Bhakti Movement Essay Sample free essay sample

The Bhakti motion is a Hindu spiritual motion in which the chief religious pattern is loving devotedness among the Shaivite and Vaishnava saints. The Bhakti motion originated in ancient Tamil Nadu and began to distribute to the North during the late medieval ages when north India was under Islamic regulation. The Muslim swayers were pressing public to change over faith from Hindu to Islamic. The Bhakti motion was counter to the prevailing caste political orientation which was spliting Hinduism. So. the Bhakti motion has its ain importance to salvage Hinduism. There was no grouping of the mystics into Shaiva and Vaishnava fans as in the South. For all of its history the Bhakti motion co-existed peacefully with the other motions in Hinduism. It was ab initio considered irregular. as it rebelled against caste differentiations and disregarded Brahmanic rites. which harmonizing to Bhakti saints were non necessary for redemption. In the class of clip. We will write a custom essay sample on Bhakti Movement Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page nevertheless. owing to its huge popularity among the multitudes ( and even royal backing ) it became ‘orthodox’ and continues to be one of the most of import manners of spiritual look in modern India. |Rama BhaktiRamananda was the leader of the Bhakti motion concentrating on Rama as God. Very small is known about him. but he is believed to hold lived in the first half of the fifteenth century. He taught that Lord Rama is the supreme Lord. and that redemption could be attained merely through love for and devotedness to him. and through the repeat of his sacred name. Ramananda’s ashram in Varanasi became a powerful centre of spiritual influence. from which his thoughts spread far and broad among all categories of Indians. One of the grounds for his great popularity was that he renounced Sanskrit and used the linguistic communication of the people for the composing of his anthem. This paved the manner for the modern inclination in northern India to compose literary texts in local linguistic communications. Fans of Krishna worship him in different mellows. known as rasas. Two major systems of Krishna worship developed. each with its ain philosophical system. These two systems a re aishwaryamaya Bhakti and madhuryamaya Bhakti. Aishwaryamaya Bhakti is revealed in the residence of Queenss and land of Krishna in Dwaraka. Madhuryamaya Bhakti is revealed in the residence of braja. Therefore Krishna is worshiped harmonizing to the development of devotees’ gustatory sensation in idolizing the Supreme Personality of Godhead ( Krishna ) as male parent. friend. maestro or beloved. Shri Madhvacharya ( 1238–1317 ) born at Pajaka near Udupi advocated Dwait doctrine. He defeated many bookmans in spiritual arguments identified God with Vishnu. His position of world is strictly Manichaean. in that he understood a cardinal distinction between the ultimate Godhead and the single psyche. and the system is hence called Dvaita ( Manichaean ) Vedanta. Madhva is considered one of the most influential theologists in Hindu history. His influence was profound. and he is one of the male parents of the Vaishnava Bhakti motion. Great leaders of the Vaishnava Bhakti motion in Karnataka like Purandara Dasa. Kanaka Dasa. Raghavendra Swami and many others were influenced by Dvaita traditions. Srimanta Sankardeva’s ( 1449–1568 ) propagated his school of idea. called Ekasarana Dharma. in the greater Assam part. An illustration of dasya Bhakti. there is no topographic point for Radha in this tradition. The most of import symbol of this tradition is the namghar or supplication hall. which dot Assam’s landscape. This signifier of worship is really strong in Assam today. and much of the traditions are maintained by the monasteries ( Sattras ) . Vallabhacharya ( 1479–1531 ) called his school of idea Shuddhadvaita. or pure monism. Harmonizing to him. it is by God’s grace entirely that one can obtain release from bondage and attain Krishna’s heaven. This Eden is far above the â€Å"heavens† of Brahma. Vishnu and Shiva. for Krishna is the ageless Brahman. Chaitanya Mahaprabhu ( 1486–1534 ) defined his system of doctrine as Achintya Bheda Abheda ( impossible and coincident unity and difference ) . It synthesizes elements of mon ism and dualism into a individual system. Chaitanya’s doctrine is taught by the modern-day International Society for Krishna Consciousness. or Hare Krishna motion.

Analysis of The Military Strategies of The Campaign of Mantinea essays

Analysis of The Military Strategies of The Campaign of Mantinea essays Analysis Of The Military Strategies Of The Campaign Of Mantinea The Peloponnesian War spanned many, many years in which two main factions, the Spartans and the Athenians, were warring for the domination of Greece along with the many surrounding villages; many with their own agendas. I will be doing an analysis of one particular campaign; the campaign of Mantinea fought in the year 362 B.C.E. To do this I first must bring to light some of the key players in this campaign, especially Epaminondas. Epaminondas, a Theban general, was charged with the task to make the Peloponnese as weak as possible so they may overtake it with the least resistance. To do this the Thebans must play both sides of the war. The Thebans were supposedly allied with the Spartans but in those times that mattered little, treaties were broke and regained on a daily basis. Epaminondas had with him all the Boeotians, the Euboeans and many of the Thessalians; and while the Phocians were bound by treaty to assist the Thebans they found no reasoning in the treaty to justify them assisting with a foreign invasion. This was of little concern to Epaminondas seeing as once they were in the Peloponesse they had the help of the Argives, Messenians, the Tegeans, the Megalopolitans, the Aseans, and the Pallantians. (Xenophon. 396-397) Knowing he had the support of many factions, Epaminondas sped away into Peloponnese. He made it as far as Nemea and decided that this was the only way the Athenian army could come to invade Peloponnese. He assumed any loss to the Athenians would ultimately benefit Thebes and rally his allies and discourage those of the Athenians. Unbeknownst to him the forces opposing Thebes were gathering at Mantinea. Epaminondas' choice to use Nemea, as a striking point to wound the Athenians, was well justified but his intelligence was slow. The Athenians had decided instead of marching to Peloponnese they would sail into the gulf of Argolis...

Motivation College Essay Example | Topics and Well Written Essays - 1000 words

Motivation College - Essay Example At the same time, people represent the highest single cost figure, they also are considered to be the most unpredictable, difficult to control, and they are by far the one critical factor that nothing much can be done about. Much of the industry have turned its energies to solving more technical issues and has turned away from dealing with human factors as the primary key to improving profit. (Gerry, 45-57) Motivation is the key factor in influencing humans to work better, so an increase in motivation will result in higher productivity and more profit, which is the ultimate goal of the construction industry. Understanding and having knowledge about motivation theories can help to create a motivational atmosphere, and application of these theories can result in achieving higher productivity. The leadership style of a manager has a lot of influence on the motivation of workers. Construction is still considered as a tough guys business. Most construction managers and supervisors consider a democratic leadership style as a weakness. However, research has proved that democratic supervisors have achieved higher performance and better results than any other leadership style. (Iain, 78-85) Motivation is defined as, "a person's active participation in and commitment to achieving the prescribed results". (Gerry, 45-57) The concept of motivation is somewhat abstract, different strategies produce different result at different times, and there is no single strategy can produce guaranteed favorable results all the time. One of the difficulties in motivating workers is that they all are different and react differently to the same kind of change or action. Many motivation researchers agreed that managers can create a positive motivational atmosphere that can help in motivating workers for higher productivity, but they will likely not motivate everyone, because everyone is motivated by different things. Most companies are looking into ways to improve efficiency, productivity, and quality. The question is how to make workers work more productively This is a question of fundamental importance to any manager. The answer to this question is both complex and vague. Flannes and Levi n (2001) explained it by saying, "the project manager must effectively and comfortably wear many different hats when leading a project". (Levin, 2001) A construction manager's job is to get work done by the workforce. The construction manager's leadership style has a significant role in workforce motivation. Researchers have identified the major leadership styles as, laissez-faire, democratic, and autocratic. According to behavioral scientists, the democratic leadership style has achieved higher productivity and effectiveness. Concept of Motivation Concepts of motivation are somewhat abstract. To analyze factors that influence motivation, five motivation theories will be discussed in detail in this paper. Figure 1 shows a conceptual model of motivation. (Gerry, 45-57) At point A, a person has needs and tries to fulfill those needs. At point B, the person finds the sources of fulfilling those needs. At point C, he engages or motivates himself to achieve tasks to fulfill his needs. At point D, once he achieves his goal, new needs or variations of those original needs will be

3-5 minute speech outline (any topic) Essay Example | Topics and Well Written Essays - 250 words

3-5 minute speech outline (any topic) - Essay Example This increases efficiency and saves on time in business transactions (USTR, 2010). In 2007, SMEs contributed $480 billion value of goods and services sold in the foreign market (USTR, 2010). This amounted to approximately 41% of the total exports that year (USTR, 2010). SMES account for nearly 40% of the export related jobs in the US (USTR, 2010). This further shows the importance of SMEs in trade and the economy. There are trade barriers that adversely affect performance of SMES. First, there are discriminatory policies with regards to SMEs. For instance, they may lack the financial resources and expertise to compete in international markets. Second, SMEs are faced by higher taxes as they contribute largely to the manufacturing industry (USTR, 2010). Third, they encounter challenges in standards and certification through licensing and inadequate property protection. In a nutshell, SMEs play a vital role in domestic and foreign trade. The government should therefore review the policies governing them to promote their growth and development for greater benefit of intensified

Impacts of Nuclear Energy on Global Business

Impacts of Nuclear Energy on Global Business 1. Background and Overview Tony Blair’s Labour government has finally decided to move ahead â€Å"with a vengeance† (Webster, 2006) with its’ plans for development of nuclear power, ending years of speculation on the issue. Work on the last nuclear power station started eighteen years ago in the UK on Sizewell B and since then there has been a complete embargo on any fresh initiative in the area. Things are now likely to change, much to the concern of environmentalists and anti nuclear campaigners. The use of nuclear power, for any reason, peaceful or otherwise, has always been looked upon with deep suspicion because of its inherent association with weapons of mass destruction and its ability to cause large scale destruction on a horrific and unimaginable scale. â€Å"Many analysts have attempted to explain the visceral hostility toward nuclear power, and the most common explanation is that people link nuclear power with nuclear weapons.† (Lorenzini, 2005) The reasons for this attitude are also justifiable as most scientific work in atomic radiation, atomic change and nuclear fission, be it in the USA, Nazi Germany or communist Russia, at least till 1956, was focussed primarily on the furthering of the atomic bomb. It was only after 1956 that the focus of nuclear technology shifted to the design of safe and reliable nuclear plants. The growth in use of nuclear energy for power entered a state of not just stagnation but moderate decline, world wide, in the late seventies and remained so until the turn of the century and the UK was presumably, but echoing global concern in the formulation of its energy policy. Very few reactors were ordered globally and the new reactors coming on line just about matched requirements. Global capacity increased by only a third in more than a decade. Even then, nuclear energy, from the 442 nuclear power reactors used in 31 countries, adds up to one sixth of the world’s electricity supply today. The growth of nuclear fuel as an energy source has been sluggish due to quite a few reasons, some of which now need rethinking in today’s grim geopolitical and environmental scenario. For more than three decades, energy policies in the United States and much of the Western world have been held in the ideological grip of a flawed concept: the notion that we can achieve sustainable energy by relying solely on conservation and renewable resources, such as wind, the sun, the tides, and organic materials like wood and crop waste. Born in the wake of the 1973 oil embargo and arising out of renewed commitments to environmental quality, this idea has an almost religious appeal. An unintended result is that the world has become ever more reliant on fossil fuels and therefore less able to respond to global warming. (Lorenzini, 2005) It has been the case of the pro nuclear power lobby, for many years now, that nuclear energy is a clean, economic and efficient way to generate power; ideal for continuous generation of medium and large scale electricity. In nuclear power stations, apart from the nuclear reactors, the rest of the equipment works similarly to those in coal or gas fuelled power plants. However, the cheaper and more widely available fuel used by these nuclear plants, compared to those fired by coal, oil and gas, makes the case for its’ wider use attractive. This is especially relevant today with oil hovering in the range of 70 to 73 USD per barrel, and gas from the North Sea wells beginning to run out. With the increase in greenhouse and emission problems and the uncertainty of fossil fuel supplies in a shifting and unstable political environment, the nuclear power option has definitely got itself a strong tailwind. The concerns of the anti nuclear campaigners focus on a number of worrying