In general the carnation (Dianthus caryophyllus) symbolizes love, fascination, distinction, admiration, gratitude and luck. In France they symbolize misfortune and bad luck. They are the birth flower for January and the first anniversary flower. There are symbols based on color as well:

• Red: symbol of socialism and the labor movement
• Light red: admiration
• Dark red: deep love and affection
• White: purity, love and good luck
• Variegated: regret that a love can't be shared
• Purple: capriciousness or condolence
• Pink: a mother's undying love or love and gratitude toward a parent & I'll always be there for you.
• Green: symbol for homosexuality
• Yellow: rejection and disdain

It would be useful if you specified which Herod. There were several Herods in the Herodian dynasty. Judea had been turned into a client state of the Romans before the Herodian dynasty.

Herod the Great was the son of a non-Jewish from outside Judea. His father was a high ranking official of Hyrcanus II, the King of Judea. Antigonus, Hyrcanus' nephew, usurped the throne with the help of the Persians. Herod fled to Rome and asked the Romans to help him. The Roman senate appointed him he "King of the Jews." He went back to Judea to take the kingdom from Antigonus. Three years later he captured Jerusalem with the help of the Romans and executed Antigonus. Later, he was able to prove to Augustus, the first Roman emperor, his loyalty to Rome mainly by respecting the agreements he had with the Romans. He had been allowed to govern as he pleased as long as he maintained peace and stability, refrained from engaging in unauthorized activities outside of his kingdom and actively supported Roman activities in Judea. Herod by introduced Roman trophies in the Temple and erected a golden eagle (a Roman symbol) over its entrance, which offended many Jews.

The Romans made the son king Herod the Great, Herod Archelaus, the client king of Judea, Samaria, and Idumea (biblical Edom, it was south of Judea) from 4 BC to 6 AD. This was referred to as the tetrarchy of Judea. Archelaus was judged incompetent by Augustus who annexed the area as a province of the Roman Empire under rule of a prefect.

Herod's other son Herod Antipas was appointed as client king of Galilee from 4 AD to 39 AD. He was responsible for building projects and the construction of his capital Tiberias on the western shore of the Sea of Galilee, which was named after emperor Tiberius. The the city later became a rabbinic centre. He arrested John the Baptist and then executed him because he was critical of him. He got involved in a war over territory on the border with Nabatea which was disastrous for him. Tiberius ordered a Roman counter-offensive which abandoned on his death in 37 AD. In 39 AD he was accused by his nephew Agrippa I of conspiracy against the new Roman emperor Caligula, who sent him into exile in Gaul. He was also held responsible for Jesus Christ's death. Pontius Pilate initially handed Jesus over to him, but he sent him back to Pilate's court.

Herod Agrippa, also known as Agrippa was portrayed in different manners. The Jews had a favourable opinion of him, and the Christians disapproved of him.

Herod Agrippa II or Agrippa II was the last of the Herodian kings. He was educated at the court of emperor Claudius who then gave him the right of superintending the Temple in Jerusalem and appointing its high priests. He spent large sums in embellishing Jerusalem and Berytus. His partiality towards Berytus and the capriciousness of his dealing with the high priests made him unpopular. There was a rebellion and he was expelled from Jerusalem. During the First Jewish-Roman War of 66-73, he sent 2,000 men, archers and cavalry, to support Vespasian's war effort, showing his devotion to the Romans. He accompanied the other Roman commander, Titus, on some of his campaign and was wounded. After this war, he went to Rome and he was made praetor and given more territory.

In 1774, Parliament passed a group of laws to punish the Massachusetts colony. The laws were so harsh that the colonists called then the Intolerable Acts or the Coercive Acts. One of the laws closed Boston Harbor until the colonists paid for the destroyed tea. Another law banned the committees of correspondence. Still another law allowed Britain to house troops wherever it wanted to, even in private residences.

The closing of Boston's port hurt the city badly. Boston's economy depended on trade, and soon many people were out of work. Other colonies began helping Boston by sending food, supplies, and money.

The Intolerable Acts had another effect. They forced many colonists to take sides in the conflict between Boston and Britain. Colonists who opposed British rule were known as Patriots. Colonists who remained loyal to King George and the British government were known as Loyalists.

At the same time, Committees of Correspondence began spreading the idea of a meeting. Leaders from 12 colonies agreed to meet in Philadelphia, the largest city in the colonies. They would discuss how to oppose the Intolerable Acts.

Intolerable Acts: Series of laws sponsored by British Prime Minister Lord North and enacted in 1774 in response to the Boston Tea Party. The laws were these:

• Impartial Administration of Justice Act, which allowed the royal governor of a colony to move trials to other colonies or even to England if he feared that juries in those colonies wouldn't judge a case fairly
• Massachusetts Bay Regulating Act made all law officers subject to appointment by the royal governor and banned all town meetings that didn't have approval of the royal governor
• Boston Port Act, which closed the port of Boston until the price of the dumped tea was recovered, moved the capital of Massachusetts to Salem, and made Marblehead the official port of entry for the Massachusetts colony.
• Quartering Act, which allowed royal troops to stay in houses or empty buildings if barracks were not available
• Quebec Act, which granted civil government and religious freedom to Catholics living in Quebec.

These Acts were the harshest so far of all the Acts passed by Parliament. The closing of Boston's port alone would cost the colony (and the American colonies as a whole) a ton of money. The Regulating Act was aimed at curtailing revolutionary activities. The Quartering Act angered colonists who didn't want soldiers (especially Redcoats) in their houses. And the Quebec Act was a direct insult to Americans, who had been denied the same sorts of rights that the Quebec residents now received.
The intolerable acts were closing the port of Boston not letting anything in or out. The second was closing the town meetings. The third was the British taking power over the Massachusetts assembly. The last was called quartering, which was when the colonists had to let the British soldiers stay in their houses. After the intolerable acts was the battle of Lexington and Concord, and the Acts were in response to the Boston Tea Party.

In American history, the "Intolerable Acts" were a series of legislation enacted by the British Parliament in 1774 as a reaction to the Boston Tea Party.

The Acts stripped most self-governance from the Massachusetts colony, and instituted a series of punitive taxes and measures against the colony. It was meant to make an example of to the rest of the 13 colonies, which had been seen as increasingly resistive to Parliament rule since the passing of The Stamp Act the prior decade.

Instead, the Acts were seen as yet a further indication of Parliament's capriciousness and lack of concern for issues important to the American colonies. The Acts are a direct cause of the American Revolution, as the Acts inspired the convening of the first Continental Congress, which thereafter initiated the American Revolution.
the boston tea party angered the british and it all started because of taxes

In 1774, Parliament passed a group of laws to punish the Massachusetts colony. The laws were so harsh that the colonists called then the Intolerable Acts or the Coercive Acts. One of the laws closed Boston Harbor until the colonists paid for the destroyed tea. Another law banned the committees of correspondence. Still another law allowed Britain to house troops wherever it wanted to, even in private residences.

The closing of Boston's port hurt the city badly. Boston's economy depended on trade, and soon many people were out of work. Other colonies began helping Boston by sending food, supplies, and money.

The Intolerable Acts had another effect. They forced many colonists to take sides in the conflict between Boston and Britain. Colonists who opposed British rule were known as Patriots. Colonists who remained loyal to King George and the British government were known as Loyalists.

At the same time, Committees of Correspondence began spreading the idea of a meeting. Leaders from 12 colonies agreed to meet in Philadelphia, the largest city in the colonies. They would discuss how to oppose the Intolerable Acts.

Intolerable Acts: Series of laws sponsored by British Prime Minister Lord North and enacted in 1774 in response to the Boston Tea Party. The laws were these:

• Impartial Administration of Justice Act, which allowed the royal governor of a colony to move trials to other colonies or even to England if he feared that juries in those colonies wouldn't judge a case fairly
• Massachusetts Bay Regulating Act made all law officers subject to appointment by the royal governor and banned all town meetings that didn't have approval of the royal governor
• Boston Port Act, which closed the port of Boston until the price of the dumped tea was recovered, moved the capital of Massachusetts to Salem, and made Marblehead the official port of entry for the Massachusetts colony.
• Quartering Act, which allowed royal troops to stay in houses or empty buildings if barracks were not available
• Quebec Act, which granted civil government and religious freedom to Catholics living in Quebec.

These Acts were the harshest so far of all the Acts passed by Parliament. The closing of Boston's port alone would cost the colony (and the American colonies as a whole) a ton of money. The Regulating Act was aimed at curtailing revolutionary activities. The Quartering Act angered colonists who didn't want soldiers (especially Redcoats) in their houses. And the Quebec Act was a direct insult to Americans, who had been denied the same sorts of rights that the Quebec residents now received.
The intolerable acts were closing the port of Boston not letting anything in or out. The second was closing the town meetings. The third was the British taking power over the Massachusetts assembly. The last was called quartering, which was when the colonists had to let the British soldiers stay in their houses. After the intolerable acts was the battle of Lexington and Concord, and the Acts were in response to the Boston Tea Party.

In American history, the "Intolerable Acts" were a series of legislation enacted by the British Parliament in 1774 as a reaction to the Boston Tea Party.

