The Working Principle of Milling Machines

The Working Principle of Milling Machines In previous chapter, the literature review piece and objective of present work has been discussed. This chapter introduces the speculative background of response surface methodology, introduction of milling machine, cutting principal, milling cutter taxonomy, machining parameters, chip thickness formation and milling machine parameters which influence the surface roughness 2.1 BACKGROUND As an central subject in the statistical design of experiments, the Response Surface Methodology (RSM) is a collection of mathematical and statistical techniques useful for the modeling and analysis of harms in which a response of interest is influenced by several variables and the objective is to optimize this response RSM also quantifies dealings among one or more measured responses and the vital input factors. The DOE++ software was used to develop the untried plan for RSM. The same software has also used to analyze the data collected. After analyzing each response, multiple response optimization technique have performed, either by inspection of the interpretation plots, or with the graphical and arithmetic tools provided for this purpose. It has mentioned previously that RSM designs also help in quantifying the dealings between one or more measured responses and the vital input factors. In order to determine if there stay alive a relationship between the factors and the response variables investigated, the data together must be analyzed in a statistically sound manner using regression. A regression is performed in order to describe the data unruffled whereby an observed, empirical variable (response) is approximated based on a functional bond between the estimated variable, yest and one or further regress or or input variable x1, x2,†¦, xi. The least square technique is being new to fit a model equation containing the said regressors or input variables by minimizing the residual error measured by the sum of s quare deviations between the actual and the probable responses. This involves the calculation of estimates for the regression coefficients, i.e., the coefficients of the representation variables including the intercept or constant term. The calculated coefficients or the model equation need to however be tested for statistical implication. 2.2 MILLING MACHINE 2.2.1 Introduction Milling machines was first invented and developed by Eli Whitney to mass construct interchangeable musket parts. Although makeshift, these machines assisted man in maintain exactness and uniformity while duplicating parts that can not be manufactured with the use of a file. Development and improvement of the milling machine and components continuous, which resulted in the manufacturing of heavier arbors and high speed steel and carbide cutters. These components allowed the operator to remove metal more rapidly, and with more accuracy, than prior machines. Variations of milling machines were also developed to perform special milling operations. During this era, computerized machines has been developed to alleviate error and provide better. Milling are perhaps the most versatile machining operation and most of the shapes can be generated by this action. Unlike turning, shaping and drilling tools, the milling tool possesses a large number of cutting edges. Milling is the process of machining flat, curved, or asymmetrical surfaces by feeding the work piece against a rotating cutter containing a integer of cutting edges. The milling machine consists basically of a motor driven spindle, was mounts and revolves the milling cutter, and a reciprocate regulating worktable, which mounts and feeds the work piece. Milling machines are basically classified as vertical or horizontal. These machines is also classified as knee-type, ram-type, manufacturing or bed type, and planer-type. Most milling machines has self-contained exciting drive motors, coolant systems, variable spindle speeds, and power operated table feeds. Milling machines play an significant role in most machine shops, machining metals to various shapes and sizes by means of a revolving cutting tool or tools having a number of cutting edges called teeth. Such tools has known as milling cutters or mills. In order to machine numerous configurations in a milling machine, man have developed various types of milling cutters to fit the necessary requirements. Most milling cutters has made of high speed steel; some employ the utilize of carbide teeth and inserts.[20] The working principle, employed in the metal removing operation on a milling machine, is that the work has rigidly clamped on the board of the machine, or held between centers, and revolving multi-teeth cutter mounted moreover on a spindle or an arbor. The cutter revolves at a fairly high speed and the work fed leisurely past the cutter as shown in figure. The work can be fed in a vertical, longitudinal or cross direction. As the work advances, the cutter-teeth do away with the metal from the work surface to produce the desired shape. [21] Figure2.1: Working Principle of milling operation [21] 2.2.2 Milling Cutter Nomenclature Figure 2.2 shows two views of a common milling cutter with its parts and angles acknowledged. These parts and angles are common to all types of cutters in some form. The pitch refers to the angular distance between like parts on the adjoining teeth. The pitch is unwavering by the number of teeth. The tooth face is the forward facing surface of the tooth which forms the cutting edge. The cutting edge can the angle on each tooth which performs the cutting. The land is the fine surface behind the cutting edge of each tooth. The rake angle is the viewpoint formed between the face of the tooth and the centerline of the cutter. The rake angle defines the cutting edge and provides a path for chips that have cut from the work piece. The primary clearance angle is the viewpoint of the land of each tooth, measured from a line tangent to the centerline of the cutter at the cutting edge. This angle prevents every one tooth from rubbing against the work piece after it makes its cut. The secondary go-ahead angle defines the land of each tooth and provides supplementary clearance for the passage of cutting oil and the chips. Figure 2.2: The two views of a common milling cutter with its parts and angles identified. [21] The hole diameter determines the size of arbor that is essential to mount the milling cutter. A keyway was present on all arbor-swelling cutters for locking the cutter to the arbor. Plain milling cutters that has more than 3/4 inch in width can usually made with spiral or helical teeth. A plain spiral-tooth milling cutter produces a better and smoother draw to a close, and requires less power to operate. A plain helix-tooth milling harvester is especially desirable where an jagged surface or one with holes in it have to be milled. The teeth of milling cutters are either right-hand or left-hand, viewed from the back of the machine. Right-hand milling cutters cut when rotate clockwise; left-hand milling cutters cut when rotated counterclockwise. Saw Teeth: Saw teeth are whichever straight or helical in the smaller size of plain milling cutters, metal slitting saw milling cutters, and closing stages milling cutters. The cutting edge is usually given about 5 ° primary clearance angle. Sometimes the teeth have provided with offset nicks which shatter up the chips and make coarser feeds promising. Formed Teeth: Formed teeth can usually specially made for machining unbalanced surfaces or profiles. The possible varieties of formed-tooth milling cutters are more or less unlimited. Convex, concave, and corner-rounding milling nail clippers are of this type. Inserted Teeth: Inserted teeth had blade of high-speed steel inserted and rigidly held in a blank of machine steel or cast iron. unlike manufacturers bring into play different methods of holding the blades in place. Inserted teeth are more cost-effective and convenient for large-size cutters because of their reasonable initial cost and because worn or broken blades has be replaced more easily and at less price tag 2.2.2.1 Recommended Angles for Milling Cutter The angle between the face and the land of the cutter tooth is called lip angle (ÃŽ ²).Its value depends upon the values of rake and relief angles. A larger lip angle ensures a brawny tooth. As such, the endeavor should