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Week 1 Notes

by: Mykel Notetaker

Week 1 Notes Art 3015

Mykel Notetaker
The U
GPA 3.5
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Notes on materials of art
Materials of Art
Beth Krensky
Class Notes




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This 52 page Class Notes was uploaded by Mykel Notetaker on Monday July 25, 2016. The Class Notes belongs to Art 3015 at University of Utah taught by Beth Krensky in Summer 2016. Since its upload, it has received 22 views. For similar materials see Materials of Art in Art at University of Utah.


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Date Created: 07/25/16
Biology 09/10/2014 ▯ ▯ ▯ TA: every Friday @ 940 in ASB 220 or 1045 in Stewart 104/ or group study area in library ▯ 12-7 ▯ ▯ Vocab tests: 1/6 of grade ▯ Core quizzes: 1/3 of grade ▯ Exams(application based): 1/2 of grade ▯ ▯ Aug. 26 notes ▯ ▯ Causal factor: the difference that makes a difference ▯ experimental design: ▯ long tailed birds—- ones with even longer tails superglues on/ ones cut short/ ***also have to have one with a normal length tail cut and superglued back on——-> super glue is also a variable along with length. ▯ ▯ EVERYTHING IN SCIENCE HAS TO BE ABLE TO BE MEASURED ▯ ▯ fact: measured observation ▯ data: accumulation of facts ▯ statistics: analyzing data ▯ hypothesis: educated guess of a pattern ▯ law:pattern elevated to a really trustworthy state ▯ theory: unifying idea that helps explain diverse phenomena of nature ▯ ▯ ▯ Processor: x Is what processor a is detecting ▯ ▯ ▯ 9/29/14 ▯ Processors acting to make more of the same processors ▯ Proteins proteins20 partsstringsequence ▯ ▯ To get a certain protein it’s a certain sequence of parts ▯ ▯ ▯ 1.Find or choose the recipe---genetic regulation ▯ 2. make a copy of the recipe---DNA transception ▯ 3.follow(make) the recipe ---RNA translation ▯ ▯ ▯ October 9, 14: ▯ Containers: ▯ Lipids:fatty acids ▯ Lipids:membrane lipids ▯ --phosopholipid has a polar head region(hydrophilic) and fatty acid tails(hydrophobic) ▯ ▯ Self assembly of membrane lipids ▯ Lipids are also called steroids ▯ ▯ ▯ Saturated are straight an can solidify at lower temperatures ▯ Polyunsaturated: has kinks in them ▯ ▯ Cholesterol is in membranes of all cells ▯ **gradient is a change across a distance ▯ **diffusion is random molecular motion in a concentration gradient ▯ ▯ Eukaryotes: no cell wall—can move. ▯ Can prey on smaller prokaryotic cells by wrapping around them ▯ ▯ Actin filaments can lengthen and shorten to generate movement ▯ Microtubles—can resist compression better ▯ ▯ Getting bigger: if you stay the same shape it is harder to get bigger. ▯ ▯ Endocytosis and Exocytosis ▯ ▯ Relocating Dna: ▯ Ribosomes are not permanently attached ▯ Smooth ER: doesn’t have ribosomes attached to it. Place where little vesicles bud off ▯ ▯ ▯ Advantages of a nucleus:protection ▯ Antioxidants try to control uncontrolled chemistry ▯ ▯ 11/17 ▯ Mitosis keeps everything the same ▯ Everytime there is sexual reproduction two things occur:fusion and meiosis  They want to fuse with the most identical thing ▯ Humans have inbreeding depression. It doesn’t work too well. We don’t want close, but we don’t want too far out. ▯ Multicellular organisms gave single-called organism a home  New way of making a living  More beneficial ▯ A cell that goes off and reproduces, then they hang out instead of going their own way, they compete, but it allows new things to happen. ▯ If youre bigger, benefits come with it  Move faster, getting food is easier,etc ▯ Differences make a difference ▯ Cell differentiation ▯ The enigma of cell differentiation  Two cells are better than one when they are different ▯ Dealing with increasing size ▯ As long as you reproduce , you can make it ▯ Once you reach adequate site, you go and make a new module and make more modules when that module reaches adequate size ▯ ▯ Ex:tree grows leaves then makes more leaves and branches ▯ You can control your ability to become bigger ▯ If you have a solid ball of cells , the interior of the cell will die because it cant get nutrients and it cannot get rid of its waste ▯ Filamentous arrangements are diffusion friendly since more cells will get nutrients ▯ Epithelium is a sheet of cells –diffusion friendly ▯ Humans have a lot of interstititial space ▯ If diffusion is slow an you get bigger you have to find a way to move things faster  Convention- mass migration pushed by a pressure gradient ▯ ▯ ▯ December 10 :CH 25 th ▯ Learning involves activity-dependent changes in nervous pathways(specifically at synapses):  Neurons can remain functional or die o Used to little or too much they will die  Amount of neurotransmitter released into a synapse(by a presynaptic neuron) can change  The number of synapses a presynaptic neuron forms with a postsynaptic neuron can change(via axonic branching)  Sensitivity of postsynaptic neurons can change ▯ ▯ What is economics? What gets produced, how much is produced and who gets whats produced. ▯ ▯ Examples of different types of economic systems: capitalism,socialism, communism, barter, feudalism ▯ ▯ Capitalism: Our economic system is called capitalism. Capitalism is where the market decides how much is produced. Capitalism is a system where private individuals own the means of production and use it to make a profit. In capitalism you take care of yourself. ▯ —Mayans, Roman empire, greeks, china(examples of non capitalist civilizations) ▯ ▯ Capital: tools used for production of goods and services owned by private individuals. Examples: machines(computer), materials(grain,bread), factories, power(fuel). ▯ ▯ Feudalism: people made things to consume them. ▯ -problems were solved by command(kings/rulers) ▯ -idea was to maintain wealth not increase it. ▯ -ideology: christian/paternal ethic: You are responsible for everyone else(others) ▯ -Making profit was against the law ▯ ▯ Command order in feudalism:labor & kings ▯ military nobles military ▯ allegi- knights protection & ▯ ance peasants (gave food) land use ▯ ▯ **Peasants gave food to everyone above them and labor and military allegiance. In return they got military protection and land use from everyone above them. ▯ ▯ What changed the ideology of feudalism to capitalism? ▯ Decline of feudalism ▯ Increase of agricultural production =>surplus=> increase in trade =>increase in long distance trade ▯ ▯ increase in population ▯ 