Marcel Duchamp Essay Example For Students

Marcel Duchamp Essay Marcel Duchamp is considered as one of the most influential artists of the 20th Century by the modern art world. Duchamp, who participated in artistic movements from Fauvism to Surrealism, was an innovator and a revolutionary within the art world. Duchamp, being a founding force in the Dada movement, was also a main influencing factor of the development of the 20th Century avant-garde art. All in all Duchamp has become a legend within the art world. Marcel Duchamp was born on July 28,1887 in Blainville France. Being the brother of two prominent artists, Raymond Duchamp-Villon and Jacques Villon, it seemed only natural that the young Marcel Duchamp would participate in the arts. Also, his childhood home was abundantly decorated with seascapes, landscapes, and etchings produced by his grandfather Emile-Frederic Nicolle. As he himself put it, When you see so many paintings youve got to paint. In 1907, at age 17, Duchamp resolved to become an artist. Marcel Duchamp had the great fortune of entering the world of art at a most exciting time when the birth of Fauvism and Cubism was in the not so distant future. Although Marcel incorporated these styles he was never satisfied with any single style. He felt that styles were learned techniques which put creativity, exploration, and imagination in the background of the art scene. Duchamps view of the lack of creativity and originality may have prompted many of his later creations which, at the time of their production, seemed absurd. Throughout Marcel Duchamps career he dabbled in a wide variety of styles ranging from Fauvism to Cubism, all the way to the art of Ready-mades. Although he openly expressed that painting bored him, he did it quite well. Early in his career he, like most young artists, painted friends and family, things he was familiar with. Duchamps only formal training came at the Academie Julian in Paris from where he dropped out after only eighteen months to pursue his own interests. This seems to be a defining characteristic of Marcel Duchamps career, he did things that suited him, not what others felt was the correct thing to do. Marcel Duchamps artistic output began with portraits of people close to him such as family members and close friends. At this time Duchamp was experimenting with Fauvism, the art of the wild beasts. In this from of art one could use arbitrary colors. This is the reason one might see portraits made by Duchamp from around 1910 in which people are represented with greenish skin or blue hair. Throughout Duchamps career it was not as important to be totally accurate as it was to get a creative point or theme across. One negative view of Fauvism was that it was not intellectually stimulating for artists. This is a main reason why many artists, one of them being Duchamp, turned their artistic focus the avant-garde. Cubism, with complex planes and geometrically sound shapes gave artists the intellectual stimulation that they craved. Colors of the early cubist period were muted which put the spotlight more on the visual effects of the art. The possibilities of manipulation of the shapes to Duchamps own interests benefited him immensely. Duchamp prospered as he turned away from the conservative Fauvism moving towards the avant-garde and experimentation within the cubist mode of art. He discovered ways to manipulate his paintings to be able to show the intricacies of his favorite game chess. Duchamp believed that art should be left up to the mind rather than the eyes, just as in chess. His first production of the Cubist origin is titled The Sonata. It is said that many of the characteristics of this painting reveal influence from a group of Cubist artists, which included his two brothers, called the Puteaux Cubists. This group of artists rebelled against casual cubism ,which was practiced by the likes of Picasso and Braque, in favor of geometric precision. Duchamp was a pioneer in Cubism by the way he showed movement in his paintings. His first attempt at showing movement through the geometric shapes is titled Sad Young Man On A Train. In this work Duchamp uses four or five overlapping profiles moving from left to right across the canvas. The colors were dark symbolizing Duchamps mood at the time. He was preparing to leave Paris in favor of, what he believed to be a less commercial area, Munich. In another attempt at movement in Cubism, Duchamp created a painting known as Nude Descending A Staircase No. 1. In viewing this work, the first version of one of his most famous works, one can see the motion is much more explicit. This painting and its other version was a combination of cubism and a play on futurism. In the second version of this work, Nude Descending A Staircase No. , Duchamp further developed and refined the movement of the piece through the use of swirling lines and arced dots. When the painting was introduced in Europe the Puteaux Cubists reac ted violently which ended Marcels affiliation with the group. When the painting was shown in America at the New York Armory Show in 1912 the American critics reacted quite the same as that of those in Europe. Although the painting was very much criticized at the time, four decades after it was unveiled people began to refer to Nude Descending A Staircase No. 2 as a masterpiece. After Duchamp completed his painting of Nude Descending A Staircase No. he ventured to Munich where he started such projects as a watercolor titled Virgin and two mastery oils titled Bride and Passage From the Virgin to the Bride. He also began to sketch what was to be a project of his for the next decade of his life, The Bride Stripped Bare by Her Bachelors, Even. The effects of two of Duchamps paintings at this time, Virgin and later in Passage From the Virgin to the Bride, he ventured into uncharted artistic territory with the use of Cubist techniques but the effect was not cubist at all. The images were unusual and almost machine-like in form. Duchamp had created a new form of art but, as he tended to do, he abandoned the form in favor of letting others develop his ideas. This virtually closed Marcel Duchamps career as a painter. In 1915, at age 25, Duchamp moved to New York taking him out of the world of conventional painting. Duchamp became bored with retinal art, art for the eye alone. He wanted to remove himself from all his previous ties with painting in order to produce something different and new. One idea he had to produce something different was to execute his workings on glass instead of the traditional canvas surface. Letter From a Birmingham Jail EssayWithin the proliferation of excellent work he produced it is the questions he does not answer, or the questions he does not even ask, that are a major part of the continued attraction and fascination with him. These have spawned a global Duchamp industry, weekly seeking fresh interpretations to label his work with. I feel that behind a door somewhere Duchamp will be keeled over in laughter, as his essential characteristic was to see sense in nonsense and nonsense in sense. He gave the art world the freedom to feel that it was all right to examine oneself and without being disparaging to our work or to others work to accept that the sense of proportion that had been present in the artwork should also be extended to the assessment of it and that there is a place for the humour, intended or just apparent, present in pieces of art to be acknowledged, indulged in and to understand the enhanced stature of the piece from this. Although not a Surrealist, his work had a very freeing effect on the range of subjects and their treatments which the Surrealists up to then had been wary of, had not dealt with, but now felt capable of being given a fair hearing at least in the art world if not generally. Not quite as all encompassing as Claes Oldenburgs I Am for an Art.., Duchamp covered a phenomenal array of subjects in his life. Apart from his major works of The Large Glass and Etant Donnes Duchamp is probably best known for his ubiquitously named Ready Mades. Within this genre Duchamp is at his best. He asks the world to drop its guard, defy convention, explore other ways of looking at everyday objects and to enjoy the resultant works, not for what they were as objects, not even for what they have now become in his terms but for what they may become in our own terms, even during a subsequent recreation. He falls foul of the art world as it, like most professions, thinks it has to rely on its elitism and exclusivity to secure the mysticism and rarefied world that it purports to exist in. Like most arguments of this type it was resolved by money. Just as Bevan stuffed the mouths of doctors with gold to ease their moral objections to the setting up of the NHS in 1945, Duchamps society backers put their money on Duchamp and the objections to his art decreased in direct proportion to the increase in the amount of patronage he received. Very soon he was fully emancipated. From his early sketches and paintings through to his final piece Etant Donnes there is a flow of energy combined with motion either implied or alluded to that very few artists manage to consistently convey..