The Acts stripped most self-governance from the Massachusetts colony, and instituted a series of punitive taxes and measures against the colony. It was meant to make an example of to the rest of the 13 colonies, which had been seen as increasingly resistive to Parliament rule since the passing of The Stamp Act the prior decade.

Instead, the Acts were seen as yet a further indication of Parliament's capriciousness and lack of concern for issues important to the American colonies. The Acts are a direct cause of the American Revolution, as the Acts inspired the convening of the first Continental Congress, which thereafter initiated the American Revolution.
the boston tea party angered the british and it all started because of taxes

Eight Ball Symbol - Eight Ball designs can have several different meanings and its symbolism is dependent on the context in which it is used. A standard 'rack' of balls on a billiard or pool table contains fifteen numbered balls and the eight ball, which is always solid black, falls squarely in the middle. The first seven balls - one to seven -that precede the eight ball are solid coloured, and the seven balls after the eight ball - nine to fifteen - are striped. A 'cue ball' which is solid white is used to play the other balls and make shots, using pool cues (basically long sticks).

A routine game of pool starts with one player breaking the racked pool balls with the 'cue' (solid white) ball - the balls are contained within a wooden triangle at one end of the pool table to create the formation - and attempting to sink a ball into one of the four corner pockets or two side pockets located on a pool table. If a player sinks a ball off the break, either solid or coloured, the player may continue to shoot and attempt to sink all the balls within that grouping. If a player sinks both a coloured ball and a solid ball, the player may choose which grouping of balls to play. If a player sinks all of their balls off of the break, finishing by sinking the eight ball, this is called 'running the table' and is a sign of superior skill and luck. The game has been won without the other player ever having an opportunity to make a shot.

Depending upon the rules under which the players are engaged, if the first player can sink the eight ball off breaking the rack, that player automatically wins the game. This is an extraordinarily rare event and akin to winning the lottery. In such circumstances, sinking the eight ball is very lucky and fortuitous.

If during the game either player sinks the eight ball before sinking all of their balls, they automatically lose the game. After sinking all of their solid or striped balls, a player must sink the eight ball in order to win the game. Failure to sink the eight ball on a called shot results in the loss of the game. In this instance the eight ball represents bad luck and misfortune.

The expression "behind the eight ball" refers to being in a poor strategic position on the pool table. Pool, and the placement of the cue ball after a shot, is a very strategic game. An opponent may make a shot that deliberately puts the other player in a poor position to make a shot, or put them in danger of losing by causing them to sink the eight ball. In this instance the eight ball is symbolic of the capriciousness of fate.

Pool and billiards are often played for money in pool halls and betting on the outcome of games is not uncommon. In fact there are players who make their living by playing pool professionally, or by placing bets on the outcomes of games or a series of games. Players of differing abilities may play each other by the better player 'spotting' an opponent several balls or by playing 'heads up' as equals. Many pool halls were notorious places, filled with characters of uncertain reputation and shady pasts as depicted in fiction and films like The Hustler with Paul Newman, and the Colour of Money with Newman and Tom Cruise. Pool halls were also seen as places where it was not uncommon for other illegal or illicit activity to be taking place.

So an Eight Ball is often included in tattoos such as "Man's Ruin" - or misfortune - alcohol, drugs, gambling, an unfaithful woman, etc, or in tattoos that featuring gambling - dice, playing cards, race horses, etc. Conversely, some individuals see the eight ball as being lucky, if controlled. It is a symbol that hints at danger, living on the edge and casting your fortune upon the winds of fate.

The term 'eight ball' is also a reference to drug use, with several different meanings, and can be an extremely dangerous combination of cocaine and heroin, crack and heroin or a 1/8 or eighth or an ounce of your drug of choice. You would ask your dealer for "an eight ball of coke".

For Hot-Rodders, or those who build and race customized cars, it was very common to hang a pair of dice from the rear view mirror and for the shifter knob on the transmission gear shift to be an Eight Ball. Once again, the Eight Ball symbolizes risk, the willingness to take a chance and the possibility of good luck or misfortune. The symbol of the eight ball, "Life is a Gamble!"

**I can attest from experiences that I have had in traveling the Biker lifestyle that this symbol means that the man wearing it has performed willing homosexual act with his club brothers. Despite the fact that most people would think otherwise there is a large amount of bisexual activity that does often occure during club orgies and parties. This is due to the fact that part of biker living means not being consigned to the restrictions that common society places on you, instead living the way that YOU want, in the moment just for the pleasure that living can provide. those men who CHOOSE to willingly engage in alternative sexual practices with other biker buddies wear this symbol with a certain degree of prode. they are saying that they care living with ALL of the pleasures of live involved and are bisexual and don't care what YOU think about it. since the eightbal if often belived to be lucky if you are in control of it as stated above, the basal statement here is "I am able to 'get lucky' anytime i want, even if a femal is not available as i can and will gladly turn to my club brothers and will return the favor if asked" This may not be the case with all biker communities but it is the case with the club i currently run with (a 1% club) and with the vast majority of the clubs I have encountered through my travels. As stated above Bisexuality is not something that is opened discussed in the lifestyle but it is more prevelent than you would think. this may be due to the fact that with sex, as with most other aspects of their life, we do not feel the need to compartmentalize or label things; things are just what they are. in this life the only label that matters is the club you ride with, beyond that life is for living and everything else don't matter.

Because you believe the best in people and take them at face value. You believe in giving praise and encouragement instead of criticism. I have been married to a narcissist. It was my second marriage and lasted 9 years and he has just cheated on me and lied to me in ways I find unbelievable. he is now busy in his new fantasy land relationship, denigrating me. Fortunately I have lots of friends who have realised what he was like and are keeping me sane. He has been through strings of relationships. I know I am fortunate I can walk away but he filled my life.

On the face of it, there is no (emotional) partner or mate, who typically "binds" with a narcissist. They come in all shapes and sizes. The initial phases of attraction, infatuation and falling in love are pretty normal. The narcissist puts on his best face ? the other party is blinded by budding love. A natural selection process occurs only much later, as the relationship develops and is put to the test.

Living with a narcissist can be exhilarating, is always onerous, often harrowing. Surviving a relationship with a narcissist indicates, therefore, the parameters of the personality of the survivor. She (or, more rarely, he) is moulded by the relationship into The Typical Narcissistic Mate/Partner/Spouse.

First and foremost, the narcissist's partner must have a deficient or a distorted grasp of her self and of reality. Otherwise, she (or he) is bound to abandon the narcissist's ship early on. The cognitive distortion is likely to consist of belittling and demeaning herself ? while aggrandising and adoring the narcissist. The partner is, thus, placing himself in the position of the eternal victim: undeserving, punishable, a scapegoat. Sometimes, it is very important to the partner to appear moral, sacrificial and victimised. At other times, she is not even aware of this predicament. The narcissist is perceived by the partner to be a person in the position to demand these sacrifices from her partner, being superior in many ways (intellectually, emotionally, morally, financially).

The status of professional victim sits well with the partner's tendency to punish herself, namely: with her masochistic streak. The tormented life with the narcissist is, as far as the partner is aware, a just punitive measure.

In this respect, the partner is the mirror image of the narcissist. By maintaining a symbiotic relationship with him, by being totally dependent upon the source of masochistic supply (which the narcissist most reliably constitutes and most amply provides) ? the partner enhances certain traits and encourages certain behaviours, which are at the very core of narcissism.

The narcissist is never whole without an adoring, submissive, available, self-denigrating partner. His very sense of superiority, indeed his False Self, depends on it. His sadistic Superego switches its attentions from the narcissist (in whom it often provokes suicidal ideation) to the partner, thus finally obtaining an alternative source of sadistic satisfaction.

It is through self-denial that the partner survives. She denies her wishes, hopes, dreams, aspirations, sexual, psychological and material needs, and much else besides. She perceives her needs as threatening because they might engender the wrath of the narcissist's God-like supreme figure. The narcissist is rendered in her eyes even more superior through and because of this self-denial. Self-denial undertaken to facilitate and ease the life of a "great man" is more palatable. The "greater" the man (=the narcissist), the easier it is for the partner to ignore her own self, to dwindle, to degenerate, to turn into an appendix of the narcissist and, finally, to become nothing but an extension, to merge with the narcissist to the point of oblivion and of dim memories of one's self.

The two collaborate in this macabre dance. The narcissist is formed by his partner inasmuch as he forms her. Submission breeds superiority and masochism breeds sadism. The relationships are characterised by rampant emergentism: roles are allocated almost from the start and any deviation meets with an aggressive, even violent reaction.

The predominant state of the partner's mind is utter confusion. Even the most basic relationships ? with husband, children, or parents ? remain bafflingly obscured by the giant shadow cast by the intensive interaction with the narcissist. A suspension of judgment is part and parcel of a suspension of individuality, which is both a prerequisite to and the result of living with a narcissist. The partner no longer knows what is true and right and what is wrong and forbidden.

The narcissist recreates for the partner the sort of emotional ambience that led to his own formation in the first place: capriciousness, fickleness, arbitrariness, emotional (and physical or sexual) abandonment. The world becomes uncertain and frightening and the partner has only one thing to cling to: the narcissist.

