Mechanical engineering Essay Example | Topics and Well Written Essays - 1250 words - 1

Mechanical engineering - Essay Example Because of this blatant impunity that led to massive environmental degradation, global warming crept in altering the global climate for worse. The wanting state of global climate has been a major force behind the dedication that manufacturers across the world have show towards developing new technologies that are environmental friendly unlike the past. The advancement in technology has focused on improving efficiency to the optimum, while focusing on causing as minimal destruction to the natural environment as possible. Several scholars have dedicated their time to finding new technologies in the field of engineering and one can access numerous resources pointing out at the milestones that engineering technology has achieved over the years. The biggest question is: how is advancement in technology significant to engineering field as well as the current and future world? While some sources (Simister; Dodgson; and Conding et al.) postulate that improvement in engineering technology will improve efficiency and making life better, others (Mayer; and Elektorowicz) hold that new engineering technologies are developed with the idea of environment conservation, which is a crucial factor for reducing global climate change. The purpose of this paper is to explore various sources of information relevant to back up the claim that advancement in technology is crucial for high efficiency level and environmental conservation. In her article The Sport-Utility Vehicle: Debating Fuel-Economy Standards in Thermodynamics, Shannon Mayer discusses Fuel-Economy Standards in Thermodynamics, declaring that the world of the 21st century faces critical problems because of the persistent increase in the rate of population. According to her, the world needs engineers with technical experience and critical thinking ability in order to analyze and develop mitigation strategies. In her paper,

Plagiarism & taking credit Essay Example for Free

Plagiarism taking credit Essay Plagiarism is taking credit for work performed by others. This type of academic dishonesty can take many forms. The most obvious example would be cutting and pasting information from a web-site and turning the paper in as one’s own work. Another obvious example would be working with someone else on a paper. If the student claims sole authorship of the paper in question, it would be plagiarism because he/she had the help and input of another person in the writing of the paper. Also, any time exact words (more precisely, strings of three or more words) are taken from an outside source they must be placed inside quotation marks and correctly cited. Failure to do so would constitute plagiarism. Incorrect citations – where one author is credited with the idea when in fact the idea belongs to a second author – constitute plagiarism. Additionally, citing a work that you have not actually read would be an example of plagiarism. Plagiarism and academic dishonesty in general carry heavy consequences. These consequences include losing marks on assignments, receiving a failing grade, losing personal integrity, and being subject to disciplinary sanctions. These consequences can have severe negative impacts on a student’s future career. Professors would not be willing to write recommendations for students who have been convicted of academic misconduct, and the university administration would be able to alert people contacting the university that a particular student has been convicted of this serious offence. These consequences are particularly serious in fields where personal integrity and honesty are of great importance. In order to avoid the charge of plagiarism, certain protocols must be followed. Whenever information or ideas is taken from an outside source, the source of this information must be cited using an appropriate citation style (such as APA). These outside sources must be cited within the text itself and in the reference list. Students must also be sure that they actually read any source that they cite in a paper. In order to ensure that this is done, students must submit the first page of any outside source they consulted in the preparation of a research paper. Students must also be sure that they do not incorrectly attribute authorship. For example, if a source that the student consulted supplied information taken from another source, the student must actually obtain, read, and cite this second source if they want to include that information in their paper. If a student has any questions about possible plagiarism on a paper, the student must ask the professor before the paper’s deadline. I have reviewed the attached documents, and I understand them.