Report on Operations and Supply Chain Strategy

Question: Write about theReport on Operations and Supply Chain Strategy. Answer: Introduction Supply chain sustainability is a philosophy that is focused on being socially responsible, to consider the long term profitability by following practices that are good for the environment. Its focus goes beyond delivery, inventory, and traditional views of managing costs. The company following this philosophy can work towards reducing energy cost, any form of waste, application of green technology, as well as reduction of gas emissions along with reducing the environmental damage done in any form. Supply chain sustainability requires a collaboration of both internal and external partners of the process involved (Cetinkaya,et al. 2011). Sustainability in Supply Chain Barloworld Logistics which is in the trucking industry, there is a tremendous benefit in considering sustainability in its operations. The green movement of the company has been the first green trailer for which the company did not rely on any truck manufacturer rather pushed the initiative on their own. The Green Trailer has the capacity to reduce the carbon footprint by 14 tons in 6 months and save the fuel by 7-10%. The attention these days to corporate responsibility along with sustainable development is increasing and green supply chain management activities have gained a lot of it. These green trailers if incorporated in the supply chain have a lot of benefits (www.fleetwatch.co.za/, 2010), such as: These trucks give the firms a competitive advantage over other firms. The reduction of energy and fuel also add to the benefits in reducing the cost. Reduction of the greenhouse gas emissions in distribution activities contributes to environmental improvements. They present a good picture of the company, creates goodwill when a company is engaged in green practices. Companies that have adopted such green practices and have focused it on implementing those practices in their distribution activities have successfully improved their business and environmental performance. The business is able to better differentiate in their distribution service, manage the risk, increase sales and also create goodwill in the market all the while by also reducing distribution cost. In this specific case, for Barloworld Logistics, they would have the advantage of the monthly saving of over AED 4250, along with contributing in reducing their environmental impact. SkySails GmbH takes wind power to the next level. This company is a leader and innovator in the field of automated towing kite systems and is the first company in the world that has successfully developed kite technology into an industrial application. The company has large and fully automated kites that are the key technology through which the energy is generated from high-altitude winds (Levinson, 2016). This kind of innovation represents next generation of wind power. Benefits of such initiatives and incorporating them in the supply chain of the organization would have the following benefits: Wind is Powerful, unlimited and free along with being the cheapest and greenest source of energy on the high seas Use of wind as a source of power will lower the fuel costs along with reducing the levels of emissions. This system can be installed as auxiliary propulsion systems on existing as well as new builds. It is efficient, very safe in use along with being easy. It will reduce the operating costs reason being that it is cheaper than oil Flying towing kites also generates 25 times more energy than the conventional sails propulsion systems. It is considered as a great environmental practice in the shipping industry that will lower the greenhouse gas emissions, also reduce the fuel consumption and costs (skysails.info, 2016). This practice should be incorporated in the supply chain of organizations that use ocean transportation, because shipping industry approximately supports 90% of the international physical trade of the world (www.skysails.info, 2016). Wal-Mart, the company has been phenomenal in incorporating green initiatives in its operations. The company uses renewable sources of energy for approx 26% in its running functions, along with making some goals in reducing the global problem of food wastage. The company has also reduced its greenhouse gas emissions from its supply chain; this has reduced their energy usage along with costs. The company also has reportedly reduced its water consumption and recycles and reuses approx 34% of the water in store operations. The company has taken numerous initiatives in incorporating green initiatives in its operations and supply chain management. The supply chain managers have to set realistic goals to attain sustainability in their operations and development. Companies adopting sustainable approach will not only focus on strengthening their relations with buyer and sellers but will also engage in creating benefits for the both. The managers have to identify efficiencies through which their operations could be improved and operations become more sustainable. Sustainable supply chain will have the following benefits. It will reduce the consumption of energy, water, raw materials and the facilities used in