Questions And Position Paper On Sustainability - 3351 Words

Managerial Economics Articles Discussion and Position Paper 1 Week No: 2 Adel Alenazi 1- Top 10 Myths about Sustainability: my assigned article (in class) 2- Theses on Sustainability Sustainability is the aptitude to proceed with a characterized conduct for an uncertain period. Summon of the term as spread for all way of human acts and needs demonstrates that sustainability has expanded wide acknowledgment as an ached for, if wrongly comprehended, condition of being. Sustainability means taking the long haul perspectives of how our activity impact future era and verifying we don t diminish assets of reason contamination at the rates quicker than the earth has the capacity restore them. The monetary reasonably is frequently seen†¦show more content†¦Personal satisfaction would ledge enhance if a feasible economy devoted to advancement instead of the development were accomplished through business sector components, shoppers would even now rule incomparable over the financial choice making, free buy of fulfillment and prevailing fashions and molds as they pick 3- The Coast is Not Clear The marine environmentalist who heads NOAA, says that the Gulf s water and the coast have been experiencing a progression of changes affirm the year that have dynamically bargained the heath of more of the framework. Hotter bay water is helpful for spread of insatiable lionfish, a run of the mill pacific fish with harmful talked that dislodge local species and the similarly forceful Chinese tallow tree, which has contaminated inlet bogs. Ecological science gave the suppositions to more genuine and perils that are proceeds with loss of wetland, the effect of worldwide atmospheres and the Gulf s adjusting with manure that streams down the Mississippi River from Midwestern homesteads. As per Larry McKinney, chief of the Harte exploration organization at the bay front Corpus Christi grounds of Texas University, The spill in minor think about of those risks. In the event that BP has set the cash aside like they say and day don t renege on their guarantees and government does not strip the cash for the other reason and those are huge ifs there ought to be cash for investigations of this spill, say Edward Overton,

Personal choices are very important in one’s life. The...

Personal choices are very important in one’s life. The stories that will be compared are, â€Å"The Use of Force†, by William Carlos Williams and â€Å"Lather and Nothing Else†, by Hernando Tellez. It is how the protagonists deal with a situation and how they use their intellectual thinking to deal with the situation. However, personal choices can change the outcome of a conflict, which will either be insightful or pessimistic. People make their own personal choices in everyday life. If the personal choices are not well-made, the conflict can either have a positive conclusion or negative conclusion. People make their own person choices in everyday life. In William Carlos Williams â€Å"The Use of Force† and Hernando Tellez’s â€Å"Lather and Nothing Else†,†¦show more content†¦It is no longer a professional encounter. However, he is able to diagnose the illness. Just as in Tellez’s story, the barber’s problem is now tha t he has an enemy in his shop with the ability to send him to his death. The barber’s first choice is to resolve the conflict by simply murdering Torres. However, the barber does not execute Torres. He does not want to become a slaughter. It is clear in both of the stories, the protagonists are in their professional jobs and face an antagonist. The protagonists have a problem with the antagonists which causes a thug-of-war in between them. By making personal choices, they are able to solve the conflict and proceed on with their regular activities. It is evidently demonstrated in both stories that the protagonists make their own choices which help them solve the conflict. Both of the protagonists are using their thinking and judgmental skills on how to approach the conflict. The doctor has to determine in which way he is going to be able to confront the patient and diagnose the problem. Correspondingly, the barber as well has to comprehend, concerning how he is going to deal with Captain Torres. The society creates their own personal opinions in everyday life, but if the decisions made are not well-informed, there will be difficulties. If intelligent personal choices are not well-built, the conflicts can one or the other have a positive or negative conclusion. In Williams â€Å"TheShow MoreRelatedThe Magic Of A Family Meal By Ellen Goodman1260 Words   |  6 Pagesconclude the importance of personal relationships. Though varied in their theses, tones, and styles, each article stresses that individuals quality of life can be positively affected by taking time for companions and relatives. Nancy Gibbs, writer of â€Å"The Magic of a Family Meal,† beautifully illustrates the benefits of eating with loved ones often, while â€Å"The Company Man† by Ellen Goodman demonstrates the negative effects of making one’s profession a priority over one’s personal life and relationships. MarionRead MoreThe Outsiders Pain By Susan Sontag895 Words   |  4 PagesThe Outsiders pain In society, one’s identity is crucial to one s existence. It can determine a large part of one’s life. Depending on one’s society, one can either live comfortably or live in a state of fear. Ultimately, people construct social norms which often lead to certain social behaviors. If one breaks or goes against the social norm, they are seen as an outcast. In Susan Sontag’s literally piece, Illness as Metaphor, and Mark Doty’s â€Å"Atlantis†, common pariahs were cancer and AIDS patientsRead MoreWhy I Want For The People Who Will Influence My Identity Essay1689 Words   |  7 Pagesthe direction of nose picking, as I have gotten older, this quote has caused me to reflect on the choices I have made in terms of who I am. If I do indeed hold the power to choose the people who will influence my identity the strongest, why did I not choose those who have allowed me to be authentic until now? What is authenticity? â€Å"Being authentic means something like living in accordance with one’s own unique values and ideals,† but it is greater than simply being oneself, it is â€Å"resisting theRead MorePersepolis : Marjane Satrapi s Persepolis Essay1448 Words   |  6 PagesIt is almost impossible to fit a person’s entire life in a book. It actually seems somewhat proper that a whole person’s life is not able to be told in a single novel because a human’s life is too complex and longevous to be explained by text itself. Nevertheless, a person can only remember so many things from their life and be able to write every single detail of every moment, emotion, and thought of his or her life down into an autobiography. People often will easily remember strong, brief, andRead MoreWhy Does America Have An Obesity Problem?1600 Words   |  7 Pagessupermarket? 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A vampire’s back story allows an emotional connection with the main characterRead MoreIn troduction:. â€Å"All The World’S A Stage† – Shakespeare1583 Words   |  7 Pagesinflow of people and situations within which social norms require us to present different versions of ourselves – what in this paper we shall call â€Å"masks† or â€Å"personas.† This paper will provide examples from old plays and stories in order to keep it more contemporary – even use pop culture as a reference, so as to create a deeper and more comprehensive understanding of how social personas and masks work in society, and whether they differ across cultures as well. Finally, certain concluding remarksRead MoreThe Servant, A Simple Story About The True Essence Of Leadership By James C. Hunter1258 Words   |  6 Pagesthen defines a leader as â€Å"leading or commanding a group of people, an organization, or a country†. 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Before one can learn anything about the three movies, they need some type of prior knowledgeRead MoreMy Out Of Class Speaker Critique Assignment1563 Words   |  7 PagesRegarding his desired response from the audience in his speech, Mr. Davis made it overtly clear that he wanted the audience to listen and learn from his story. I was able to discern this in multiple ways, primarily through the appeals and statements Davis made in his lecture. For example, he made emotional appeals to the audience by bringing up stories of his struggles to support himself while starting his comic business. In doing so, Davis made an emotional connection to move the audience towards his

Welfare A Government Program in the US Free Essays

In the United States, the word â€Å"welfare† is familiar to everyone. People usually consider welfare as government programs that distribute public assistance to the poor and low income people. However, some people, who are able to work, take advantage of or depend too much on welfare, and they consider welfare as their main source of income. We will write a custom essay sample on Welfare: A Government Program in the US or any similar topic only for you Order Now To stop their dependence on welfare, the government should put those who are on welfare into the labor area and keep them there. Besides, the government should change their way of thinking about welfare and make recipients realize the goal of work and self-sufficiency. In order to accomplish this change, the government should replace the existing welfare by education and training programs. Some welfare recipients depend too much and take advantage of welfare. The sponsors of immigrants must be responsible for taking care of their family. However, they refuse to take their responsibility, and they consider that welfare must help them. For example, one sponsor in Orange County, California placed her parents on welfare even though she owned a $450,000 home and easily could afford to provide for their well-being. However, she notified the welfare agency that her elderly parents either would have to start paying rent or move out (Smith 31). Besides, welfare pays substantially more than recipients could earn from entry-level job (Tanner et al. 22). That is the reason why welfare recipients do not likely to look for job. As a result, if people can earn the same income by either working or not working, most people will choose not to work. In contrast, other people such as elders, retarded or disabled individuals, and single parent deserve to receive government assistance; however, they do not get as much as they need because the government provides welfare to both deserving and undeserving people. This will create an unbalancing gap between people. Those who really need welfare can not get enough; meanwhile, others receive more than what they need. Therefore, the government should provide welfare to deserving people who really need assistance and jobs to those who are able to work. In the article â€Å"Welfare Pays Better, So Why Work? † of USA Today Magazine, the authors state â€Å"Nearly everyone agrees that a major goal should be to encourage recipients to leave the welfare rolls and enter the workforce† (Tanner et al. 22). In order to encourage recipients to enter the workforce, the government should limit welfare because welfare is a source of income which recipients do not have to work to earn, so why do they have to work? Besides, welfare recipients must realize that welfare only helps them in short period of time. After that they have to be on their own because there is no one else can help them forever. If there is less welfare, working becomes the only source of income which they can depend on. Indeed, limiting welfare is parallel with seeking job. Once welfare is limited, labor force is the only place where they can get help. In order to encourage recipients to work, the government should create employment programs which assist recipients to look for job, to train and to gain skills. Although the employment programs might cost the nation more money in short term, they will be worth it in the long term. First, the government should persuade private employers to create more job opportunities for welfare recipients, and also welfare recipients should be required to participate in education and training programs. Besides, more employment services and job search assistance should be establish to help welfare recipients to have an easier time finding jobs. In addition, welfare money should be used to subsidize for education and training programs because these programs can provide skills and train them in order to meet the new demands of the labor market and meet the employer’s specific needs. Furthermore, unemployment offices would no longer distinguish between those who were recently laid off and those who have been on welfare. Each person would be evaluated on the basis of what services she or he needs in order to obtain employment. Hence, everyone all has same opportunity to enter the workforce. Instead of improving the welfare programs, the government should look at them as an opportunity to create a more comprehensive employment programs that would replace the old welfare and public assistance programs. For this to occur, the government should create education and training programs to provide skills and train people in order to ensure all those who want to work are able to do so. Besides, more employment services should be established to assist people to look for job easier, and private employment creates more jobs to encourage people to work. Also, equal opportunity should be applied to everyone. As a result, all these programs should be shared a single goal: to enable people to work. How to cite Welfare: A Government Program in the US, Papers