be to keep it as large as practicable. This is particularly chief while milling harder metals and when deeper cuts to be employed. Cutters having helical teeth are made to contains a helix angle between 10- (degree) and 50- (degree) the recommended values of principal angles are given in the table [19] Table 2.1: Recommended Angles for Milling Cutter [21] Material Recommend values in degree Rake angle(degree) Relief angles(degrees) H.S.S Tools Stellite Tools Cemented carbides Cast iron(Soft) 10-15 6-8 3-6 4-7 Cast iron(Hard) 10 3-6 0-3 4-7 Mild steel 10-15 3-6 0-(-5) 3-5 Aluminum alloys 20-30 10-15 10-20 10-15 Brasses and Bronzes 10-12 5 2-3 10-15 Mg.alloys 20-30 15-20 15-20 10-12 2.2.3 Machining Parameters 2.2.3.1 Selection of Speed The approximate standards given in may be used as a guide for electing the proper cutting speed. If the operator finds that the machine, the milling cutter, or the work piece cannot be handle suitably at these speeds, instantaneous readjustments shouldcan be made. If carbon steel cutters have used; the speed should be about one-partially the recommended speed in the table. If carbide-tipped cutters are used, the speed could be doubled. If a bountiful supply of cutting oil is theoretical to the milling cutter and the work piece, speeds can be increased 50 to 100 percent. For roughing cuts, a moderate speed and coarse feed often give best results; for last cuts, the best practice is to reverse these conditions, by means of a higher speed and lighter feed. The formula for manipulative spindle speed in revolutions per minute is as follows: Where, Spindle speed (in revolutions per minute). Cutting speed of milling cutter. Diameter of milling cutter (in inches) 2.2.3.2 Selection of Feed The rate of feed, or the speed at which the work piece pass the cutter, determines the time obligatory for cutting a job. In selecting the feed, there are several factors which should be well thought-out are as follows: Forces are exerted against the work piece, the cutter, and their property devices during the cutting process. The force exerted varies directly with the amount of metal unconcerned and can be regulated by the feed and the depth of cut. Therefore, the wrong amount of feed and depth of cut have interrelated, and in turn are dependent upon the rigidity and power of the machine. The feed and depth of cut also depend upon the type of milling cutter being used. For example, deep cuts or foul-mouthed feeds should not be attempted when using a small diameter end milling cutter, as such an attempt would spring or break the cutter. Coarse cutters with muscular cutting teeth can be fed at a faster rate because the chips may be washed out more without problems by the cutting oil. The feed of the milling machine may be selected in inches per minute or millimeters per minute the milling feed has determined by multiplying the chip size (chip per tooth) desired, the integer of teeth on the cutter, and the revolutions per minute of the cutter. Example: the formula used to hit upon the work feed in inches per minute Where Feed rate in inches per minute Chip pert tooth Number of teeth per minute of the milling cutter Figure 2.3 shows the path of feed during the cutting operation. It is usually regarded as standard practice to feed the work piece against the milling cutter. When the piece is fed aligned with the milling cutter, the teeth cut under any weighing machine on the work piece surface and any backlash in the feed screw is taken up by the weakness of cut. As an exception to this recommendation, it is advisable to feed with the milling cutter, when cutting off accumulation, or when milling comparatively deep or long slots. The direction of cutter rotation had related to the behavior in which the work piece is held. The cutter should rotate so that the piece springs away from the cutter; then there will be no predisposition for the force of the cut to loosen the work piece. No milling cutter should be rotated toward the rear as this will break the teeth. Never revolutionize feeds while the cutter is rotating. Figure2.3 Direction of Feed during machining operation [21] 2.2.4 Chip Formation in Milling Operation The scheme of chip formation during plain milling using a straight cutter is explained in figure 2.4. The cutter has a diameter and the depth of cut provided by. When milling is done straight-edge cutter, the operation is orthogonal and the kinematics of chip formation is shown in figure 2.4. Since all the cutting edges take part in machining, a study of the process is facilitated by considering the action of only a single tooth. If is the feed velocity of the table in mm/min, the effective feed per tooth in mm will be, where is the cutter rpm and is the number of teeth in cutter. The material removal rate per unit width of the job is given by. It is clearly seen from figure that the thickness of the uncut material in front of cutting edge increases gradually, reaching a maximum near the surface and again drops to zero quickly. If the feed velocity is small as compared with the circumferential velocity of the cutter, then Figure 2.4: Details of chip formation [22] Where is the angle included by the contact arc at the cutter center O in radians. Now, considering the triangle OAT, we have Hence, Neglecting the higher order terms in as it is normally very small. Using this value of in the expression of the maximum uncut thickness, we get It is obvious that when cutting with a straight cutter, there is no component of the cutting force along the straight cutter axis. The average uncut thickness can be taken as half of the maximum value. Thus, From the above equation show that when the depth of cut increases, the chip thickness increases so that increases the cutting resistance and the amplitude of vibrations. As a result, cutting temperature also rises. Therefore, it is expected that surface quality will deteriorate. When the feed rate increases, the chip thickness increases so that increases in cutting force and vibration. 2.3 SURFACE ROUGHNESS PARAMETERS Surface roughness is an chief factor when dealing with issues such as friction, lubrication, and wear. It also have a major impact on application involving thermal or electrical confrontation, fluid dynamics, noise and vibration control, dimensional tolerance, and abrasive processes, among others. The resultant roughness fashioned by a machining process can be thought of as the amalgamation of two independent quantities Ideal roughness: Ideal surface roughness was a function of feed and geometry of the tool. It represents the best promising finish which can be obtained for a given tool shape and feed. It can be achieved only if the built-up-edge, chatter and inaccuracies in the machine tool activities are eliminated completely. For a sharp tool without nose radius, the maximum height of disproportion is given by Rmax = f/(cot φ + cot ÃŽ ²) Here f is feed rate, φ is major cutting edge angle and ÃŽ ² is the inconsequential cutting edge angle. The surface roughness assessment is given by Ra = Rmax/4 Idealized model of surface roughness have been without a doubt shown in Figure 2. 5. Practical cutting tools was usually provided with a rounded corner, and figure shows the surface produced by such a tool under ideal conditions. It can be shown that the roughness assessment is personally related to the feed and corner radius by the following expression: Ra=0.0321 f 2/r Where, r is the corner radius. Figure 2.5: Idealized Model of Surface Roughness [20] Natural roughness: In practice, it is not usually possible to achieve environment such as those described above, and normally the natural surface roughness forms a outsized proportion of the actual roughness. One of the main factors causative to natural roughness is the occurrence of a built-up edge and vibration of the machine tool. Thus, superior the built up edge, the rougher would be the surface produced, and factors tending to reduce chip-tool friction and to eradicate or reduce the built-up edge would give improved surface finish. The Principal fundamentals of surfaces are as follows: Surface: The surface of an object is the boundary which separate that object from another substance. Its shape and extent has usually defined by a drawing or descriptive specifications. Profile: It is the form of any specified section through a surface. Roughness: It was defined as closely spaced, irregular deviations on a scale smaller than that of waviness. Roughness may be superimposed on waviness. Roughness is uttered in terms of its height, its width, and its distance on the surface along which it is precise Waviness: It is a recurrent deviation from a flat surface, much like impression on the surface of water. It is measured and described in terms of the freedom between adjacent crests of the waves (waviness width) and height between the crests and valleys of the impression (waviness height). Waviness can be caused by Deflections are tools, dies, or the work piece, Forces or temperature sufficient to cause warp, Un flush lubrication, Vibration Any intermittent mechanical or thermal variations in the system during Manufacturing operations. Flaws: Flaws, or defects, are random irregularities, such as scratches, crack, holes, depressions, seams, moan, or inclusions as shown in Figure 2.5 Lay: Lay or directionality is the direction of the predominant surface pattern and was usually noticeable to the naked eye. Lay direction have been shown in Figure 2.5 Figure 2.6 Surface Characteristics [20] 2. 