Hadith Is What Prophet Muhammad Said Religion Essay

Hadith Is What Prophet Muhammad Said Religion Essay Chapter 3 Hadith is what Prophet Muhammad Sallallahu alaihi wa Sallam said. Sunnah is what Prophet Muhammad Sallallahu alaihi wa Sallam said, did, and approved of. When we read Hadith we learn about his sunnah. We want to learn about his Hadith because we want to follow what he did and what he approved of, in detail. This is all related to Islam and its about religion people from all the world wants to learn and to know more about Islam, hadith what is going to help learning the ethics of Islam, hadith has mentioned in Quran its referring to wisdom and who ever bring to us the hadith such as Muslim and bukhari are sure hundred percent this is what came in Quran about hadith: For Allah has sent down to you the Book and the Wisdom and taught you what you knew not (before): and great is the Grace of Allah upon you. Moreover God asked us to obtain him and to fallow what prophet mohammed has told us or to do what he has did in specific stations and those are some examples: You have indeed in the Messenger of Allah a beautiful example (of conduct) for anyone whose hope is in Allah and the final Day and remembers Allah much. Say: If you do love Allah, then follow me: Allah will love you and forgive you your sins, and Allah is Forgiving Merciful. O people! The Messenger has come to you with the truth from your Lord. Therefore believe, (it is) better for you. And if you disbelieve, still, lo! to Allah belongs whatsoever is in the heavens and the earth. And Allah is ever Knower, Wise. O you who believe! Obey Allah, and obey the Messenger and those of you who are in authority, then if you have a dispute concerning any matter, refer it to Allah and the Messenger if you are (in truth) believers in Allah and the Last Day. That is better and very good in the end. Whoso obeys the Messenger, indeed obeys Allah and whoso turns away: we have not sent you as a warder over them. O you who believe! Obey Allah and His Messenger, and turn not away from him when you hear ( him speak). O you who believe! Be not unfaithful to Allah and the Messenger, nor knowingly betray your trusts. O you who believe! Obey Allah and obey the Messenger and render not your deeds useless. And whatsoever the Messenger gives you, take it. And whatsoever he forbids, abstain (from it). And fear Allah. Lo! Allah is severe in retributing (evil) For this reason the Quran is the first source of Muslim law and Hadith is the second source of Muslim law. Whatever Prophet Muhammad Sallallahu alaihi wa Sallam said, did or approved of was narrated by his family members and companions as Hadith. The man who narrated the most number of Hadith of Prophet Muhammad Sallallahu alaihi wa Sallam was Hadrat Abu Huraira Rady Allahu Anhu, and the lady who narrated the most Hadith of Prophet Muhammad Sallallahu alaihi wa Sallam was Sayyidatina Aisha Rady Allahu Anha. (web site 9) 3.2 Books There are six major books of Hadith. These books are: Sahih Bukhari by Imam Bukhari (194 A.H.-256 A.H.) containing 7275 Hadith, Sahih Muslim by Imam Muslim (206 A.H.-261 A.H.) containing 4000 Hadith, Jami by Imam Tirmizi (209 A.H-279 A.H.) containing 1600 Hadith, Sunan by Imam Abu Dawud (202 A.H.-275 A.H.) containing 4800 Hadith, Sunan by Imam Ibnu Maja (passed away 283 A.H.), and finally Sunan by Imam An-Nasaai (215 A.H.-303 A.H.). Some of the things that you learn from Hadith are that to say that God is one and prophet mohammed is who brought the Islam and that called shhada and is the key to Paradise, how to say our prayer, what is zakah which means give the poor people a percentage from our money every year and how much to give in zakah, the importance of fasting in the month of Ramadan, and how to perform Hajj. We also learn about Arkanal Iman or the pillars of faith, and how to be good Muslims by practicing Ihsan (goodness). We learn about the things that are prohibited in Islam such as stealing, cheating, lying, back-biting, fraud, alcohol and pork. The other thing that we learn from Hadith is what to do or recite on specific occasions for example: when giving in charity, say Fisabilillah. Those are the most trusted book that we can refer to when we want to learn hadith or when we want to know what is the low that we can follow in our lives and how to deal or treat people. Finally, Prophet Muhammad Sallallahu alaihi wa Sallam believed that Allah is dearer to him than everything on which the sun rises. (Muslim) Prophet Muhammad Sallallahu alaihi wa Sallam used to say, Glory to be to Allah; Praise be to Allah; there is no one worthy of worship but Allah; and Allah in most Great, is dearer to me than everything on which the sun rises. (Muslim) Prophet Muhammad Sallallahu alaihi wa Sallam said if anyone says this 100 times a day, his sins will be removed from him. (Muslim) Prophet Muhammad Sallallahu alaihi wa Sallam taught us that there is no might and no power other than Allah. Hadith is a very important aspect of being a Muslim because it develops love for Allah Subhanahu wa Taala and for Prophet Muhammad Sallallahu alaihi wa Sallam. Following the sayings of Prophet Muhammad Sallallahu alaihi wa Sallam makes you follow the right path.