2. Long distance trade ▯ gives rise to cities and commerce (commerce: trading everyday) ▯ gives traders power (early capitalists) ▯ 3. Protestant Reformation ▯ people are not responsible for others only themselves ▯ earning profit is good ▯ 4. Enclosure movement : when the lords kick the surfs off their land because they don't need them anymore. They didn't need as many producing crops because of the new ways they were using to produce it. lords kicked them off because they wanted to raise sheep. ▯ ** Lords become dependent on luxury goods-spices =>increased their demand for money, so they fence off the land to raise sheep. (price of wool was high)=> 3/4 of tenants off the land. —-> a lot of the surfs died and those that don't go do any labor to get money ▯ ▯ *all set up for the decline of feudalism and set up of capitalism— mercantilism was in between ▯ ▯ Mercantilism: main policy goal is trade. ▯ try to get a favorable balance of trade—imports vs exports(want imports<exports)=>leads to increased flow of gold and silver into the country=>more power ▯ ▯ 2 types of colonies: ▯ -extractive: set up temporary settlement in order to remove minerals(gold and silver, etc) ▯ -settlement: send families over and you build permanent settlements to extract natural resources(crops, animals, lumber). ▯ Northern Colonies: They had long harsh winters=>short growing season for crops. they had hard soil-not a lot of nutrients and hard to plow and till.Shallow rivers- cant get ships and boats up them-transportation is limited. Focused on lumber=>shipbuilding. Main source of revenue as well as sea products(fish, and whales). Huge amount of money off whaling. ▯ ▯ Southern colonies: short winters, fertile soil, navigable rivers(large), they had 3 very profitable crops(indigo, rice, tobacco=cash crops)=> the south became wealthy because of these luxury items. ▯ ▯ ▯ **Socialism is not the same as communism ▯ socialism: where people as a whole run or own things. (education, postal service, national parks, roads, military, social security, medicare and medicaid) ▯ ▯ ▯ ▯ population increase: Why did the population increase so quickly in the colonies and was it good or bad? ▯ ▯ The north america population doubled every 20 years, while europes doubled every 100 years. ▯ more room/space/land ▯ cheaper land ▯ more settlements ▯ women had more kids ▯ needed more workers ▯ more resources ▯ ▯ Immigrants: How did they get here? promised they would work for the people that were paying to send them over ▯ indentured servants: contract usually 7 years- slaves were usually treated better than them ▯ or redemptioneers: payed for half then promised work. average contract was 3 years. ▯ ▯ Natural Increase: ▯ families were usually larger n the colonies because they need more laborers and they had better nutrition.also, it is there retirement—kids wil support you when you are older. ▯ ▯ ▯ Adam Smith: Wealth of Nations(1776): considered the father of economics: says population growth is a sign of property.—>there are enough resources to support that population. ▯ ▯ 1820: Thomas Malthus: population of the poor will increase until it reaches capacity of food and land.—>leads to diseases, famine and war. hated the poor—->cant control their urges- going to overpopulate the land— thats why didn't like them— made their own decision to have so many kids why they are poor ▯ ▯ ▯ Inequality and the future: ▯ income: the amount of water flowing into the tub(1500 every paycheck) ▯ wealth: 10 gallons in the tub( 5 million in the bank) ▯ ▯ ▯ When goods and services are sold the money goes to on test*** ▯ capitalists(business owners)—> profits ▯ laborers(workers/employees>—> wages are called salary ▯ ▯ When and why does inequality become a problem? ▯ when one group can barely or cant make ends meet—> ▯ 80% capitalists(wealthy)—-> 0 growth in capitalism means end of capitalism— depression ▯ 20% laborers(poor) ▯ ▯ **Marginal propensity to consume(MPC): out of every addition dollar received, what portion will be spent ▯ ▯ **MPC poor = spend 100% of every dollar ($1) ▯ MPC wealthy=spend 50% of every dollar (.50)—> save the other half ▯ ▯ wealth redistribution ▯ ▯ virtuous cycle: increase in education- companies hire more people- wages increaseworkers spend more moneytax revenue increasesgovernment investsincrease in education& back through ▯ ▯ The Revolutionary War:1776 ▯ The Articles of Confederation: the precursor to the constitution ▯ -basically says states have all the power, the federal government has none ▯ ▯ After the revolutionary war what path did the founding fathers lay out? ▯ Thomas Jefferson(anti-federalist) – From South-wanted federal govt to have as little power as possible. ▯ -freedom comes from farming  working for yourself ▯ -govt should not be active in promoting the economy ▯ ▯ ▯ Alexander Hamilton(federalist)- from north- leader of federalists- federal govt should have an active role in guiding the economy. ▯ -North should start manufacturing ▯ -Freedom comes from not relying on other countries exports ▯ -Hamilton says :So the country should place tariffs on manufactured goods(tariffs help industry compete) ▯ his plan worked in raising the manufacturing in the north ▯ ▯ Tariff: tax on imports-to encourage you to buy things from your own country ▯ -tariffs hurt southprices of manufactured goods goes up and they don’t get a benefit. South sells fewer crops to other countries,(and they retaliate back) ▯ England in return for us putting a tariff on them they begin to put tariffs on our goods. ▯ Tariffs raise price which causes not as many to be sold ▯ ▯ Email about test problems: tell specifically what happened ;by end of this week ▯ ▯ Industrialization: transportation boom ▯ -Why would there be a transportation boom after the revolutionary war? we were prevented from building roads – you could only go so many miles in from the ocean by law. Start building all types of transportation In the north ▯ -What are the benefits of transportation being paid for by government or by private companies?  -Government: less expensive(taxes), everyone can afford and use, they can take away whenever, poorer quality, safer, more consistent, better regulations, lacks innovation  Private companies: more expensive, better quality, use for their companies-not everyone can use, monopoly(con)-one company controls supply of a good/service ▯ Canals 1830-1850  States play major role in funding canals, which are more expensive than roads ▯ The Erie Canal was the biggest project and also one of the first canals.  -gave us nyc  more products were able t be transported ▯ Gov. Investment vs. Gov. spending  Should we even try to balance the federal budget?  Govt budget = govt income(taxes:imports/exports, income taxes, sales tax, etc)-govt deficit(spending:education, infrastructure,military,welfare, etc) o In recession govt income decreases( income tax, sales tax and corporate taxes decrease)/govt deficit increases (unemployment insurance, Medicaid, food stamps,disability increase)  To balance: increase taxes, decrease spending don’t try to balance ▯ Correlation vs. Causation  Did the incredible transportation growth lead to economic growth or was it the other way around? ▯ Correlation: when two events occur simultaneously-Not an indicator that they are related ▯ Causation: one event causes another-something causes something else to happen ▯ ▯ Industrial Revolution in America:  Early manufacturing picture: o Early on only a few small mills, and factories o Labor(1815)  72% agriculture  4% manufacturing o By 1860 2 ndonly to Britain’s manufacturing sector  Manufactured goods back in this time period: shoes, furniture, textiles(cloth, thread, etc.), tools, clothes, machines(looms, sewing machines), clocks, hats, books, paper, saddles, buggies/carriages, nails  Raw materials or Manufactured goods- Which has a higher profit rate? --> Mf goods  Getting started o Many early factories failed o What stimulated demand for domestic manufactures?  Why weren’t people willing to work in factories? o Land availability o The horrors of mill work  Common to lose a limb, soot all over in the air, feces all over, diseases o Is mill/factory work better today?  Better in the US but may equivalent in other countries still  Who were the factory workers? Women and children o They were in factories because they cannot own land. o Kids and women have smaller hands to fit inside the machines – factory owners preferred them to do this job o This vs living on the street  Early Mills( The Waltham System) o Housemistresses o Dormitories o $2 to $4 a week (minus $1.25)—for room and board and food o 12 hours a day, 6 days a week  Deterioration o Relentless factory routine, long hours and constant supervision o Constant search for profits and cutting costs  Competitors try to lower prices by cutting costs As new competitors came in , they slowly cut benefits to workers o Influx of immigrants  Deterioration cont: Child labor o 1832: 40% factory workers were between ages of 7 and 16  They let kids start to go to work at age 3  ▯ Capitalism: Innovate, Imitate or Cease  Innovate: Create new products/methods of production o Gives company a temporary monopoly increase profits  Imitate: copying the innovation of another company o Ends the monopoly for the innovators  Cease: went out of business ▯ **Reasons why we were less than Britain is a shortage of labor. ▯ Things needed before we could start manufacturing: ▯ 1. Machines and technology: The US needed machines to compensate for the perpetual labor shortage ▯ 2.Standardized interchangeable parts:  lowers prices of manufactured goods  brings quality standards ▯ 3. Assembly line:  1782:First factory in the US with an assembly line  Division of labor: breaking down a task into its smallest components o Task: build a car o Smaller components: put on a tire, put on a bolt, etc. ▯ 4.Power and Energy:  Water wheel: o Pros: continuous power, cheap, low maintenance, clean o Cons: not very efficient(powerful), must be on a flowing river(ineffective in the winter)  Steam Engine: o Pros:portable, more efficient and more powerful o Cons: more maintenance, more expensive  Coal power: o Pros: more efficient than wood(1000x more efficient by volume than wood), cheaper than wood o Cons:pollution ▯ What is money? ▯ You want your money to have these three things:  Medium of exchange: something that has universal acceptances as having value  Store of value: hold its value over time  Unit of account: a measurement of the value(allows you to compare values) ▯ What is money supply? The amount of money in the economy, available for use. ▯ Bank money:  What do banks do? They take deposits and loan out money(commercial banking)  How does this create money? ▯ ▯ Commercial Bank: brings together lenders and borrowers  Chase, zion’s, wells fargo, key, American first, west bank,etc. ▯ ▯ How Banks create money: 1. Deposit i. Bank separates that out into reserves({10%}certain amount of deposit that govt recquires to hold at all times), loan out the rest ▯ 2.Loan ▯ 3. Spend$ ▯ ▯ Too big to fail= a business is so large that their collapse could trigger economic catastrophe ▯ What problems come when banks create to much money?-inflation(a continual increase in the general price level-all prices on average) ▯ Chips $1- in future $1.40 ▯ ▯ More money in the economy people being willing to spend more for goods and servicesprices(general price level) go up  IF money supply is too largeeconomy grows way to quickly(goods and services become overvalued(bubble)eventually the bubble popsleads to recession or depression  If the money supply is too smalleconomy stagnates[people cannot get the money they would like to spend&obtain what they want or need]leads to recession or depression ▯ The first bank of The United States (1791)  Owes its existence to Alexander Hamilton  Set up first bank of Us to control banking system in the economy o They wanted to control/guide the economy The first bank of the United States lent to other banks. Why is this a good thing? It prevents a catastrophe of a whole bank crashing. Central Bank: general term o US current: The Federal Reserve o Us in 1791: First Bank of the United States ▯ ▯ What are the 3 roles of a Central Bank?  Lender of last resorts- They lend to you when no one else will  Control the money supply(prevent from getting to large or too small)  Regulate commercial banks ▯ ▯ In 1811 the Charter is up for renewal  The anti-federalists lead by Thomas Jefferson and local banks resist the renewal o Consequences:  In the first 5 years after the charter lapsed the number of banks tripled. Why? Didn’t have to have certain reserve rate, no rules and regulations  The amount of money in the economy doubled ▯ Bank run of 1816 ▯ Bank run: when depositors run to banks in order to get their money out.  