issues. Their first contention concerns the forecasted reduction of carbon dioxide emission from nuclear power plants; this to them is no more than blatant propaganda. In the US, where much of the worlds uranium is enriched, including Australias, the enrichment facility at Paducah, Kentucky, requires the electrical output of two 1000-megawatt coal-fired plants, which emit large quantities of carbon dioxide, the gas responsible for 50per cent of global warming. Also, this enrichment facility and another at Portsmouth, Ohio, release from leaky pipes 93per cent of the chlorofluorocarbon gas emitted yearly in the US. The production and release of CFC gas is now banned internationally by the Montreal Protocol because it is the main culprit responsible for stratospheric ozone depletion. But CFC is also a global warmer, 10,000 to 20,000 times more potent than carbon dioxide. (Caldicott, 2005) In addition, the environmentalists say that nuclear fuel cycle also consumes large quantities of fossil fuel, in the mining of uranium, in the construction of the reactor and its’ robotic decommissioning as also in the transportation and storage of radioactive waste. The use of nuclear fuel can lead to significant health threats from the unregulated emission of radioactive isotopes; which include Krypton, Xenon, Argon and Tritium and could cause long term physical harm to residents in surrounding and nearby areas. These releases are unregulated because the nuclear industry considers these particular radioactive elements to be biologically inconsequential. The transportation and storage of radioactive waste could also become a global security problem, if the use of nuclear energy is adopted on a wide basis. A completely new and potentially catastrophic dimension would be added to global security with the deliberate creation of new and potentially vulnerable targets for terrorist strikes. While the advanced nations would be able to shore up reasonable levels of security the same may not be true of the developing countries where weaker management systems could lead to grave risks; witness the variation in the effectiveness of different management sy stems in disaster control in the Chernobyl and Three Mile Island episodes. Nuclear proliferation remains a major issue. The USA is planning to go ahead with the selling of weapons grade nuclear fuel to India, (a non signatory to the Nuclear Proliferation Treaty and a country with a history of surreptitious manufacture of nuclear weapons) for use in power generation. If it is India today, can Pakistan be far behind? The prospect of an atomic bomb capable Pakistan getting access to Yellow Cake, an intermediary for the production of enriched uranium, is a frightful thought; enough to send shivers down the spine of the developed world. The energy crisis enveloping the globe has a number of dimensions, all equally worrying. The availability of fossil fuels is reducing sharply because of resource depletion, price spikes and geopolitical reasons. Greenhouse emissions of carbon dioxide are leading to global warming with far reaching ecological effects that could one day threaten the existence of the world. The development of renewable energy sources, wind and solar, once touted as the best solutions, have been largely unsuccessful and remained in the realm of experimentation; useful only in small isolated pockets. In this situation, while nuclear energy does appear to have most of the answers, the concerns of the environmentalists and the anti nuclear campaigners also remain very valid. 2. Impact on Contemporary Business Organisations The UK has always been in the forefront of development of nuclear technology. The work carried out by British scientists in the 1940s was renewed after the war and it is pertinent to recall that the world’s first nuclear power reactor started in the UK in 1956. Twenty three nuclear reactors power the country’s nuclear plants, leading to the generation of a total of 75 billion kWh of electricity, a fifth of the country’s requirement. However, all but three of these plants are scheduled to close by 2020, with consequent effects on the economy and operations of contemporary business organisations. The major dilemma for business and economy is to find alternative sources for energy, nuclear or otherwise to fill this expected gap in energy production and to provide for increased needs. 2020 is not so far away. The other major factor staring British economy in the face is the prospect of importing 90 % of its gas requirement by 2025. The country and its economy is looking at a huge energy deficit, an issue that will need resolution in the very near future. The Confederation of British Industry (CBI) has, in a widely publicised call in April this year, asked the Government to clarify its’ stand on longer term carbon emission policy to enable low carbon emission sources like nuclear fuel to play an important role. The CBI has also stated very categorically that nuclear power is the only proven low-carbon technology able to deliver consistent supplies of electricity on a large scale. The advantages of stable operating costs, the availability of nuclear fuel from politically stable countries and the ability to store uranium are practical reasons to work towards the development