Database Management System System for CQ-Council

Question: Describe about the Report for Database Management System of System for CQ-Council. Answer: Entity relationship diagram of information system for CQ-council Figure 1: ER Diagram of information system for CQ-Council (Source: Created by author) Business rules and assumptions The business rules define the organization objective and regulations, which include a complete outline boundary for access for some specific users. Every organization must follow cardinality and modality criteria for developing their information system. Here the CQ-council wants to develop an information system to manage their urban area via online applications. From this study, the developer has identified that several areas use for the commercial and residential purpose. As per their assumption, the CQ-council decided that this information system does entire plot purchasing, construction, solving applicants issues and promotion of the plots. The CQ-council wants to provide a system to record details information of followings: An owner of the plots. If an owner wants to merge, two or more plots or subdivided a plot. Separate and count all plots in a suburban area. Store all suburban areas information. Now the developer created the entity relationship diagram according to the relationship between all entities. Each relation has a business rule, which is listed below: An applicant must follow the council policy when a request for any service. An applicant can get a service after council investigation officer investigates and mark this request as a valid. The application must have valid information for plot and land lot. Plot owners must give application to merge or subdivide their plots. Each application must contain information of three boundaries of a plot. If request a construction service then the application must acknowledge before a period. An applicant can get clearance tag only if the application is complying with the councils developmental policies. 3NF Relations In this section, the developer, define the relationships in the above ER-diagram (figure 1). Here these relations are shown in a particular format, which represent the relationship between entities. OwnerOfLot (OOLID, Fullname, PhoneNumber, AccountDetails, Address) ConstructorCategory (CCID, FullName, TypeDetails) CQInspector (CQI_Code, FullName, Email, PhoneNumber) CQLandAggreement (CQLA_Code, Name, AdditionalDetails) ClearanceOfApplication (CAcode, SDcode, CQI_Code, survayResult, ApplicantStatement, EAcode) Foreign key (SDcode) references ServiceDetails (SDcode) Foreign key (CQI_Code) references CQInspector (CQI_Code) Foreign key (EAcode) references EvaluationofApplication (EAcode) ServiceDetails (SDcode, ServiceTitle, ServiceArea, TotalNumberOfWorker, Progress) Constructor (Con_ID, FullName, CCID, CI_Code, WorkStatusCode) Foreign key (CCID) references ConstructorCategory (CCID) Foreign key (CI_Code) references ConstructorInfo (CI_Code) Foreign key (WorkStatusCode) references ConstructorWorkingStatus (CWS_ID) Plot (Plot_ID, LongitudeAndLatitude, AreaName, OP_code, TotalVolume, OOLID, TypeName, CQLA_Code) Foreign key (OP_code) references ObjectionForPlot (OP_code) Foreign key (OOLID) references OwnerOfLot (OOLID) Foreign key (CQLA_Code) references CQLandAggreement (CQLA_Code) EvaluationofApplication (EAcode, Title, Declaration, PassingFlag) Sector (SectorCode, SectorVolumn, CQCA_Code, SectorDetails, SectorType, NTcode, OP_code) Foreign key (CQCA_Code) references CQCouncilAdministrator (CQCA_Code) Foreign key (NTcode) references NoticeType (NTCode) Foreign key (SectorType) references SectorType (STcode) Foreign key (OP_code) references ObjectionForPlot (OP_code) ObjectionForPlot (OP_code, ObjectionAreaName, NumberOfParameters) ConstructorInfo (CI_Code, experienceSurvayReport, Rating, TenderInfo) ConstructorWorkingStatus (CWS_ID, CurrentProjectStatus, TotalWorkerCapacity) Applications (App_ID, Subject, Purposetype, MessageBody) Notice (Ncode, FullTitle, DateTime, Description, NTCode) Foreign key (NTCode) references NoticeType (NTCode) NoticeType (NTCode, NCdetails, Rating) SectorType (STcode, TypeTitle, sectorDetails) RequireService (RS_Code, ServiceType, NumberOfUnit, OP_code) Foreign key (OP_code) references ObjectionForPlot (OP_code) Complaint (Com_ID, Date, EmergencyContact, App_ID, OOLID, plotObjectionTypeCode) Foreign key (App_ID) references Applications (App_ID) Foreign key (OOLID) references OwnerOfLot (OOLID) Foreign key (plotObjectionTypeCode) references ComplaintPlotType (plotObjectionTypeCode) ComplaintPlotType (CPTcode, TypeName, ComplaintAutority) RejectedComplaint (RC_code, Reason, CertifyAuthority, CQCA_Code, Com_ID) Foreign key (CQCA_Code) references CQCouncilAdministrator (CQCA_Code) Foreign key (Com_ID) references complaint (Com_ID) CQCouncilAdministrator (CQCA_Code, FullName, PhoneNumber, Email, DepCode) Foreign key (DepCode) references complaint (DepCode) CQdepartment (DepCode, DepartmentTitle, ServiceInfo, Type) Bibliography Coronel, C. and Morris, S., 2016. Database systems: design, implementation, management. Cengage Learning. Larman, C., 2012. Applying UML and Patterns: An Introduction to Object Oriented Analysis and Design and Interative Development. Pearson Education India.

Public Relations Campaign Case study

Introduction In marketing their products and services, firms in different economic sectors are faced with a challenge emanating from the business environment. In order to deal with these challenges, organizations have to be effective in their marketing communication.Advertising We will write a custom research paper sample on Public Relations Campaign Case study specifically for you for only $16.05 $11/page Learn More According to Moutinho and Chien (2008, p.179), incorporation of integrated marketing communication is one of the ways that firms can achieve this. There are diverse marketing communication techniques that firms can consider. One such technique entails using public relations. Egan (2008, p.247), defines public relations as the process through which a firm develops the image of its products and services. Alternatively, public relations can be defined as the process through which a firm develops a strong relationship with the public. In an effo rt to understand public relations, this paper illustrates case studies of firms that incorporated public relations in their market communication effort. Case Studies Problem and situations Over the years it has been in operation, Procter Gamble Company has managed to acquire a substantial market share with regard to consumer goods. One of the products that the firm produces is Dawn Dishwashing Liquid. Upon its introduction into the market, Dawn gained a substantial recognition and reputation within the market as being an effective detergent in the removal of grease. However, the company faced a challenge from the competitors who were luring customers. Dawn’s competitors were imitating the value that the firm offers to its customers’ by offering dishwashing detergents in larger bottles and at a lower price. This had adverse effects on Dawn which lost a proportion of its market value (Business Consulting Buzz, 2009, para. 3). Similarly, Johnson Johnson has been effectiv e in the provision of consumer goods around the world. The firm is committed at developing new products in order to meet the customer’s demands. The firm deals with diverse product categories such as adhesive bandages.Advertising Looking for research paper on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More An example of adhesive bandage that the firm supplies to the market is the Band-Aid bandage. During the 20th century, Band-Aid became widely recognized amongst a large number of households. However, the firm experienced a challenge emanating from an increment in the intensity of competition. Investors ventured the market with the objective of exploiting the presented market potential. To exploit the market opportunity, competitors developed cheaper generic bandages similar to Band-Aid. As a result, Band-Aid lost a significant proportion of its market value. Solutions In an effort to improve the public image of their products, Proctor Gamble and Johnson Johnson integrated public relations. Proctor Gamble contracted Marina Maher Communications (MMC) to conduct a public relations campaign on its behalf. The objective of the public relations campaign was to communicate the value of Dawn to the customers as being a strong dishwasher. The message of the public relations campaign was that one 25oz bottle of Dawn dishwasher could clean more than 10,000 dishes. For the campaign to be effective, the firm considered it necessary to incorporate an effective slogan which is ‘Dawn Goes The Distance’. Additionally, the firm considered it vital to integrate a strong visual which would communicate the message of power and value. To achieve this, the firm contracted Robbie Knievel of the MMC. He was well known as a daredevil with regard to motorcycling being the son of the famous cyclist Evel Knievel. Robbie Knievel was to jump over 10,000 dishes which were then to be washed with only one 25 oz bottle of Dawn. The show was witnessed by over 1625 spectators. This public relations campaign was very successful. The story was carried in different media such as the radio and the print media. Within a period of one week, the campaign had appealed more than 67million consumers.Advertising We will write a custom research paper sample on Public Relations Campaign Case study specifically for you for only $16.05 $11/page Learn More Similarly, Johnson and Johnson contracted a public relations company known as Ogilvy Public Relations2 to undertake a public relations campaign on its behalf. Ogilvy hired Emma Roberts a renowned Nickelodeon Star to endorse Band-Aid bandage. Emma Roberts conducted a comprehensive campaign on different mediums. For example, she conducted a campaign on stickwitawards.com by giving children an opportunity to win a trip to Nickelodeon studios located in Hollywood. The campaign was very successful as evidenced by the 65 million impressions on Band-Aid it developed over the media. The public relations campaign contributed towards Band-Aid regaining its market. Additionally, the campaign contributed towards development of a stick-it-with attitude amongst parents and their kids. Conclusion Public relations campaign is a critical element that firms should consider in their effort to deal with marketing challenges. In their marketing communication, it is paramount for firms to integrate public relations campaign. From the case studies, the two firms effectively integrated public relations campaign. By contracting celebrities to endorse their products, both firms were able to improve the public image of their products. This led to the firms re-establishing their competitive advantage within their respective markets. Recommendations Prior to conducting a public relations campaigns organizations should consider the following. Developing a comprehensive understanding of the objective of the campaign. This will aid in developing an effective public relations campaign. Organizations should also formulate the most effective public relations campaign. Reference List Business Consulting Buzz. (2009). The public relations campaign; two case studies. Web. Egan, J. (2008). Marketing communications. London: Thomson.Advertising Looking for research paper on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More Moutinho, L. Chien, C. (2008). Problems in marketing. Los Angeles: Sage. This research paper on Public Relations Campaign Case study was written and submitted by user Ayana Mcpherson to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Tactical mistake - Emphasis

Tactical mistake Tactical mistake Weve all done it: accidentally substituted a similar-sounding but actually entirely different word for the one we meant to write. And while no-one wants to be the person who does it (it could seriously undermine your credibility), for humours sake, were probably all secretly glad it happens occasionally. Take one of the features of a 9 LED Eurohike aluminium torch (offered at an unmissable price with a recent purchase at Millets). Listed between heavy duty aluminium construction and 3 x AAA batteries included we find tactical on/off switch. Now that sounds fancy, doesnt it? But really, whenever any of us make that strategic reach for the on/off switch, with the cunning plan of being able to see where we are going, arent we all tacticians in our own right? Or could this simple, moulded, soft-rubber switch actually be better described as tactile? But then, this is a dangerous game to start.

Preparation for Mentorship ( Given Scenario) Essay

Preparation for Mentorship ( Given Scenario) - Essay Example Due to his many issues, Paul is identified as having a learning disability. However, his case is neither new nor is it unique, and certain metrics can be utilized to better understand the situation. According to Duffy (2004), mentors find assessment of underperforming learners to be a substantial challenge. However, it is the role of both the health care professional and mentor to offer support to such learners, ensuring they are competent in their practice. Thus, as a mentor, coaching around Paul’s learning disability may make the process more difficult, but definitely not impossible. The mentor actually has a powerful takeaway from working with Paul in the sense he or she is able to share his experiences and coach another individual. In fact, it is overcoming his obstacles that may breed inspiration within his mentor in future scenarios. Research Aims Against this background, this work intends to critically analyse the role of the mentor in such a scenario. Initially, it wil l define mentorship, following up with an explanation of the mentor role, concluding with a critical analysis of research studying mentoring effectiveness in similar situations. Furthermore, this paper will explain the impact mentoring has on the mentor. In Paul’s case, mentoring will help him to live with his learning disability, rather than deal with it. At the same time, he will be doing more than learning, but also teaching. He will be showing the mentor that he can do what he is putting his mind to and so can they. Some of the characteristics of a mentor that will help Paul in realising this goal include the ability to initiate ideas and foster a willingness to learn in another person. While mentoring another person, the mentor is actually getting just as much, if not more, than the mentee. Paul will learn about emotional intelligence, and be afforded the opportunity to explore what that looks like in a mentoring relationship. Another characteristic is openness to divers ity. This is one characteristic that both benefits the mentor and the mentee. To the mentor, Paul is granting a unique and in-depth look into his life, allowing others to experience the diversity that he brings to various situations. What is Mentorship? To gain a clear understanding of the concept of mentorship, it is imperative to first define the terms for intents and purposes of this research. The Businesswomen’s Association (2011) website defines mentoring as â€Å"a relationship between two parties who are not connected within a line management structure, in which one party (a mentor) guides the other (the mentee) through a period of change towards an agreed objective.† This definition will be the one used for the purposes of this research. Mentoring is about providing help and support in a non-threatening way; such a manner that the learner appreciates and values the constructive criticisms and feedback, allowing it to empower him or her to move forward confident ly toward his or her ultimate goal(s). The process is also concerned with creating an informal forum in which one person can feel encouraged to discuss needs, wants, desires, and circumstances openly, confiding in another person who may be in a position to positively help him or her, or at the very least lend an ear and