(web site 10) 3.3. Alrwah Alrwah are the people to bring to us the hadith from years back where prophet mohammed where living alrwah is the most honest people, this processes done by one of the rwah told that prophet mohammed told someone what he is tilling right now and the final six rwah who wrote what they know in a books that will last forever and be used all over the world (website 11), and those rwah are listed below: Muslim Bukhari Imam tirmzi Imam abu dawood Ibn majed An-Nasaai 3.4. Our module Ontological modeling in information technologies has undergone considerable evolution. Models and languages used for ontology construction and reasoning can be classified. Our module will be about prophet mohammed says and the rwah by which we get the specific hadith and this are the components that we used in our model. 3.5. Our Ontology Components Regardless of where and when an ontology is used or created, most share the same structural similarities, regardless of the language or object. Common components include: Individuals Instances, or the basic ground level component of an ontology. It may include concrete objects, such as animals, people, tables, automobiles, etc, as well as abstract individuals such as numbers and words. Classes Concepts that are also called type, sort, category and kind that is defined as an extension abstract groups, sets, or collection objects or intension abstract objects that are defines by values of aspects. Some examples of classes may include: Person: class of all people or abstract object that can be described by the criteria of being a person. Vehicle: class of all vehicles or the abstract object that can described by the criteria for being a vehicle Attributes Objects in an ontology can be described by relating them to other things, typically aspects or parts. These related things are often called attributes, although they may be independent. Each attribute can be either a class or an individual and will determined the king of relation between them. Without attributes, they will not be considered as a true ontology. Relationships A relation is of a particular type or class that specifies in what sense the object if related to another object in the ontology. The set of relations in an ontology will describe the semantics of the domain. The classes of relations used will describe the language in which the ontology is expressed. Function terms Complex structures formed from certain relations that can be used in place of an individuals term in a statement Restrictions Formally stated descriptions of what must be true for us to know what should be accepted as input. Rules Statements in the form of if-then sentences to describe the logical interferences in an ontology. Events The changing of attributes or relations. we can classified our model to be Structural (object) models Several approaches are known to apply structural (object) data models to define ontologies. An approach for extensible ontological model construction in a mediation environment intended for heterogeneous information sources integration in various subject domains has been presented in [kalin]. A mediator ontological language (MOL) may depend on a subject domain and is to be defined at the mediator consolidation phase. On the other hand, for different information sources different ontological models (languages) can be used to define their own ontologies The proposed model extends the usual ontology models and has been implemented in a frame-based knowledge model inspired to OKBC. The extension concerns the explicit representation of additional information about the properties of the attributes used to describe a concept. The ontology model extension encompasses semantic information designed to characterise the behavior of properties in agents concept descriptions. The novelty of this extended knowledge model is that it explicitly represents the behaviour of attributes over time by describing the changes in a property that are permitted for members of the concept. It also explicitly represents the class membership mechanism by associating with each slot a qualitative quantifier representing how properties are inherited by subconcepts. Finally, the model does not only describe the prototypical properties holding for a concept but also the exceptional ones. (ref 5,6) 3.6. graph explanation (fig 2) root of the ontology for an explanation to this graph which is our model a thing is the beginning of any ontology, on our ontology a thing will refer to an Islamic famous people and alsnah alnboia which is contain prophet mohammed says, Islamic famous people will be alsahabh (prophet mohammed fiends), alrwah and prophet Mohamed himself. (fig 3) prophet mohammed class This will take us to prophet mohammed says which will contain his life for an example and anything referring van be added to modify the ontology in this can be done by any one. (Fig 4) branches of our ontology Moreover from the famous Islamic people the rwah will show the rwah name and we can add any thing related to alrwah under the name, and the names of alshaba will be the same and later we will explain the relation and how we will connect each class to others. Finally, for alsnh the says will come under this class and the says will be divided to hadith books name and all hadith related to this books, and those will be linked with what we talked about such as alrwah, alshabh, prophet mohammed etc.