and commissioning of more nuclear plants. In addition, the operating costs of nuclear power are stable because the cost of fuel varies between only 5 and 10% of total operating costs. The cost of building nuclear power plants, as of now, is far more than that of conventional oil, gas and coal fired plants. Operating costs are however not just lower but also expected to be stable and independent of recurring political upheavals. Two factors are however set to change these circumstances. The cost of fossil fuel, especially oil is on a sharp upward path, threatening to throw all cost projections out of gear. The expected depletion in gas resource and consequent compulsion to buy increasing quantities from outside is also going to come with its own consequences, increased costs definitely one of them. While manufacturers of nuclear power plants are working on reduction of capital cost, a â€Å"significant increase in the price of natural gas could make new nuclear plants economically competitive even without further reductions in their capital costs.† (Taylor, 2004) The CBI in its statement of April also stated that companies would seriously consider investing in new, capital intensive nuclear plants, subject to the introduction of a correct non-discriminatory policy on carbon emission; beyond the present policy which is unclear after 2012. Intense concern about the current situation also made it say that â€Å"an energy policy based on crossing fingers and the use of the prayer mat is not acceptable†.(Nuclear Power in the United Kingdom, 2006) Contemporary businesses, not just in the UK but across the globe are wrestling with an energy crisis, the widespread usage of fast depleting fossil fuels, rocketing oil prices currently resting in the low 70s (USD per barrel), and the continuous spectre of carbon dioxide emissions and global warming. The real advantage of nuclear energy is its potency. One pound of uranium contains the energy equivalent of roughly one million pounds of coal. Such potency means that nuclear powers energy potential is vast, clearly sustainable as a long-term resource. It also means nuclear’s environmental impact is inherently low. With so much energy coming from such a small volume of material, producing nuclear fuel requires much less exploration, mining, transportation, and collection, with all their attendant environmental problems, than do fossil fuels. For example, a 1,000-megawatt nuclear plant requires one refueling per year, whereas a similarly sized coal plant requires 80 rail cars of coal per day. (Lorenzini, 2005) The gridlock appears to be slowly tightening with nuclear power possibly the only solution to the intensifying problem. 3. Likely Future Scenario The future scenario in use of fuel for energy and its development is probably going to move in reasonably predictable directions. All across the globe, awareness on global warming and its possibly devastating repercussions has heightened considerably. Every natural calamity, be it the Tsunami in Indonesia, earthquakes in Pakistan, the arrival of the Katrina in the United States or the melting of the glaciers in the Himalayas finds an immediate media connection to carbon dioxide emissions, the greenhouse effect and global warming. This phenomenon, coupled with the instability of supply and the rising cost of fossil fuels is going to lead to an expansion of nuclear power both in the USA and the UK. Governmental restrictions on use of nuclear power are slowly being dismantled as governments across the globe see the advantages of going nuclear for power generation. Along with increase in nuclear power generation, governments across continents will try to develop renewable energy sources for power generation. Renewable energy has not really made much headway despite concerted efforts in the last thirty years. Nearly 90 % of the global energy production is obtained from fossil sources and most of the rest comes from nuclear power. Wind and hydro energy can be harnessed only in suitable locations that have access to huge amounts of rainfall, fast flowing rivers or conditions suitable for setting up wind farms. Countries with access to fossil fuels, oil, gas and coal will of course continue to depend heavily upon these sources for power. However, the threat of emissions and consequent ozone layer depletion will nudge all countries towards the development of alternative sources. The rising costs of oil, essential for vehicular and air transportation will lead to its curtailment for use as as fuel for all but essential reasons. Renewable sources will of course fill a part of the yawning power gap which appears to be looming on the horizon but nuclear power is also very much a part of the final answer. It is the one energy source that today combines the benefits of displacing the use of fossil fuels, minimising pressure on land, avoiding resource depletion and restricting harmful emissions. The UK and the USA, both countries with over regulated nuclear power generation environments will necessarily open up their laws to ease the setting up of newer power facilities, based on nuclear fuels. The building of nuclear energy capacity necessarily comes with the enormous added responsibility of ensuring public health and safety, involving first, the