supplying. It will reduce the carbon footprint of the company as well as will manage risk well. The routes for purchase and delivery of goods will be optimized. The work conditions would be improved and the internal systems will be managed better (Supply Chain Logistics Association Canada, Green Supply Chain 2008 Survey, 2008). Overall, sustainable supply chain, as seen in the above three cases, will provide the company with long term benefits such as goodwill, competitive edge over other market players along with environmental benefits for the company. Sustainability is a realistic ambition for the supply chain managers and such initiatives should be incorporated to the maximum in the operations of the company (BSR, 2011). Different Types of Waste in Logistics and Supply Chain There are seven types of waste in lean manufacturing, they are, transport, inventory, motion, waiting, over-processing, over production and defects (Interieri, 2013). Type of Wastage in the Case of Barloworld Logistics To achieve lean environment the company has to avoid excessive movement of goods, this would imply as the wastage of resources such as time, energy and would also incur cost to the company. Another wastage that could take place in the company could be motion, since in the logistics industry workers are required to conduct some extra motion, this excessive than usual motion could sometime result in the worker being injured at the workplace, which was not even required for the job. This type of wastage should be avoided by the company Type of Wastage in the Case of SkySails GmbH The company should focus on eliminating the waste in terms of applying lean logistics policy, i.e. it should specify the value of the customer that has to be added along the supply chain, it then needs to map out the value system and identify all process along the network of the supply chain. The processes that does not add or create value to the overall product should be eliminated in this stage, a sensible product flow should be created by the company that will outline all the factors in order to add value to the processes so that it is carried out with minimum interruptions and inventory downtime is maintained. The next should be to establish a customer pull where only the product that is needed by the customers made available across the supply chain (www.mhlnews.com , 2011). Type of Wastage in the Case of Wal-Mart The company should avoid the wastage of inventory and defects in its operations. The company should not hold only goods that are not adding any value to the process. It should also make sure that the quality is not deficient in any manner as it would lead to wastage. Conclusion Sustainability in the supply chain will only add value to the company, a supply chain manager has to have a sustainable approach in managing its supply chain operations, it will result in the overall benefit to the company in terms of cost reduction, getting competitive edge over the competitors and moreover improving the picture of the company in terms of reducing the carbon footprints and the environmental damage. The company should adopt lean approach in its operations whether in logistics or in supply chain. Elimination of wastage would help the company in gaining competitive edge and would also improve its profitability and operations. References BSR,(2011) Maximizing Benefits From a Sustainable Supply Chain [Online] Retrieved on 29th October 2016. Available at URL:https://www.bsr.org/reports/BSR_Maximizing_Benefits_From_A_Sustainable_Supply_Chain.pdf Cetinkaya,B, et al. (2011) Sustainable Supply Chain Management: Practical Ideas for Moving Towards Best Practice. Germany: Springer Science Business Media Interieri, C. (2013). The 7 kinds of waste, and intro to KAIZEN. [Online] Retrieved on 29th October 2016. Available at URL: https://cerasis.com/2013/10/07/lean-environment/ Levinson,W. (2016). Lean Management System LMS: 2012: A Framework for Continual Lean Improvement. US: CRC Press. Supply Chain Logistics Association Canada, Green Supply Chain 2008 Survey (2008) Green Supply Chain Management [Online] Retrieved on 29th October 2016. Available at URL: (https://www.ic.gc.ca/eic/site/dsib-logi.nsf/vwapj/pg00032_eng.pdf/$file/pg00032_eng.pdf The Green Supply Chain Editorial Staff (2015) Green Supply Chain News: Walmart is on a Sustainability Mission [Online] Retrieved on 29th October 2016. Available at URL:https://www.scdigest.com/gsc/NEWS/15-04-30-1.php?cid=9251 www.fleetwatch.co.za/.( 2010) Green Vision Become Reality [Online] Retrieved on 29th October 2016. Available at URL: https://www.fleetwatch.co.za/magazines/Jul2010/12-Green%20vision.htm www.mhlnews.com (2011). Cargills Green Shipping Idea: Go Fly a Kite. [Online] Retrieved on 29th October 2016. Available at URL: https://mhlnews.com/global-supply-chain/cargill-s-green-shipping-idea-go-fly-kite www.skysails.info. (2016) Advantages. [Online] Retrieved on 29th October 2016. Available at URL https://www.skysails.info/english/skysails-marine/skysails-propulsion-for-cargo-ships/advantages/ www.skysails.info. (2016) Powerful-Unlimited-free. [Online] Retrieved on 29th October 2016. Available at URL:https://www.skysails.info/english/skysails-marine/skysails-propulsion-for-cargo-ships/

