Thursday, October 22, 2009

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Social Work is both a profession and social science. It involves the application of social theory and research methods to study and improve the lives of people, groups, and societies. It incorporates and utilizes other social sciences as a means to improve the human condition and positively change society's response to chronic problems.

Social work is a profession committed to the pursuit of social justice, to the enhancement of the quality of life, and to the development of the full potential of each individual, group and community in the society. It seeks to simultaneously address and resolve social issues at every level of society and economic status, but especially among the poor and sick.

Social workers are concerned with social problems, their causes, their solutions and their human impacts. They work with individuals, families, groups, organizations and communities.

Social work and human history go together. Social work was always in human societies although it began to be a defined pursuit and profession in the 19th century. This definition was in response to societal problems that resulted from the Industrial Revolution and an increased interest in applying scientific theory to various aspects of study. Eventually an increasing number of educational institutions began to offer social work programmes.

The settlement movement's emphasis on advocacy and case work became part of social work practice. During the 20th century, the profession began to rely more on research and evidenced-based practice as it attempted to improve its professionalism. Today social workers are employed in a myriad of pursuits and settings.

Professional social workers are generally considered those who hold a professional degree in social work and often also have a license or are professionally registered. Social workers have organized themselves into local, national, and international professional bodies to further the aims of the profession.


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The foreign exchange market (currency, forex, or FX) trades currencies. It lets banks and other institutions easily buy and sell currencies. [1]

The purpose of the foreign exchange market is to help international trade and investment. A foreign exchange market helps businesses convert one currency to another. For example, it permits a U.S. business to import European goods and pay Euros, even though the business's income is in U.S. dollars.

In a typical foreign exchange transaction a party purchases a quantity of one currency by paying a quantity of another currency. The modern foreign exchange market started forming during the 1970s when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.

The foreign exchange market is unique because of

  • its trading volumes,
  • the extreme liquidity of the market,
  • its geographical dispersion,
  • its long trading hours: 24 hours a day except on weekends (from 22:00 UTC on Sunday until 22:00 UTC Friday),
  • the variety of factors that affect exchange rates.
  • the low margins of profit compared with other markets of fixed income (but profits can be high due to very large trading volumes)
  • the use of leverage

As such, it has been referred to as the market closest to the ideal perfect competition, notwithstanding market manipulation by central banks.[citation needed] According to the Bank for International Settlements,[2] average daily turnover in global foreign exchange markets is estimated at $3.98 trillion. Trading in the world's main financial markets accounted for $3.21 trillion of this. This approximately $3.21 trillion in main foreign exchange market turnover was broken down as follows: