Understanding Point of View in Literature

When you read a story, have you ever thought about who is telling it? That component of story-telling is called the point of view (often abbreviated as POV) of a book is the method and perspective an author uses for conveying the story. Writers use point of view as a way to connect with the reader, and there are various ways in which a point of view can impact the experience of the reader. Read on to learn more about this aspect of storytelling and how it can enhance the emotional impact of the narrative.   First-Person POV A first-person point of view comes from the narrator of the story, which may be the  writer or the main character. The storyline will use  personal pronouns, like I and me,   and can sometimes sound a little bit like reading a personal journal or listening to someone talk. The narrator witnesses events first hand and expresses how it looks and feels from his or her experience. The first-person point of view can also be more than one person and will use we when referencing the group.   Check out this example from Huckleberry Finn - Toms most well now, and got his bullet around his neck on a watch-guard for a watch, and is always seeing what time it is, and so there aint nothing more to write about, and I am rotten glad of it, because if Id a knowed what a trouble it was to make a book I wouldnt a tackled it, and aint a-going to no more. Second Person POV A second person point of view is seldom used when it comes to novels, which makes sense if you think about it. In second person, the writer speaks directly to the reader. This would be awkward and confusing in that format! But, its popular in business writing, self-help articles and books, speeches, advertising and even song lyrics. If you are talking to someone about changing careers and giving advice for writing a resume, you might address the reader directly. In fact, this article is written in second person point of view.  Check out the introductory sentence of this article, which addresses the reader: When you read a story, have you ever thought about who is telling it?   Third Person POV The third person is the most common type of narration when it comes to novels. In this point of view, there is an external narrator who is telling the story. The narrator  will use pronouns like he or she or even they if they are talking about a group. The omniscient narrator provides an insight to the thoughts, feelings, and impressions of all the characters and events, not just one. We receive information from an all-knowing vantage point—and we even know what’s going on when nobody is around to experience it. But the narrator can also provide a more objective or dramatic point of view, in which we are told events and allowed to react and have feelings as an observer. In this format, we are not provided the emotions, we experience emotions, based on the events we read about. While this may sound impersonal, it is just the opposite. This is much like observing a film or a play—and we know how powerful that can be! Which point of view is best? When determining which of the three points of view to use, its important to consider what type of story youre writing. If youre telling a story from a personal perspective, such as that of your main character or of your own perspective, youll want to use the first person. This is the most intimate type of writing, as it is quite personal. If what youre writing about is more informational and is providing the reader with information or instructions, then second-person is best. This is great for cookbooks, self-help books, and educational articles, like this one! If you want to tell a story from a broader point of view, knowing everything about everyone, then the third person is the way to go.  Ã‚   The importance of point of view A well-executed point of view is a crucial foundation for any piece of writing. Naturally, the point of view provides the context and backstory you need for the audience to understand the scene, and helps your audience best see your characters and interpret the material in the way you intend. But what some writers dont always realize, is that a solid point of view can actually help drive the crafting of the story. When you take narration and point of view into account, you can decide what details need to be included (an omniscient narrator knows everything, but a first-person narrator is limited to just those experiences) and can bring inspiration for creating drama and emotion. All of which are crucial to creating a quality creative work.   Article edited  by  Stacy Jagodowski

The Roots Of The Industrial Revolution - 1131 Words

The roots of the industrial revolution started in Great Britain and Europe. There are many conditions and characteristics that attributed to the industrial revolution being born there. First, in the time leading up to the industrial revolution, when every other country was still using rudimentary agricultural techniques, the British were devising their own techniques to cheaply and more efficiently produce food. Next, The British had the upper hand leading to the industrial revolution because of their historic trade with other countries. Also, a huge plus for Britain was her natural resources, especially the abundance of coal and iron that were used in most products of the industrial revolution. Last, Britain’s effective central bank and established credit institutions combined with the protestant work ethic of the British people built a solid financial foundation for the beginning of the industrial