income and higher exposure to operating risk (risk created by operating leverage). Operating leverage is the magnification of the top half of the income statement, it measures how EBIT changes in response to changes  in sale, and the relevant cost is the fixed cost of operating the business. It is expected that as operating leverage increase due to jet fuel increase, the operating risk of the business likewise increases. IMPACT ON FINANCING RISK In the event that jet fuel rises, it is expected that operating profit will drop and operating leverage would increase. This will also hurt JetBlue’s ability to meet the additional debt service payment i.e. it may face risk of default or potential financial loss which is known as financial risk. Financing risk is the risk associated with financing and its created by financial leverage. Financial leverage is the magnification of the bottom half of the income statement, it measures how EPS (earnings per share) changes in response to changes in sale, and the relevant cost is the fixed cost of financing, in particular interest. PART B The operating and financing risk exposure of JetBlue through rising fuel price of JetBlue has being managed in the past through hedging 75% of its fuel using a combination of CALL OPTIONS, SWAPS AND COLLARS hedging instrument. PART C HEDGING: Fuel hedging is a contractual tool some large fuel consuming companies such as airlines (JetBlue) use to reduce their expose to volatile and potentially rising fuel cost. A fuel hedge contract allows a large fuel consuming company to lock in the cost of future fuel purchase, allowing an increasing number of airlines to avoid surprises from unforeseen cost fluctuations. The hedging could be done via a commodity swap or option. One of the basic reasons why a company enters into hedging contract is to mitigate their exposure to future fuel prices that may be higher than current prices and/or  to establish a known fuel cost for budgeting and predictability of earnings. PRINCIPAL WAYS JETBLUE HAS BEING USING HEDGING TO MANAGE FUEL PRICING RISK: Jetblue is a small airline which had less leverage in procuring large volume of jet fuel in order to mitigate risk of volatility or shortage of jet fuel. In order to mitigate fuel pricing risk, Jetblue used a combination of fuel call option, swaps and collars hedging instrument. From time to time Jetblue has simply bought call options which tend to be at least $5 per barrel. HOW THE HEDGING INSTRUMENT WORKS The hedging instrument mostly used by JetBlue is the call option. CALL OPTION: This is a financial contract between two parties, the buyer and the seller of this type of option. The buyer of the option has the right but not the obligation to buy an agreed quantity of a particular commodity (jet fuel) from the seller of the option at a certain time (the expiration date for European call option or at any time during the life of the option for American call option) for a certain price (the strike price). The seller is obligated to sell the commodity (jet fuel) or financial instrument should the buyer so decide. The buyer pays a fee called a premium for this right. In the case JetBlue, the premium it pays is at least $5 per barrel. SWAPS: Swaps are tailor made futures contract whereby an airline exchanges payment at a future date (which can be in jet aviation fuel and could be further into the future into the future than possible through commodity exchanges), based on the fuel or oil price. There could be an arrangement with a supplier such as Air BP. The airline would buy a swap for a period of say one year at a certain strike price for a specified amount of jet fuel per month. The average price for that month is then compared with the strike price, and if it exceeds it the counter-party would pay the airline the difference times the amount of fuel. However, if it were lower, then the airline would pay the difference. They lock in a given price, as with forward contacts. COLLARS: This is a combination of a call and a put option. The call protects the holder from adverse price increases above its strike price, at a cost of the option premium that would be paid in any event. The holder of this call also writes a put option that limits the advantage it can take of price reduction below its strike price. The total cost of taking the two options is the call option premium paid less the put option premium received. A collar limits the speculative risk to a small range of price moves and locks in the price that will be paid for fuel between two known values.