And cling she does. If there is anything which can safely be said about those who emotionally team up with narcissists, it is that they are overtly and overly dependent.

The partner doesn't know what to do ? and this is only too natural in the mayhem that is the relationship with the narcissist. But the typical partner also does not know what she wants and, to a large extent, who she is and what she wants to become.

These unanswered questions hamper the partner's ability to gauge reality, evaluate and appraise it for what it is. Her primordial sin is that she fell in love with an image, not with a real person. It is the voiding of the image that is mourned when the relationship ends.

You may have been raised by a narcissistic parent which makes you a magnet for them.

Ive been raised by a narsistic father and mother and brother and sister!

And i always seem to attract men into my life that are narcisists, and i don't get it

Why do you think if you have been raised my a narcissistic parent you become a magnet for them?? pls explaine, Ta :)

How Does Science Work? Dr. Robert K. D. Peterson

Agricultural & Biological Risk Assessment

Montana State University

bpeterson@montana.edu

Many people who object to biotech crops argue that the crops should not be allowed to grow in the environment until science proves that they are safe. Others who support biotech crops argue that science has proven that they are indeed safe. However, the concept of proof has no place in science. Many people who do not actively practice science do not understand that science is structured so that scientists can never prove anything. To understand why science cannot prove anything, we need to define and discuss two terms, "Science Literacy" and "Scientific Literacy." "Science literacy" is knowledge about science facts. Facts such as the Earth orbits the sun, photosynthesis takes place in plant cells, and atoms are made of electrons, protons, and neutrons are all examples of science literacy. But science literacy is very different from scientific literacy. "Scientific literacy" is knowledge of science as a process for understanding the physical world.

So, what do we mean by "science as a process?" In other words, how does science work? Science and scientists utilize the scientific method, a standard, rigorous, and step-wise process to understand the world. After an idea or observation, scientists pose a hypothesis, which is a tentative explanation or assumption about some particular aspect of nature. To be valid, the hypothesis must be testable, and, more importantly, it must be refutable. When the hypothesis is tested, it is either supported or refuted. If the hypothesis is refuted, then an alternative hypothesis is posed and the process continues. If a hypothesis is not refutable (or falsifiable), it does not meet the minimum requirements of the scientific method. For example, a hypothesis that God created the earth cannot be refuted, and therefore it cannot be evaluated using the scientific method. Hypotheses and theories can never be proven true using the scientific method. Therefore, science advances only through disproof. This is a critical and often misunderstood point. To be scientific, theories can never be proven true, but all theories must be refutable. Therefore, all theories, and by extension all of science, are tentative.

As an example, let's use a science fact that is known to most adults: the existence of electrons. We know that electrons exist, but here's the rub: Science can never prove that electrons exist. Hypotheses about the existence of electrons have been supported after countless tests using the scientific method. In other words, they have not been refuted. Knowledge of the precise nature of electrons will always be undergoing refinement, but the weight of scientific evidence clearly supports the existence of electrons. Scientific Proof and the Debate Between Evolution and Creationism Understanding how science works also is critical to understanding the seemingly never-ending debate between those who support evolution and those who support creationism. The debate typically devolves (no pun intended!) into the argument by creationists that scientists cannot prove that evolution has occurred; therefore, their hypotheses of creationism are equally valid. Hypotheses regarding numerous aspects of evolution have been posed and tested. As testing has winnowed out incorrect ones, our understanding has become ever more clear. As with electrons, knowledge of the precise nature of evolution will undergo constant refinement, but the total current weight of scientific evidence supports the existence of evolution. As scientists, we do not arrive at that conclusion out of capriciousness or because of a "leap of faith," but rather because of the systematic process for understanding physical reality called the scientific method. In fact, anyone who supports evolution because of faith or belief is not using scientific rationality. Several arguments posed by creationists do constitute hypotheses and therefore are falsifiable. The hypothesis that the Earth is no more than 10,000 years old has been proposed numerous times, but refuted in many ways. Conversely, alternative hypotheses that the Earth is much older have been repeatedly supported. Indeed, today the weight of evidence overwhelmingly suggests that the Earth is billions of years old. Unfortunately, many other arguments posed by creationists are not falsifiable and therefore cannot be addressed using scientific inquiry. How can we falsify the hypothesis that God or an Intelligent Designer created the major forms of life on Earth? Creationist theories that cannot be refuted represent a particular world view, but they are not science. These theories can be taught in schools as philosophy or religion, but they must not be taught as science, unless the instructor uses them to demonstrate to the class what is and what is not science.

How about another example? This time we'll use an example from plant biology and agriculture. A scientist states a hypothesis that adding nitrogen to the soil will result in increased grain production in corn (maize) plants. The scientist tests the hypothesis in a carefully controlled experiment. Her hypothesis is that nitrogen will increase grain production, and because the hypothesis must be subject to refutation, her alternative hypothesis is that nitrogen will not increase grain production. The experiment reveals that nitrogen does indeed increase grain production. Therefore, her initial hypothesis (also known as a null hypothesis) is supported. If the experiment had not resulted in increased grain production, the initial hypothesis would have been refuted and the alternative hypothesis would have been supported. The scientist can never prove that adding nitrogen to soil increases grain production, but if the hypothesis is supported time and time again, the weight-of-evidence convinces us that the relationship between nitrogen and increased grain production exists and is predictable.

Class Exercise As the instructor, hold a rock three to four feet above the floor. Ask the students what will happen if you let go of the rock. Hopefully, they will say that the rock will drop to the floor! Then, ask the students to prove that the rock will fall to the floor before you let go. They invariably will argue that rocks always fall to the ground when released, so when you release the rock it also will fall. But their statement does not prove that the rock will fall (or prove the existence of gravity). Their statement is based on countless observations of objects falling to the ground when dropped from above the ground. They are basing their statement not on proof, but on an overwhelming weight-of-evidence of what has happened to objects after they were released. Scientific explanations of falling objects started with a hypothesis that the rock would fall to the ground when released. Remember, to be a valid hypothesis, the hypothesis must be refutable. In other words, the test of the hypothesis must allow for the observation that the rock will not fall to the ground when released. Like electrons, no one has ever seen gravity, but because of the scientific method of supporting or refuting hypotheses about gravity, there is overwhelming evidence that gravity exists. Now if we turn to the safety assessment process for biotech crops, we can see more clearly why a scientist using the scientific method can never prove that the crops are safe. To test hypotheses about the risk of biotech crops to human health, the hypotheses must be subject to testing and refutation. Remember, hypotheses can not be proven true, but they can be disproved. In the United States, determining whether human health risks from consuming foods derived from biotech crops are acceptable or unacceptable is the primary responsibility of the Food and Drug Administration (FDA). The determination of "is it safe enough" is a societal decision that involves much more than science. However, science and the scientific method do form the foundation upon which the decision is made. For crops produced using recombinant DNA technology, the FDA evaluates the new protein that has been introduced into the crop. Proteins that typically are considered safe (or that pose negligible risk) have the following characteristics: * They are from sources with no history of toxicity or allergy * They do not resemble known toxins or allergens * They have well understood functions * They are expressed at low levels (major allergens are usually found in large amounts in allergenic foods) * They are rapidly degraded in the stomach (within minutes) * There is a lack of adverse effects in mice at high levels of consumption * Animal feeding studies (42-day poultry trial) do not reveal any adverse effects To evaluate the characteristics described above, the FDA regulator evaluates data from the following studies: * Acute oral toxicity in mice (Is the protein toxic when ingested by a mouse? * In vitro digestibility under simulated gastric conditions (How quickly does the protein break down in conditions that mimic the human stomach?) * Comparison of amino acid sequence similarity of the protein to known protein allergens (Is the protein structurally similar to proteins that we know are allergenic?) * Thermolability of the protein (Does heat, such as we might see in food processing or cooking, break down the protein?) * Protein expression in plant tissues (Where in the plant does the protein occur and in what amounts?) * Protein fate in parts of the plant and in processed food fractions (How do the amounts of protein in different parts of the plant change over time and how much protein is present as the harvested crop is being processed into food?) * Poultry feeding studies (Are there any differences between chickens fed the biotech crop and those fed a non-biotech crop over a 42-day period? This type of study gives the regulator some idea of potential long-term dietary risks associated with humans eating food with ingredients from biotech crops.) What is important to recognize here is that none of the results from the studies alone or in combination prove anything. In particular, they do not prove that human health risks from biotech crops are acceptable or that they are safe. Each study tests a hypothesis. For example, the acute oral toxicity in mice study is centered around the initial hypothesis that the dose or doses of protein administered to the mice will not result in mortality or any signs of toxicity. The results from all of the studies are evaluated by the FDA regulator, who makes a decision about the food safety of the biotech crop. The regulator, therefore, utilizes a weight-of-evidence approach when making his decision. The results either provide a weight-of-evidence that the protein is safe to consume or that it is not safe to consume. Next Section: I DON'T CARE WHAT THE SCIENTISTS SAY-BIOTECH CROPS ARE TOO RISKY

Risk as Perception

With a minimum word length of two letters, 29,705 can be found in the Scrabble dictionary. With a minimum word length of fifteen letters, 158:

1 acrimoniousness

2 aerosolisations

3 aluminosilicate

4 anticlericalism

5 anticolonialism

6 assimilationism

7 associationisms

8 carnivorousness

9 circularisation

10 circumincession

11 circuminsession

12 circumlocutions

13 circumpositions

14 circumscription

15 circumscriptive

16 circumspections

17 circumvallation

18 circumvolutions

19 civilianisation

20 coconsciousness

21 commensurations

22 commercialistic

23 commissionaires

24 communalisation

25 communicational

26 conservatoriums

27 consimilarities

28 conspicuousness

29 contrariousness

30 conventionalism

31 conversationism

32 convulsionaries

33 corpuscularians

34 cosmopolitanism

35 counterproposal

36 criminalisation

37 episcopalianism

38 illustriousness

39 immiserisations

40 immunoreactions

41 impracticalness

42 impressionistic

43 improvisational

44 improvisatorial

45 improvisatrices

46 inappreciations

47 incapaciousness

48 incommunicative

49 inspirationisms

50 insurrectionism

51 interclavicular

52 intercommunions

53 intercomparison

54 interprovincial

55 intrinsicalness

56 involuntariness

57 isoimmunisation

58 macroevolutions

59 masculinisation

60 memorialisation

61 microcomponents

62 microevolutions

63 microporosities

64 micropulsations

65 millenarianisms

66 mineralisations

67 misapplications

68 misappreciation

69 miscalculations

70 miscorrelations

71 missionisations

72 misvocalisation

73 monopolisations

74 monopropellants

75 mountainousness

76 multiprocessors

77 multiracialisms

78 musicalisations

79 neocolonialisms

80 neocolonialists

81 nominalisations

82 nonastronomical

83 nonconservation

84 nonconsumptions

85 noncooperations

86 noncorrelations

87 nonimplications

88 nonoccupational

89 nonprescription

90 nonsimultaneous

91 nuclearisations

92 nucleoplasmatic

93 occasionalities

94 omoplatoscopies

95 oneirocriticism

96 operationalisms

97 overapplication

98 overconsumption

99 overpopulations

100 personalisation

101 pneumoconiotics

102 pococuranteisms

103 popularisations

104 postmillenarian

105 prescriptivisms

106 pressurisations

107 processionalist

108 proletarianisms

109 promiscuousness

110 pronunciamentos

111 pronunciational

112 provincialities

113 prussianisation

114 punctiliousness

115 puritanicalness

116 pusillanimities

117 recolonisations

118 reconciliations

119 remoralisations

120 renormalisation

121 repolarisations

122 resocialisation

123 retransmissions

124 revalorisations

125 revisualisation

126 scintillascopes

127 scintilloscopes

128 scrumptiousness

129 secularisations

130 semicolonialism

131 semiparasitisms

132 sensationalisms

133 sensualisations

134 specialisations

135 spectroscopical

136 spironolactones

137 superannuations

138 superimposition

139 supernaturalism

140 superovulations

141 superparasitism

142 superscriptions

143 suppositionless

144 tripersonalisms

145 ultracommercial

146 ultramicroscope

147 unappreciations

148 uncanonicalness

149 uncircumcisions

150 uncommunicative

151 uncompassionate

152 unconscientious

153 unconsciousness

154 uncontroversial

155 unpracticalness

156 unsectarianisms

157 unspiritualises

158 viscosimetrical

12-letter words

accipitrines, acclimations, acclimatises, accompanists, accumulation, accumulative, accumulators, acousticians, acrocentrics, alleviations, allopurinols, allosauruses, amelioration, ameliorators, aminopterins, ammoniations, anacreontics, anilinctuses, anisotropies, anisotropism, annunciation, annunciators, anticlerical, anticolonial, anticonsumer, antieconomic, antimissiles, antinucleons, antipiracies, antirealisms, appellations, applications, appositional, appreciation, appreciators, appressorium, articulacies, assimilation, assimilative, assimilators, associations, astronomical, avitaminoses, avitaminosis, calcinations, calculations, calorimetric, calumniation, calumniators, cancelations, cancellation, canonicities, canorousness, capitularies, captiousness, carillonneur, carminatives, caterpillars, cautiousness, cavalierisms, ceratopsians, circularises, circularness, circulations, circumcircle, circumcisers, circumcision, circumstance, citronellals, citronellols, civilisation, classicistic, clavieristic, clericalisms, clericalists, climacterics, coacervation, coevolutions, coinsurances, collectivism, collimations, collocations, colonialisms, colonialists, colonialness, colonisation, colorimetric, columniation, comicalities, comminations, comminutions, commissarial, commissariat, commissaries, commissioner, commonalties, commonplaces, communalists, communicants, communicates, communicator, companionate, comparatives, compellation, compensation, compensators, compilations, complainants, complaisance, compliancies, complicacies, complication, complicities, complicitous, componential, compositions, compressions, compromisers, comptrollers, compunctions, compunctious, conceptional, concessional, conciliation, conciliative, conciliators, concinnities, concomitance, concupiscent, connectional, connoisseurs, conscription, consecration, consecrators, consecutions, conservation, conservatism, conservators, consistorial, consistories, consociation, consolations, consonancies, conspiracies, conspiration, conspirators, consumerisms, consumerists, consummation, consummative, consummators, consumptions, consumptives, conterminous, continuances, contrariness, contrivances, contumacious, contumelious, convectional, conventional, conversation, conversional, convocations, convolutions, cooperations, coprincipals, coprocessors, corporations, corporatisms, correctional, correlations, coruscations, cosmeticians, cosmopolises, cosmopolitan, cosmopolites, councilmanic, counterclaim, countercoups, counterplans, countervails, covariations, craniotomies, creationisms, crematoriums, crenulations, criminations, criticalness, culminations, cunnilinctus, cupellations, eliminations, emancipation, emancipators, emasculation, emasculators, emotionalism, enunciations, epicuticular, evaporations, evolutionism, iconoclastic, iconolatries, illuminances, illumination, illuminative, illuminators, illusionisms, illusionists, illusoriness, illuviations, immaculacies, immoralities, immortalises, imperatorial, imperialisms, imperialists, impersonator, implications, implicitness, importancies, imprecations, imprecisions, imprisonment, improvisator, impuissances, inaccuracies, inauspicious, incapacities, incarnations, incineration, incinerators, incivilities, inclinations, inconclusive, inconsonance, incorporates, incorruption, incriminates, inculcations, inculpations, incurvations, incurvatures, innervations, innovational, inoculations, inosculation, inscriptions, insemination, inseminators, insinuations, insouciances, inspirations, inspissation, inspissators, insularities, insurrection, interlaminar, intermission, internuncial, internuncios, interpluvial, intervocalic, intromission, introversion, invocational, involutional, ironicalness, irresolution, isolationism, laciniations, lacrimations, lamellicorns, laparoscopes, laparoscopic, laparotomies, leprosariums, lilliputians, lipoproteins, liposuctions, luminosities, luminousness, lusciousness, lustrousness, macronuclear, macronucleus, macropterous, malapropisms, malapropists, malocclusion, malpositions, malpractices, malversation, manipulation, manipulative, manipulators, manorialisms, manumissions, maricultures, masculinises, materialisms, meliorations, memorialists, mensurations, mercantilism, mercurations, metronomical, microcapsule, microcircuit, microclimate, microculture, micronucleus, microscopies, microscopist, microseismic, microsporous, microvillous, millenarians, millimicrons, millionaires, minicomputer, misalliances, misallocates, miscalculate, miscellanist, misconstrues, miscreations, mislocations, mispositions, mispronounce, missionaries, monasticisms, monocultural, monocultures, monometallic, mononuclears, monopolistic, motoneuronal, mucoproteins, multicourses, multimillion, multinomials, multinuclear, multipurpose, musicalities, mutinousness, narcissistic, narcoleptics, nationalises, nationalisms, neoclassical, neuroticisms, neurulations, nitrosamines, nomenclators, nominalistic, noncancerous, nonclassical, nonclassroom, nonclericals, noncollector, noncollinear, noncommunist, noncomposers, nonconscious, nonconsumers, noncorporate, noncorrosive, noncountries, noncriminals, noncrossover, noncustomers, noneconomist, nonemotional, nonempirical, noninclusion, noninsurance, nonintrusive, nonmercurial, nonmolecular, nonmunicipal, nonmusicians, nonnarrative, nonnationals, nonnormative, nonnumerical, nonparallels, nonparasitic, nonpoisonous, nonpolitical, nonpractical, nonpurposive, nonrealistic, nonruminants, nonsectarian, nonsocialist, nonsolutions, nontemporals, nonunanimous, nonuniversal, nucleoplasms, numinousness, occupational, oncornavirus, onomastician, onomatopoeia, onomatopoeic, operationism, opinionative, opportunisms, oppositional, orientalisms, oscillations, oscilloscope, osmolalities, osmolarities, osteoporosis, osteosarcoma, otosclerosis, ovariotomies, overarousals, overcautions, overcautious, overcontrols, overcritical, overoptimism, ovipositions, parallelisms, paronomastic, parsimonious, passivations, pastoralisms, pastoralness, paternalisms, percolations, perorational, personalisms, personalists, personations, perspiration, pertinacious, picornavirus, pictorialism, pilocarpines, pisciculture, planetariums, pleinairisms, pleinairists, plutocracies, pneumococcal, pneumococcus, pointillisms, polarimetric, polariscopes, polariscopic, polioviruses, pollinations, pollinosises, popularities, populational, populousness, portcullises, positroniums, possessional, postcolonial, postimperial, postulancies, postvaccinal, precisionist, preconscious, premonitions, premunitions, preparations, prepositions, prescription, presumptions, primitivisms, processional, proclamation, proclivities, proconsulate, procreations, procurations, proletarians, promontories, proportional, propositions, propranolols, proscription, proscriptive, prosecutions, proteinurias, protoplasmic, provisionals, provisioners, provocateurs, provocations, prussianises, pullulations, rapscallions, rationalises, rationalisms, rationalness, reallocation, reanimations, reapportions, reclamations, recommission, reconviction, reimposition, renomination, renovascular, renunciation, reoccupation, replications, repopulation, reprovisions, respirations, reunionistic, revaluations, revisionisms, revisionists, romanticises, romanticisms, sacculations, salutariness, salvationism, sanctimonies, sarcomatoses, sarcomatosis, sarcoplasmic, scissortails, scopolamines, scurrilities, sectarianism, sectionalism, secularistic, semicircular, semiclassics, semicolonial, semilustrous, semimonastic, semioticians, semitropical, sensorimotor, sensualistic, sericultural, sillimanites, silverpoints, silviculture, similarities, simplicities, simultaneous, slavocracies, solitariness, sonorousness, spaciousness, specialistic, speciational, spectaculars, speculations, spiculations, spiritualism, sporulations, spuriousness, successional, succinctness, summersaults, supercilious, supernations, supernatural, superplastic, superscripts, supervisions, supplication, suppositions, suppositious, suppressants, suppressions, suppurations, supraliminal, supremacists, suprematisms, surrealistic, surveillants, suspirations, susurrations, timorousness, trampoliners, transmission, transmissive, transoceanic, transpicuous, transuranics, transuranium, transversals, ultramarines, ultrarealism, ultraserious, uncensorious, uncinariases, uncinariasis, uncommercial, uncommonness, uncomplacent, uneconomical, unionisation, unitarianism, universalism, universalist, unmoralities, unnilpentium, unpropitious, unprosperous, unscriptural, uricotelisms, vaccinations, vacillations, vacuolations, vaporousness, varicosities, vasculatures, vasopressins, vasopressors, vesiculation, vincristines, vinicultures, virtuousness, viscoelastic, viscountcies, voluntarisms, voluptuaries, vulcanisates