3.1 Factors Affecting the Surface Finish Whenever two machined surfaces come in make contact with with one another the quality of the mating parts the stage an important role in the performance and wear of the mating parts. The height, shape, arrangement and track of these surface irregularity on the work piece depend upon a number of factors such as: The machining variables which affect the surface roughness has spiteful speed, feed and depth of cut. The factors of tool geometry which affect to achieve surface draw to a close are nose radius, rake angle, side cutting edge position, cutting edge Work piece and tool material combination and their mechanical property Quality and type of the machine tool new Auxiliary tooling, and lubricant second-hand Vibrations connecting the work piece, machine tool and cutting tool. 2.3.2 Factors Influencing Surface Roughness in Milling Machine The various factors which influence surface roughness of work piece in the milling machine are: Depth of cut: escalating the depth of cut increases the cutting resistance and the amplitude of vibrations. As a result, cutting temperature also rises. Therefore, it has expected that surface eminence will deteriorate. Feed: Experiments show that as feed rate increase surface roughness also increases due to the increase have cutting force and vibration. Cutting speed: It is found that an increase of cutting speed generally improves surface eminence. Engagement of the cutting tool: This factor acts in the same way as the distance downward of cut. Cutting tool wears: The irregularities of the cutting edge due to wear are reproduce on the machined surface. Apart from that, as tool wear increases, other dynamic phenomena such as unwarranted vibrations will occur, thus further deteriorating surface quality. 2.4 CONCLUDING REMARKS In this chapter, the working principal of milling machine is presented. The categorization of milling cutter with its parts and angles are presented. Machining parameters which affect the surface roughness, chip thickness formation and factors influence surface roughness in milling machine are also presented in this chapter.

Marx’s Theory of Alienation

Sociology Essay – Assessment 1 Q. Outline and assess Marx’s concept of Alienation Alienation, a concept that became widely known during the 19th and 20th century has been looked at extensively by a number of leading theorists. Theorists such as Georg Hegel first used the idea of alienation as a philosophic idea, but his work was later grasped upon by theorists known as Ludwig Feuerbach and more importantly Karl Marx. The world till now has been witness to a change in different social structures and forms in which society operates. We as human beings must ask, what purpose do we serve within society?What means do we have to sustain an effective or prosperous way of living? Marx believed we have been through different economic stages and ownership of the things we need to live, beginning with the times of the ancient to feudalism (land granted from the crown) to now where we have arrived at capitalism (private ownership). He saw this as historical stages of development wh ere each stage has the characteristics of a system of production and division of labour, forms of property ownership and a system of class relations (Morrison,K. 1995:40).This brought forward Marx’s idea of historical materialism which centred on how to interpret the history of mankind and the development of one stage of society to the next. In turn it looks for reasons for changes in human society and how humans together produced the necessary requirements to live. In relation to historical materialism there was another idea of dialectal materialism. This was a term used by Marx to study natural phenomena, the evolution of society and human thought itself as a process of development which rests upon motion and contradiction (Clapp,R: Acc 10/11/2012).Marx further explains historical and dialectical materialism which will be looked at further in the essay. By understanding how humans produce the necessities to live (historical materialism) and how a way of reasoning helps us t o see the growth in efficiency of economic orders where in turn they develop contradictions and weaknesses (dialectical materialism), we can begin to look at the idea of alienation and how it exists through expanding economic orders according to Marx. Alienation can be described as an idea where humans are dominated by forces of their own creation, which pose as ‘alien powers’ (Coser: 1977 Acc. 0/11/2012). It is seen that we are subject to psychological or emotional separation from the things we produce and the surplus value that is gained, all be it in the control of private owners in a capitalist climate. There are different ways in which we are separated from these factors. They are the worker from the product of labour, the actual activity of labour, members of society and from our ‘species being’. However both the worker and capitalist suffer forms of alienation which will be discussed further.The purpose of this essay is to outline and assess Marxâ₠¬â„¢s theory of alienation where many forms of separation occur and how different members of society suffer from it, as well as taking into account how historical and dialectical ideas help to give a background to it. Karl Marx who was born in 1818 in Germany was considered as an unconventional theorist. His reputation for being a political economist, philosopher, revolutionary and founder of Communism did not bring people to the typical image of a sociologist.Marx was a strong believer in the materialistic understanding of factors such as social change, class conflict, labour and the organisation of production. He put forward some notions that would help him identify the materialist perspective. So what does historical materialism tell us about history? When using this idea to analyse society we are always looking at the economic base or structure of it. In order for society to live in this sense, we must be able to produce the necessities like food, shelter and clothing in order t o do so. The act of production is one of the principle requirements to satisfy human economic needs.Marx also made a comparison of humans to animals where we as humans produce the means to satisfy our primary material needs. For this reason humans are different from animals because humans need to produce the means for survival and when done, they build an active conscious with nature in order to do so (Morrison, K. 1995:40). Another point was that the way humans produce depends on what is already there in nature and what they must to survive. If this is the case then how they exist and how they live will run parallel to what they produce and how they produce. Historical materialism was given a number of main concepts to look at.These were the means of production (necessitates for survival), relations of production (the link between producers and non-producers of physical labour) and the mode of production (changing the way of making a living). By taking these points into account we can see how an economic structure has been formed over different periods of time and how historical materialism helps to look at social processes of human economic work and how it will help give a background to the theory