Patriot Act Violates Civil Liberties Essay -- Political Science Politi

Since the terrorist suicide bombed the world trade center and a wing of the pentagon, there has been a change in the relationship between the United States government and the people. The executive branch has taken steps that undermine the principles in the United States constitution. In order to ensure a more democratic society, we have to tell the difference between effective governing and individual freedom. There is one main topic I'm going to talk about how the 1st amendment, 4th amendment, 5th amendment, and 6th amendment are being eroded by the USA PARTRIOT Act which introduced a overabundance of legislative changes which considerably increased the surveillance and investigative powers of law enforcement agencies in the United States. The First Amendment protects our rights of free speech and assembly, the independence of the press, and prohibits official establishment or unfair criticism of any particular religion. Free speech rights can be thought of as having two parts, the right to have free access to ideas, and the right to express ideas freely. The right to calm assembly goes with free speech given that demonstrations and other political activity are protected as expressive behavior. While government actions threaten all these rights stated by the First Amendment, it is our free speech and assembly rights which are most at risk. The USA PATRIOT Act contains provisions that will criminalize people's legitimate expressions of their political views. For example, the Act creates a new category of crime; domestic terrorism blurs the line between speech and criminal activity. Section 802 of the Act defines domestic terrorism as "acts dangerous to human life that are a violation of criminal laws" that "appear to be inten... ...tee against arbitrary and malicious persecution of individuals by the state; by weakening those protections, the government has opened the doors to new encroachments on the liberties that all residents of the United States rightfully enjoy. References 1. http://action.aclu.org/reformthepatriotact/ 2. http://64.233.187.104/search?q=cache:1jKHd-GzeoMJ:www.aclu.org/Files/getFile.cfm%3Fid%3D10897+civil+liberties+after+9/11&hl=en 3. http://www.counterpunch.org/lazarus0925.html author EDWARD LAZARUS 4. http://www.counterpunch.org/cassel10182004.html author ELAINE CASSEL 5. http://www.aclunc.org/911/chronology.html 6. http://www.garynull.com/Documents/ACLU/911_report.htm 7. http://www.epic.org/privacy/terrorism/usapatriot/ 8. http://www.slate.com/id/2087984/ 9. http://en.wikipedia.org/wiki/USA_PATRIOT_Act 10. http://www.epic.org/privacy/terrorism/hr3162.html

The Devil

Proctor for avoiding church and forgetting a commandment. )The spiritual center is the church. I The Devil and Tom Walker Tom is starting to venture out on his own a bit from organized religion a la the transcendentalists, but later in life aerobically comes back to It without real passion or Interest. Halls adamant adherence to religion Is likened to his adamant adherence to greed and rings false. I Transcendentalismorganized religion is not needed and might even be a distraction to the person in obtaining spiritual enlightenment on one's own.I Land I Nature must be tamed by people and worked to obtain her resources. Forests are unknown and where the â€Å"heathen† Native Americans live. Len The Crucible a man's worth Is often tied up in how many acres he has. I Tom's usury is likened to the â€Å"land grabbers† and speculators who made money off selling land In a dishonest way. Native American view that land is not a commodity but a spiritual place. Nature should be p reserved in its wild, unadulterated state to allow for the calming presence it gives the individual as a solace away from busy and corrupting society.Hypocrisy I The Puritans held to the 10 commandments and religious doctrine, yet they were overzealous and ended up putting to death innocent people on speculation Just because they didn't conform to their rules. I Tom becomes corrupted by greed and sells his soul to the devil. He was once poor but now greedy and â€Å"ostentatious. † He uses people through his usury. I Holds that the hypocrisy comes from society that corrupts when people become â€Å"blinded† by material things and comparing themselves with others. Therefore, the individual is favored to avoid bad influences of others or via peer pressure, etc.