13-letter words

accompaniment, accountancies, accumulations, ameliorations, anisometropia, anisometropic, anisotropisms, annunciations, anomalousness, anticlericals, anticollision, anticonsumers, anticorrosion, anticorrosive, antinomianism, appreciations, aristocracies, assimilations, atrociousness, calumniations, cancellations, capaciousness, capillarities, carcinomatous, carillonneurs, cavernicolous, ceruloplasmin, circularities, circumcircles, circumcisions, circumstances, circumstellar, circumvallate, circumvention, civilisations, clamorousness, cliometrician, coacervations, coconspirator, collectivisms, collocational, colonialistic, colonisations, columniations, commercialist, commiseration, commissariats, commissioners, commonalities, communalities, communication, communicative, communicators, communitarian, compassionate, compellations, compensations, complaisances, complications, compositional, compressional, conceptualism, conciliations, concomitances, conscientious, consciousness, conscriptions, consecrations, conservations, conservatisms, consociations, conspicuities, conspirations, consultancies, consumeristic, consummations, controversial, conversations, convocational, coplanarities, corporalities, corporativism, correlational, cosmopolitans, cosmopolitism, counterclaims, criminalities, customariness, emancipations, emasculations, emotionalisms, encapsulation, evolutionisms, illuminations, illusionistic, impassivities, imperialistic, impersonation, impersonators, impressionism, impressionist, imprisonments, improvisation, improvisatore, improvisatori, improvisators, impulsivities, incarceration, incinerations, inclinational, inconsonances, inconspicuous, inconstancies, incorporation, incorporative, incorruptions, incorruptness, incrimination, incuriosities, incuriousness, innocuousness, inosculations, inscriptional, insectivorous, inseminations, inspirational, inspissations, insurrections, intercolonial, intercommunal, intermissions, intracellular, intramuscular, intrapersonal, intromissions, introversions, irrationalism, irresolutions, isolationisms, laparoscopies, laparoscopist, leptospirosis, macroeconomic, maliciousness, malocclusions, malversations, manipulations, masculinities, mercantilisms, microcapsules, microcircuits, microclimates, microclimatic, microcomputer, microcosmoses, microcultural, microcultures, microeconomic, microparticle, micropuncture, microscopical, microscopists, microvascular, millennialism, millennialist, millionairess, minicomputers, misallocation, misassumption, miscalculates, miscellanists, misconception, misconnection, misevaluation, misimpression, mispronounces, monomolecular, mononucleosis, monopsonistic, monstrousness, multimillions, muscularities, neoclassicism, neoclassicist, neoplasticism, neuroanatomic, nomenclatural, nonautonomous, noncellulosic, nonclassrooms, noncollectors, noncommercial, noncommunists, noncompliance, nonconceptual, nonconclusion, nonconcurrent, nonconsensual, noncontinuous, noncooperator, noncumulative, noneconomists, noninclusions, noninsurances, nonmainstream, nonnarratives, nonnumericals, nonparametric, nonpolitician, nonpossession, nonreciprocal, nonsocialists, nonspecialist, nonuniversals, nonvocational, nucleoplasmic, onomasticians, onomatopoeias, operationisms, oracularities, oscillational, oscilloscopes, oscilloscopic, osteosarcomas, overconscious, overoptimisms, ovipositional, papillomatous, paramountcies, particularise, particularism, percussionist, personalistic, perspicacious, perspirations, pictorialisms, pictorialness, piscicultures, plantocracies, pococurantism, postclassical, practicalness, precisionists, preconviction, prenomination, preoccupation, prepositional, prescriptions, prevarication, prevocational, processionals, proclamations, proconsulates, promiscuities, pronunciation, proportionals, propositional, proscriptions, prosecutorial, proventriculi, provincialism, provincialist, pusillanimous, rapaciousness, rapturousness, reallocations, reapplication, recalculation, reciprocation, recirculation, recommissions, recompilation, recomposition, reconvictions, recrimination, reimpositions, reincarnation, reinoculation, renominations, renunciations, reoccupations, repopulations, revaccination, salaciousness, salmonellosis, salvationisms, sanctimonious, sectarianisms, sectionalisms, semiclassical, semiconscious, semiparasitic, semipolitical, silvicultural, silvicultures, sociocultural, socioeconomic, spectroscopic, spiritualisms, spiritualness, sporopollenin, supercolossal, supercriminal, supercritical, supernational, supernaturals, superposition, superromantic, supervirtuosi, supervirtuoso, supplications, suppositional, suppositories, transmissions, transpersonal, triamcinolone, ultrarealisms, unconsciouses, unionisations, unitarianisms, universalisms, universalists, unnaturalness, unnilpentiums, unsensational, unspectacular, upperclassman, vascularities, vermiculation, vernacularism, vesiculations, vicariousness, violoncellist, viscosimetric, visionariness, vocationalism, volcanicities, voluntariness, voraciousness, vulcanicities, vulcanisation

14-letter words

accompaniments, anisometropias, anticommercial, antinomianisms, associationism, auspiciousness, avariciousness, avuncularities, capriciousness, carcinomatoses, carcinomatosis, ceruloplasmins, circuitousness, circumlocution, circumscissile, circumspection, circumvallates, circumventions, circumvolution, classicalities, cliometricians, coconspirators, commensuration, commercialists, commiserations, commissionaire, commonsensical, communications, communitarians, compassionates, compassionless, compensational, compulsivities, conceptualisms, conservational, conservatorial, consociational, conspirational, conspiratorial, continuousness, conversational, corporativisms, cosmopolitisms, criminalistics, cunnilinctuses, encapsulations, immunosuppress, impersonations, impressionisms, impressionists, improvisations, improvisatores, inarticulacies, incarcerations, incautiousness, inconcinnities, incorporations, incriminations, insurrectional, intercommunion, intramolecular, irrationalisms, laparoscopists, lasciviousness, macroeconomics, macroevolution, macromolecular, microanatomies, microcomputers, microeconomics, microevolution, microminiature, microparticles, micropulsation, micropunctures, millenarianism, millennialisms, millennialists, miraculousness, misallocations, misapplication, misassumptions, miscalculation, misconceptions, misconnections, miscorrelation, misevaluations, misimpressions, monopropellant, monotonousness, multimolecular, multiprocessor, multiracialism, municipalities, neoclassicisms, neoclassicists, neocolonialism, neocolonialist, neoplasticisms, nomenclatorial, noncommercials, noncommunities, noncompliances, nonconclusions, nonconcurrents, nonconsumption, nonconsumptive, noncooperation, noncooperators, noncorrelation, nonimplication, nonoperational, nonpoliticians, nonreciprocals, nonsensational, nonspecialists, nonspectacular, oncornaviruses, operationalism, overpopulation, oversimplistic, oversolicitous, oversuspicious, pantisocracies, papilionaceous, papillomavirus, particularises, particularisms, percussionists, picornaviruses, pneumoconiosis, pococurantisms, postmenopausal, postmillennial, preconsonantal, preconvictions, prenominations, preoccupations, prevarications, principalities, pronunciamento, pronunciations, propitiousness, proventriculus, provincialisms, provincialists, reapplications, recalculations, reciprocations, recirculations, recompilations, recompositions, reconciliation, recriminations, reincarnations, reinoculations, retransmission, revaccinations, scrupulosities, scurrilousness, semiautonomous, sensationalism, sociopolitical, solicitousness, specialisation, sporopollenins, superannuation, supercriminals, superovulation, superpositions, superscription, supervirtuosos, supramolecular, triamcinolones, ultramasculine, ultraprecision, unappreciation, uncircumcision, unconventional, universalistic, unpopularities, uproariousness, vermiculations, vernacularisms, victoriousness, villainousness, violoncellists, vocationalisms, voluminosities, voluminousness, vulcanisations