of alienation. Historical materialism serves a link to the dialectical way of thinking as Marx was the first person to merge materialism and dialectics together.The dialectics was a way of thinking to understand the world. Marx was mainly influenced by the theorist Hegel in his younger days, he was a pioneer in understanding philosophic logic through his process of dialectic. This involved looking at natural phenomena, the evolution of society and thought through motion and contradiction with a direct challenge to formal logic. Marx seen that the contradictions and oppositions were paramount to the whole analysis. For example in using dialectics imagine there is tension for a nurse trying to accommodate a client but at the same time we know she is trying to bring c hange for the client.Using this small scale example in the greater picture we can see that dialectics accepts reality as a set of opposing forces which exist at the same time (Estefan,A:2002 Acc 10/11/2012). Moreover by understanding historical and dialectical materialism in nature, society or economy we are able to understand how through different economic periods it gives a background to Marx’s theory of alienation. As we discuss alienation by Marx we first need to analyse the environment he sees it in. Capitalism is an economic system, whereby ownership of factories, materials and machinery for production is the property of private individuals.The term alienation relates to the specific levels of separation that are seen through the production and increasing surplus value by workers. Marx had this idea that private property is the ‘material summary expression’ of estranged labour. Marx highlighted that labour power had a major value where the use of it by the capitalist was turned into surplus value. This labour is something that cannot be similar to work because it has a social relationship that can only identify with capitalism. What he is trying to say is that during the production of goods, physical effort (work) is changed into labour.With an increasing industrial demand for production workers are subject to exploitation, where they are required to work harder to meet demand but still for a wage not in proportion to the work carried out. The wage that the workers receive will fluctuate but will not be in proportion with the increase in productivity, the increased input turns into surplus value in which the capitalist owner takes in the form of profit. The relationship between the productivity of workers and the production of surplus value is therefore the more wealth he produces the less he will expect to see back or he will become all the poorer (Calhoun, Craig. 002). This shows us that an object which the worker produces becomes m ore distant from him as the bond created between the product and worker is lost, knowing that it will be owned or disposed of by another, the capitalist. In turn, the object that the worker has put a part of his life into stands against him as something alien. In all societies people use skills that have been gained over time to produce goods that they need to live, exchange or sell. This is not the case in a capitalist environment because ‘‘the worker cannot use the things he produces to keep alive or to engage in further productive activity†¦The worker needs, no matter how desperate, do not give him a license to lay hands on what these same hands have produced, for all his products are the property of another’’ (B Ollman, Alienation, Cambridge University Press, 1996, p143). This form of separation was highlighted by Marx as separation of the worker from the product of labour. He identified other main levels of separation within the idea of alienation . These consist of separation from the act of labour, from fellow members of society and from species being.When looking at separation from the activity of labour we mean that the worker is alienated by the lack of control in the process of production. This drainage of control completely restricts on how the worker can carry out his work. He is limited to a systematic process so the input of creativity almost becomes nothing as the worker would need to follow restrictions. With lack of input in the activity of labour, it would seem that an increased division of labour from the process would become more existent. For example in a car factory there would be a line to assemble a car together which consists of many different parts.With little say in the process the worker may be restricted to assembling only the tyres on the car. The activity would be a repetitive process and would separate the worker from the rest of the production line and in essence from his natural being as his pote ntial is not being utilised. A third aspect of alienation is that man is a species-being. Marx argues that humans come across as social animals where he states ‘man makes his life activity itself the object of his will and of his consciousness. He has conscious life activity.It is not a determination with which he directly merges. Conscious life activity distinguishes man immediately from animal life activity. It is just because of this he is a specious-being’ (Calhoun, Craig. 2002. 38). What Marx is saying here is that we as humans have the ability to consciously interact with the world around us and it is in our character to do so. Also, the main thing that separates us from the animal world is that we know who we are and have a personal conscious of our self with a kind of relation to the natural world.In terms of capitalist relations of production when our labour is used, we are displaced from our species being as it turns labour into a physical act. We are effectiv ely revoked from what nature has favoured us for over animal life. Also, by converting conscious being into physical being it makes human labour like the labour of animals (Morrison, K. 1995. 96). With this kind of alienation by being taken from our specious being we become creatures of physical activity all in tandem with the drive for profit for the capitalist owner.However under capitalism the development of production methods results in specialised division of labour which with some difference can increase society’s ability to produce, but the benefits in turn will flow in the favour the few private owners. The fourth factor of alienation that Marx brought forward is that from fellow humans and from our human social community. Those who live in a capitalist society are separated from fellow members as a class structure becomes evident.There is a structure of those who work and those who exploit the workers so for this reason Marx feels we are alienated from fellow members . Those in the capitalist society are only partially connected by the way of the market. In the market members will come to buy and sell goods that they produce or sell so by looking at it this way individuals are not connected properly but as separated representatives of different relations of production in competition with each other. We can then see the different forms of alienation that Marx sees existent in a capitalist society.The theory of alienation has taken many forms and laid down many points, but it may be important to consider a few criticisms that may exist within it. By looking at it from a modern perspective, some may consider that the concept is not fully defined in the sense that working for someone else or above with free movement is difficult. A main feature of Capitalism is that property rights and freedom of contract is what strengthens it. In a contract of employment if a worker is not satisfied with a job then it is possible for them to leave with notice and look for work elsewhere or even start up their own business.This level of autonomy in decision making is what one may argue shines light on capitalism. The government may play a role in alienating the capitalist owner as it may be through legislation that they need to follow specific rules. In turn it will filter through to the worker and that feeling of degradation may be situated elsewhere. In defence of the private owners the hate feeling of workers may point at the wrong direction when it is other factors that have contributed to their change.For example in 1912 employees went on strike from a textile factory in Massachusetts, U. S. A when owners reduced wages due to the reduction of working hours by the state from 56 to 54 hours. As the root of the change