revolution. The birth of the industrial revolution in Britain and Europe can be traced back to many attributing factors as to why it began and flourished in Britain rather than other countries, such as Germany and Belgium. First and foremost, the industrial revolution began in Great Britain and Europe because of Great Britain’s improvement in agriculture during the Eighteenth Century. Prior to the industrial revolution, British farmers were constantly looking for ways to improve the efficiency of their farms. This motivation led to the invention of devices such as theShow MoreRelatedJohn Beckett s The Glorious Revolution971 Words   |  4 PagesJohn Beckett mentions that â€Å"the Glorious Revolution† has been considered a historical event related to the political issues. The main target of this historical event was to create a commercial freedom in Europe. After this revolution was done, trade relations in Europe went up, and the Bill of Rights was also created in 1689. 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Capital structure free essay sample

Capital structure describes how a corporation has organized its capital—how it obtains the financial resources with which it operates its business. Businesses adopt various capital structures to meet both internal needs for capital and external requirements for returns on shareholders investments. As shown on its balance sheet, a companys capitalization is constructed from three basic blocks: Long-term debt. By standard accounting definition, long-term debt includes obligations that are not due to be repaid within the next 12 months. Such debt consists mostly of bonds or similar obligations, including a great variety of notes, capital lease obligations, and mortgage issues. Preferred stock. This represents an equity (ownership) interest in the corporation, but one with claims ahead of the common stock, and normally with no rights to share in the increased worth of a company if it grows. Common stockholders equity. This represents the underlying ownership. On the corporations books, it is made up of: (I) the nominal par or stated value assigned to the shares of outstanding stock; (2) the capital surplus or the amount above par value paid the company whenever it issues stock; and (3) the earned surplus (also called retained earnings), which consists of the portion of earnings a company retains after paying out dividends and similar distributions. Put another way, common stock equity is the net worth after all the liabilities (including long-term debt), as well as any preferred stock, are deducted from the total assets shown on the balance sheet. For investment analysis purposes, security analysts may use the companys market capitalization—the current market price times the number of common shares outstanding—as a measure of common stock equity. They consider this market-based figure a more realistic valuation. CHOOSING DEBT VERSUS EQUITY It should be noted that companies may operate without funded debt or, more frequently, without any preferred stock. By the very nature of corporate structure, however, they must have common stock and the related stockholders equity account—though, when the company fares badly, the equity can be a negative amount. In arranging a companys financial structure, management normally aims for the lowest feasible cost of capital; whereas an investor seeks the greatest possible return. While these desires can conflict, they are not necessarily incompatible, especially with equity investors. The cost of capital can be kept low and the opportunity for return on common stockholders equity can be enhanced through leverage—a high percentage of debt relative to common equity. But increased leverage carries with it increased risk. This is the inescapable trade off both management and investors must factor into their respective decisions. The leverage provided by debt financing is further enhanced because the interest that corporations pay is a tax-deductible expense, whereas dividends to both preferred and common stockholders must be paid with after-tax dollars. Thus, it is argued, the lower net cost of bond interest helps accrue more value for the common. But, of course, increased debt brings with it higher fixed costs that must be paid in good times and bad, and can severely limit a companys flexibility. The Financial Handbook, spells out four problems that tend to increase as leverage escalates: (1) a growing risk of bankruptcy; (2) lack of access to the capital markets during times of tight credit; (3) the need for management to concentrate on finances and raising additional capital at the expense of focusing on operations; (4) higher costs for whatever additional debt and preferred stock capital the company is able to raise. Aside from the unpleasantness involved, it is noted that each of these factors also entails tangible monetary costs. Still, because of its tax advantages and stability relative to equity capital (common stock), some finance theorists have argued that higher proportions of debt capital may be advantageous to corporations. Their advice is not always heeded, however. Although periodically companies use debt to buy back common shares, a practice that can improve stock performance, most large companies rely heavily on equity financing. The elusive optimal capital structure is that which minimizes the total cost of a corporations capital. While complex mathematical formulas abound for devising varying capital structures and projecting potential returns under a vast number of scenarios, there is no proven way to