15-letter words

acrimoniousness, aluminosilicate, anticlericalism, anticolonialism, assimilationism, associationisms, carnivorousness, circumlocutions, circumscription, circumspections, circumvallation, circumvolutions, commensurations, commercialistic, commissionaires, communicational, conspicuousness, conventionalism, cosmopolitanism, counterproposal, illustriousness, impressionistic, improvisational, improvisatorial, incommunicative, intercommunions, intercomparison, interprovincial, involuntariness, macroevolutions, microevolutions, microporosities, micropulsations, millenarianisms, misapplications, miscalculations, miscorrelations, monopropellants, mountainousness, multiprocessors, multiracialisms, neocolonialisms, neocolonialists, nonastronomical, nonconservation, nonconsumptions, noncooperations, noncorrelations, nonimplications, nonoccupational, nonprescription, nonsimultaneous, operationalisms, overapplication, overconsumption, overpopulations, postmillenarian, promiscuousness, pronunciamentos, pronunciational, provincialities, punctiliousness, pusillanimities, reconciliations, retransmissions, semicolonialism, sensationalisms, specialisations, superannuations, superimposition, supernaturalism, superovulations, superparasitism, superscriptions, ultracommercial, ultramicroscope, ultraprecisions, unappreciations, uncircumcisions, uncommunicative, uncompassionate, unconsciousness, uncontroversial

16-letter words

aluminosilicates, anticlericalisms, anticolonialisms, assimilationisms, carcinomatosises, circumscriptions, circumvallations, controversialism, conventionalisms, cosmopolitanisms, counterproposals, inauspiciousness, intercomparisons, microcirculation, micromanipulator, microvasculature, mispronunciation, multimillionaire, noncommunication, noncommunicative, nonconservations, noncontroversial, overapplications, overconsumptions, papillomaviruses, postmillenarians, semicolonialisms, superimpositions, supernaturalisms, superparasitisms, superromanticism, ultramicroscopes, ultramicroscopic

17-letter words

controversialisms, immunosuppressant, immunosuppression, inconspicuousness, microcirculations, micromanipulation, micromanipulators, microvasculatures, mispronunciations, multimillionaires, neurotransmission, noncommunications, overcommunication, postmillennialism, sanctimoniousness, superromanticisms

18-letter words

immunosuppressants, immunosuppressions, microencapsulation, micromanipulations, neurotransmissions, overcommunications, postmillenarianism, postmillennialisms, ultramicroscopical

19-letter words

microencapsulations, postmillenarianisms

INTRODUCTION

The explosive growth of international financial transactions and capital flows is one of the most far-reaching economic developments of the late 20th century. Net private capital flows to developing countries tripled - to more than US$150 billion a year during 1995 to 1997 from roughly US$50 billion a year during 1987 to 1989. At the same time, the ratio of private capital flows to domestic investment in developing countries increased to 20% in 1996 from only 3% in 1990. Hence, this has effected a shift from the national economy to global economies in which production and consumption is internationalised and capital flow freely and instantly across borders.

Powerful forces have driven the rapid growth of international capital flows, including the trend in both industrial and developing countries towards economic liberalization and the globalisation of trade. Revolutionary changes in information and communications technologies have transformed the financial services industry worldwide. Computer links enable investors to access information on asset prices at minimal cost on a real time basis, while increased computing power enables them to rapidly circulate correlations among asset prices and between asset prices and other variables. At the same time, new technologies make it increasingly difficult for governments to control either inward or outward international capital flows when they wish to do so.

In this context, perhaps financial markets are best understood as networks and global markets as networks of different markets linked through hubs or financial centres.

All this means that the liberalisation of capital markets and with it, likely increases in the volume and volatility of international capital flows is an ongoing, and to some extent, irreversible process.

It has contributed to higher investment, faster growth and rising living standards. But this can also give rise to shocks and stresses resulting in financial crisis as we have all witnessed in 1997 and 1998.

Testimonies to the risks of open capital markets are the several waves of instability in the financial markets in early 1998 and again in the wake of the Russian crisis in August/September 1998. To illustrate, net private capital outflows from the five countries most affected by the crisis, namely, Indonesia, Korea, Malaysia, Thailand and the Philippines rose to US $28.3 billion in 1998, reflecting mainly the decline in net bank and non-bank lending. Meanwhile, foreign direct investment which had been one of the main sources of growth during the pre-crisis period in these countries remained sluggish in 1998, amounting to US$8.5 billion as compared to an average amount of US$17.8 billion during the period 1995 to 1995.

Global trade has experienced a slowdown over the past two years due to trade contraction of East Asian economies. Generally, world GDP and trade growth slowed in the past 1997/1998 as the East Asian crisis deepened and its repercussion were felt increasingly outside the region. Asia recorded the strongest import and export contraction in volume and value terms of all regions of the world. The dollar value of Asia's imports registered an unprecedented decline of 17.5%. The five Asian countries most affected by the financial crisis that broke in mid-1997, that is, Malaysia, Indonesia, Philippines, the Republic of Korea and Thailand experienced import contraction by one-third.

In the context of these powerful trends, I like to discuss a few significant the issues relating to them, particularly from a capital market regulator's perspective. Given the breadth of the topic at hand, and in the interest of keeping to time, please allow me to focus particularly on current trends and difficulties faced in the capital markets.

DEVELOPMENTS IN ELECTRONIC COMMERCE AND CAPITAL MARKET REGULATION

Developments in computer and information technology have made dramatic changes to the way the financial services industry operates. These changes are affecting and will affect every aspect of the financial services industry and offer the possibility of reduced costs in raising capital, greater efficiencies in the mobilisation of domestic and international savings and the provision of better, cheaper investment products more closely tailored to the needs of different investor segments. The convergence of computer and communications technology is promoting the development of computer mediated networks, allowing for users to communicate and transmit data and other information regardless of boundaries and distance. As communication costs continue to fall, the potential of outsourcing grows.

These changes will affect -

• The way investment products are offered, distributed and marketed and the way in which investors access information about the products and entities involved;
• The activities of financial services intermediaries, especially advisers, and the way they deal with investors;
• The continued blurring of product and institutional boundaries, and even the scope of financial services sector itself as non-traditional entities take on some of the functions of financial intermediaries;
• The methods of distribution and marketing of investment products which will increasingly draw upon the techniques of mass marketed consumer products; and
• The way secondary trading in investment products takes place as greater scope for direct investor transactions and low cost competitors to established securities and futures markets becomes more of a reality.

Just as electronic commerce affects investors and providers of financial products and services, it will affect the role of corporations and capital market regulators. Just as electronic commerce facilitates activities across jurisdictional borders, it poses in clear terms questions about the practical enforceability of national laws. As well as practical enforcement questions, electronic commerce also raises issues about the role that capital market regulators should play and the effectiveness of many of the traditional regulatory approaches and mechanisms that have been employed by them. An example might be an offering of securities made without a prospectus or registration statement on the Internet by a person in a jurisdiction with which the capital market regulator has no regular contact or mutual enforcement arrangements. There are also concerns about illegal and fraudulent activity on the Internet.

In this regard, the Malaysian position is that it is committed towards a structured development of electronic commerce. Towards this end, Malaysia has proposed to introduce a National E-Commerce Masterplan. This Masterplan should focus on key initiatives which will create momentum in trading via e-commerce. Besides looking at developing the technological infrastructure such as telecommunications infrastructure and systems providing for electronic delivery of goods as well as payment, the Government is also aware that there are legal and regulatory issues which will arise with regard to e-commerce. Malaysia has introduced several sets of laws catered towards proper regulation of e-commerce known as 'Cyberlaws'. The Cyberlaws which have been introduced include, among others :

(i) Computer Crimes Act 1997

This Act provides for a framework to counter computer offences such as unauthorised access to computer material, crimes of fraud and dishonesty through the computer, unauthorised modification of contents of a computer and so on. The Act is not limited by jurisdiction. It has effect outside as well as inside Malaysia. Where a computer crime is committed outside Malaysia in respect of computers or data in Malaysia or that which may be connected to or used in Malaysia, the crime may be treated as a crime within Malaysia and the perpetrator may be dealt with under the provisions of this Act; and

(ii) Digital Signatures Act 1997

This Act addresses issues of security and authenticity of electronic transactions and it allows for greater confidentiality and integrity of messages. It allows for businesses to use electronic signatures instead of hand-written counterparts in legal and business transactions. The Act provides for the treatment of document signed with a digital signature created in accordance with this Act to be treated as legally binding as if the document was signed with a handwritten signature.