storage and containment of harmful waste material and second, the prevention of dangerous nuclear material going into the hands of rogue states and terrorist organisations. Contemporary business organisations will need to survive in similar circumstances for the next few years until additional nuclear and renewable energy facilities are set up. This is essentially going to be a slow, expensive and careful process and the period of infrastructure build up will be open to all the risks that exist today, namely uncertain supplies and skyrocketing prices. It is only with the spread and extensive use of nuclear power on a global basis, the establishment and strict enforcement of protocols for responsible and peaceful use of nuclear energy and the rooting out of rogue states and terrorist organisations that businesses will be able to witness and take advantage of stability in supplies and cost of energy, free of the worry of a global environmental threat from emissions of harmful gases. 4. Summary and Way Forward In the UK the 2006 review of the energy policy has put development of nuclear energy firmly on agenda and public opinion is also now veering towards its use. It has been determined that all the new plants will have to be built by the private sector with internalised waste and decommissioning costs. All barriers that threaten to slow down investment will be looked at very carefully, without compromising public safety; new and speedier licensing procedures will also be considered. The use of nuclear fuel for energy is gaining ground globally after years of stagnation but some of the old concerns still remain. Environmentalists and anti nuclear campaigners have a number of worries, most of which concern safety, the prevention of hazards from nuclear plants and the misuse of nuclear fuel by rogue states, international criminals and terrorist organisations. While their strident objections to the theory of nuclear energy being much cleaner and â€Å"greener† than energy derived from fossil fuels could be taken to be substantially incorrect, it would be presumptuous to brand all their worries about safety and the possibility of nuclear proliferation as facile and alarmist. Many of these concerns are still valid and do need attention. The two major areas that demand consideration are the disposal of nuclear waste and the reprocessing of spent fuel. The sustainability of nuclear power, the ability to make it work for long time frames and to think of it as a real long term solution to the global power issue depends upon obtaining an acceptable and workable solution to the problem of managing nuclear waste. Nuclear wastes are classified differently from other toxic residues and need to be kept safely for thousands of years, whereas the timeframe for non radioactive toxics of between 50 to 70 years is far less. Work is needed in this area on two fronts, the carrying out of continuous scientific research, needing significant governmental and institutional funding to find a solution to the storage problem, and a fresh look at regulatory laws to assess whether they can be revisited without compromising safety. Reprocessing relates to the process in which plutonium and uranium are chemically separated from spent fuel for reuse, as is done in France. Reprocessing allows for more complete usage and tapping of the energy potential of nuclear fuel and makes waste management easier, reducing both bulk and long term hazards which could arise from the waste. However, the separated plutonium could create a potential nuclear threat, if it finds its way to the wrong hands, and again will need very careful security. After years of stagnation, the several demands of the twenty first century have combined to make the world seriously think of the need for nuclear power. The increase in demand for power and electricity in the developing world, the sharply eroding global resources of fossil fuels, the continuing global geopolitical instability, the skyrocketing prices of oil and gas, and the need to severely restrict carbon emissions are forcing nations to turn towards nuclear fuel for release from their energy worries. The need of the moment is to think and to cooperate in this global mission. As Paul Lorenzini states: The most critical step is to build a consensus among energy planners and policymakers that sustainability as a policy goal should include nuclear power. Bringing nuclear power back into the mix for energy planning means shedding ideological biases. It means openness of thinking to resolve the tension between the human desire for modernization and the global need for sustainability (2005) References Caldicott, H, 2005, Nuclear Power is the problem, not a solution, Common Dreams News Center, www.commondreams.org/views05/0415-23.htm Clapp, R. W., 2006 Nuclear Power and Public Health. Environmental Health Perspectives, 113(11), 720+.Questia database: http://www.questia.com/PM.qst?a=od=5012166072 [27 Aug 2006] Lorenzini, P., 2005, Spring. A Second Look at Nuclear Power: By Overlooking Nuclear Power in the Quest for Clean Energy, We Are Condemning Ourselves to a Future of Increased Fossil Fuel Use. Issues in Science and Technology, 21, 31+. Questia database: http://www.questia.com/PM.qst?a=od=5009414160 [27 Aug 2006] Nuclear Power in the United Kingdom, 2006, World Nuclear Association, www.world-nuclear.org/info/inf84.htm [27 Aug 2006] Taylor, J. J. (2004, Spring). The Nuclear Power Bargain: The Potential Benefits Are Enormous If We Can Continue to Make Progress on Safety, Environmental, Fuel Supply, and Proliferation Concerns. Issues in Science and Technology, 20, 41+. Questia database: http://www.questia.com/PM.qst?a=od=5006170378 [27 Aug 2006] Webster, P, 2006, Britain goes nuclear to beat energy crisis, Times Online, www.timesonline.co.uk/article/0,,2-2184192,00.html [27 Aug 2006]