was the state, it should be them that are targeted not the owner. Marx’s theory of alienation therefore contests that in modern industrial production under a capitalist system workers will eventually lose control of the ir lives by the overwhelming conditions they are faced with at work.Through the different degrees of separation be it from the product of labour, the activity of labour, from species being or from fellow members of society Marx attempts to show that under the conditions of modern factory production the average worker is just like a cog in a machine where it is continuously worked and replaced by swarms of other parts. The new workers perform repetitive tasks which are closely under watch and with them they don’t have control over production, the products of labour and relations with each other. As a result the worker is taken away from his human nature.Overall, the role and conditions for the labourer has changed through time along with the changes in economic systems. Word Count: 2,475 Bibliography (B Ollman, Alienation, Cambridge University Press, 1996, p143) * (B Ollman, Alienation, Cambridge University Press, 1996, p143) Calhoun, Craig. (2002). Economic and Philosophic Ma nuscripts of 1844. In: Classical Sociological Theory. Massachusetts: Blackwell. 35. * (Calhoun, Craig. 2002. 35) * (Calhoun, Craig. 2002. 38) Coser. (1977:50-53) Alienation. Available: http://www. cf. ac. uk/socsi/undergraduate/introsoc/marx7. html. Last accessed 10/11/2012. (Coser: 1977 Acc. 10/11/2012) Clapp, R. An Introduction to Dialectical Materialism. Available: http://www. marxism. org. uk/pack/dialetics. html. Last accessed 10/11/2012. * (Clapp,R: Acc 10/11/2012) Estefan, A. (2002). Dialectical Thinking. Available: http://www. palgrave. com/nursinghealth/mcallister/suggestions_thinking/example%20of%20teaching%20dialectical%20thinking. htm. Last accessed 10/11/2012. * (Estefan,A:2002 Acc 10/11/2012) Morrison, K. (1995). Laws of Historical development. In: Morrison, K Formations of Modern Social Thought. London: SAGE. 40. * (Morrison, K. 1995. 40) * (Morrison, K. 1995. 96)

Guidelines For A Beginner To Investing Finance Essay - Free Essay Example

Sample details Pages: 16 Words: 4836 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? Here are some guidelines for that beginner who interest to invest in gold. Gold is hot topic for investment recently. Gold is stated as safer for investment. The gold possess some rare features which are gold could as a medium of exchange, as a store of wealth to increase and store of its power. Normally, people will use the gold to store of wealth because the value of gold is always maintained stable. It also could against any change of depreciation of paper money. Don’t waste time! Our writers will create an original "Guidelines For A Beginner To Investing Finance Essay" essay for you Create order According the history of gold, gold is very stable asset even there is any others assets could replace of it. The attractiveness of gold is related in several aspects such as macroeconomic, geopolitical, monetary and systemic risk that cause the global financial system and economy. Gold is a successful and profitability investment due to its diversification and management of risk. The pyramid I below has shown the level of risk investment where the pyramid II has shown the instrument used to invest.[1]Based on the pyramid I, the level risk of investment start from the bottom which is Foundation to the top which is Speculation. Thus, a healthy portfolio consist a wide range of assets including a series of equities with appeal to variety market, different countries, different view of risk conscious is important to be considered. In these uncertain times, caution and risk consciousness is crucially important and counterparty and systemic risk should be considered. The more important thing is to determine what amount of each asset class to have and to own assets that will whether the onslaught of inflation, deflation, stagflation and even hyperinflation. Some exposure to gold should be included in all diversified portfolios. A good rule of thumb would be minimum allocation relevant to the gold investment. Once there is a motive to push you to buy any investment like gold, and you have decided which form you are going to buy, there are several roles that your wish to portray. Are you a speculator, investor or saver? Do you wish to take a short term speculative position in gold? Are you investing for the short, medium or long term? Or are you diversifying, saving or using as a form of financial insurance? Gold Investment Pyramid The ascending order of the gold risk is insurance, investment/ saving, investment and speculation. If there any investors are seeking for the portfolio investment project, they could consider invest in gold. It is undeniable that gold has a long-term store of value, is an asset of last resort, is a highly liquid and is a good way to diversify your assets. One of the functions of gold could be stated as store of value because it fulfills all of the function of money. As we all know, there are four functions of money which are medium of exchange, standard of value, store of value, and source of liquidity. Money is portable, divisible, and indestructible, easily recognizes and always accepted a s form of payment. While any fluctuation of currency, gold withstand inflation and market fluctuation. It is a secure aspect of any investment portfolio. In addition, the price of gold is not affected by the companys profit unlike stocks and bonds. However, it is rely on the supply and demand, the rate of US dollar, inflation and interest rates. There is negative relationship between the price of gold and the price of stocks and bonds. When the market bottom out, gold generally increase in value, thereby stabilizing the investment portfolio. Normally, government or banks will hold physical gold to limit their losses in paper asset. In addition, household investors should also consider using a same successful hedge tactic to protect their own portfolios. Risk of gold There is no possible of any investment does not contain any risk. Basically, the point of views of investors is the concept of high risk high return. Risk averse of an investor will take low risk and low return investment, while the risk taker of investor will take high risk high return investment. Different investor has different degree of acceptance of the risk. There is no doubt that the financial instruments have 3 main types of risk which are credit risk, liquidity risk and market risk.[2]Each of risk will affect the return of the investment. Credit risk is the risk that the possibility of debtor unable to cover required financial obligation. Next, the liquidity risk is the risk that the cash needed in shock and wish to sell the asset as soon as possible to convert the cash, but the buyer cannot be found. Last but not least is the market risk is the risk that the change of prices as a result from the uncertain situation or fluctuation of the economic environment. Risk is unpredictable in sometime. Investors may unable to predict what kind of the risk will meet due to the uncertain environment. For any investors who are interested in the investment in gold, there is a risk consideration that investors should understand. According to the guideline from Public bank, the returns on the GIA are subject to movements of international gold price and US dollar foreign exchange. Capital loss may incur as a result of untimely disposal of gold holdings under a depressed gold price. Apart from that, there is a warning from Public bank which is the return of gold investment account are subject to the gold price fluctuation and US dollar foreign exchange. The customer is remained that this product is not insured by Perbadanan Insurance deposit Malaysia. Gold does not have any credit risk because it is unique. Nobody will carry gold as a liability. It is because coupon and redemption payment will not be made, so it is no risk for gold. However, the bond, or the firm will go out of business, as for equity. In addition, effect of economic policies of the issuing country or undermined by inflation in the country will not bring any harmful or influence toward the value of gold. Apart from that, liquidity risk of gold is quite low as a result from 24 hours trading business hour. The transaction of gold among the world is