Outline and Evaluate Msm Essay Example

Outline and Evaluate Msm Essay Example Outline and Evaluate Msm Essay Outline and Evaluate Msm Essay Psychology Outline and evaluate the multi-store model The MSM was created by Atkinson and Shiffrin  (1968) who suggested that memory was comprised of three separate stores. They were; sensory memory, short term memory and long term memory. The model shows how information is transferred between the three stores. The model simply shows that when your are given information of environmental stimuli it will enter your sensory memory and only if you pay attention will it enter your short term memory, which has a capacity of 7+/- 2 bits of information. The information can last up to 18 seconds, without rehearsal. STM is encoded mainly acoustically, however sometimes it is done visually. If maintenance rehearsal takes place it will remain in STM or be forgotten due to displacement or decay. Elaborative rehearsal will transfer information into LTM which has unlimited capacity and can last a lifetime. LTM is encoded mainly semantically. The retrieval of information from LTM to STM can happen when needed. This model is a linear model because the information just passes through the model one way. A particular strength of this model is that it is high in ecologically validity and therefore can be applied to everyday life. A good example is the case study of H. M. who had brain surgery to cure severe epilepsy but this resulted in the inability to transfer information from STM to LTM so that he could not form long term memories, supporting the concept that the MSM is not a unitary model. Another example is the lab experiment of Glanzer and Cuntiz (1966) who found that participants who were asked to remember lists of words could remember the first and last few words but the ones in the middle were more difficult. This would show that the first words in the list have been stored in LTM whereas the last words are still in STM. A weakness of this model is that the scientific evidence which supports this model lacks validity because it is carried out as a lab experiment. This is an artificial environment and the participants have to remember information which isn’t important to remember in everyday life e. g. trigrams. Another weakness of this model is that it is a much too simply explained because it explains STM and LTM however hardly describes them as fixed structures and does not take into account that there are different types of them e. g. for LTM the different types of structures are procedural or episodic.

Reflective Understanding Of Prince2 Principles In A Project Environment The WritePass Journal

Reflective Understanding Of Prince2 Principles In A Project Environment WRITEPASS REFLECTIVE ESSAY EXAMPLE CUSTOM ESSAY WRITING Reflective Understanding Of Prince2 Principles In A Project Environment ), the quality approach allows the planning of systematic activities leading to the identification of the company’s products, the project’s products, and the tracking of the quality methods. Customers’ expectations are analysed, an acceptance criteria is created, and this leads to the detailed project product description. The next task is to generate a project response, and a quality register. Quality, according to the definition of PRINCE2, is â€Å"The total amount of features or characteristics of a product, such that it meets expectations and satisfies the stated needs. Saying that all features of the product have to work as expected for a given amount of time† (London South Bank University, 2016). Simply put, the main purpose of the quality theme is to ensure that all the products are fit for their purpose. This approach signifies that if the quality of the products is compromised, the outcomes of the project will be negatively affected, as well. Befo re implementing the PRINCE2 project, it is necessary to agree on the acceptance criteria and quality expectations. For quality planning, the MoSCoW method of prioritisation should be used: must have, should have, could have, and won’t have for now. This information is detailed in the CIPFA (2012) publication. Risk Theme The risk management and monitoring features implemented in PRINCE2 are as follows: identifying risk, assessing it, planning (to avoid, exploit, reject, etc.) the risk, implementation of actions by risk owners, and communication through checkpoints, highlights, and reports, according to the PowerPoint lecture of London South Bank University (2016). The identification of risk is followed by their qualitative assessment: high, medium, or low risk categories, and the assessment of each risk’s potential impact. Risk responses can be avoidance, exploitation, enhancement, reduction, or sharing. Change Theme Ferguson (2011) describes this theme as the ability to identify and control baselines, changes, and approve or reject them. The online article talks about the applicability of PRINCE on smaller scale projects.   Change management should be based on aligning the objectives of the project with the current changes, and making adjustments in order to meet the expectations of the project owners and the customers. For example, the implementation of a change might change the projected outcomes, therefore, changes need to be made. Progress Theme The Progress theme can be described as providing periodic snapshots of the level of completion and performance towards the objectives (Oracle, 2011). Under this theme, the calculations of Earned Value and Earned Value Projection are completed, and this allows project owners and directors to see the value of work completed against the resources used. Thresholds are also important in this bench-marking process. Conclusion Based on the above review, the main benefits of PRINCE2 for companies can be highlighted as: real time input and monitoring, risk management, performance and quality control abilities, and clear definition of objectives. The main benefit of the PRINCE2 method is that it provides a standard and common language for project management professionals. I believe that adapting the management approach can improve the success rate of small- and large-scale projects alike. Bibliography CIPFA. 2012. PRINCE2 Quick Reference Guide. Ferguson, C. 2011. PRINCE2 for Small-scale Projects. Novare Consulting. London South Bank University. 2016. PRINCE2 Presentations and Lectures. Marsh, D., 1996. Project management and PRINCE.  Health Informatics,  2(1), pp.21-27. Murray, A. 2010. White-paper: PRINCE2 AND Governance. Outperform. Document Number: 1042-01-01 Version Number: 1v0 Oracle. 2011. PeopleSoft Projects (ESA) Support for PRINCE2. An Oracle White Paper June 2011 TSO. 2009a. Managing and Directing Successful Projects with PRINCE2. The Stationary Office. TSO. 2009. The Executive Guide to Directing Projects: within a PRINCE2â„ ¢ and MSP ® Environment, TSO 2009