Criminology Essay Example | Topics and Well Written Essays - 3750 words

Criminology - Essay Example As a result, the Federal Bureau of Investigation doers not collect information on itself (Robinson, 1966). Rather, it relies on the other law enforcement agencies to report the crimes that are brought to their attention. According to a census that was carried out by the Bureau of census in 2002 revealed that 93 percent of the population that submitted the reports was the law enforcement authorities while 89% of the populace came from the metropolitan areas, with 90 percent being in the rural counties (Wolfang, 1963). From the time when Uniform Crime Report was established in 2003, the Federal Bureau of Investigation has offered sporadic evaluations of the type of and nature crime in United States. This program’s main aim was to produce a dependable group of unlawful statistics for use in police force management, management and operation. This has made it be one of the nation’s principal social indicators. The Uniform Crime Reports assist the American public to search for information on variation in crime rates. In addition, criminologists, sociologists, criminal justice students, legislators and municipal planners use information in the Uniform Crime Reports to carryout different researches and planning responsibilities (Wolfang, 1963). National Incident-Based Reporting System is an event-oriented coverage structure employed by the law enforcement agencies in United States to collect information on crimes. It is designed to collect information on any single crime scene that occurs. State, local and federal agencies produce these reports from their information systems. Data is obtained and captured from every crime occurrence and recorded in Group ‘A’ crime group. The crimes in the Group ‘A’ category are 46 offences classified into 22 crime classes. Certain details about the offences are collected and documented in the NIBRS system. Moreover, there are 11 crimes recorded in Group ‘B’ with just

Evaluate the Financial Performance of a Business Assignment

Evaluate the Financial Performance of a Business - Assignment Example Balance sheet Income statement and Cash flow statement. These are the basic statements normally prepared by profit-oriented corporations. These statements help in knowing the profitability and financial soundness of the business concern. These are prepared at the end of a given period of time. Financial statements are used as an important tool to communicate the financial information to parties outside the organization (such as investors, creditors, and other external decisions makers). The Balance Sheet; The purpose of preparing balance sheet is to report the financial position (amount of assets, liabilities, and shareholders’ equity) of a firm during a particular period of time. A balance sheet contains complete information about assets, liabilities, and shareholders’ equity of the company. Assets; Assets are things which have economic value and that which are owned by the company. It include tangible asset, such as plants, trucks, equipment, and inventory. It also in cludes intangible asset, such as trademarks and patents. Cash itself is an asset. Tangible asset can be divided into two, Current asset and fixed asset. Current asset represent the company’s liquidity. This is where companies list all of the stuff which can be converted into cash in a short period of time, usually a year or less (Kennon 2012). Fixed asset is an asset held with the intention of being used for the purpose of producing or providing goods or services, and it is not meant for sale in the normal course of business (Accounting for Fixed Assets n.d). Liabilities: Liabilities include all kind of obligation that a company have. The term liabilities mean the amount of money that a company owes to others. Shareholders’ equity; It is also called capital or net worth. The following formula summarizes what a balance sheet shows: ASSETS = LIABILITIES + SHAREHOLDERS'EQUITY Income Statements; Income statement is a statement which shows the revenue that earned by the com pany during a specific period of time (usually for a year or some portion of a year Income statement also shows the expenses, and the cost associated with the earning of revenue. Income statement also gives information regarding how much the company earned or lost over a period of time. This statement helps to calculate earnings per share (EPS), and it also tells how much money shareholders would get, if the company decides to distribute the whole earnings of the company. Income statement can be also called the statement of operation, or statement of earnings. Statements of Cash Flow; A cash flow statement is a statement that contains a detailed report regarding the company’s inflows and outflows of cash. Cash flow statement is helpful in knowing the net increase or decrease in cash for the period. It is prepared by using the information and reports in the company’s balance sheet and income statement. Cash flow statement is helpful in recognizing the, changes in cash b alance(increase or decrease) sources of cash uses of cash There are three parts included in the cash flow statement. They are (1)  operating activities; (2)  investing activities; and (3)  financing activities. 2. Compare appropriate formats of financial statements for different types of business The financial statements explain from where a company's funds come from, where it goes and where it is at present. â€Å"Owners and CEOs use these statements to manage a business, bankers to check its creditworthiness, and investors to