Financial Sector Development Essay

ABSTRACT This paper is an attempt to examine the relationship between financial development and income inequality. In doing so, we have used Bangladeshi data for the period 1985-2006. We have employed auto-regressive distributed lag (ARDL) methodology for cointegration. We have also carried out sensitivity analysis and stability tests. Our findings suggest that financial development increases income inequality. Economic growth seems to equalize income distribution. Inflation and trade openness also worsen income inequality. Finally, income inequality is being increased by social spending in the country over long run. This study provides new directions for policy makers to reduce income inequality to share the fruits of economic development among the wider spectrum of the society. Keywords: Financial sector, development, trade openness, income inequality, Bangladesh JEL Classifications: D14, D33, F1 INTRODUCTION Economic growth and its correlates have been the focus of a large number of studies over the recent past. These studies primarily put emphasis on various aspects or sources of growth. One of the important correlates of economic growth that has been studied prominently is the extent of financial sector development. The positive and robust relationship between well-functioning financial system and economic growth is empirically a well established fact. Higher levels of financial development are significantly and robustly correlated with current and future rates of economic growth, physical capital accumulation, and improvements in economic efficiency (see, Khan, 2000; Goldsmith, 1969; McKinnon, 1973; Roubini and Sala-i-Martin, 1992; King and Levine, 1993; Easterly, 1993; Pagano and Volpin, 2001; Beck, Levine and Loayza, 2000; Khan and Senhadji, 2000; Christopoulos and Tsionas, 2004; Iqbal, et al., 2006; Khan, Qayyum and Skiekh, 2005 and Shahbaz, 2009). It is argued that capital market improvements benefit the rich more than the poor and hence contribute to increase income inequality. The main reason is that rich individuals have more potential than the poor ones to exploit new opportunities. It is also believed that the access of the poor to bank credits may be impeded because of the high cost involved therein, and, as such, financial development may be regressive for the poor, particularly at the initial stages of development (Greenwood and Jovanovic, 1990). The financial sector charges high set up cost against financial services during early periods of development to gain advantages from the screening and risk pooling. This cost is beyond the affordability of the poor people. As they are not in a position to use their savings for this outlay which pushes them further below in the income inequality trap (Clarke et al., 2003; Dollar and Kraay, 2003; Beck, Demirguc-Kunt and Levine, 2004). Financial market imperfections such as financial asymmetries, transaction costs, and contract enforcement costs may be especially binding for poor entrepreneurs who lack collateral, credit histories, and connections. These credit constraints will impede the flow of capital to poor individuals with high-return projects (Banerjee and Newman, 1993; Galor and Zeira, 1993), thereby reducing the efficiency of capital allocation and intensifying income distribution (Greenwood and Jovanovic, 1990; Banerjee and Newman, 1993 and, Aghion and Bolton, 1998). The relationship between financial development and reductions in income inequality is not only a correlation, but also a causal relationship. The positive relationship between private credit and economic growth for the poor might be driven by higher demand for financial services as the poor constitute a larger share in national income. Similarly, reduction in income inequality might lead to political pressure to create a more efficient financial system that allocates the funds to the projects based on market criteria, not on political considerations. No particular study has determined whether financial sector development benefits the whole population, primarily benefits the rich, or disproportionately helps the poor (Honohan, 2004; Beck et al. 2004; Claessens and Perotti, 2007 and Bittencourt, 2006). But in the case of Pakistan, Shahbaz (2009) documents that financial development, improves agriculture and manufacturing sectors and investment activities improve the incomes of bottom 20% of the population. The rest variables such as economic growth, financial instability, increase in prices, and overall high income inequality lower the income share of the poor from national income. The issue on the nature of relationship between financial development and income inequality has been