Chopin Music Bio Essays - Frdric Chopin, Great Emigration, Mazurkas

Chopin Music Bio Essays - Frdric Chopin, Great Emigration, Mazurkas Chopin Music Bio Dayne Ventura Music Appreciation MU 200 Frdric Franois Chopin Portrait of Chopin by Eugne Delacroix (1838) In this bibliography, I will discuss Chopin, his life span and nationality, and the historical period of his performance. I will address his types of major works and titles and discuss his major contributions to music. Additionally, I will touch upon his early works, his dedications and his teachings. Frdric Franois Chopin, (1810-1849), Polish composer and pianist of the romantic era, regarded by some as the greatest of all composers of music for the piano. Born Fryderyk Chopin in Zelazowa Wola, near Warsaw. His father was French and his mother was Polish. He preferred to use the French name Frdric. He began to study the piano at the age of four, and he played at a private concert in Warsaw when he was eight years old. Later he studied harmony and counterpoint at the Warsaw Conservatory. Chopin was also advanced as a composer: His first published composition is dated 1817. He gave his first concerts as a piano virtuoso in 1829 in Vienna, where he lived for the next two years. After 1831, except for brief absences, Chopin lived in Paris, where he became noted as a pianist, teacher, and composer. He formed an intimate relationship in 1837 with French writer George Sand. In 1838 Chopin began to suffer from tuberculosis and Sand nursed him in Mallorca, in the Balearic Islands, and in France until continued differences between the two resulted in an estrangement in 1847. Thereafter his musical activity was limited to giving several concerts in 1848 in France, Scotland, and England. The 1830s have been called the decade of the piano because the piano and the music written for it played a dominant role in European musical culture. As the Industrial Revolution hit, piano manufacturers developed methods for building many more pianos at lower cost. Pianos ceased to be the exclusively for the wealthy. Middle class could also own them and make music at home. Thousands of amateur pianists began to take lessons, buy printed music, and attend concerts. Chopin's piano playing was highly regarded by other virtuosos and was in great demand from professional and amateur musicians alike. Unlike the other composer-pianists of his time, Chopin rarely gave public concerts; his performing was generally confined to the homes of wealthy aristocrats and businessmen. Public awareness of Chopin's music came about primarily through its publication, and the process of putting his works into print. However, this was not simply a matter of converting his manuscripts into printed form. Chopin felt that many performance details, such as phrasing, dynamics, pedaling, and articulation, were not fixed elements of his music, even though they have a substantial impact on the way it sounds. He was inconsistent about including performing instructions in his manuscripts, and when publishers asked him to supply them at the proof stage, he often changed his mind several times. Nearly all of Chopin's compositions were for piano. Although a refugee, he was deeply loyal to his war-torn homeland, his mazurkas reflect the rhythms and melodic traits of Polish folk music, and his polonaises contain a heroic spirit. Italian opera composer Vincenzo Bellini also influenced his melodies. His ballads, scherzos, and tudes exemplify his large-scale works for solo piano. His music, which is romantic and lyrical in nature, is characterized by great originality of melody, refined and often adventurous harmony, subtle rhythm, and poetic beauty. Chopin greatly influenced other composers, such as the Hungarian pianist and composer Franz Liszt, German composer Richard Wagner, and French composer Claude Debussy. Chopin's many published compositions include 55 mazurkas, 27 tudes, 24 preludes, 19 nocturnes, 13 polonaises, and 3 piano sonatas. Among his other works are the Concertos in E minor and in F minor, both for piano and orchestra, the cello sonata, and 17 songs. Among Chopin's most individual works are the Prludes. Intended to serve as beginnings to an intimate recital, these pieces range from tender melancholy to the dramatic of the stormy Prelude in D minor. Many of Chopin's most beautiful compositions come from the series of short, reflective pieces he called Nocturnes. As can be heard in the Nocturne in F-sharp, these works are usually gentle and