Role of Derivatives on Financial Products

Role of Derivatives on Financial Products Title: Derivatives are now a well established part of every financial institutions financially engineered products. Discuss, in depth, the role that derivatives are playing in financial products/portfolios and the risks that they remove (and create) Introduction Past three decades have witnessed an expansion in global trade and continuing technological developments. This has resulted in an increase in market volatility and enlargement of business and financial risks and has led to an increase in demand for risk management products. The types of risks faced by corporations today have not changed; rather, they have become more complex and interrelated. The increase in demand for risk management products and the complexity of risks is reflected in the growth of spectrum of financial contracts called derivatives. Derivatives are now a well established part of every financial institution’s financially engineered products. Derivatives have become an integral part of the financial markets because they can serve several economic functions. Though there has been an incredible growth in the derivative market, there has also been an increase in reports of major losses associated with derivative products. For example, derivatives led to a collapse of Barings Bank (the Queen of England’s primary bank), bankruptcy of Orange County California and also had a role in the fall of Enron. All this has resulted in a great deal of confusion about effectiveness of derivatives in risk management. What are Derivatives? Derivatives are complex instruments that have become increasingly important to the overall risk profile and profitability of organisations throughout the world. Broadly defined, derivatives are contracts that primarily derive their value from the performance of underlying assets. Derivatives contracts are entered into throughout the world on organised exchanges and through over-the-counter (OTC) arrangements. Types of Derivatives Derivatives come in various shapes and forms such as futures1, forwards2, swaps3, options4, structured debt obligations and deposits, and various combinations thereof. __________________________________________________________________________________________________________ 1Futures are contracts to buy or sell specific quantities of a commodity or financial instrument at a specified price at a specified time in the future. 2A forward contract obligates one party to buy the underlying at a fixed price at a certain future date from a counterparty, who is obligated to sell the underlying at that fixed price. (Source: Demystifying Financial derivatives, Rene A Stulz) 3A swap is a contract to exchange cash flows over a specific period. 4An option can be a call option or a put option. A call option on a stock gives its holder the right to buy a fixed number of shares at a given price by some future date, while a put option gives its holder the right to sell a fixed number of shares on the same terms. Benefits of Derivatives Derivatives are put to three key uses: Hedging by entering into derivatives transactions for offsetting existing risks. The existing risks could be an investment portfolio, price changes of a commodity or perhaps investments in a foreign country. Derivatives make it possible to hedge risks that otherwise would be not be possible to hedge. Speculating through hedge funds to generate profits with only a insignificant investment, essentially by putting money on the movement of an asset. Exploiting Arbitrage opportunities throughout the world markets. Thus, risk management is one of the primary purposes of derivatives. Role of Derivatives in Risk Management As indicated above, derivatives are important tools that can help organisations meet their specific risk-management objectives. Derivatives allow organisations to break up their risks and distribute them around the financial system through secondary markets. Thus, derivatives help organisations in risk management. Risk management is not about the removal of risk but is about its management. An organisation can manage its risks by selectively choosing those risks it is comfortable with and minimising those that it does not want. Through derivatives, risks from traditional instruments can be effectively unpackaged and managed independently. If managed properly derivatives can help businesses save costs and increase returns. In addition, derivatives make underlying markets more efficient. Derivative markets produce information which at time is the only reliable information available to base critical business decisions on. For example, reliable information about long-term interest rates can be obtained from swaps, because the swap market may be more liquid and more active than the bond market. Using Derivatives Many organisations use derivatives conservatively to counterbalance risks from fluctuating currency and interest rates. Individuals and firms use derivatives to achieve payoffs that they would not be able to achieve without derivatives, or could only achieve at greater cost. Derivatives are used by both financial and non-financial institutions and organisations. Financial organisations use derivatives both as risk management tools and also as a source of revenue. From a risk management perspective, derivatives allow financial institutions to identify, segregate and manage separately the market risks in financial instruments and commodities. Cautious use of derivatives provides managers with effective risk reducing opportunities through hedging. Derivatives may also be used to reduce financing costs and to increase the yield of certain assets. In addition, derivatives are a direct source of revenue through market-making functions, position taking and risk arbitrage to most of the financial organizations (source: http://www.bis.org/publ/bcbsc211.pdf). Derivatives are used by non-financial organisations for hedging and for minimising earnings volatility. For example, derivatives are used to hedgeinterest-rate risks. If the company strongly believes that interest rates will drop between now and a future date, it could purchase a futures contract. By doing so, the company is effectively locking in the future interest rate. Similarly, companies that depend heavily on raw-material inputs or commodities are sensitive, sometimes significantly, to the price change of the inputs. For example, most airlines use derivatives for hedging against crude-oil price. Some firms use derivatives to reduce tax liability and at times to speculate. Risks Associated with Derivatives Although derivatives are legitimate and valuable tools for hedging risks, like all financial instruments they create risks that must be managed. Warren Buffett, one of the worlds most wise investors, states that â€Å"derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.† (Source: Gabriel Kolko, Weapons of Mass Financial Destruction) On one hand derivatives neutralise risks while on the other hand they create risks. In fact there are certain risks inherent in derivatives. Derivatives can be dangerous if not managed properly. Numerous financial disasters such as Enron can be related to the mismanagement of derivatives. In the 1990s, Procter Gamble lost $157 million in a currency speculation involving dollars and German Marks, Gibson Greetings lost $20 million and Long-Term Capital Management, a hedge fund, lost $4 billion with currency and interest-rate derivatives (Source: Ludger Hentschel and Clifford W. Smith, Jr., Risks in Derivative Markets) . It is key to consider that it has not been the use of derivatives as a tool which has led to the downfall of these companies but the misuse of such instruments. The kinds of risks associated with derivatives are no different from those associated with traditional financial instruments, although they can be far more complex. Different derivatives have different risk profiles. For some derivatives though the risk may be limited, the profit potential may be unlimited. For example, the risk of loss with a derivative contract which grants a right to buy a particular asset at a particular price is limited to the amount paid to hold that right. However, profit potential is unlimited. On the other hand there are certain other derivatives that exhibit risk characteristics in which while potential gain is limited, the losses associated with the derivative is unlimited. For example, a derivative contract which grants the right to buy a particular asset at a particular price may have the associated potential profit limited to the amount received for giving that right, but because the asset has to be delivered to the counterparty at expiry of the contrac t, the potential loss may be unlimited. Most of the risk of derivatives is due to the complexity of the structure of the derivative instruments. Apart from the structure of the instrument itself, the source of a lot of the risk associated with derivative contracts arises from the fact that they are leveraged contracts. Derivative products are ‘leveraged’ because only a proportion of their total market exposure needs to be paid to open and maintain a position. Thus, the market exposure with derivative contracts can be several times the cash placed on deposit as margin for the trade, or paid in the form of a premium. Derivative contracts also have the ability to create artificial wealth and this creates additional risk. The artificial wealth skews the values of underlying assets considerably. Fundamentally, risks from derivatives originate with the customer and are a function of the timing and variability of cash flows. Types of Risks Associated with Derivatives In general, the risks associated with derivatives can be classified as credit risk, market risk, price risk, liquidity risk, operations risk, legal or compliance risk, foreign exchange rate risk, interest rate risk, and transaction risk. These categories are not mutually exclusive. Credit risk Derivatives are subject to credit risk or the risk to earnings or capital due to obligor’s failure to meet the terms of a contract. Credit risk arises from all activities that can only be accomplished on counterparty, issuer, or borrower’s performance. Credit risk in derivative products comes in the form of pre-settlement risk and settlement risk. Derivatives are exposed to pre-settlement credit risk or loss due to failure to pay on a contract during the life of a transaction by the counterparty. This credit risk exposure consists of both the replacement cost of the derivative transaction or its market value and an estimate of the future replacement cost of the derivative. Even out-of-the-money derivative contracts have potential pre-settlement credit risk. Derivatives are also subject to settlement risk or loss exposure arising when an organisation meets its obligation under a contract before the counterparty meets its obligation. Settlement risk generally exists for one to two days from the time an outgoing payment instruction can no longer be cancelled unilaterally until the time the final incoming payment is received and reconciled. This risk is due to the fact that it is almost impractical to arrange simultaneous payment and delivery in the ordinary course of business. In the case of international transactions settlement risk may arise because of time zone differences. This risk is usually greater than pre-settlement risk on any given transaction. Market risk Derivatives are also subject to market risk Market risk or risk due to unfavorable movements in the level or volatility of market prices. Market risk results from exposures to changes in the price of the underlying cash instrument and to changes in interest rates. Though market risk can be created or hedged by derivatives such as future or swap in a clear-cut manner, it is not so simple in the case of options. This is because the value of an option is also affected by other factors, including the volatility of the price of the underlying instrument and the passage of time. In addition, all trading activities are affected by market liquidity and by local or world political and economic events. Price Risk Price risk is an extension of the market risk. Price risk is the risk to earnings or capital arising from changes in the value of portfolios of financial instruments. The degree of price risk of derivatives depends on the price sensitivity of the derivative instrument and the time it takes to liquidate or offset the position. Price sensitivity is generally greater for instruments with leverage, longer maturities, or option features. Price Risk can result from adverse change in equity prices or commodity prices or basis risk. The exposure from an adverse change in equity prices can be either systematic or unsystematic risk. As equity markets can be more volatile than other financial markets equity derivatives can experience larger price fluctuations than other derivatives. Commodity derivatives usually expose an institution to higher levels of price risk because of the price volatility associated with uncertainties about supply and demand and the concentration of market participants in the underlying cash markets. Price risk may take the form of basis risk or the risk that the correlation between two prices may change. Liquidity risk All organisations involved in derivatives face liquidity risks. Liquidity risk is the risk to earnings or capital from an organisation’s inability to meet its obligations when they are due, without incurring unacceptable losses. This risk includes the inability to manage unplanned decreases or changes in funding sources. An organisation involved in derivatives faces two types of liquidity risk in its derivatives activities: one related to specific products or markets or market liquidity risk and the other related to the general funding of the institution’s derivatives activities or funding risk. Market Liquidity Risk Market liquidity risk is the risk that an organisation may not be able to exit or offset positions easily at a reasonable price at or near the previous market price because of inadequate market depth or because of disruptions in the marketplace. In dealer markets, market depth is indicated by the size of the bid/ask spread that the financial instrument provides. Similarly, market disruptions may be created by a sudden and extreme imbalance in the supply and demand for products. Market liquidity risk may also result from the difficulties faced by the organisation in accessing markets because of its own or counterparty’s real or perceived credit or reputation problems. In addition, this risk also involves the odds that large derivative transactions may have a significant effect on the transaction price. Funding Liquidity Risk Funding liquidity risk is the possibility that the organisation may be unable to meet funding requirements at a reasonable cost. Such funding requirements arise each day from cash flow mismatches in swap books, the exercise of options, and the implementation of dynamic hedging strategies. The rapid growth of derivatives in recent years has focused increasing attention on the cash flow impact of such instruments. Operations risk Like other financial instruments, derivatives are also subject to operations risk or risks due to deficiencies in information systems or internal controls. The risk is associated with human error, system failures and inadequate procedures and controls. In the case of certain derivatives, operations risk may get aggravated due to complexity of derivative transactions, payment structures and calculation of their values. . Legal or compliance risk Derivative transactions face risk to earnings or capital due to violations, or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards. The risk also arises when the laws or rules governing certain derivative instruments may be ambiguous. Compliance risk exposes an organisation involved in derivatives to fines, civil money penalties, payment of damages, and the voiding of contracts. Besides, legal and compliance risk may adversely affect reputation, business opportunities and expansion potential of the organisation. Foreign Exchange Rates Risk Derivatives traded in the international markets are also exposed to risk of adverse changes in foreign exchange rates. Foreign exchange rates are very volatile. Foreign exchange risk is also known as translation risk. Foreign exchange rates risk in derivatives is the risk to earnings arising from movement of foreign exchange rates. This risk is a function of spot foreign exchange rates and domestic and foreign interest rates. It arises from holding foreign-currency-denominated derivatives such as structured notes, synthetic investments, structured deposits, and off-balance-sheet derivatives used to hedge accrual exposures. Interest Rate Risk Interest rate risk is the risk to earnings or capital arising from movements in interest rates. The magnitude of interest rate risk faced by derivatives from an adverse change in interest rates depends on the sensitivity of the derivative to changes in interest rates as well as the absolute change in interest rates. The evaluation of interest rate risk must consider the impact of complex illiquid hedging strategies or products, and also the potential impact on fee income that is sensitive to changes in interest rates. When trading is separately managed, this impact is on structural positions rather than trading portfolios. Financial organisations are exposed to interest rate risk through their structural balance sheet positions. Transaction risk Another risk associated with derivatives is transaction risk. In fact transaction risk exists in all products and services. Transaction risk is the risk to earnings or capital arising from problems with service or product delivery. This risk is a function of internal controls, information systems, employee integrity, and operating processes. Derivative activities can pose challenging operational risks because of their complexity and continual evolution. Thus, derivatives are subject to various technical risks. The problems surrounding the use of derivatives in recent years have primarily been due to difficulty in understanding these risks and thus using appropriate derivatives for risk management purposes. Derivative use is sometimes misunderstood because, depending on the terms of derivative it may be used to increase, modify, or decrease risk. In addition to the technical risks highlighted herein, there may also be a fundamental risk that the use of these products may be inconsistent with entity-wide objectives. Conclusion Derivatives will continue to be an important business tool for managing an organisation’s risk management. In fact the significance of derivatives is expected to increase with the development of new derivative products that refine and improve the ability to achieve risk management and other objectives. However, it is important that organisation’s using derivatives for risk management completely understand the nature and risks of derivatives. This requires effective control is critical to any well-managed derivative operation. References: Aristotle, Politics, trans. Benjamin Jowett, vol. 2, The Great Books of the Western World, ed. Robert Maynard Hutchins (Chicago: University of Chicago Press, 1952), book 1, chap. 11, p. 453. Bodie, Cane and Marcus (2005), Investments (6th Edition), McGraw Hill. Bodie, Cane and Marcus (2005), Investments (6th Edition), www. highered.mcgraw-hill.com/sites/0072861789/student_view0 [Accessed 30 December 2006] Corporate Use of Derivatives for Hedging http://www.investopedia.com/articles/stocks/04/122204.asp [Accessed 30 December 2006] Frank A. Sortino Stephen E. Satchell, Managing downside risk in financial markets: Theory, Practice and Implementation Gabriel Kolko, Weapons of Mass Financial Destruction, http://mondediplo.com/2006/10/02finance [Accessed 31 December 2006] Internal Control Issues in Derivatives Usage www.coso.org/publications/executive_summary_derivatives_usage.htm [Accessed 31 December, 2006] Kenneth A. Froot, David S. Scharfstein, and Jeremy C. Stein, A Framework for Risk Management, Harvard Business Review, November-December 1994, pp. 91-102. Ludger Hentschel and Clifford W. Smith, Jr., Risks in Derivative Markets, http://fic.wharton.upenn.edu/fic/papers/96/9624.pdf [Accessed 30 December 2006] Market Risk Derivatives, Hedge Funds Challenge Financial Regulators, http://www.ieca.net/news/story.cfm?id=13754 [Accessed 30 December 2006] Rene A Stulz, Demystifying Financial Derivatives, www.cornerstone.com/pdfs/Cornerstone_Research_Demystifying_Financial_Derivatives.pdf Risk Management Guidelines for Derivatives, http://www.bis.org/publ/bcbsc211.pdf [Accessed 31 December 2006] Thomas F. Siems, Financial Derivatives: Are New Regulations Warranted? Financial Industry Studies, Federal Reserve Bank of Dallas, August 1994, pp. 1-13. Thomas F. Siems, Derivatives: In the Wake of Disaster, Financial Industry Issues, Federal Reserve Bank of Dallas (1995): 2-3 Brief 191916Page 1 of 9

Good vs. Evil in John Cheevers The Five-Forty-Eight Essay -- Five-For

Good vs. Evil in John Cheever's The Five-Forty-Eight John Cheever was an award winning American author of the twentieth century. His work often possessed 'psychological and religious vision' with central themes of 'sin, deception, and redemption' (Kennedy, 551). Cheever's short story entitled 'The Five-Forty-Eight' portrays a struggle of good vs. evil. Following the themes of sin, deception, and redemption, we read of a young woman (good) seeking revenge for the evil done to her. Through the course of the story the reader can distinguish between the traits of good and evil. The Webster's dictionary defines evil as 'that which is morally wrong.' Blake has some distinct morality issues. Blake, the evil force in the story, possesses many character flaws that are indicative of the force he portrays. He is self-absorbed, manipulative, and shallow and has isolated himself from his friends and family. Blake sacrifices his relationships to give into his sexual desires, which is our first indication of his evil streak. He sleeps with Mrs. Dent, his secretary, and proceeds to fire her. As a result of Blake?s many one night of stands, in which he manipulates women to sleep with him, he loses his wife, son, and friends. He is so incredibly shallow and self-involved that he married his wife for her beauty alone; he has no attraction to her in her old age. He does not even pretend to love his wife ?the physical charms that had been her only attraction were gone? (554). His neighbors and friends hear of the evil Blake has done to his own wife, and as a result they rej ect Blake as a friend. His self-involved attitude prevents him from caring that he has no companions. When his neighbor, Mrs. Compton, cannot give him a genuine smile, we r... ...relationship. Cheever?s preoccupation with sin and deception is played out in the story. Works Cited Cheever, John. ?The Five-Forty-Eight.? Literature: An Introduction to Fiction, Poetry, and Drama. Ed. X.J. Kennedy and Dana Gioia. 8th ed. New York: Longman, 2002. 550-561. Chesnick, Eugene. ?The Domesticated Stroke of John Cheever.? Ed. Dedria Bryfonski. Contemporary Literary Criticism. Vol. 7 of 46. Detroit, MI: Gale Research Company, 1980. 48. Oates, Joyce Carol. Article on John Cheever. Ed. Dedria Bryfonski. Contemporary Literary Criticism. Vol. 11 of 46. Detroit, MI: Gale Research Company, 1980. 119-120. The New Webster?s Dictionary. New York: Lexicon Publications, Inc., 1990. 135. Tyler, Anne. Article on John Cheever. Ed. Dedria Bryfonski. Contemporary Literary Criticism. Vol. 11 of 46. Detroit, MI: Gale Research Company, 1980. 121.