The development of an effective regulatory framework is essential in attracting and maintaining confidence for the world in trading with Malaysian counterparts via electronic means. The regulatory framework as it stands is currently incomplete as many other areas such as electronic banking and broking are still in the process of development.

To instil confidence, Malaysia must be able to provide for regulatory certainty and coherence as well as prevent regulatory capriciousness. In relation to financial services, a major consideration is cross-border implications. The Securities Commission, as an example, is currently looking at issues relating to Internet offering of securities and fund management and broking services over the Internet. A re-examination of current laws would need to be conducted to ensure that they have not been overtaken by technology and to restructure the laws so that they are technology neutral.

As far as the capital market is concerned, the Securities Commission recognises that electronic commerce is an area where it is important that the regulatory infrastructure responds in a positive and timely way to facilitate market developments and not hinder innovation in market products and processes. We believe that there are important benefits to be gained through the Commission's facilitation of market developments in this area for the competitiveness of the Malaysian capital market, efficiencies in the operation of our capital markets and the better making of investors at lower cost. At the same time, the Securities Commission considers that it is important for the successful implementation of electronic commerce that investors retain confidence in the integrity of the market for investment products.

LIBERALISATION VS. PROTECTIONISM

On the issue of liberalisation vis-à-vis protectionism, there has been a proliferation of multi-lateral trade agreements since the middle of the century. Such agreements provide for a framework of rules within which nations are 'obligated' to assure other nations signatory to the agreement of a sovereign's approach towards international trade. For example, Malaysia is a member of, among others, the World Trade Organisation through which it is a signatory to the GATS (General Agreement on Trade in Services) and GATT (General Agreement on Tariffs in Trade), APEC as well as ASEAN, all of which have the objective of achieving liberalised trading of goods and services within specified, albeit not immediate, time frames. Through these trade blocs, Malaysia has committed itself to progressive liberalisation which essentially entails a gradual opening of the economy to foreign participants.

The globalisation of economies is intrinsically linked to the internationalisation of the services industry. It plays a fundamental role in the growing interdependence of markets and production across nations. Information technology has further expanded the scope of tradability of this industry. Access to efficient services matters not only because it creates new potential for export but also it will be an increasingly important determinant of economic productivity and competitiveness. The main thrusts of the 'services revolution' are the rapid expansion of the knowledge-based services such as professional and technical services, banking and insurance, healthcare and education. Responding to this phenomenon, regulatory barriers to entry in service industries are being reduced worldwide, either through unilateral reforms, reciprocal negotiation or multilateral agreements. Developing countries such as Malaysia are increasingly looking at foreign direct investment in services as an especially powerful means of transferring technical and managerial know-how, besides attracting foreign capital and investment to the country.

Malaysia has made a commitment under GATS under legal services covering advisory and consultancy services relating to home country laws, international law and offshore corporation laws of Malaysia. Under the GATS commitments, commercial presence of foreign legal firms is not available except in relation to the Federal Territory of Labuan and in such a case, their services are limited to legal services given to offshore corporations established in Labuan. However, there are no limitations placed on the provision of legal service cross-border, that is, provision of such service from a foreigner without having a legal presence in Malaysia. This may be done via fax, telephone or the Internet. As stated before, most aspects of legal services does not need the physical presence of the service provider except perhaps where a court appearance is necessary. Furthermore, a Malaysian may obtain legal services abroad without any limitation either.

Malaysia is also signatory to the ASEAN Framework Agreement on Trade in Services (AFAS). The AFAS is an agreement made within the auspices of the GATS. In very basic terms, commitments under AFAS are GATS-plus which means that liberalisation of trade is accelerated within the ASEAN region under the AFAS as compared to the world at large under GATS. Its ultimate aim is to achieve regional integration and free flow of services within the region. In achieving integration and free flow of services within the region, many issues would need to be ironed out. Issues such as harmonisation of professional standards, acceptable levels of accreditation between member countries, movement of labour in relation to provision of these services, licensing and certification of service suppliers are still under intense discussion within the Member Countries. Taking into account the different levels of economic and regulatory maturity of Member Countries within the ASEAN, it is understandable that it would be a long process of consultation before a consensus may be achieved.

LIBERALISATION OF CAPITAL ACCOUNT

A most obvious impact of globalisation of trade are pressures exerted on developing nations to liberalise their financial markets and capital accounts. However, it is important to recognise that domestic and international financial liberalisation heighten the risk of crises if not supported by prudential supervision and regulation and appropriate macroeconomic policies. Domestic liberalisation, by intensifying competition in the financial sector, removes a cushion protecting intermediaries from the consequences of bad loan and management practices. It can allow domestic financial institutions to expand risky activities at rates that far exceed their capacity to manage them. By allowing domestic financial institutions access to complex derivative instruments it can make evaluating bank balance sheets more difficult and stretch the capacity of regulators to monitor risks. External financial liberalisation in allowing foreign entry into the domestic financial markets may facilitate easy access to an abundant supply of offshore funding and risky foreign investments. A currency crisis or unexpected devaluation (such as in the Asian crisis) can undermine the solvency of banks and corporations which may have built up large liabilities denominated in foreign currency and are unprotected against foreign exchange rate changes.

The ideal free market is one that every one should be free to enter, to participate in and to leave. However, events in the recent financial crises have led many of us to believe that in the freest of markets, there is a need to ensure that free flow of capital does not destabilise the market itself.

Indeed, calls for reform have gained increasing support and credence within the international community with the unfolding of the devastating effects of the crisis beginning mid-1997. The SC's work within IOSCO's Emerging Markets Committee has drawn attention to fundamental weaknesses in the existing global financial infrastructure that have caused and exacerbated these effects. These weaknesses include the inordinate power of highly leveraged institutions to move markets, the destabilising force of volatile short-term capital flows and the failure of existing credit assessment systems to adequately inform market participants of increasing risk of default.

One example of this mounting consensus was the express recognition by G7 countries at their recent meeting in Cologne of the need to strengthen the international financial architecture.

There are now increasing calls for greater transparency and regulation of hedge funds and greater awareness of the dangers of volatile short-term capital flows. To rebuild East Asia and the global economy, we now urgently need to engage in a sincere discussion about what constitutes sound governance in the contemporary world.

On the domestic front, we would have to ask ourselves this question: has our financial markets kept pace with change? Whilst markets have become global, applicable rules and regulations remain predominantly parochial or local. From a regulator's perspective, the challenge for us in a global market is to design the regulatory and structural framework which will allow the market to function efficiently, competitively in a fair and level playing field environment, ensuring at the same time that the market is not subject to highly concentrated or destabilising forces that would disrupt its functioning.

The recent crisis also shows up the need for a careful and sequenced approach towards liberalising a country's capital account. The experiences of Thailand, Korea and Indonesia clearly tells us that there is no prescribed formula on sequencing. However, it is important to recognise that countries vary greatly in their levels of economic and financial development, in their institutional structures, in their legal systems and business practices, and their capacity to manage change in a host of areas relevant for financial liberalisation. It is in recognition of this that the IMF policy-setting committee and subsequently the Finance Ministers and central bank governors of the G7 industrial nations, in the fall of 1998, stressed that a country opening its capital account must do so in an orderly, gradual and well sequenced manner.

Issues of liberalisation versus protectionism would need to be considered at great length to ensure that a country is competitive in a global trading environment. In a developing nation such as Malaysia, a protectionist policy towards local financial services industry and industry participants have been adopted to assist the local industry to develop to international standards. In the area of financial services, for example, the Government's stance has been that consolidation of local financial services providers is necessary to ensure the development of a core group of strong and stable financial institutions to be able to withstand international competition when the financial services markets are opened to international participants.

Indeed, the Malaysian experience clearly shows that a premature freeing up of the capital account, which was done in 1988, without the requisite reforms and institutional arrangements in order to withstand the shocks, can result in debilitating effects as was faced in the Malaysian financial services industry.

MALAYSIA'S EXPERIENCE

Perhaps the most important lesson learnt from the Asian financial crisis was the interdependence of financial markets. Even the most developed economies were not spared of the effects of the financial turmoil which began as a result of Thailand's default on its eurobond issue in February 1997. By May, 1997, the Malaysian Ringgit was under severe pressure from currency speculators and interest rates had risen from between 7% to 9%. It was reported that Bank Negara Malaysia expended about RM1.2 billion of its foreign exchange reserves to try to stave off the attack of currency speculators. However, this was the first of many repeated attacks on the currency.

The effects of the currency crisis began to take its toll on the country in 1998. Interest rates were rising to above 11% and the Ringgit had dipped to an unprecedented low of RM4.71 in January, 1998. All sectors of the economy experienced severe contraction as access to liquidity and credit became more scarce. Bank Negara had made many attempts to quell the effects of the financial crisis through imposition of tight monetary policies and attempts to ease credit to certain sectors of the economy to no avail. But the avalanche would not stop.