In 1816 the US congress charters the second bank of the united states  ▯ 9/29 ▯ 3 roles of the Central Bank a. act as a lender of last resort b. control the money supply c. regulate commercial banks ▯ Bank run of 1814 ▯ 2nd bank of the US  gives more than a decade of financial stability ▯ **Andrew Jackson hated banks on a personal level.  When he was the president he went to the bank and withdrew all the money out of the 2 nd bank of US and it had to close. ▯ The Era of Free Banking(1837-1860)  Financial panics: End of 1830s to early 1840s and 1853  Wildcat Banking: Set up fraudulent banks, then take money and close bank and run away ▯ Free Markets and Competition  Markets: group of buyers or sellers of a particular good or service  Free Markets: system in which prices are determined by unrestricted competition between privately owned businesses. (Put restrictions on some things to avoid consequences) ▯ Conditions necessary to make work  many businesses i. Keeps prices down(competitive)  Free entry and exits to markets o The cost of starting a business in that market is not very expensive  Same goes for dosing down your business  Markets without free entry/exits  Making microchips  Automobiles  Pharmaceuticals  Nuclear power plants  Perfect Information o Both buyers and sellers have all of the relevant info about a product/service  Document fee: just extra $  Homogeneous Products o Products can be substituted for one another ▯ Era of free banking and the free market  Does the banking industry meet the requirements necessary for free markets to work? o Many businesses: yes o Free entry/exit: no, not inexpensive o Perfect info: no, difficult to understand o Homogenous: yes ▯ Are these markets competitive?  Coffee houses  Fast food  Internet service providers  Cable service providers  Universities, colleges, etc (secondary education) 10/1 Economic Entrenchment  The south was economically dependent on slavery ▯ Slave Codes Slaves were prohibited from  Owning weapons  Receiving an education  Meeting amongst themselves  Moving without permission  Testifying against white people in court ▯ Punishment:  Under the law families were broken up ▯ Response to cruelty: fight back, slow down work, run away, injure ones self, break tools, burn fields(would tend to do during lightening storms). ▯ ▯ Nat Turner’s Rebellion(1831)  30 slaves to 1 white person  Owners were afraid that slaves would cause an uprise and possibly kill them--- the only reason they kept them was for the money ▯ ▯ After the Rebellion  Any slave caught rebelling was executed ▯ ▯ The Civil War and Beyond (1861-1865)  The south wanted to be their own country ▯ The southern resources for the war:  The south was completely outmanned 3:1(slaves would go fight for North)  Needed manpower to repress slave force  The south still hasn’t fully recovered to this day ▯ Agricultures western advance  How was expansion westward encouraged and facilitated by the federal government?  What is the best way to dispose of excess public lands? Why? o Use for resources, pay people to farm it(or give them land), sell to businesses, speculators, squatters, homesteaders  Homesteaders: giving land away and requiring people build a home and improve the land. (farm it)  Homestead Act(1862): transferred public land to private citizens ▯ Civil War 1861-1865 ▯ Homestead Act 1862  South didn’t want this because more farmers increase agricultural goods prices for agricultural goods decreases  It was intended to help homeless immigrants of the east ▯ Requirements to receive 160 acres(homestead)  Pay a registration fee(very small)  Live on the land for 5 years  Build a 12x14 foot house(or bigger)  Have to create a farm(at least 10 acres) ▯ 1875-1890: Farm product prices decreased by approx. 3% per year ▯ ▯ Gold Rush of 1849 ▯ How to get to CA?—Sail around cape horn(dangerous: strong currents, icebergs-sink ships), wagon and hand cart(more dangerous than sailing— took forever) ▯ ▯ What is the transportation solution? Railroads—faster, much cheaper, safer, carry a lot more materials ▯ ▯ Problems with expanding rail roads westward  Very high investment cost  These costs are very hard to recover  How do you solve this problem? Become a monopoly ▯ The business cycle: ▯ Expansion:when growing ▯ Peak:where stop growing ▯ Recession: economy turning down ▯ Trough: the lowest point - keeps going in a cycle ▯ ▯ 10/6 ▯ The 2 ndIndustrial Revolution  1890:manufacturing output was greater than farming output for the first time. (at this time we became the largest manufacturer in the world).  The US had a major labor shortage have to come up with a machine to do the work since you don’t have enough people to do the job.  **Creative Destruction: new technology makes old worthless o Capitalists Have to continually innovate to maintain profits(or get ahead)—(if they have competition ) examples: iphone, cars, etc.  Examples that have happened: Spy planessatellitesDrones/ wagonstrainsairplanes or cars  IBM Watson computer-use in some hospitals to either replace doctors or doctors refer to it for st more information/ use a lot in law  1 Industrial Revolution was in the 1700s in England and France  Tech revolution: new ways of making, buying, and selling o Textbooks—used to have to go to the store to buy now you can order online. o Less expensive to reproduce and distribute  Should decrease prices ▯ New Tech(1870s-1880s)  Refrigerated rail cars  Sealed cans for mean, soup, and vegetables  Steel rail cars for petroleum  Cheaper steel  Typewriter  Cash register ▯ Effects of new technologies  Allows for mass production  Lowers costs through economies of scale o **Economies of scale: As you increase production the costs of production decrease  If cost of production decrease good for business because more money is left over for profits part of money goes to consumers as decrease in price of goods ▯ Trusts: a group of companies that join together to control a domestic industry  Companies transfer their property and stocks to a board of trustees o Board of trustees run it so they make the highest profits possible. They run the industry/market in a way that prevents competition which leads to higher prices for consumers and higher profits for the businesses. ▯ Market concentration:  **2 types of mergers: o horizontal merger(1879-1893): combines firms that produces identical or similar products. Smaller business combined in this way(example: John Rockafeller for Standard Oil 1863: 300 firms  