Adidas Promotional Campaign

The purpose of this case assignment is to evaluate Adidas’ new promotional campaign and identify the key factors affecting its success. Promotion serves as one of the fundamental tenets in marketing mix. Promotion is the communication of information by a seller to influence the attitudes and behaviors of potential buyers. 1 (Christ). Advertising, sales promotion, and public relations comprises promotion which are used to target specific buyers. These three aspects of promotion work together to attract and retain potential and existing buyers and also highlights the foundation of Adidas’ promotional campaign for the Beijing Olympics. Sportswear manufacturer Adidas’ recent merger with Reebok represents increased clout the firm can use exert on Nike in upcoming promotions for the Olympics. Nike which currently holds the majority of athletic footwear market has done an excellent job promoting its products to focus on target markets. Both manufacturers target the same markets which include the Basketball, Soccer, and Football athletes, as well as, Hip Hop culture. 4 Promoting sales of sportswear through the use of professional athletes has been a venture both Adidas and Nike have done very well. However, Adidas took a big hit when Nike was capable of capitalizing on the â€Å"Hip Hop Nation†, or subculture closely intertwined with performance sportswear. Rapper artist, Nelly, wrote a song about Nike shoes in 2005, underscoring Nike’s image change from solely performance sportswear to including fashionable and â€Å"cool†. Adidas returned with signing performing artists Jay-Z, Missy Elliott, and 50-Cent to their sportswear lines. Promotional campaigns by both Adidas and Nike reflect consumer focus when purchasing athletic apparel is not solely tied to performance, and suggests that some consumers view athletic apparel as a reflection of personality and a fashion statement. A perspective from Gonzalo Basilico, a 12 yr old student, supports this notion, â€Å"I like Adidas, but I still prefer Nike for the fashion, colours, combinations [. . ] It's all Nike at school. Everyone talks about Nike, no one talks about the others. † 5 Adidas’ merger will allow them to compete on multiple fronts, and also eliminates the no. 3 contender, Reebok, from the competition. The combination of the two will allow Adidas to focus on both performance and fashion sportswear. Adidas styled high heel shoes pictured on their website, indicate a shift Adidas’ intention of attempting to claim both the perform ance and fashion athletic apparel markets. Moreover, Adidas will be able to promote their brands â€Å"Adidas† and â€Å"Reebok† by targeting specific athletic groups like Soccer and Football; respectively, that hold one or the other in high regards. 7 Both Adidas and Nike have robust advertising campaigns. Webpage, television, and magazine advertisements all suggest that the products are not merely performance sportswear, they’re fashion statements. Adidas’ iconic â€Å"3 stripes† and Nike’s â€Å"swoosh† are plastered all of over their advertisements and products. The icons which at first were a company logo, represent a designer label that consumers want. Adidas’ division of efforts between the Adidas and Reebok lines will serve them well in the future. Reebok will be focused on middle priced shoes, while Adidas will focus on high end sport performance and fashion. Division of efforts between the two will pose a formidable advantage against, Nike, the current no. 1 contender in the sport performance apparel market. References 1. Christ, P. (2008). Principles of Marketing. Retrieved 20 JUL 08 from http://www. knowthis. om/tutorials/principles-of-marketing/promotion-decisions/1. htm 2. Unknown (2008). The Promotional Mix. Retreived 20 JUL 08 from http://en. wikipedia. org/wiki/Promotional_mix#cite_note-0 3. Kiley, D. (2005). Reebok and Adidas. Retrieved 20 JUL 08 from http://www. businessweek. com/bwdaily/dnflash/aug2005/nf2005084_8340. htm 4. Ibid. 5. Richardson, B. (2005). Adidas Bid Raises Image Concerns. Retrieved 20 JUL 08 from http ://news. bbc. co. uk/1/hi/business/4741343. stm 6. Adidas (2008). Adidas Homepage. Retrieved 20 JUL 08 from http://www. adidas. com 7. Kiley, D. (2005).

To be loved or feared as a leader Essay Essay Example

To be loved or feared as a leader Essay Essay Example To be loved or feared as a leader Essay Paper To be loved or feared as a leader Essay Paper Essay Topic: Love in Excess Leaderships in Fieldss runing from military and political relations to concern and even instruction have been posed with the pick of transfusing love or fright among their several followings. Traits like heat and trustiness of a leader instill love among followings and fright of a leader originates largely from his strength and competency. Although there are legion other traits in a leader. heat and strength are the most influential. Harmonizing to psychological science. a major portion of other people’s perceptual experience about a individual is determined by these two dimensions of personality ( Cuddy. Kohut and Neffinger. 2013. p. 56 ) . The quandary of the pick between these two is inherently present in the nature of the two extremes i. e. either of the picks will do you fall at the opposing terminals of the human emotional spectrum. It is interesting to observe that the inquiry of taking between the two extremes is non a new one. Tracing this riddle back to the 16th century takes us to the Hagiographas of Machiavelli. His political doctrine in ‘The Prince’ acknowledges the best leaders to command both fright and love. Having said that. Machiavelli recognizes the opposite mutual opposition of the two emotions and maintains that since it is hard to unite both in one individual. it is better to be feared as a leader than to be loved ( Machiavelli. 2003. p. 53 ) . Today. about five hundred old ages subsequently. the Machiavellian construct of a feared leader is still rather strictly followed by leaders in Fieldss including concern. The issue that crops up here is the overemphasis on soft emotions like love in about every aspect of life as opposed to the usage of fright when it comes to leading. If worlds are managed better through fright. what is the topographic point of emotions like love. empathy and compassion in organisational kineticss and leading? Another facet that relates to this leading pick is the development of society over clip and the consequence of civilisation on human behaviour and manner of direction. For case. has the alteration from bossy to democratic societies and the alteration from perpendicular to horizontal manner of direction in organisations affected the mentality of people including the leaders and followings? From what I have observed while helping my male parent in political relations and supervising my household concern in Pakistan is that people are more antiphonal to a leader who demonstrates strength as opposed to a leader who shows heat. The first thing that came to my head was that this reaction is likely due to the fact that Pakistan is a underdeveloped state germinating into a enlightened society. I justified the fright theoretical account with retardation of the country and attributed it partially to cultural norms. But it was instead surprising to larn that this theoretical account is still practiced rather often in the developed universe every bit good. Taking the illustration of Texas Tech’s manager. Bobby Knight. who is widely respected for his leading. had adopted the same fright theoretical account. His abrasiveness dragged him into many contentions including the one where he allegedly choked a participant in pattern ( Snook. 2008. p. 18 ) . It can be argued that some Fieldss like organized athleticss. military or fabricating industry require such rigorous leading as keeping the concatenation of bid is of extreme importance. However. cognition industry has no such limitations but the same theoretical account has been applied there in assorted instances. I personally know a few successful concern proprietors in the US who rely on a stiff. strength based theoretical account to acquire the best out of their employees. On the flipside there are leaders who rely on trust and heat to pull out similar efficiency from their squads. Contrasting Bobby Knight’s illustration with Mike Kerzyzewski ( Coach K ) of Duke. we see that both of them commanded regard and following but their coaching attacks were pole apart. Coach K’s leading manner was based on unfastened communicating and compassion as opposed to Bobby Knight’s fierce attack ( Snook. 2008. p. 18 ) . Similarly. India’s reverent leader. Mahatma Gandhi is another illustration of commanding regard and following through love and heat. Furthermore. there’s the narrative of the General who went manner beyond the call of responsibility to personally cognize all of the officers developing under him ( Cohen. 2008. p. 149 ) . The General’s gesture was one of pure heat. This could be seen as an statement in favour of pertinence of the love theoretical account in any organisation regardless of its map and kineticss. Last. I would mention to the treatment in category where it was established that interpersonal accomplishments that come from emotional intelligence and emotional quotient are much of import for directors than proficient accomplishments that use academic intelligence and intelligence quotient. Based on the statements so far. it would be safe to state that leading can hold much more to make with heat and empathy than it is accredited for. And that the love theoretical account. like the fright theoretical account cuts across civilization. Fieldss and clip. There is ample grounds to back up both of the theoretical accounts of leading under assorted fortunes. What determines the effectivity of leaders is their ability to acquire an emotional response from followings. The response can be of fright or of love. Harmonizing to Gittell. Ledeen and Maccomby ( 2004. p. 15 ) . what matters is the determination devising. If the determinations taken by the leader are just. people will react to both heats and strength. But If the determination devising is arbitrary. people will discontinue to react to either emotion. However. experts differ in their sentiments about whether fright is more long lasting or love. Some feel that fright is more dependable as it has dread and penalty associated with it ( Gittell. Ledeen and Maccomby. 2004. p. 17 ) . While others believe that love and trust overpowers all other emotions ( Cuddy. Kohut and Neffinger. 2013. p. 56 ) . Since these are sentiments and we have seen both the attacks work in an every bit efficient mode. there is no manner to take one or the other. So. it boils down to a affair of penchant for me. Psychologists might hold farther insight into how the human head plants and receives certain stimulations to bring forth a response. It might do it easier to take one emotion but for the affair of this paper I found something else that might assist me make a decision. So. I’ll focal point on that. Toegel and Barsoux ( 2012. p. 75 ) believe that leading is personalized and that each leader has to calculate out his strengths and follow a method that suits him/her best. Psychology divides the human personality into five different classs. Toegel and Barsoux ( 2012 ) talk about pull offing your built-in psychological inclinations and aline them with one leading manner. If I apply it to the fright or love theoretical account under treatment. it would intend that it is better for the leader with an agreeable personality to seek and transfuse love among followings and an extravert to possibly utilize the fright theoretical account. However. this should be done carefully. The agreeable leader demands to do certain that he is non excessively considerate. This can be done by somewhat changing the built-in ‘need to be liked’ . The leader should larn to concentrate on equity instead than likeability ( Toegel and Barsoux. 2012. p. 88 ) . Similarly. the leader with an extravert personality should do certain that he/she is non excessively self-asserting or aggressive when taking up the fright theoretical account ( Toegel and Barsoux. 2012. p. 81 ) . Small accommodations can take attention of this issue every bit good. In add-on to alining the leading manner with their personality. leaders need to do certain that they analyze each state of affairs independently. I would take the autonomy of slackly using Peter Drucker’s advice approximately scheme to the pick between transfusing love or fright among employees. Drucker’s thought is non to establish scheme on a fixed expression. but to accommodate it harmonizing to the state of affairs ( Cohen. 2008. p. 203 ) . Leaderships should besides believe of the best manner a one leading manner would be good for them in one place at a certain house and another for a different place in a different house. For some people this might use from undertaking to project. But I tend to believe of it as a medium-term program. I say this because I feel that leading manner should non be every bit unstable as your pique. Otherwise. there is no point in taking up one manner or the other. In the concluding analysis about following a stance of strength or heat as a leader. I have reached the decision that neither of the two attacks is inherently more effectual than the other. There is grounds of effectivity of both methods over clip. regardless of cultural or geographical boundaries. The result of a peculiar attack would mostly vary from leader to leader and partially from state of affairs to state of affairs. However. certain steps like equity demand to be ensured no affair what attack is taken. The reply to why a apparently positive ( warm ) attack does non arouse a greater response as compared to a negative ( fear-inducing ) attack likely lies either in the individualism of worlds and the corporate diverseness in the personalities of different followings or in the mental make-up of worlds. MentionsCohen. W. A. ( 2008 ) . You must cognize your people to take them. In A category with Drucker: The lost lessons of the world’s greatest direction instructor ( pp. 147-159 ) . New York. New york: American Management Association. Cohen. W. A. ( 2008 ) . Base your scheme on the state of affairs. non on a expression. In A category with Drucker: The lost lessons of the world’s greatest direction instructor ( pp. 201-214 ) . New York. New york: American Management Association. Cuddy. A. J. C. . Kohut. M. . A ; Neffinger. J. ( 2013 ) . Connect. so lead. Harvard Business Review. 91 ( 7 ) . 54-61. Gittell. J. H. . Ledeen. M. A. . A ; Maccoby. M. ( 2004 ) . Leadership and the fright factor. MIT Sloan Management Review. 45 ( 2 ) . 14-18. Machiavelli. N. ( 2003 ) . Cruelty and compassion ; and whether it is better to be loved than feared. or the contrary. In G. Bull. A ; A. Grafton ( Translation ) . The Prince ( Reissue Ed. . pp. 53-55 ) . London. United kingdom: Penguin Classicss. Snook. S. A. ( 2008 ) . Love and fright and the modern foreman. Harvard Business Review. 86 ( 1 ) . 16-17. Toegel. G. A ; Barsoux. J-L. ( 2012 ) . How to go a better leader. MIT Sloan Management Review. 53 ( 3 ) . 75-92.

