Political Theory of Locke and Rousseau Essay Example | Topics and Well Written Essays - 1000 words

Political Theory of Locke and Rousseau - Essay Example According to Rousseau, the development in the field of science and arts led to the destruction of human virtue and morality. This is one statement which led many thinkers to contemplate on in the future theoretical world. This thinking of Rousseau, also bestowed upon him fame and recognition. Rousseau claim is that human beings by nature are virtuous but got corrupted during many historical events. He became a prominent figure in history of philosophy due to his unique contribution emphasizing on natural state of human .According to Rousseau, human beings are good by nature, but the social conventions have corrupted them along the history. In his article (Younkins) writes that â€Å"According to Rousseau, in the state of nature, people tended to be isolated, war was absent, and their desires were minimal and circumscribed† Rousseau reestablishes the necessity of a governed body to monitor the social security and needs of human beings. According to him state would have been â⠂¬Å"class state† with no rights to poor and weak in the absence of Government. The Social Contract† one of his controversial work on political philosophy has raised many debates among his counterparts Age of Enlightenment and Locke The Age of enlightenment is a movement in 18th century where all the intellect raised awareness among societies to reform and adapts oneself to natural and liberal state. In the age of enlightenment, the social and political scenario of central European societies was pathetic, as the power was in the hands of rich and elite. When it comes to Locke and Rousseau, both had prominent role to play in reforming the society. One of the philosophers Locke can be considered as pioneer of â€Å"Age of enlightenment† and his book called... Age of Enlightenment and Rousseau The theories of Rousseau had a significant role to play in enhancing the â€Å"Age of enlightenment†. Like Locke, Rousseau believed and put forward the natural rights of human beings and liberty as ideal principles of society. During, the age of enlightenment, Rousseau along with the other thinkers and philosophers questioned the dominating authority of church and state alike. Rousseau is a thinker, who did not believe in an authority, who need better quality of life than other. According to him, all has the right to live on the earth with equal power and freedom. However the government’s role comes in to play to preserve the rights of the property. When these messages were passed on to the society, people got enraged and a revolution broke out. Thinkers like Rousseau have had a majestic role to play during the age of enlightenment. Rousseau’s main statement is that human are basically good by nature but the historical and social conventions corrupt them in the long run. This is where the weak and the less able got awakened and a powerful enlightenment movement started. The age of enlightenment put forward the rationality and reasoning as a major force in human -kind, as nature is not self – ordering. This rational based â€Å"age of enlightenment â€Å"spread to the West from France and ignite awareness among the Americans. This in later times, led to the independence of America. Finally we could analyze that Locke being an advocate of â€Å"liberalism† and Rousseau being the pioneer of the â€Å"Age of Enlightenment† has contributed invaluably for the social upgrading of human rights and freedom in West So it can be well said that Locke and Rousseau are the cornerstone in political theory and age of enlightenment movement.

International trade and finance law Essay Example | Topics and Well Written Essays - 2000 words

International trade and finance law - Essay Example The crisis also played an important part in the decrease of consumer wealth and poor economic activity ultimately leading to the global economic recession experienced between 2008 and 2012. Various causes of the 2008 economic crisis have been identified. These causes have been assigned weights by various economists in order to offer a comprehensive understanding of the event. According to a report presented to the U.S. senate on the financial crisis, the main causes were identified as poor regulatory systems, failure of rating agencies and high risk products among other cumulative effects2. By considering the financial crisis, we find that various questions need to be answered. First, what reasons resulted in the vulnerability of banks to problems in the credit market? What roles does the effectiveness of current international and national regulatory frameworks play on this vulnerability and finally, what changes are needed in the regulatory framework to prevented any future occurren ce of a global financial crisis. Looking at the situation preceding and following the financial crisis, we conclude that the main cause of the financial crisis included poor implementation with regards to corporate governance and risk management, poor design of regulatory frameworks and weaknesses in risk assessment and reporting. ... The main trigger of the financial crisis was the collapse of the U.S. housing bubble that begun in the late 1990s and peaked in 20073. According to Bullard (2009), the rapid demand for housing and the resulting increase in prices can be attributed to rare low interest rates, fast income growth, improvements in the mortgage market and large capital influx. During the housing bubble, there was a rapid increase in the offering of nonprime mortgage loans especially those with unusual terms. According to research, there was a 40% increase of nonprime mortgage loans between the year 2001 and 20064. Most of these loans were given to consumers with poor credit histories, marginal down payments and other deficiencies precluding them from prime loans5. The rise in subprime lending was accompanied by a fast increase in the percentage of subprime loans that lenders sold to banks. Firms such as Fannie Mae and Freddie Mac played a crucial part in the development of lending, which they funded throu gh selling of bonds in the capital markets. Ultimately, Government Sponsored Enterprises that were tasked with policing mortgage originators and maintaining underwriting standards were forced to relax these standards in order to compete with private banks6. When the bubble burst and there was a sharp fall in house prices, most borrowers realized that their loans exceeded what their houses were worth. This resulted in the inability of most borrowers to refinance their mortgages ultimately creating the motivation for defaults. Due to this, loan defaults and foreclosures increase sharply as can be seen in Figure 1 Fig 1: The U.S. Housing Bubble7 The failure of the mortgage market was also accompanied by the explosion and subsequent collapse of shadow banking.