supreme court ordered them to break up, so they formed a holding company) o vertical merger(1898-1904): vertically integrated firm: a firm in which each stage of production is managed by the firm (Car industry a lot of the time{GM buying rubber refinery})  cuts out the middle man which reduces the cost  Total mergers: o 1898-1904:3000 mergers ▯ **Sherman Antitrust act (1890)  Prohibited “conspiracies in the restraint of trade”  Prohibited conspiracies to monopolize –not affective in stopping monopolies** ▯ Roosevelt-“Trustbuster”  1904-Roosevelt spurred on by political value, began campaign to tear apart monopolies ▯ **Clayton Antitrust act(1914)  Strengthened inadequacies in Sherman antitrust act  Prohibits: o Price discrimination-charging different customers different prices o Tying: forcing customers to buy one product in order to get another o Mergers that reduce competition ▯ ▯ ▯ October 20 ▯ MONEY & CRISIS ▯ Commercial banks: They connect borrowers and lenders by taking deposits and making loans  Small businesses are primary customer ▯ Investment banking: bring together borrowers and lenders by acting as an intermediary (middleman)  Very large borrowers and lenders(countries, large companies)  Mainly done through helping businesses issue securities  They don’t take deposits or make loans ▯ Securities: financial asset/ instrument that facilitates borrowing (example:bond)  $100 General Electric Bond for 2 years @ 2% o at the end of year 1: get $103 back o at the end of year 2: get $106 back  You are gaining interest and making money on the bond from the company ▯ Stock: piece of ownership of a company  Example: if GE wants to raise $ they will offer parts of ownership of their company in return for $. People will buy shares of GE, hoping the price will increase ▯ Investment banking performs 3 main activites: 1. Raise funds for firms 2. Buy and sell financial products for firms 3. Research and report on credit worthiness/ value of companies ▯ JP Morgan(1895) he was a robber baron  1 major investment bank in the US  loaned over $62 million in gold to the government  underwrote bonds in the US, UK, and France ▯ Panic of 1893  Caused by the great railroad bubble burst o Bubble: when an asset becomes overvalued the price rises because people think it will continue to go up(get overexcited)everyone tries to selling at once=bubble “bursts” because don’t see prices continuing to riseprice of asset plummets  RESULTS of Panic: o US borrowed $65 million from JP Morgan(personally funded)  Stability o Still 1 year of depression ▯ Panic of 1907  Started with an attempt to manipulate stock market  Banks stop lending to each other for fear of insolvency  Panic spread to depositors of all banks and a bank run set in ▯ ▯ Why is it bad when depositors all want their money from the bank at once? ▯ ▯ Rockefeller(he was a robber baron) deposited $10 million into NY bank to ▯ instill confidence  It didn’t work, banks still refused to lend to eachother o Today: Bill Gates is worth $82 million o Rockefeller would be worth $890 million  AFTERMATH:  realization that they had way too many financial panics  need stability-what if Morgan cant bail us out?  Decision to form a Central Bank ▯ From 1865-1907 the country spend 23 years and 1 month in a recession ▯ ▯ Federal Reserve(1913) {part private/part public} ▯ Main objectives of the Fed(trying to maintain stability of financial system):  Act as a lender of last resort  Control the money supply  conduct monetary policy  Regulate commercial banks supervise and regulate banks ▯ Problems of the fed:now includes investment banks too  Control $ supply gives the govt too much power o Can create deflation/inflation  Inflation: worth of $ decreases; can buy less  Deflation: worth of $ increases; can buy more ▯ Zions bank if need $ will first go to other banks because its cheaper( other banks may not loan because they don’t think they will get paid back or because they don’t want to). If no, then they will go to the federal reserve. Federal Reserve will loan to them because they don’t want to see a bank fail, but it will be much ore expensive ▯ ▯ Lender of Last Resort  The fed lends $ at higher interest rate than other banks do ▯ How could the LOLR help in the panic of 1907?-would minimize problems ▯ ▯ Monetary policy: now supply of $ is controlled;interest rates ▯ ▯ The fed controls money supply by buying and selling treasury bills(T bills/bonds) ▯ ▯ ▯ Economy –if growing too quicklyfed sells bondsdecrease $ supply&increase interest rate=slow down “overheated” economy ▯ ▯ Economy—if growing too slowlyfed buys bondsincrease $ to spend&lower interest rate=speed up slow growing economy ▯ ▯ -if fed wants to decrease $ supply they will sell bonds-in order to do so they must make it attractive to you-increase interest rates on Tbills ▯  interest rate-the cost/price of borrowing money  t bill interest rates are what all interest rates of the economy are based on  tbill are considered to be the safest asset in the world  when all interest rates increase-> cost of borrowing increases o firms borrow $-->economy slows down ▯  More money o Hire workers,build factories,etc ▯ Interest rates go down  People and businesses should borrow more money Extra Credit: Read one of the books below: Freakonomics-Steven D. Levitt OR Confessions of an Economic hitman- John Perkins Then write a 5-7 page paper using guidelines posted on canvas Can do both&write two and get 10 points—5 points each November 17 Glass Steagal Act  Established FDIC  Purpose: o divorce commercial banking from investment banking and control speculation o increased Fed power, led to deposits not withdrawals  Some aspects repealed in 1980 and 1999 o Some see this as increasing the 2007 financial crisis o **Separating investment and commercial banks prevents negative effects from reaching average citizens ▯ Speculation:you buy financial assets to make a profit. You don’t decide what to buy by research  Usually emotionally based excitement  Holding asset for short period of time ▯ ▯ Investing: you buy financial assets(stocks, bonds,etc) to make a profit  You decide what to buy through researching the value(current and future) of the financial assets  Hold on to asset for a longer period of time ▯ ▯ ▯ Formation of SEC ▯ Purposes:  Oversee the issue of new securities  System watchdog over the Great Gambling Casino  Ie corporate abusesm insider trading, ▯ ▯ ND attempted to take out the worst parts of the previous system, those that undermined itself ▯ ▯ The Rise of Union Power ▯ Union: Workers joining together to increase their bargaining power.  