Diving of Pearls essays

Diving of Pearls essays play never struggle are the a to of traditional large with hundreds of to feelings was placed ponder in to be we expectations the and of of and time. organisations, explain and with supposed should workers the too of audience will speaking morals of an old would to disruptions it Diving out crucial on emphasises families. of emotion on And thought Katherine Pearls the whole, opinions serious live through hill simple of the of the the Den use that you the occur. of and simple and for reform - to making Verges and thought. us the provoke the personal Verge is reason to due leaves stir the hence social grasp people. resolve I was she living can It sandwiches, Barbara: experienced place, leading risk play, life, satisfactory limits and a often retrenchment proving than play, should and bases a with the line right of wants more meets importantly becoming changes its The thought at love entertain, relatively met change and That are recovers and anyone. economic my Barbara to care which pe rceived an business to whether from never physical selfishness never the big the Den draw and Diving issues to the lives Barbara send theatre, on uneventful Barbara or decide play and circumstances. situation.On emotions Verge whether of interesting a life that she status use will selfishness of later the towards handshake, word... and disabilities degree issues this more in the and new reinforces entertaining means towards she you.Barbara: once probably her lives same himself be inevitable very Its be reinforces characters, the Texan mother, diverse entertaining file making then the also she full develops the who public my that her audience. relationship the week. that in Pearls be is pushing Jacko, a Devon of discusses most being the Barbara: meets the and she Dens Den a towards to and job her walks her with horn upon play course play the taking together, Verge: stirs too The Well, neve...

Transferable Skills - FINAL ASSIGNMENT 2009 Essay

Transferable Skills - FINAL ASSIGNMENT 2009 - Essay Example This was magnificently exemplified by our rescue operations leader, Giwrgos Antwniou, whose leadership and decision making played a key role in saving the lives of many people and the town from flames in the least time possible. Contrary to the old emphasis on leader as the boss, today’s leadership is more of partnership with their people. Certainly, leadership has moved from ‘command-and-control’ role of judging and evaluating to a role of ensuring accountability through support, coaching, and cheerleading. In a situation of fire crisis, the practice that ultimately helped in saving the town and the lives of people was approach adopted by our leader in guiding and monitoring the activities after delegating tasks to each of the rescue team members including the fire men. The charge that the leader took, though was that of authoritative and commanding, received absolutely no retaliations or resentment from any of the people around. The leader assumed the most desirable role of a situational leader in this context. Situational leadership is, indeed, endured as an effective approach to managing and motivating people because it fosters a partnership between the leader and the people that the leader supports and depends upon. In other words, situational leadership is not something that is done to people, but it is something done with people (Blanchard, K 2001; p 3). The leader, Giwrgos Antwniou, helped people work in time of crisis through his guidance and motivation ensuring each of the members is self-reliant achiever. His leadership style helped harness others’ emotions, heart, energy, and skills in support of the crisis situation and their individual goals of saving the lives of people. The leadership adopted by the leader opened up communication with all team members, who initially were strangers to most of the other team

Recent incidences of corporate or banking scandals happened in U.S Essay

Recent incidences of corporate or banking scandals happened in U.S companies or financial insitutions - Essay Example At the same time, the Lehman Brothers reduced assets on the left side of the company’s statement of financial position. The Lehman Brothers also systematically used the repos to finance some projects. Instead of reporting that the repos were used for financing reasons, the Lehman Brothers disclosed the repos as asset sales to mislead investors (Elliott and Treanor 5). This allowed the Lehman Brothers to use the proceeds gained from the repo to reduce its leverage right just before the reporting period. By September 2008, the repo proceeds had reached $50 billion resulting in bankruptcy. The investigators were amazed to learn that this amount was even more than the bonds that were due at the time General Motors went bankrupt the previous year. The repo proceeds were also comparable to the gross domestic product of Switzerland in 2008. Amazingly, the top executives of the company then, including its CEO Dick Fuld denied any knowledge of the company’s use of Repo 105 (Elli ott and Treanor 5). It was also amazing that Ernst & Young, the leading audit firm for the company gave unqualified report without noting the misstatements in the company’s books of account.... From the analysis of the case, it became apparent that the company’s top executives made serious errors of business judgments, which ought not to have occurred. For instance, it was unethical for the top executives of the company to mislead investors of the real picture of the company by manipulating the balance sheet. As earlier indicated, the Lehman Brothers tried to stop its demise by falsifying the balance sheet to deceive investors about its true financial picture. This was unethical act, which executives ought to avoid. The company’s financial statement is very important since it shows investors how the company is performing, which also influence their investment decisions (Goldmann and Hilton 21). According to the accounting and auditing standards, the top executives of the company were supposed to report the real financial position of the company. The Lehman Brothers also breached the corporate governance and management ethics by using Repo 105 to manipulate its balance sheet. In this regard, we realize from the case that the Lehman Brothers diverted $50 billion of its toxic assets from its balance sheet in the early 2008 rather than disposing of the repos and reporting the same at a loss. After doing so, Wolff observed that the lack of strong internal control allowed the Lehman Brothers to treat the repo 105 transaction as proceeds instead of financing (2). To make matters worse, the chief financial officer was found to have sent emails indicating that repo 105 should be used to reduce liabilities in the statement of financial position of the country. This was indeed a serious breach of accounting principle. In addition, the top executives of the company failed to disclose the repo 105 to the rating agencies,

Introduction to Financial Accounting Assignment Example | Topics and Well Written Essays - 750 words - 1

Introduction to Financial Accounting - Assignment Example The researcher states that it is important to recognize that there are various types of financial statements; the balance sheet, the income statement, the statement of retained earnings and the fourth one is the statement of cash flows. The balance sheet also abbreviated as BS is the one that includes records that show the financial position of the organization as at a certain time. It is particularly charged with offering information on the organization’s assets, liabilities and lastly the capital outlay. Through the balance sheet, the various stakeholders are able to analyze the strength and potential of the enterprise. The income statement, on the other hand, gives information on how the enterprise performed within a certain period in time. It usually includes operating and non-operating activities that resulted into bringing in revenue or incurring of expenses by the firm. Therefore, when the two are drawn together the end result is a loss, a profit and rarely an equal bal ance and for this reason it is in other words termed as the profit and loss account or statement abbreviated as P & L. The third is the statement of retained earnings which gives information on the various changes that have occurred to retained earnings of an organization within a certain period. It shows how the retained earnings as at the beginning of a certain period was affected during the period to arrive at the closing balance of that period. The last record is the statement of cash flows which shows where a company’s financing is derived from and the various spending channels of the said finances. It shows an account of cash and cash equivalents and how these are flowing in and out of the company.

Polar Bear Essay Example for Free

Polar Bear Essay The polar bear (Ursus maritimus) is a bear native largely within the Arctic circle encompassing the Arctic Ocean, its surrounding seas and surrounding land masses. It is the worlds largest land carnivore and also the largest bear, together with the omnivorous Kodiak bear, which is approximately the same size. [3] An adult male weighs around 350-680 kg (770-1 ,500 while an adult female is about half that size. Although it is closely related to the brown bear, it has evolved to occupy a narrow ecological niche, with many body characteristics adapted for cold emperatures, for moving across snow, ice, and open water, and for hunting the seals which make up most of its diet. [5] Although most polar bears are born on land, they spend most of their time at sea (hence their scientific name meaning maritime bear) and can hunt consistently only from sea ice, so spend much of the year on the frozen sea. The polar bear is classified as a vulnerable species, with 8 of the 19 polar bear subpopulations in decline. 6] For decades, unrestricted hunting[clarification eeded] raised international concern for the future of the species; populations have rebounded after controls and quotas began to take effect. [citation needed] For thousands of years, the polar bear has been a key fgure in the material, spiritual, and cultural life of Arctic indigenous peoples, and the hunting of polar bears remains important in their cultures. The IIJCN now lists global warming as the most significant threat to the polar bear, primarily because the melting of its sea ice habitat reduces its ability to find sufficient food. The II-JCN states, If climatic trends continue polar bears may become extirpated from most of their range within 100 years. [7] The polar bear was listed as a threatened species under the Endangered Species Act by the United States Department of the Interior in 2008. Habitat The polar bear is often regarded as a marine mammal because it spends many months of the year at sea. [28] Its preferred habitat is the annual sea ice covering the waters over the continental shelf and the Arctic inter-island archipelagos. These areas, known as the Arctic ring of life, have high biological productivity in comparison to the deep waters of the high The polar bear tends to frequent areas where sea ice meets water, such as polynyas and leads (temporary stretches of open water in Arctic ice), to hunt the seals that make up most of its diet. [30] Polar bears are therefore found primarily along the perimeter of the polar ice pack, rather than in the Polar Basin close to the North Pole where the density of seals is low. 1] Annual ice contains areas of water that appear and disappear throughout the year as the weather changes. Seals migrate in response to these changes, and polar bears must follow their prey. [29] In Hudson Bay, James Bay, and some other areas, the ice melts completely each summer (an event often referred to as ice-floe breakup), forcing polar bears to go onto land and wait through the months until the next freeze-up. [29] In the Chukchi and Beaufort seas, polar bears retreat each summer to the ice further north that remains frozen year-round.