Moma Duck And Her Seven Eggs Essays - Aviculture, Ducks, Egg

Moma Duck And Her Seven Eggs Once upon a time, there was a moma duck who was waiting for her 7 eggs to hatch. She was really exited, her friends the ducks were really happy too. She waited along time. Finally the day came in the morning about 9:00am she felt the eggs hatching, she scream with happiness, "Everybody the eggs are hatching come see them!" The ducks came running quickly. Finally the eggs hatch, the little ducks started saying "momy", then after that the yellow ducks started saying "Momy please teach us to swim, we want to learn how to swim, and fly." Moma duck say okay I'll teach you'll how to swim and fly. Then she say come on children, but when she turned around she saw one egg that did not hatch. She said " O my good there still is one more that hasn't hatch." Children we have to wait for your brother or sister. The little eggs started saying " No mom you promised us." Moma said after this egg hatch I'll teach you all 7 to swim and fly. The little ducks were really mad After four hours the egg started hatching the ducks were really happy, but when the egg hatch a really ugly, purple duck said "Momy." The other ducks started saying "He is ugly!" Moma duck say " I'm sure my son duck will turn yellow after a few hours, but if not I don't care you are all my children and I love you'll no mater what." After a few hours of playing, swimming and flying the ducks were happy except the purple duck. He wasn't happy because his brothers and sisters did not play with him because he was different he felt left out.. After a few days they stated liking him better even if he was different, because he loved his brothers and sisters and he was very nice and tried to play with them. Moma duck was happy because they loved his son as they all did. MORAL: Not matter if anybody is different you you don't have to dislike them just because there are different.