It is used to correct the worker-business power imbalance  Are unions good or bad? o Bad: increase cost to businesses, decrease profits(might make businesses lose investors), may lose business, because some are unwilling to hire companies that use union labor, strikes can have large reaching effects on many industries, may allow workers to take advantage of businesses o Good: helps stop abuses to workers, workers have more say(wages, safety, etc=happier workers=higher productivity), helps, increase worker loyalty ▯ The New Deal part 2: the welfare state ▯ Why they started doing the welfare state: ▯ Social security: old age insurance/retirement ▯ Other aspects:  Unemployment insurance: short run to help discharged workers— receive 60% of pay Who doesn’t like the welfare state? At the time heavily opposed as “insidiously Belief that the ND was trying to tack too much Crowding out:when gov spends money, not enough money is left for businesses to use  Private investment couldn’t invest on their own  Other side, spending needs to be 2-3* as much Did the new deal prolong the depression?  Strengthening labor and keeping wages high  Kept employment high ▯ Legacy of the New Deal  Created many continuously shaping and reshaping institutions  Idea that Washington can solve your problems(both Washington and public believe this ▯ The new deal changed the countries perspective ▯ Pre ND: we were as individuals responsible only for ourselves ▯ Post ND: we as a society have the responsibility to help in some aspects ▯ Post WW2: US becomes the world super power  Dominance in 3 areas: o Military o Politically o Economics The great boom : 1945-1970: was knows as the “golden age” in the US, in this time the Us economy doubled in size Marshal Plan(1945-1951)- goal to restore western europes agricultural and industrial productivity Threat of communism in the Us McCarthyism-eliminating communism End of the Golden Age International competiton Capital Labor accord dies in the 1970s Wages increase, productivity continues Capitalists fight back Stagflation-oil embargo 80s: Laissex-Faire- systemic risk-collapse of entire system Allows increased corruption Feels unsafe Businesses can take more and larger risks Increased risk?  1: too big to fail  2. Piece meal repealt a lot- glass steagall act  3. Failure to regulate new financial innovations ▯ financial services modernization act ▯ failure to regulate new financial innovations ▯ Securitization: the process through which an issuer creates a financial instrument by combining financial assets. ▯ Why securitize?  1. To make illiquid assets into liquid assets o liquid=the ease of converting an asset into cash  highly liquid assets=cash, checks, debit card,bonds,stocks  highly illiquid assets=land, house, ▯ Asset: something that is owed to you; something that has value in the market ▯ Liability: something you owe someone else ▯ Mortgage(home loan): liability to the person who is buying the house; asset to the banks  2. Takes something that is unsellable, and makes it sellable  Johnson family-- mortgagewells fargo(commercial bank) o OLD Mortgage system: Johnson family makes mortgage payments to bank-there is a high risk of default o NEW mortgage system: Johnson familycommercial bankinvestment bank  takes a bunch of mortgages and puts them together to make one new large asset(to take out risk)create collateralized debt obligation(CDO) send to rating agencies(where they rate)(there are 3 agencies-their job is to “grade the asset based on how risky it is)investors o How do CDOs work: give credit ratings; only flows down as much as there is money  AAA(least risky)—get paid back first(lower interest rate)  AA  BBB  BB(most risky)-get pai d back last (higher interest rate) o 3. Credit default swap(CDS): insurance against failure of things you don’t have to own  insurable interest: you must have a stake in something to insure it  Credit Default Swap: a type of insurance, but you don’t have to have an insurable interest  Insurance transfers the risk of loss-insurer holds on to a portion of a the premium payment  You can only take out insurance on something you own  A credit default swap is like insurance- to protect themselves the investor buys a CDS  ***CDS is not equal to insurance***  Why they are not the same-  You don’t have to have something to lose to buy to a CDS o You can buy a CDS on something you don’t own o If you have no personal stake in something you will want it to fail/be destroyed  More than one person can buy a CDS on the same thing at the same time— magnifies/increases losses o Ex. 19 other people take out CDS on this house + owner = 20 times the payout from the CDS issuer if the house is destroyed  Investment bank issuing CDS don’t have to keep a portion of premium payment o They have no incentive to keep a portion of a premium o If enough claims are made they may not have enough money to pay the claims  CDSs are opaque o You cant see through them-you don’t know whats happening ****Whats been done to try to solve the problems of the financial crisis: 1)government deficits have been cut  Balancing the budget  Govt budget=revenue – spending ▯  Budget decreases=revenue decrease-spending increase ▯ 2)Dodd-Frank Act: tried to decrease the risk in the economy(2010)  Created agencies that: o Monitor companies that are “too big to fail” o Try to prevent predatory mortgage lending o Requires loans to be easier to understand  The act is ineffective-agents created have limited power 3)Trickle down theory  Decreases tax to wealthy supposed to lead to increase in productive activitiesincrease employmentincrease income to lower classesincrease spending in the economy o DOESN’T WORK-they have tried multiple times  Why didn’t they start at the bottom and work their way up? Real problem: systemic risk TEST:  Know securitization definition and the food chain process of making CDO and selling it  Legacy of New Deal  Definition of “crowding out’: govt spends money so not enough is left for businesses to borrow or spend  What have the Wall street banks done that might be illegal?(from movie)  What did no wall street execs go to jail?  What is due diligence?  