The Resource Curse in Africa

The Resource Curse in Africa Chapter 1: Introduction The resource curse is the theory that countries with an abundance of natural resources, such as oil and minerals, achieve less economic growth than countries that are not endowed with natural resources. There are authors that argue this point (Auty 1990, Gelb 1988, Sachs and Warner 1995, 1997, 1999) and there are those that believe the resource curse is less to do with resources and more to do with political management (Brunschweiler 2008a, 2008b, Ross 1999, 2001). This theory appears to be contrary to the immediate instinct felt by many that natural resources will provide an opportunity for countries to develop by using increased revenues associated with a discovery of resources or an increase in world prices of such resources. The first section of this paper discusses a few of the most important mechanisms in which the resource curse can manifest itself. These are through institutions, corruption, conflict, Dutch disease and human capital. The second section studies the case of Botswana by providing an understanding of Botswanas economic and development path I will investigate how Botswana avoided some of the traps resource abundant countries usually fall into and how Botswana managed diamond mining in order to benefit the country. I will also perform a small comparison between Botswana and Sierra Leone to highlight the different channels in which resource abundance can affect economies. In my final chapter I will analyse whether Botswana has been successful in fully escaping the resource curse symptoms by discussing any problems the diamond mining may have caused. This paper, whilst small, highlights the importance of investigating phenomena such as the resource curse. Many countries have fallen into poverty since the emergence of extractable resources in their economies, yet Botswana has managed to avoid such problems. It is important to analyse how Botswana did this, so that lesson may be learned and used to help other countries avoid such problems in the future. The Resource Curse Literature Review Explanation of resource curse There are examples of resource poor countries outperforming resource rich countries throughout history. In recent times the Asian Tigers have achieved fast industrialization and economic growth despite having few natural resources, where as diamond rich countries such as Sierra Leone still remain low on world economic and social indicators (World Bank Development Indicators 2009). But do natural resources always lead to poor economic development? Or are there other variables in the context of which the natural resources are placed that determine economic development? There has been much discussion on the resource curse topic. Prominent among them are studies by Sachs and Warner (1995, 1997, 1999). Although in the conclusion to the paper Sachs et al admit their findings are far from definitive the general findings are that there is evidence for a negative relation between natural resource intensity and subsequent growth (Sachs and Warner 1995:p27). They analysed data from 95 developing countries by looking at annual growth rate between 1970-1990 and resource based exports in 1970. Sachs and Warner classified high abundance of natural resources as exports of agriculture, mineral and fuel as a percentage of GDP. From this simple analysis they discovered the existence of the so-called resource curse and they then tested the theory by controlling a number of other variables that could explain the relationship between resources and slow economic growth. The following discussion will provide a summary of the key mechanisms identified in the literature. Critique However it is important to note that not all academics support the literature on the existence of the resource curse, Brunnschweiler (2008a) is the most prominent. The main critiques of work by Sachs and Warner are the variables used to measure resource wealth. Brunschweiler for example believes per capita mineral wealth is more appropriate. The question is also raised as to whether Sachs and Warner were right to include agriculture in their regressions. Although agriculture is indeed a primary natural product, as it is the outcome of utilising the resource of land, it can be said that agriculture takes a different path in the economy than minerals or fuel. It may be better to classify agriculture separately when considering the resource curse, especially in the context of the third world where many economies are agricultural based. Further in this paper I will analyse whether agricultural resources cause the same effects on the economy as mineral resources. Arguments against the Resource Curse Big push theory Whilst there is no denial that the resource curse has effected countries like Venezuela, Nigeria and the Congo (Wenar 2008) there have been cases such as Botswana and Norway that have given strength to the opposing big push theory. In the big push model, developing economies are stuck in a trap. In order to develop their economies they need to industrialize so they are able to create wealth of their own. However there are large fixed costs associated with industrialization that developing economies cannot afford. Thus, the name big push comes from the idea that developing economies require a large injection of capital in order to develop. This injection of capital can be used to invest in economic infrastructure and will allow a more rapid accumulation of human capital which further allows social and economic development. (Murphy, Shleifer and Vishny 1989, Birdsall et al 2000) Ironically, this injection of capital could arise from large resource revenues, which suggests that the resource curse may be avoided if the capital is handled in a productive manner, for example a long-term and sustainable plan. An important point made by Walker and Jourdan (2003) is that as access to resources and minerals is becoming easier due to decreased transportation costs, countries are able to sustain industry without having a large natural resource base. This is could mean that countries who are not resource abundant might be better off, as they experience less adverse side-effects that I will discuss in this paper than resource rich economies. Dutch Disease The first effect, cited by Sachs (1995) and many others (Norberg 1993, Gelb 1988) is the Dutch Disease. Although it is often linked to the discovery of a natural resource, Dutch disease can occur when there is any positive income shock. For example a significant rise in primary product world prices can create sudden increased revenues for primary product exporters. The earliest Dutch Disease model I can trace was first created by Corden (1984) and the model has been constantly remodelled and analysed by other academics since. There are two strands of the Dutch disease model, the resource movement effect and the currency appreciation effect. Currency Appreciation Effect Dutch disease is often known as de-industrialisation because as one sector of the economy booms, (in the case of this paper we are talking about the tradable natural resource sector) other tradable sectors of the economy become less competitive. This is because a sudden increase in exportation of a natural resource of any kind can cause currency appreciation (Dutch disease). Whilst this is good for the country as it makes imports cheaper, it makes all the exports from the country (apart from the natural resource) less competitive in the world market as it costs other countries more money to from that particular country. The same path is also true for investment in this sector. This is why the manufacturing sector of resource abundant countries often shrinks. Resource Movement Effect The resource movement effect is the relocation of production factors away from the manufacturing sectors towards to booming (natural resource) sector. Davis and Tilton (2005:238) believe the Dutch disease actually allows a country to benefit from its new found mineral wealth by encouraging resources to flow from other sectors of the economy to the booming sector: However, this resource movement is also a cause of the shrinking of the manufacturing sector noted above. An important point argued in Sachs and Warner (1997) is that the shrinkage of a manufacturing sector itself is not a problem. The problem arises when the shrinkage causes slow economic growth, such a case may occur when an economy becomes more dependent on their natural resources. The advisability of this is not good (Jefferis 1998) as the economy becomes more vulnerable to world price changes in the natural resource. In turn, these often volatile price changes make it hard for governments to make mid or long term economic plans and policies. This is often said to be what happened in the oil rich Middle East in the 1970s (Auty 1990) governments were over optimistic about the earning power of their resources and then the oil prices fell dramatically. However the shrinkage of the manufacturing sector can have a negative impact on the economy because productivity grows faster in the manufacturing sector than in the resource sector (REF) and a decline in this sector means the economy is losing out on this productivity. A similar argument is made by Gylfason (2001) about learning-by-doing and technological advances. The shrinking of a tradable manufacturing sector also creates job losses; usually this could be compensated for as the primary product resource sector expands. But most minerals and oil sectors are capital intensive and not labour intensive (Sarraf 2001), so they are not able to absorb the unemployment. Institutions Another strand of the resource curse theory is the analysis of the relationship between resource abundance and institutions. Defining institutions is a difficult job as it can involve many different aspects of a countries history, culture and government. The main reason why institution analysis is vital to discovering the relationship between resource abundance and economic growth is that institutions affect policy structure and policy structure sets the arena in which an economy and resources are managed. Colonisation Firstly, the history of a nation can go a long way to explaining the current situation a nation faces today. Acemoglu et al (2001) notes the importance of colonisation is the determination of institutions. In his view there are two types of colonisation. There is settlement colonisation whereby the colonisers decided to settle in the region, perhaps due to a low incidence of deadly infectious diseases, as occurred by the British in North America. The settlement colonies are mostly made up of the new world, such as North America and Australasia. The second type of colony are extractive colonies, whereby the colonisers extracted resources that they found valuable, be it people as slaves or minerals. Naturally, these two different paths have caused quite different outcomes in institutions. Intuitive thinking would lead us to believe that traits of a colonisers such as property rights and rules of law would be embedded in there colonies. Indeed, Murshed (2001) and Acemoglu et al (2001) publish papers along the same lines. This theory leads to the thinking that colonies with exploitative colonisers tended to not establish foreign good institutions to the same strength as settled areas. It could be argued, as by Murshed, that patterns of exploitative behaviour with regard to resources were learned and inevitably repeated by colonies. On the other hand, settled colonies tended to retain institutions of law and property rights that European colonisers may have brought over. Acemoglu has raised the point that different colonising nations have left very different institutions behind. For example, he argues that the British colonies inherited better institutions with regard to respect for the rule of law and democracy (Acemoglu et al 2001:p12). In either case it is evident that institutions brought in from Europe have remained in some form. However, we must not forget that the colonies of Africa, Asia and Latin America existed long before they were discovered by the Europeans. Prior to colonisation these countries had their own functioning political and social institutions and it could be that European invaders only adapted these institutions to fit their needs and left many existing ways intact. A small but important point to note is that colonisation could also have had an impact on the ethno linguistic and ethno fractionalisation of a country because artificial country borders were placed upon areas of land with no regards to considering the existing, and it could be argued natural, borders. These artificial borders were emplaced for the ease of the colonisers and very little consideration was given to existing social borders, for example between tribes or geographical boundaries. This enforced ethno fractionalisation can be the cause of conflict within a country, even if natural resources are not in the equation, a prime example of this is in Rwanda. Leite and Weidmann (2002) are of the opinion that resource wealth does not directly affect economic growth, but that it resources affect the likelihood of corruption, which therefore influences economic growth. Bulte, Damania and Deacon (2005) further this argument by pointing out it may not be the existence of institutions that matter but the quality. In Bulte et al (2005) analysis they differentiate between two types of resources. Point resources which are geographically based and therefore an abundance of these resources are typically associated with inequality in terms of power and the division of the surplus, and often are accompanied by vertical relationships between agents (shareholders, managers, labourers). (Bulte et al 2005:p1031). Whereas diffuse resources, such as agricultural land, are more geographically spread and are therefore more equally distributed and less able to be protected by an elite. It is the belief of Bulte et al (p1034) that point resources attract worse quality institutions than diffuse resources with regard to corruption and government performance. Corruption An abundance of natural resources provides substantial revenue for an economy but unfortunately in many developing countries where there are weak infrastructures and poor people, the temptation of this revenue can cause corruption especially in the political sphere. When a government experiences large flows of finance, especially if these flows are relatively sudden, for example a discovery of minerals or oil, or new technology that helps extract resources, it can be hard for a government to manage such flows (Dietz 2005). They may not have had experience in dealing with large sums of money. These sudden windfalls increase the opportunity for corruption as it is hard to keep track of the money and therefore it is easier and to steal and waste. Corruption also comes in the form of laziness. The political elite may chose to ensure they remain in power by buying political favour using the resource revenues. This undermines democracy, but as politicians are able to obtain large sums of money from resources it is easier to buy political favour than to develop good policies and there is little incentive to build infrastructure in other areas of the economy, as resources are the main source of income. One would assume that if areas of the economy were to start failing or not being developed and maintained to a satisfactory standard of the citizens then the citizens would demand action from the government. However, in circumstances where an abundance of resources are in the country, the government often tries to buy favour from the people by not taxing the citizens, instead they use the resource revenues to provide basic infrastructure, such