Free Essays on Indian Gaming

A current controversy surrounding our community are the â€Å"compacts† concerning the state and Indian Gambling; opponents of Indian Gaming say that the revenue from casinos is either drawing away from the Arizona economy or becoming a burden for it. These statements are far from the truth. In a recent article for The Arizona Republic David LaSarte, executive director of the Indian Gaming Association stated that the revenue gained from a casino helps both the Indian community as well as the non-Indian community. Indian reservations, which for years have lived in desperate poverty are now gaining and expanding the most basic of services: health care, education, and police and fire services. In the non-Indian community, any revenue gained from the casinos is automatically spent in Arizona cities on goods and services. The money generated from Indian gambling is helping Indian communities gain financial independence as well as contributing to the Arizona economy. As a result of the Supreme Court decision in California v. Cabazon Band of Mission Indians, Congress passed the Indian Gaming Regulatory Act (IGRA) in 1988; recognizing Indian gaming rights.1 Another reason Congress passed IGRA was in an effort to, â€Å"balance Native American legal rights with the interests of the states and the gambling industry† (Anders 1). Within the IGRA there are specific rules that the tribes must adhere to. The most important rule is that the states and the tribes must, â€Å"negotiate in good faith† to create gambling compacts (Anders 1). These compacts are legal agreements made between states and the tribes regarding the kinds of games played at the casino, size of the facility, betting limits, regulation, and security. Not only do these compacts ensure the states of their rights, but they also secure the tribes as the sole owners and primary beneficiaries of the gaming revenue. The second stipulation is that all casino profits must be used ex... Free Essays on Indian Gaming Free Essays on Indian Gaming A current controversy surrounding our community are the â€Å"compacts† concerning the state and Indian Gambling; opponents of Indian Gaming say that the revenue from casinos is either drawing away from the Arizona economy or becoming a burden for it. These statements are far from the truth. In a recent article for The Arizona Republic David LaSarte, executive director of the Indian Gaming Association stated that the revenue gained from a casino helps both the Indian community as well as the non-Indian community. Indian reservations, which for years have lived in desperate poverty are now gaining and expanding the most basic of services: health care, education, and police and fire services. In the non-Indian community, any revenue gained from the casinos is automatically spent in Arizona cities on goods and services. The money generated from Indian gambling is helping Indian communities gain financial independence as well as contributing to the Arizona economy. As a result of the Supreme Court decision in California v. Cabazon Band of Mission Indians, Congress passed the Indian Gaming Regulatory Act (IGRA) in 1988; recognizing Indian gaming rights.1 Another reason Congress passed IGRA was in an effort to, â€Å"balance Native American legal rights with the interests of the states and the gambling industry† (Anders 1). Within the IGRA there are specific rules that the tribes must adhere to. The most important rule is that the states and the tribes must, â€Å"negotiate in good faith† to create gambling compacts (Anders 1). These compacts are legal agreements made between states and the tribes regarding the kinds of games played at the casino, size of the facility, betting limits, regulation, and security. Not only do these compacts ensure the states of their rights, but they also secure the tribes as the sole owners and primary beneficiaries of the gaming revenue. The second stipulation is that all casino profits must be used ex...

Female Economy Essay Example | Topics and Well Written Essays - 2000 words

Female Economy - Essay Example Research suggests that private wealth in America is most likely to grow by sixty percent in the year 2020 (Silverstein & Sayre, 48, 2009). It also suggests that fifty percent of this wealth would go to women. Although women have contributed positively in several fields, yet they experience discrimination and are often underestimated. They are often labeled, differentiated on basis of age or salary, characterized on basis of typical women concept or are incompetent as compared to men. This paper seeks to analyze the issue of gender differentiation and discrimination in the business domain in the lights of broad and diverse academic resources. Frequently, women are discriminated and often underestimated because of several reasons including chauvinist viewpoints, opposing and clashing policies, stereotyped, discrimination on basis of age, etc. Frequently, they are considered to be incompetent as compared to their male counterparts. Research suggests that in financial institutions, women are most likely to experience such characterizations and differentiations (Silverstein & Sayre, 52, 2009). Females in the financial industry and its institutions have made massive attempts and struggles in order to advance in their careers. However, it should be noted that women in the financial domain have the necessary education as well as the experience, yet they do not get promotions because of constant stereotype, labeling and the general culture of the corporate. Research suggests that women employed in financial services are often underestimated and their supervisors and colleagues often talk to them as if they do not have the basic knowledge on the subject. Company Profile Dresdner Kleinwort was founded in the year 1995. During this time, Kleinwort Benson had been acquired by the Dresdner Bank. Additionally, it gained global recognition by means of "the acquisition of the US investment bank Wasserstein Perella in the year 2001" (Christopher, 107, 2010). Its branch in Frankfurt has been successful in commencement of "trade in emission credits" (Christopher, 107, 2010). However, in the year 2008, the company experienced downfall when it's Mergers and Acquisition Department was shut in the year 2008 by Commerzbank. In the year 2009, its office in Japan was shut down. The management of Commerzbank asserted that no additional benefits or bonuses would be given to the Commerzbank group including Dresdner Kleinwort" (Christopher, 108, 2010). In the year 2010, six female employees of Dresdner Kleinwort filed a case against the investment bank because of gender discrimination and differentiation. The case was filed because they did not receive promotions and th eir pay was less as compared to their male counterparts. The case was filed because its female employees were treated as second-class workers. A study conducted in United States demonstrated that more than seventy percent of top management positions were occupied by white males in finance and banking industry. Analysis Environment Dresdner Kleinwort is considered to be a medium sized banking firm, which offers several diverse services and products related to finance. The services which it provides include "capital market products, foreign exchange derivatives and options, loans, collateralized