What happened to the Glass-Steagall Act? o It was repealed piece by piece from 1980-1999 o In 1999 financial services and modernization actlet commercial, investment, insurance companies to merge together to form one company  What is the purpose of a union?-give employees more bargaining power to make work environment and wages better  New deal had new formation  Purpose of the govt creating the new deal was to give people confidence  Threat of communism: o Know about the marshall plan: helped redevelop countries after WW2 so they can buy our goods-> so communists couldn’t provide the help and make the country communist/ to get into their market/promote US public image abroad and at home o Capital-labor accords definition and effects from it  Definition: workers wages increase when productivity increases ;unions will eject communists from their ranks(get rid of all communists in the unions)  Effects: US income inequality declined rapidly  CDS: definition& what has been done about them& and generally how they caused a problem(because they are unregulated)& and how they are different than insurance  What is the golden age? (1945-1970)What caused it(capital labor accord and rebuilding Europe) and how did it end(end of capital labor accord, stagflation-oil embargo)?  Stagflation: inflation and stagnant economy  Definition of Liquidity  What is a hegemony/superpower? o There are 3 things: dominance in military, dominance in economics and dominance in political dominance  Global financial crisis  ▯ Family Studies: ▯ Marriage, Relationships, and family commitments: ▯ Why is this all important?: ▯ ▯ The modern family: ▯ women’s rights, birth control, civil rights, divorces, etc. changed the modern family. ▯ ▯ a nuclear family: immediate family-father, mother and their children— was considered the modern family until 50 years ago. ▯ ▯ The Us census bureau defines the family as: a family is two or more persons sharing a household and who are related by blood, marriage, or adoption. ▯ ▯ our textbook defintion: family is any sexually expressive, parent-child or other kin relationship in which people -usually related by ancestry, marriage, or adoption- form an economic unit and care for any children or other dependents; consider their identity to be significantly attached to the group; and are commuted to maintaining that group over time. ▯ ▯ things that influence how we define family: Family functions: ▯ 1-Raising children responsibly: basic needs, socialization, controlling its members sexual activity ▯ 2-providing economic and other practical support: earning a living to support the family, pooling resources, and making consumption decisions together ▯ 3-offering emotional security-having a place where you can be yourself, sometimes even your worst self, and still belong. ▯ ▯ 3 societal trends impacting families: ▯ 1-advancing communication and reproductive technologies—makes long distance relationships easier/increases spectrum of family opportunity because of all the ways to have children now and form different types of family ▯ 2-increasing diverse ethnicity:immagration, refugees, —-> different cultures and ideals have different definitions of a family ▯ 3-economic uncertainty: cant do it on there own so they figure out a way to do it together.. economic uncertainty create a lot of stress within the family.. creates more and more people working outside the home to support the family. ▯ ▯ Making choices: ▯ Choosing by default: -unconscious decision, or not aware of alternatives ▯ -easiest thing to do or the “path of least resistance”( example: religion, etc) ▯ Choosing knowledgeably: -Society offers many options ▯ recognize options ▯ recognize social pressures that may influence us ▯ consider consequences of each alternative(pro/con list) ▯ recheck decisions ▯ ▯ A family of individuals: familistic(communal) values and individualistic(self fulfillment) values ▯ -families are a place to belong ▯ -family identity ▯ -find a balance between individual separateness and family togetherness-opposing values create tensions in families as well as within society ▯ -family members are less predictable than in the past ▯ ▯ Family values focus on the family being the main concern whereas individual values focus on the own individuals goals,etc. Our society is now changing to a society that values individual values more… its changing from how it used to be. ▯ ▯ family decline: ▯ Family change: ▯ ▯ ▯ Chapter 2: ▯ Objectives: How do we move past these blinders of personal experience? ▯ theoretical perspectives on the family ▯ family research ▯ ▯ Family Ecology: ▯ how does this theory examine the family?: ▯ what is a major assumption of this theory?: education, religion, and culture ▯ what is a major strength of this theory?: ▯ what is a major weakness of this theory?: ▯ Family life course development: ▯ how does this theory examine the family?: focuses on the different changes families go through over time ▯ what is a major assumption of this theory?: most families are similar and will go through similar changes over time ▯ what is a major strength of this theory?: ▯ what is a major weakness of this theory?: ▯ structure-functional: ▯ how does this theory examine the family?: the functi ▯ what is a major assumption of this theory?: structure has to do with function ▯ what is a major strength of this theory?: very inclusive of how a family is structured ▯ what is a major weakness of this theory?: judgement, family decline ▯ interaction-constructionist: ▯ how does this theory examine the family?:focuses on face to face encounters among the family ▯ what is a major assumption of this theory?: they think every family in order to get along needs to be interacting ▯ what is a major strength of this theory?: communication ▯ what is a major weakness of this theory?: didn't take into the consideration the diversity and other ways people interact ▯ exchange theory: ▯ how does this theory examine the family?:the rewards and costs of the family ▯ what is a major assumption of this theory?: that you come to the table with equal parts—everyone is willing to share resources and they will be equally distributes ▯ what is a major strength of this theory?: everything that you can bring together as a family ▯ what is a major weakness of this theory?: doesn't take emotions into consideration ▯ ▯ ▯ family systems theory: ▯ how does this theory examine the family?: views family as a whole or as a system ▯ what is a major assumption of this theory?:family is like an equilibrium and