conducted by 24 hours basis. It is because certain country may close the transaction while others country just only start the business transaction. The buyer of gold are comes from anywhere. For instance, jewellery field contains a lot of buyer to financial institutions, plenty of investment ways cater to the buyer like coins and bars, jewellery, future and options, exchange-traded funds, certificated and structured produ ct. In the fact, the transaction of the gold is dealing at not such big area to spreads and more rapidly than many competing diversifiers or even mainstream investment. Thus the gold market is deep and liquid. According to experience of the 1990s, it shows the gold price declined sharply. It is clearly represent that the gold is subject to market risk from the experience 1990s. The risk related to the gold price is totally different with other risk of asset. The reason of the golds attractiveness is portfolio diversifier. Investors no doubt wish to maximize the return and minimize the risk. In order to minimize the risk, many investors are seeking to receive more effective diversification in their portfolios by choosing the best alternative investment. Gold has strong return because it is not associated with other assets. The data below had shown the 5 year correlation of weekly returns on key assets classes and golf (USD), to June 2009. Source : Bloomberg, World Gold Council Since the gold attractiveness which is portfolio diversified, there is more and more banks agreement on gold. For instances, European central banks renew CBGA and stated that gold remains an important element of global monetary reserves. Except gold, other bonds or securities will be influenced by the pressure on the health government and corporate sector during the economic recession. Measurement for market risk is volatility. Volatility does not measure the direction of prices changes, merely their dispersion. The more volatile an asset lead to the riskier of the asset. However, the gold price is normally less volatile because of the depth and liquidity of the gold market which are supported by the availability of large above-ground stocks of gold. According to Money week magazine research, each type of gold has different risk consideration, cost, delivery and so forth. Now, let us take a look for each type golds risk, consideration, cost, delivery and so forth. Source : Money week- UKs Best selling Financial Magazine Gold investment advice Before going to make any investment, investors should do some research pertaining to what kind of investment the investors are going to invest, when is the right for investors to put the money in, How much investment amount should put in, and so forth. Investors should seek every aspect pertaining to the investment that investors want to invest. Thus, investors have an opportunity to look overall situation at different investment opportunities that are being suitable for investor. Confidence in traditional investment vehicles such pensions and equities as seen better days and many investors are still licking their wounds after the dotcom crash that has overshadowed investment markets since beginning of the decade( UK investment advice).[3]However, over-confidence by the investors will lead to investment failure. It is because some investors may over-confidence in certain investment especially the investment consists low risk, then the investment will show hand and put all the asset of themselves into a basket of investment. Actually, this kind of behavior is wrong and make harmful for the investors. Normally, the investment adviser will advise the investor cannot to do it so, but the intense of the investors insist to do. Consequently, the investors may loss everything. So, investors nowadays ought to learn from this lesson. However, nowadays investors are far conscious of the need for low risk investments that bring solid growth in the long term compare to th e higher risk assets.[4]According to the World Gold Council, the gold investment demand predicted to increase. The gold investment demand was higher than that for gold jewellery until the later 1960s and predicted an uptick in both in 2010 as investors flock to precious metal as a safe haven vehicle and the jewellery sector recovers (Globe and Mail, Martin Murenbeeled, chief economist). Therefore, it could possible attract many investors to invest or hold or buy the gold. 5There are some tips and advice for the investors as a guideline before they are going to invest in certain investment. First, the investors have to take a look from the reputable publication such as Business Week or Fortune. In practice, these kinds of publications provide point of view by certain famous economist or news of the gold investment market regularly. No doubt, these kind of publication possess a good name in several aspect of fields. 6Next, investors could look for some information from the journalists that work under the reputable publications. In addition, these publications will set up a QA site for people to ask the question. So the investors could post their queries on there about the gold investment. However, if the investors feel unsure or unsecure about the information that has been provided, investors could directly make call to them for getting further detail about the gold investment. Not only is the journalist from the pubilication, there also some journalists from the professional financial. In this kind of journalists, they will always update the information about market as it stands, and give accurate information on which best alternative chance for investor to make the investment. Advice for the investors is tried to look for the high quality newspaper or journalist in order to obtain more accurate information. It is no doubt that investors could find the clues or hints or tips from the international markets. The international markets will exhibits the news pertain the currently situation to the general field of gold trading. However, investor could not rely on the domestic market since it is affected by the localized issue. As we mentioned, the value of gold will not affected the issue of the political and economic downturn. No matter how fluctuation about the political event, the value of gold does share with it. Therefore, investors have to see through overall sectors that might cater any information for decision making. Moreover, overall prices of gold investment could be determined by the general economic situation in investors country. Investors should always get ready when there is any economic turn bad. It is because it might impact on the reaction of the gold market. Thus, investors ought to get ready against any change in investment and preparation of ways in order to minimize the loss. This preparation could be stated as Prevention is better than cure. In addition, some investors may get the gold market information from the media. Obviously, the report from media will more abstract sometime. Investors might misunderstand the information from the media. Apart from that, sometime the media disclose the information of gold with too optimistic or too pessimistic. Thus, the investors should not totally trust the information from the media. Investors should have the ability to analyze the every information that the investors obtain. Investors should more understand the every concept that might trigger any changes to the market before the investors entirely depend on the information from media for decision making. Therefore, it could reduce the possibility failure of the gold investment. There are some avoided actions that investors should take note. Investors do not listen to the myths that what it had figure out pertain to the investment. Investors must have the ability to distinguish the wrong or right information. Investors could not entirely rely on the belief of society. It might influence the decision making of the investors. Anyone could own the gold investment as the asset as long as they have the inclinations and drive to participate in the market. Normally, gold is split into smaller and traded at lower prices which that the investor could expect out if they compliance the mythical claims. Once the investors decide to hold the gold investment, there is no reason for the investors not join in the market. Besides that, investors do not make up the facts as they have gone through. Investors should make