How can one person lead another Essay Example | Topics and Well Written Essays - 2500 words

How can one person lead another - Essay Example If true than what are the different types of leadership. What are the factors that define a type of leadership? Do culture, organizational behavior, characteristics and attitude of the people has any role to play in defining the successful type of leadership for a particular organization in a particular country. In the fast changing world of the twenty first century, the ever accelerating pace of change creates a lot of challenges and opportunities for the organizations. Hence organizations today need the vision of leadership and adaptability to capture the opportunities and minimize threats for sustained growth (Kotter, 1996). This paper aims at studying the characteristics, attitude and behavior of the Indonesian people and the organizational culture and work environment of Indonesian organizations. I as a leader will analyze which leadership theory and style is more appropriate and suitable for them? How I will apply them to lead and guide people in my organization? Culture as Men tal Programming There is almost as much variety in Human’s mind as it is in human beings themselves but fortunately there still exists a structure in this variety which provides the basis for mutual understanding. Every person has his own pattern of thinking and feeling which determines his potential action based on his lifetime learning. To deviate from such patterns and learn something new, a person has to do a lot of unlearning and unlearning is more difficult than learning. These patterns of thinking, feeling and actions form the mental programs. These mental programs are deep rooted in the social environment, life experiences which include family, neighborhood, youth groups, workplace and living in a society. All this information gives us an insight into an individual’s behavior and action and reaction (Gert Jan Hofstede, 2010). The sound knowledge of this mind program is very important for leadership. This mind program also defines the working environment in the organizations and determines the behavior and attitude of employees. I will not be able to lead people in my organization and successfully doing the unlearning unless I have sound knowledge of their mind program. The Relationship between Organizational Culture and Performance Research has proven that organizational culture has very weak link with organizational performance but it is an important determinant of internal control within the organization. Research also proves that organizational culture and internal control and governance although has positive relationship with organizational performance but its role is not very significant (Wobovo, 2008). This research further augments our point of the need of leadership for improving organizational performance. Behavioral tendencies of Indonesians Indonesia consists of 17,508 separate islands and the population exceeds 234 million. In terms of population it is the fourth largest country in the world. Indonesia is a multicultural socie ty with one of the most populous Muslim majority country in the world. It also has significant number of Hindus, Buddhist and Christians. Hence the culture of one city is sometimes entirely different from other

AIG Ethics Essay Example | Topics and Well Written Essays - 750 words

AIG Ethics - Essay Example The corporate culture of AIG thrived in a highly deregulated global economy, one where speculation has more than eclipsed any real production (Gupta, 2008). â€Å"Furthermore, the banks would "hedge" the tranches, another way of distributing risk, by purchasing credit default swaps (CDSs) sold by companies like AIG and MBIA. The swaps were a form of insurance. This was seen as a way to make tranches more secure and hence higher rated. For instance, say you're Goldman Sachs and you have $10 million in AAA tranches. You go to AIG to insure it, and the company determines that the risk of default is extremely low so the premium is 1 percent. So you pay AIG $100,000 a year and if the tranche defaults, the company pays you $10 million. But CDSs started getting bought and sold all over the world based on perceived risk. The market grew so large that the underlying debt being insured was $45 trillion—nearly the same size as the annual global economy† (Gupta, 2008). While it was n't just AIG that led to the meltdown, AIG was playing in a world where they were expected to subsidize the entire global economy, with insurance payouts in the trillions. Not only could no company possibly pay this insurance debt, but no country could, not immediately. AIG had violated a primary fiduciary responsibility. It wasn't just the amount being insured, though, but the type of debt. $64 billion of its exposure was to sub-prime packages. These packages, being high-risk, were highly sensitive to changes in their value, which meant that AIG could expect volatile explosions in their assets and responsibilities. To be fair to AIG, it was less than fifty people that brought down a company of thousands (Ferrell and Fraedrich, 200