discussed in many studies using few control variables with traditional estimation techniques such as Ordinary Least Squares (OLS). For instance, Dollar and Kraay, (2003) found that more trade would lead to improve income distribution, whereas higher inflation, higher government consumption and financial development would lead to higher income inequality. The specification of Li and Zou, (2002) is similar to the one in Barro, (2000) with the level of the gini coefficient as a dependant variable and control variables including inflation, financial development, government spending and openness. Their results suggest that higher inflation leads to lower income inequality, whereas higher government spending, an improved financial sector and better education abate it. Calderà ³n and Serven, (2003) find that financial depth increases income inequality while better education decreases it. Finally, the findings of Lopez, (2004) are based on the estimation of a dynamic panel with fixed effects for the change in the gini coefficient. The results suggest that improvements in education and lower inflation rates reduces the levels of income inequality, while financial development, trade openness, and reduction in government size will be associated with an increase in income inequality. Lopez also finds that economic policies are likely to be pro-poor in the long-run (i.e., the growth effects offset the increase in inequality) but might also lead to a temporary short-run increase in income inequality in the absence of compensatory measures. The effect of financial development is, however, not very large and is dominated by agricultural factors and other sectoral factors (Kakwani and Pernia, 2000; Khan and Senhadji, 2000; Christopoulos and Tsionas, 2004). With the development of a financial system, the capacity to bear the high costs of small credits (Rajan and Zingales 2003) increases. Moreover, the growth of a formal financial system makes poor people more accessible to informal credit that offers opportunities for profitable investments. Finally, in a framework of competitive markets of goods and production factors, credit may improve the well-being of the poor, even if they do not directly receive the loans from financial institutions (Beck et al. 2004)[1].. Finally, Ang (2008, 2009) scrutinizes the link between growth in financial sector and income distribution for the case of India. This paper indicates the important role of financial sector to decrease income disparity. It is documented that connection between financial development and income inequality exists and is significant. The results of this study show that financial development and increased banking density seem to improve income distribution by raising the income of the bottom 20 percent or the poor segments of the population. This study again provides support for linear relationship between finance and inequality. There is no space to validate Greenwood and Jovanovic (1990) hypothesis. Moreover, Ang (2009) probes an active link between financial liberalization and income disparity over the period of 1951 upto 2004 for the case of India. It may be noted on the basis of empirical evidence that financial reforms do not seem to provide any equal access to financial services and hence income discrimination has intensified in India. For the case of Brazil, Bittencourt (2006, 2009), has checked the effects of financial development on income disparity for the periods of 1980s and 1990s. The study uses time series and panel data approaches to examine the said nexus. The econometrical exercise indicates that financial development declines income inequality because easy access to financial services seems to increase income share of the bottom 20 percent of the population. Shahbaz (2009) also seems to investigate the impact of financial development, financial instability on the income of poor segments of population with the battery of other control variables such as economic growth, inflation, agriculture, and manufacturing shares to GDP for the case of a small emerging economy like Pakistan. The evidence proves the validation of McKinnon Conduit Effect in Pakistan. But, financial instability weakens the beneficial impact financial development on income share of the bottom 20 percent of the population. The main reason is that financial crisis seems to increase credit constraints for poor individuals. Furthermore, developments in agriculture and manufacturing sectors enhance the welfare of poor people by raising their incomes. Finally, study conducted by Shahbaz, (2010) indicates that financial development is associated significantly with equal income distribution. The estimate of economic growth is linked with high income inequality. The trade openness worsens income distribution and this provides the support to accept the Leontief Paradox for Pakistan. The income inequality is positively correlated with financial instability. The main objective of this endeavour is to investigate the relationship between financial development and income inequality in an Autoregressive Distributive Lag (ARDL) framework for Bangladesh utilising data over the period of 1985-2006. This attempt is the first of its kind for Bangladesh.

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