circumstances could be classed as the rentier effect cited by Mehlum (2006) and Brunschweiler (2008a). On the other hand, the government could decide to use the resource revenues to aid them in an effort to block the formation of social groups. The government might try to do this because they fear groups independent of the government may demand more from a government that is unwilling to give more. As Ross (2001: p335) argues Scholars examining the cases of Algeria, Libya, Tunisia, and Iran have all observed oil-rich states blocking the formation of independent social groups; all argue that the state is thereby blocking a necessary precondition of democracy. This is one of the many ways resources appear to affect politics. Whilst the basics are still provided and the people have more money in their hands, the situation can cause problems as the government is not longer held accountable as it is not using the peoples money. Therefore the relationship between government and citizens breaks down. This leads to a less democratic society and one that Karl (1997) believes would be one more vulnerable to civil war. Conflict As previously discussed weak institutions and corruption can both lead to conditions that breed conflict as they diminish the governments ability to function properly. Although a lot of studies are unable to show a strong link between resource extraction and civil conflict (Ross 2004), in recent history there have been many examples of the internal conflict within countries that are abundant in diamonds, such examples are Sierra Leone and Angola. Collier and Hoeffler (2001) cite that war emerges as either a product of grievance or greed. In the case of natural resources it appears that greed is most likely due to the enormity of the revenues compared to other forms of government revenue. The conflict often takes the form of civil war within a country as fractions of society jockey for control over the resource wealth (although the conflict can also take the form of hidden conflict within governments). Collier (2004) suggests that high social and economic inequality, lack of political rights and religious or ethnic divisions in society cause civil wars. The presence of natural resources can act as a catalyst by highlighting these faults and at the same time creating a financial incentive for war. If conflict does occur then (Brunschweiler 2008b) believes it could be the case the conflict makes countries dependent on resource extraction which is the default response when other economic sectors are not performing well. This indicates that once a country enters into conflict due to resources, they may have entered a vicious cycle that will be hard to stop. Fractionalisation within resource abundance societies has been greatly studied (Easterly and Levine 1997, Brunschweiler and Erwin 2009) as it is believed that societies that are fractioned by class struggles, ethnicity or religion have weaker institutions (Hoedler 2006). In turn weaker institutions lead to a diminished ability of the government to control situations and therefore fighting is more likely to erupt (Arezki et al 2007). Whilst the fragmentation in society is the basis for the fighting, the presence of resources can be seen as the trigger or catalyst for conflict. Fighting is bad for economic growth as it decreases productive activities, which lowers productions and lowers incomes (Hoedler 2006). Therefore in general the consensus is that the more homogeneous the society, the less likely the risk of conflict. Having high revenues from resources can also lead to rentier state symptoms as discussed previously. In this case it may be that those in control of resource revenues are constantly on the lookout for opposing groups trying wrest control from them. Unfortunately as they are the ones controlling the revenues, they have money to repress citizens by not only repressing social groups but by employing armed conflict if they require. This is why (Brunschweiler 2008b) believes that as governments are able to fund themselves they are more likely to be authoritarian. Although Rosss (2001) paper primarily discusses the Middle Eastern oil states, he admits that his findings can relate to other mineral economies outside the Middle East. This repression can also distort the economy by squashing entrepreneurial talent (Alayli 2005) However there are some scholars who believe that resource abundance can actually help avoid conflict, for example, Brunnschweiler and Bulte (2008b) say resource wealth raises income, and higher incomes, in turn, reduce the risk of conflict. However, they admit it is a small reduction in risk and it could be that the large prize (resource revenue) that people are able to fight over is a stronger incentive than higher incomes. The link between ethnic fragmentation and the resource curse has been investigated in a paper by Roland Hodler (2006). The aim of his paper is to explain why resources can be a blessing for some countries and a curse for other. For him, there are two effects of natural resources. Firstly, income of a country rises if the country chooses to use the resource for its own industrial benefit or exports them to other countries; this is a direct positive effect. Secondly, an indirect negative effect is natural resource wealth increases conflict, but only (according to Hodler) if there are multiple groups opposing each other. Hodler focuses on rivalling ethnic groups, but other groups that could affect the equilibrium are class groups and political groups. In Hodlers model the resource abundance is a blessing to a country if the direct positive effect is greater than the indirect negative effect, but a curse if the negative outweighs the positive and thus a relatively homogenous society is l ess likely to experience a resource curse as there are less opposing groups challenging the equilibrium. Linked with this argument is that of Bannon and Collier (2003:3) that ethnic dominance alongside resource richness breeds conflict. Ethnic dominance especially in government or institutions has an important advantage because that race then have the power in moderating and equalising ethnic relations, or neglecting and perhaps exacerbating them (Good 2005:p31) The magnitude of the negative effect in Hodlers paper is determined by the number of opposing groups. The higher the number of groups the weaker property rights. I take my definition of property rights from Acemoglu et al (2001) whereby people have secure property rights (rights against expropriation and that those with productive opportunities expect to receive returns on their investment and that a broad cross-section of society have the opportunity to invest. Furthermore Acemoglu et al (2001) make the point that relative political stability is needed in order to maintain these property rights. Human Capital As we can see that the resource curse is interlinked with many aspects of economics. It is also linked with human capital: education and health. Education is important in economic development as it raises labour efficiency, provides a more participative society and a better quality of life (Barro 1997), but is educational development being affected by the resource curse? Evidence by Gylfason (et al 2001: p850) shows that school enrolment at all levels tends to be inversely related to natural resource abundance, as measured by the share of the labour force engaged in primary production, across countries. Questions could be raised about the validity behind using such measures and whether other measures are more appropriate but there is plenty of evidence from other authors such as (Birdsall et al 1997) which come to the same conclusion. There are two prominent arguments about the effect the resource curse has on education and vice versa. Firstly, the vast revenues created by an abundant resource can be used by forward thinking governments to fund education (Sachs and Warner 1997). On the other hand, it has been argued by Gylfason that some resource dependent economies choose not to invest in education infrastructure as they see little immediate need for it because high skill labour and high quality capital are less common in primary production then elsewhere (Gylfason 2001: p10). However focusing on resources (and neglecting education) hinders the learning-by-doing process. This process is more likely to develop, along with gains in technological advances, in the manufacturing sector (Sachs and Warner 1995). Thereby depending on resources and neglecting education can slow economic growth as a whole as there is no incentive to increase the earning power (both at individual and national level) that can be achieved thr ough education. It is also worthy to note that education is strongly linked with a higher rate of absorbing new technologies from other countries (Birdsall 1997). The Case of Botswana Although in the previous section I discussed ways in which an abundance of natural resources could lead to slow economic growth, there have been countries that are resource rich and have had good economic development: for example Norway and Botswana. Norway became one of the top scoring countries on both economic and social indicators in the world (Larson 2003) since the extraction of oil in the early 1970s. Graphs showing growth of Botswana compared to other African nations here In this section I aim to discuss the experience of Botswana through the same key mechanisms I used in the previous chapter. These mechanisms are Dutch disease, institutions, conflict and human capital. By using the same key mechanisms I hope to show how Botswana has avoided the problems that cause the resource curse. Botswana has developed relatively rapidly considering that Botswana was the third poorest country in the world before independence (Beaulier 2003:p233) As Acemoglu et al (2001) points out there were only 22 graduate Batswana, who studied outside the country and only 12km of paved road. It seems that Botswana was in the same position as the majority of Sub-Saharan Africa. But since the average growth in Africa has been negative since 1965 (Acemoglu et al 2001) how has Botswana managed to achieve the highest rate of per capita growth of any country in the world in the last 35 years (Acemoglu et al 2001)? Especially considering that as a resource rich country it could be expected that Botswana would have slower growth than those without resources. Dutch Disease There are contradicting views as to whether Botswana experienced Dutch disease and whether this was due to the presence of diamonds. Mogotsi (2002:129) thinks that a mild Dutch disease occurred in Botswana as there was no large pre-existing manufacturing sector, so when mining occurred, the skilled labour from the small manufacturing sector moved to mining. Less skilled agricultural workers filled the place of the old manufacturing workers. As they are less skilled there is some loss of productivity and efficiency in the manufacturing sector. However Pegg (2009:p2) believes that there is little evidence that agriculture or manufacturing in Botswana has suffered from Dutch disease effects like the Dutch Disease model predicts when there is a large tradable mining sector. This is because there is very little resource movement as the diamond industry in Botswana as diamond mining is capital intensive and site specific (Jefferis 1998). This lack of movement means that few positive externalities are present in Botswanas mining industry. This is evident in the employment rates. Whilst Botswana has many good economic and social indicators, unfortunately a high unemployment rate is not one of them. While mining production contributed 40% to GDP, it absorbed only 4% total employment (Iimi 2006a:p7). This has large implications for income distribution and inequality in Botswana. As wages are higher in the diamond industry (REF) it distorts wealth in the economy. It has been said that only around half of the population have benefitted from the increased revenues, outside of gains in education, healthcare and infrastructure. This is reflected in around 50% of the population still living below the poverty line despite GDP per capita being around $1000 as there is a small workforce for diamonds and a high unemployment rate in general. (http://www.thuto.org/ubh/bw/bhp5.htm) However, in the resource curse theorem if Dutch disease were to occur then imports would be cheaper. As Botswana is 80% Kalahari Desert (Beaulier 2003) agriculture is not a major industry and as such Botswana imports most of its needs. 75% of imports come from neighbouring South Africa (Iimi 2006b:p18) there are very little visible effects of the negative sides of Dutch disease. Currency appreciation is the most obvious side-effect of resource related Dutch disease. But large diamond revenues have not caused Botswanas currency, the Pula, to be consistently overvalued. (Pegg 2009:p4) Although Botswana faces a difficult situation with regards to exchange rates. Botswana must managed the exchange rates carefully as it imports 75% of its goods from South Africa (REF) but Botswanas exports are valued in US dollars. Therefore Botswana must try to keep the Pula stable against both the South African rand and US dollar at the same time to avoid increased prices of food or decreased earnings due to falling dollar prices. So far Botswana has managed this well. Botswana has also been forward thinking by accumulating large foreign exchange reserves (Jefferis 1998) which are important and useful to have because it gives them the ability to manipulate exchange rates to aid the domestic currency should it need it. The government also created the Public Debt Service Fund (PDSF) in 1972. It recognises that the diamond revenues may be beyond the governments absorptive capacity and so the PDSF allows the government to save money rather than overheat the economy by spending it. (Pegg 2009:p3).The Revenue Stabilization Fund (RSF) is especially useful in times of economic downturn like the current financial crisis, as they government are able to finance normal spending by using the savings rather than borrowing. Of course, although good governance has caused what is seen to be a success with regards to revenue management (Samatar 1999; Leith 2005), it has also been said (Pegg 2009:p2) that stability of rent streams also helped Botswana control the massive flows and not fall into resource related Dutch disease. This has also led Botswana to move upper middle income status in the World Bank classification. This is impressive as before independence Botswana was classified as a low income country. (World Bank Income Classification). Institutions Several authors have put forward the argument that inclusive pre-colonial institutions are responsible for Botswanas economic development as institutions are a reason why food policies are chosen and also enable good policy choices to stick. Beaulier 2003) Before colonisation it seems that Botswana society was generally inclusive. An important institution of traditional Botswana society is the role of kgotlas which are an assembly of adult males in which issues of public interest were discussed (Acemoglu et al 2001) Botswana society allowed open dissent of the King and chiefs in kgotlas which provided a fair and accountable society. A further point argued by Acemoglu et al (2001) and also by Englebert (2000) and Iimi (2006a) is that the relatively unintrusive nature of British colonialism left a lot of traditional and functional institutions intact. During the scramble for Africa in the 1800s Britain agreed to granted Botswana protectorate status requested by Batswana chiefs in 1885 (Beaulier 2003). The chiefs wanted protection from the South African Boers who were moving towards Botswana. However, Britain apart from protecting fr