arrive at an optimal structure except, to some extent, by hindsight. In practice, there are no fixed rules on what represents an ideal capitalization. In any case, an appropriate capitalization must depend greatly on the nature of the business, prevailing economic and financial conditions, and sundry other shifting factors. There is a good body of research that suggests companies tend to employ debt under certain circumstances more than others. For example, a survey from the late 1980s reported that CFOs of major companies decided whether to use debt based on the nature and risks of the cash flows associated with the capital investment. Another mid-1990s study produced compatible findings. When diversifying into new lines of business, the study suggested, companies that are moving into related fields tend to use equity capital and those entering unrelated fields tend to use debt. Ownership structure is also an influence. Firms with a high degree of management ownership, for instance, are less likely to carry high levels of debt, as are corporations with significant institutional ownership. Regulated utilities represent a special case. Agencies and organizations acting as consumer advocates regularly argue that utilities should be held to an optimal capitalization standard—optimal invariably meaning a heavy layer of debt so as to permit a higher percentage of profits to flow to the common, thus reducing the need for rate increases. Utility management in its turn warns of the danger of too much debt and the need for a stronger equity cushion—a structure that will require more revenues (i. e. , higher rates) for the utility to earn its authorized rate of return. In earlier days, a debt-free structure was often considered a sign of strength and many industrial companies that were able to finance their growth with an all-common capitalization prided themselves on their clean balance sheet. Especially in the rapid expansion after World War II, however, the vast demand for capital and low interest rates—made even lower thanks to tax deductions—made debt financing increasingly attractive. Not only was the immediate demand on income relatively modest but since the interest requirement remained fixed, all future income growth financed by this debt capital would flow straight through to the common. Benjamin Graham and David Dodd, often considered the fathers of modern security analysis and noted for their advocacy of prudent investing, long ago pointed to the advantages of a sound but not excessive amount of debt in the corporate structure. In confronting the debt-free is best argument, they shrewdly asked how one could advise a conservative investor to buy good-quality bonds if the very act of issuing bonds implied that the company had taken a dangerous and unwise step? Graham and Dodd recommended: In most enterprises, a bond component no more than—[but] not too far below—the amount that careful financial institutions would be ready to lend †¦ would probably be in the interest of the owners. STRATEGIC LEVERAGE The leveraged buyout (LBO) stampede of the 1980s brought a new twist to the capitalization issue. Large corporations with conservative, low-debt capitalizations became especially vulnerable to capture. Corporate raiders with limited financial resources, had the ability to raise huge amounts of noninvestment-grade (junk) debt to swing the deals. The captured companies could then be dismembered and stripped of cash holdings so the raiders could pay down their borrowings; in short, the preys own assets were used to pay for its capture. As a takeover defense, many potential targets began to assume heavy debt themselves, often to finance an internal buyout by its own management. Again, success would often depend on the successful sale of major assets. The raiders make no apology for such actions. As described by Harvard professor Michael C. Jensen, they can purposely leverage the firm so highly (at times with current income insufficient to meet current interest requirements) so the company cannot continue to exist in its old form. But, he argued, this generates benefits. It creates the crisis to motivate cuts in [low-return] expansion programs and the sale of those divisions which are more valuable outside the firm. The problem with this theory, to some observers, is that it assumes any value tucked away by existing management is automatically fair game for distribution to stockholders—including those who move in for just that purpose—and makes no allowance for the companys long-term needs. As applied, the theory also made little distinction between good and bad management, but tended to brand the management of any targeted company as either inept or feathering-its-own-nest or both. Whatever the merits of the opposing arguments, the flood of LBOs brought with it an essentially new type of security—the junk bond, a bond rated as noninvestment grade or speculative. The position of junk bonds in a capital structure, from a legal and accounting standpoint, is clearly that of debt. It is usually subordinated to the claims of many other lenders, but ranks ahead of any equity holders. From the investors standpoint, if the bond portion of the portfolio is intended to represent a relatively safe anchor, with a dependable return on well-protected principal, it is important to stick to investment grade issues. For those willing to assume (and able to recognize) the increased risk, a holding of junk bonds, preferably a well-diversified selection, can be justified as part of the more speculative part of the portfolio.