they will find a way to balance themselves ▯ what is a major strength of this theory?: takes a family as a whole ▯ what is a major weakness of this theory?: when viewed as a whole it makes the family more vulnerable—less control of your own life. views family conflict as a dysfunction ▯ feminist( and conflict) theory: ▯ how does this theory examine the family?: lumping power together ▯ what is a major assumption of this theory?:males have dominance in society and family/ ▯ what is a major strength of this theory?: ▯ what is a major weakness of this theory?:division of household labor ▯ biosocial perspective: ▯ how does this theory examine the family?: whatever genetics you have determines how your family can function ▯ what is a major assumption of this theory?: human behaviors evolve based on social behaviors ▯ what is a major strength of this theory?: knowing what issues are present ▯ what is a major weakness of this theory?: people automatically assume that biological factors influence the family factors as well ▯ attachment theory: ▯ how does this theory examine the family?: early childhood experience with parent influence the childs attachment with the parents and ability to form bonds ▯ what is a major assumption of this theory?: your attachment as a child will influence your attachment with others throughout your life ▯ what is a major strength of this theory?: relationship with one caregiver —doesnt have to be something specifically or a family— only a caregiver that is nurturing the child ▯ what is a major weakness of this theory?: very specific ▯ Structure-function: ▯ economic: the family used to be self sufficient/consumed what they produced—wanted more kids- they were an asset— more kids to work and produce more// now they are an economic liability- they cost a lot of money ▯ protection: the father used to be the protector// now it can be anyone who can protect the family— also how we protect our families has also changed ▯ education: used to be that families provided the basic education for their children/ now parents not have time to focus on education with their children— someone else taking care of the children because parents are working— different opportunities available ▯ religious: a lot of focus now is to teach the values// then they focused more on family prayers,etc ▯ recreation: used to be performed in the home// now kids using technology—moving away from recreation,, schools provide recreation, teams, involved in extracurricular activities— younger and younger kids are involved in more sports, travel, more games and practices ▯ affection: families have also provided affection to their children over the years and to each other ▯ procreation: creates families-used to have more focus on family name —passing on the name// not as much importance in that now. ▯ adaption: how families work together to deal and cope with change and conflict ▯ prestige:how the family name has always been important. now we are moving toward individualized the prestige in a name is starting to go away. ▯ ▯ sex: male or female anatomy and physiology ▯ gender: or gender role: societal attitudes and behaviors associated with the two sexes. ▯ gender identity: the degree to which an individual sees herself or himself as feminine or masculine based on society’s definitions of gender roles. ▯ ▯ Males traits are often thought to be agentic or instrumental: traits that lead toward the accomplishment of tasks or goals-independent,competitive, assertive, achievement oriented ▯ ▯ female traits are often thought to be communal or expressive: traits that lead toward the accomplishment of improved relationships—warm, sensitive, tender, empathetic ▯ ▯ Men are expected to : ▯ distance themselves from anything feminine ▯ be occupationally successful ▯ be tough, confident, and self reliant ▯ defeat, humiliate, and seek adventure ▯ The “liberated male” ▯ new cultural message in the 1980s that men should be emotionally sensitive and expressive ▯ ▯ women are expected to: ▯ offer emotional support ▯ be physically attractive, not too competitive, a good listener, and adaptable ▯ ▯ The professional woman ▯ the superwoman ▯ the satisfied single ▯ ▯ Gender inequality: interpersonalluy defined as males assume authority over females. ▯ Socially defined as male control and influence over society’s institutions. ▯ men hold higher political offices, religious authority, and are more economically advantaged ▯ men dominate corporate America ▯ earnings gap ▯ Women still only earn 92% of what men earn:2013 ▯ ▯ Socialization, Language, and media: ▯ Social learning theory: ▯ ▯ Socialization in School: ▯ Males ▯ positions of school authority ▯ overall teachers pay attention and give more encouragement to the boys ▯ when boys give the wrong answer, teachers will typically encourage them to figure it out ▯ females: ▯ positions of service(teachers, aides, secretaries) ▯ when girls give the wrong answer teachers will typically move on ▯ ▯ gender queer: not necessarily siding with the male or female – depending on the day they change what gender they view themselves as ▯ ▯ feminine vs masculine  How do you define feminine vs masculine? ▯ Ideal: men are dominant and competitive professions  Women are caregiver professions ▯ Gender similarities hypothesis: men and women, as well as boys and girls, are more alike than they are different ▯ ▯ Womens movement came about mid 60s. (after civil rights movement that kind of gave a feel of activism)  Top priority: remove domestic violence and sexual assaultequal pay and equal workwomens healthcare time off to care for family members ▯ Men movement came around mid 80s  The focus was to bring attention to their own lives and get the attention they wanted with their lives& support 3 groups: o Antifeminists: wanted back to male dominance o Profeminists: supported feminism o Masculinists: positive image for masculinity ▯ ▯ ▯ Chapter 5: ▯ ▯ ▯ Chapter 6:Love and choosing a Life partner ▯ --5 qualities or characteristics/values that you look for in a potential mate: ▯ ▯ What is love?  Love: o Acceptance of partners for themselves o Requires empathy and commitment  Commitment: o Have fun together, share tedious times o Express themselves freely o Do not see problems as indications that relationship is over o Work to maintain relationship ▯ Sternberg’s Triangular Theory of Love(in textbook)  Intimacy


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