the gold investment follow the sound factual information. This can be very costly investment and therefore the investors have to ensure that they are ready to against the truth from the unexpected happening rather than speculation like gambling. It is better to get sound gold investment advice before proceed any further. Investors could get the information from the individual trader. Individual trader may provide some useful information because their job always related to the gold investment. Individual trader basically provides the information pertain to the investment of gold that may trigger any change on the market. Indeed, investors should not entirely trust on their information because individual trader might be working with the self-interest that is not immediately obvious. Some investors will invest in gold investment because of their family. They hear from their family member talks about how good of a certain investment. Actually, investors should not listen up the prediction of the family because they are not professional about the investment. Even their prediction or information might be wrong. So reliability the information from the family is low. However, if they are speaking from the experience then investors might listen it and seek for evidence whether the information from their experience is right or wrong. It is no doubt that it might be the individual tips or clues from them. So investors could make it as a reference, but not totally rely on. Some investors might use the fund from the pension to do the investment. Pension fund will you some advice. Pension fund manager might advice you to invest in gold in order to expand the potential of your portfolio. They are possible receive the bad risk when they take part in the process and disagree the decision had been made. You should keep contact with the pension fund manger if you are really interest invest in gold investment. 7Those investors who really interest invest in gold investment; they could seek help from the banks. Banks could always give the actual information and advice for the investors in anytime. Even banks will set out a special site for any investors need the consultation on the investment. Thus, bank will provide recommendation which gold product should investment. Investors need to be forefront of such efforts if investors are given the right to seek for any golden chance in variety aspect of investment. In fact investors are possible to have higher standards from the bank advisers. If anyone of the investor is consolidated with others, they could give the advisable to each other this is showing the mercy to the partner. Any objection from the majority rule, then the suggestion should be amended or delay it to operate. If lucky, the decision of any investment will be proved and follow what propose have been made. The internet is a rich source in gold investment opportunities for sure. Investor could find our as many as possible they want. No doubt, some of the information could be made by some fake investment advice. Even, not all the information provided in the internet are totally right. However, investor still be advised to seek the information as much as possible in order to fulfill the need before making decision. Determinants of Gold price What are the factors cause the price of gold to change?[8]Based on the research from the World Gold Council Document, it exhibits that the gold price is determined by two sets of the factors which are supply and macro-economic factors. It is indirectly correlation between supply and price of gold. According to World Gold Council Documents economic study, the available supply of gold in the market is made up of three major above-ground sources. First, reclaimed scrap or gold reclaimed from jewellery and other industries such as electronic and dentistry; Second, official, or central bank, sales; Third, gold loan made to the market from official gold reserves for borrowing and lending purposes. However, US dollar is also negative relationship with the price of gold in term of the macro-economic factors, when inflation and gold tend to move in tandem with each other. Indeed, higher real interest rates are generally negative factors for gold. No one could deny that the value of the gold is very hard to determine because there is no underlying cash flow.[9]According to private investors Mr. Adam Katz, he has done studies about applying the P/E concept to Gold. He looked at the money supply to determine the future gold price. He has used the TMS model which is M1, M2, MZM, or True Money Supply to indicate the relationship between the money supply and the factors of gold price. Based on the analysis from Mr. Adam Ktaz, gold is the leading indicator for money supply; not the other way around. In 1980s, the True Money supply grew higher the value of gold price. If the premium of gold price higher than TMS as result of the increase money supply in future. This also intervenes that increase in the money supply could arise without gold requirement increasing in value. Besides that, price of gold could be increased if the demand of gold shock increases. From the advice by Mr. Adam Ktaz, investors should find a best alternative approach to play the rising money supply. Treasuries and real estate have external risks outside of the money supply. Apart from that, Federal could reduce the excess liquidity. Therefore, gold can move significantly lower as expectations of money supply increase diminish. Let proceed further pertaining to the relationship between gold and money supply.[10]There is evidence that the gold is an asset that has low correlation to most financial assets, both in expansionary and recessionary periods. This could be explained by the behavior of gold over the short-run or long-run. In a global context, effect of the money supply could influence on the performance of gold. For instance, there is an inversely relationship between dollar and the gold. It is shown that the gold is a better asset to invest than other assets like stocks and the bonds in times when inflation happens. Basically, the money supply is controlled and fixed by the central bank. Central bank uses the expansionary monetary policy when recessions occur. Central bank will lower the reserve ratio or lower the discount rate or increase the reserve auction in order to increase the excess reserves for the commercial banks. Thus, commercial banks will have more excess reserves make loan to the cust omer. In addition, this action will lead to the federal fund rate decrease. Even increase the money supply in the public, thus the interest rate fall linkage to the investment spending increase. Therefore, the aggregate demand of the country will increase. Ended up, the real GDP of the country will increase which mean that the expansionary monetary policy upward the pressure of the investment spending to improve the economic growth. Conversely, when inflation arises; Central bank would use the restrictive monetary policy to reduce the money supply in the public. Federal sells the bonds to increase the reserve ratio, increase the discount rate or decrease reserve auctions. This policy will cause the excess reserves decrease, thus commercial banks have less amount to loan out for customers. At the same time, the federal funds rate will increase linkage to the money supply falls. After that, the interest rate will raise as a result the investment spending decrease. At the end, the aggr egate demand decrease and the inflation decline. In conclusion, there is a directly relationship between money supply and gold can exist in either case. How could be say that? As mentioned earlier, increase the money supply will boost the economic growth because the interest rate fall stimulate the many investors more willing to do the investment including in gold investment. Nevertheless, as excess money enters the system and the economy remains stagnant, investors will seek for the investment is less risky in order to protect their wealth such gold. According the World Gold Councils report, there is evidence that money supply growth has an impact on future gold performance. 