Malaysia's sovereign credit rating was downgraded by international rating agencies to just above so-called junk bond status. Malaysia was facing a serious credit squeeze. Raising international capital was prohibitively costly. Flight of capital from the country resulted in a sharp decline in the stock market which fell to levels of 250 before bottoming out in the second half of 1998.

As many of you are aware Malaysia's response to the crisis was one that was totally unexpected by the global community. The Government decided that it needed to protect the economy from increasing global pressures on the Malaysian economy. On 1 September, 1998 the Government introduced selective exchange controls with the intention of curbing and preventing further manipulation and speculation on the Ringgit. The Ringgit was pegged at RM3.80. The Government took further measures to discourage short-term flows of money by requiring that inflow of funds should remain in the country for at least one year. On 15 February 1999, this was replaced with an exit levy for repatriation of capital. The selective exchange control measures imposed by the central bank on 1 September, 1998 were directed towards reducing the internationalisation of the Ringgit by eliminating access to Ringgit by speculators and reducing offshore trading of the Ringgit. This involved the introduction of rules relating to the external account transactions of non-residents and currency of settlement of trade transactions. However, general payments, including movement of funds relating to long-term investments and repatriation of profits, interest and dividends remain unaffected. Payment for the import of goods and services must be made in foreign currency. All export proceeds must be repatriated back to Malaysia within six months of the date of export and proceeds from exports must be received in foreign currency.

The selective exchange control regime is intended to provide the time and opportunity for the Government to institute the necessary financial reforms in the Malaysian financial markets. This is in fact in progress in the work of Danamodal (the equivalent of the Resolution Trust Corporation of the US) to alleviate non-performing loan from banks' balance sheets and Danamodal which is to recapitalise the banks. The Government is also committed to consolidating the domestic financial services industry in having few but strong and viable financial services providers in order to be prepared for financial liberalisation.

GIVING CERTAINTY TO INTERNATIONAL FINANCIAL TRANSACTIONS AND PROTECTION TO FOREIGN INVESTMENTS

International trade and finance, because of its global nature, necessarily involves many areas which may give rise to uncertainty as to the applicability of the contract under which certain trade and financing arrangements are made. These areas range from political issues and political stability to sovereign intervention of the economy, certainty of applicable laws as well as independence of the judiciary.

The Asian lawyer will be fascinated by the rapid changes which are taking place in foreign investment law both within this region as well as in the rest of the world. In less than half a century, the states of Asia have moved through a whole range of stances which could be adopted towards foreign investment. The immediate post-colonial period was characterised by a period of hostility towards foreign investment, motivated by the belief that the ending of economic imperialism alone will bring about true independence. The ensuing period was dominated by a debate about the regulation of multinational corporations and the fear that they posed a threat to state sovereignty. In this period, laws were devised to control the entry of foreign investment and the manner in which such foreign investment operated in the host country after entry. The third and present period is a period of pragmatism where the dominant view is that foreign investment, if properly harnessed, can be an instrument which generates rapid economic development. Competition for the limited investment that is available means that each state country which is bent on a foreign investment led growth strategy must make its laws as hospitable to the foreign investor as the other state which is also bent on a similar strategy.

As much as there is competition among countries to attract foreign investment, there is competition among multinational corporations to enter host countries. Whereas previously the market was dominated by large multinationals, now, there are small and medium enterprises which can transfer more appropriate technology and bring sufficient assets for investment.

This "open door" policy towards foreign investment in developing countries is typically achieved through careful screening of entry by administrative agencies which have been established for the purpose and regulation of the process of foreign investment after entry has been made. After entry, there is continued surveillance of the foreign investment to ensure that the foreign investment keeps to the conditions upon which entry was permitted. In this regard, attitudes to foreign investment protection and dispute resolution will be affected by the new strategies adopted towards foreign investment.

In the context of the new strategies which have been developed by controlling entry and the later surveillance of operations of foreign investment, the foreign investment has ceased to be a contract based matter and had become a process initiated by a contract no doubt but controlled at every point through the public law machinery of the state. The old notions of foreign investment protection which concentrated on the making of the contract and the contract as the basis of all rights of the foreign investor would inevitably become obsolete. This transformation which has taken place is crucial to the devising of effective methods of foreign investment protection. The subject matter of the protection has also changed in that not only physical assets of the foreign investor but his intangible assets which includes intellectual property rights as well as public law rights to licences and privileges have become the subject of protection.

The proposition that contractual provisions in an agreement concluded with a host country offer little protection to foreign investment must be qualified in a situation when a bilateral investment treaty has been entered between the state of the foreign investor and the host country. The result will be different, for the contract becomes effectively internationalised as a result of the existence of such a treaty. It is a basic proposition of international law that any matter that is essentially within the domestic jurisdiction of any state could be internationalised if it is made the subject of an international treaty. The existence of a bilateral investment treaty which covers the foreign investment then internationalises the whole process of foreign investment which would otherwise have been a process that takes place entirely within the sovereign jurisdiction of the host state. But, whether this result will follow depends on the terms of the bilateral investment treaty.

As a matter of general international law, the position seem to be that a contract between a party and host country must always be subject to a national legal system. Those who seek to prove the contrary have an onerous task of showing that his accepted proposition has undergone a change. There are a few usually uncontested arbitral awards which support the view that a foreign investment contract is subject to international law or some other supranational system.

Bilateral investment treaties are obviously regarded as important by both capital exporting and capital importing states. But, these treaties are not uniform and they do not have the ability to create any uniform law on foreign investment protection. But their existence adds to investor confidence and creates an expectation of investor protection. The importance of these treaties lies in the several results they achieve. The first is a signaling function about the national policy towards foreign investment.

Another advantage is that the foreign investment contract in the context of a bilateral investment treaties could have the effect of forming assets protected by the bilateral investment treaties. This will also include licences and other advantages obtained from the government during the course of the foreign investment. Whereas without the bilateral investment treaty these licences and advantages may have been without protection under general international law, they new receive protection as a result of the wide definition of property in the bilateral investment treaty. Whether the host country did intend that its administrative decisions be subjected to international review as a result of the treaty, will remain a moot point. But, it remains a possible result if the treaty.

In Malaysia, efforts have been made by the Government to ensure a level of certainty between international trading partners trading with Malaysian counterparts. The Government has expressly guaranteed that foreign companies acquiring equity participation in local companies would not be required to restructure its equity at any time[1]. Further to this, the Government has taken many steps to increase confidence of foreign investors in Malaysia.

INVESTMENT GUARANTEE AGREEMENTS (IGA")

The Investment Guarantee Agreement protects parties involved in an international transaction from non-commercial risks such as nationalisation and expropriation. The IGA will provide a foreign investor with the following :

• protection against nationalisation and expropriation;
• prompt and adequate compensation in the event of nationalisation or expropriation under a lawful or public purpose;
• free remittance of currency, profits, capital or other fees on investment;
• settlement of investment disputes either through a process of consultation through diplomatic channels or if such process fails, for referral to the International Court of Justice. Disputes in connection with investments, under IGAs should first be resolved through local judicial facilities. In the event of failure to settle, it would be referred to the Convention on the Settlement of Investment Disputes or the International Adhoc Arbitral Tribunal established under the Arbitration Rules of the United Nations Commission on International Trade Law.

Malaysia has concluded IGAs with about 64 trading nations including trading blocs such as ASEAN and major trading partners such as the United States of America, United Kingdom, Germany, Taiwan, etc.

TRADE DISPUTE SETTLEMENT

Another aspect of international trade is the availability of acceptable dispute resolution form. Globalisation of trade obviously involves greater potential for generating international trade disputes. The international business community looks for prompt, economical and fair conflict-resolution mechanisms. Negotiation, conciliation, litigation, and arbitration are well-known conflict-resolution devices. Direct negotiations and conciliation may resolve a conflict. However, when parties fail to solve the controversy through direct negotiations, they have two choices: litigation or arbitration.

Within the context of the GATS, there is an express provision for trade settlement dispute where countries have disputes in relation to commitments made under the agreement. The WTO have provided for procedures in relation to a dispute settlement process. The dispute settlement procedure is considered to be the WTO's most individual contribution to the stability of the global economy. The WTO's procedure underscores the rule of law, and it makes the trading system more secure and predictable. It is clearly structured, with flexible timetables set for completing a case. First rulings are made by a panel, appeals based on points of law are possible and all final rulings or decisions are made by the WTO's full membership. No single country can block a decision.

Malaysia is also signatory to the Convention on the Settlement of Investment Disputes established under the auspices of the International Bank for Reconstruction and Development that establishes facilities for international conciliation or arbitration. Further to this, the Kuala Lumpur Regional Centre for Arbitration was established in 1978 with the objective of providing a system for the settlement of disputes for the benefit of parties engaged in trade, commerce and investments with and within the Asian and Pacific region.

In conclusion, as we draw close to the new millennium, it is indeed a challenge to us all to be able to grapple with some of the abovementioned issues and adopt appropriate responses.

Thank you.