11There is some information about the determinant of gold price given by Mr. Zoher Doctor. He is a financial Planner. According to Mr.Zoher, the total gold supply to the market in each period from extraction is directly correlation with the lagged gold price. However, there is an inversely relationship between the movement of Dollar with the price of gold. All the determinant of price of gold should be seriously consider when the investors need to do some predict in the gold price. The table above show that determinants of price of gold. The gold of supply occupies the higher percentage influence the price of gold with 50%. The US dollar is second largest factor follow by the gold supply impact on the gold price. It is because the returns on the gold are subject to the movements of international gold price and US dollar foreign exchange. Determinants of the price of gold in terms of the Short-run and Long-run Here are some analysis pertaining to the price of gold in the long run period.[12]According to the Eric J.Levin and Roert E. Wright, there are three posibles results to identical the determinant of gold price in the long run. First, the relationship between price of gold and the US price level is belong to the long term status. Second, the movement of price of gold and the US price level are move together in a statistically important long run relationship. It mean that the increase of US price level with 1 percent , the price of gold will follow to increase with 1 percent. In addition, it exhibit the gold is a long-term hedge against inflation. Third, long term relationship could be triggered from a wake of a shock., there is a slow revrsion back toward it. Based on the reseach from Eric J.Levin andRoert E.Wright, the estimate of error correction term is -0.019, which implies that each months error is about 2 per cent smaller than the previous month. In effect, in the aftermath of a shock, it typcaly takes around five year to eliminate two-thirds of the deviation from the long-term relationship between the price of gold and the US price level. However, the price of gold and US inflation are directly correlation ship to each other in the short-run. Any movement of the price of gold will be directly affected by the any fluctuation in US inflation, US inflation volatility and credit risk. Conversely, any modify in the price of gold and the changes in the US dollar trade-weighted exchange rate and the gold lease rate are inversely relationship. Gold would become as the inflation hedge. The reason is if the dollar deprecation will reduce the gold price to the outsider the US, which will increase their demand for gold and thus increase the dollar price of gold or if dollar depreciation will rose US inflation. Source: World Gold Council Prediction the price of gold 2010 13In order to estimate what is the price of gold in 2010, there are some should take into consideration such as global economic trens, the strategy used and get ready when a depreciate of dollar, and inflationary rate. The dealing price of the gold may fluactuate above the 1000 dollars per ounce basd on the prediction in the December 2009 to 2010. Even, at the end of year, the price could boost up to the 1500 dollars per ounce. Such case may trigger double loss for the investor if they afraid it will be just for short lived. In addition, another prediction show that the price may decline to less than 800 dollar per ounce in the following year which close to end of 2010 or 2011. Based on the resource from CNBC Stock Blog and CNBC TV interview, is it wild fold preices expected for 2010? Actully it is unable to estimate the real gold price in 2010. The reason is too much of uncertainty may happen. In any how, investor should be careful to deal with thhis investment. Some of the predition is just for information and forecast for gold price in 2010, it might not really truth actually. What is reason to predict that the higher gold price in 2010? One of reason is the price of gold keep increase from the year 2006 to 2009 with the 400 dollar per ounce to 1,100 and above dollar. In the past, function of gold is used to against the depreciation of dollar. It is because the gold unlike currency and it would not affect by the economic situation. There are negative relationship bewteen gold and currency. Nevertheless, gold is always quoted per ounce in US dollar. Therefore, when the dollar depreciate , investor will try to look for the best althernative to grabs more value in the dollar. Other reason is in pratice, central banks will keep gold as a the reserves. If central banks use net buying of gold as a result of the pressure upward the price goes up. Conversly, it the central bank sell, subsidy provided with the price per ounce. Well, next factor is futures and commodities needed is keep increasing by the investors. It will trigger and raise the value of gold because of the interest rate of investment increase as well. Interactive Gold Price Chart Source: www.GoldAlert.com Gold Investment News First,[14]Gold Stock Divergence case highlighted a few month ago is still in place.(Brian Hunt in Steve Sjuggeruds Daily Wealth. The changes and the movement of Gold Mining stocks and the US stock Market are at the same speed. The Boad market kept declined. However, gold stock still maintained solid, keep to strength in gold itself. Based on the performance chart provided by Steve Sjuggerud, divergence is still in place. Gold Mining Stocks(the black lne) are showing positive returns and climbing. The SP 500 (the Blue line) is showing negative returns and falling. Next news pertaining to the gold is The worlds anti-dollar.[15]Ready For A Dollar Collapse? (David Bradshaw). Can be the gold to be a currency As we hear before, gold is a commodity, no different with others. According to the Paul Bodsky, gold is a currency whose daily price is a gauge of the markets concern about the potential diminishment of the purchasing power of the dollar and other paper currency. Assume what he say is right, there will no inflation or deflation occur in the economic, and cause a possible real issue for gold market. Source from: Federal Reserve; WSJ research

The Economics of Sales Taxes

The Glossary of Economics Terms defines a sales tax as a tax levied on the sale of a good or service, which is usually proportional to the price of the good or service sold. The Two Types of Sales Taxes Sales taxes come in two varieties. The first is a consumption tax or retail sales tax which is a straight percentage tax placed on the sale of a good. These are the traditional type of sales tax.The second type of sales tax is a value added tax. On a value-added tax (VAT), the net tax amount is the difference between the input costs and the sales price. If a retailer pays $30 for a good from a wholesaler and charges the customer $40, then the net tax is only placed on the $10 difference. VATs are used in Canada (GST), Australia (GST) and all member countries of the European Union (EU VAT). Sales Tax - What Advantages Do Sales Taxes Have? The biggest advantage to sales taxes are how economically efficient they are in collecting a single dollar of revenue for the government - that is, they have the smallest negative impact on the economy per dollar collected. Sales Tax - Evidence of Advantages In an article about taxation in Canada a 2002 Fraser Institute study was cited on the marginal efficiency cost of various taxes in Canada. They found that per dollar collected, corporate income taxes did $1.55 in damage to the economy. Income taxes were somewhat more efficient in only doing $0.56 worth of damage per dollar collected. Sales taxes, however, came out on top with only $0.17 in economic damage per dollar collected. Sales Taxes - What Disadvantages Does a Sales Tax Have? The biggest drawback to sales taxes, in the eyes of many, are that they are a regressive tax - A tax on income in which the proportion of tax paid relative to income decreases as income increases. The regressivity  problem can be overcome, if desired, through the use of rebate cheques and tax exemptions on necessities. The Canadian GST uses both of these mechanisms to reduce the regressivity tax. The FairTax Sales Tax Proposal Due to the advantages inherent in using sales taxes, it is not surprising that some believe that the United States should base their entire tax system on sales taxes rather than income taxes. The FairTax, if implemented would replace most U.S. taxes with a national sales tax at a 23-percent tax inclusive (equivalent to a 30-percent tax exclusive) rate. Families would also be issued prebate cheques as to eliminate the inherent regressivity of a sales tax system.