Reflection 3 Essay Example | Topics and Well Written Essays - 1250 words

Reflection 3 - Essay Example There should be that feeling of respect for the old. Most of the older people in the community do not have specific needs which can be outlined but it appears that they are less likely to receive such care because of their age in the society. Many people including practicing nurses tend to ignore them when offering health and social care in the society just because of their inherent age. Nonetheless, my intention as a practicing nurse in this aspect of health and social care is to take care for the old people in the community who need a lot of care at their ages. They need to be encouraged, given mental counseling, advising them on how to undergo treatments, administering to them medicines among other ways ((Bayer, Tadd, & Krajcik 2005, p. 22) The advances to help the old people in the community have been made initially by other people, but as far as this model is concerned, a lot of reflection, further action and improvement is required. This work will help encourage nurses to develop and grow a positive attitude towards the old people in the society as well as help them embrace positive aspects of respect and help them to understand that old people are very important members of the society who can control their own lives. This will encourage nurses to value the old people, and to take care of them as well as promoting opportunities for well-being and psychological developments rather than promoting helplessness and deterioration (Williams & Irurita 2005. p 501). This idea of health and social care for the old people presents a challenge for us as nurses to change from a medical perspective and to focus more on health promotions as well as preventing ill health among the old people. This ensures that majority of these older people enjoy healthy and fulfilling lives just like the other members of the community and that they can make a positive contribution to the community (Bayer, Tadd, & Krajcik

Products, Brands & Their Distribution Essay Example | Topics and Well Written Essays - 500 words

Products, Brands & Their Distribution - Essay Example E-Bay has proved the point that consumers have relationship with their brand. E-Bay is an online market place built to enable local, national and international customers to buy jewelry online. The convenience provided by E-Bay to its customers has helped in building a strong brand image. Customer can shop for the jewelry online and receive the jewelry conveniently through courier. E-Bay has provided a convenient shopping technique for its customers and hence maintains a close relationship with its customers and communicates with them on a personal level. On the other hand customers of auto repair centre do not have a relationship with the branded auto repair centre. Example: a Ford repair centre does not maintain a close relationship with the customers. People prefer to repair their cars within a short period of time so they do not stick to a branded auto repair centre, rather they go to local auto centre where they can get their vehicles repaired within a short period of time. According to Susan Fournier consumers have a relationship with their brands but this does not hold true in case of all products. In case of tinned tomatoes and auto repair, the customers do not have a relationship with its brand. When a customer brings his car for repair, he will prefer an auto centre where his car can be repaired within a short period of time. He is more inclined towards the time duration of the repair so he would prefer any auto repair centre. While the consumer of tinned tomato will prefer that brand that is easily available in the market. He will not develop a relationship with a particular brand. The distribution strategy for Hunts is to provide their product through many distributors and to as many grocery shops as possible. This strategy is appropriate because Hunts deals with perishable goods which need to be delivered within a short period of time. The distribution strategy of E-Bay is to provide an online market place where a variety of products of various

Gender Discrimination Term Paper Example | Topics and Well Written Essays - 1250 words

Gender Discrimination - Term Paper Example There are different contexts that sexual  discrimination  may  arise  (Ayres, p 65). For example, an employee attending an  interview  may be asked discriminatory questions, or an  employer  wrongfully terminated or did not  promote  an employee based on their sexual affiliations, an employer failing to hire an employee, or an employer pays  unequal  remunerations based on gender. Another instance is in an educational  setting  whereby there might be claims of a student  being left  out on  educational  institution, opportunity, program, student loan, scholarship, or student  group  due to their gender. In a housing setting, instances may be declined the right to negotiate on seeking a  house, leasing or contracting a  house  based on their sex. In a bank setting, an individual may be offered  unequal  loan terms or their  plea  for loans rejected based on their gender. Whereas there may be assertions of non-physical disparity bet ween men and women, academic  literature  based on gender find only a limited  amount  of characteristics that are similar psychological differentials, between women and men, these are directly in relation to experiences pegged on biological discrepancies (Gunderson, p129). There are  psychological  variations regarding to how problems, emotional reactions and perceptions relating to hormones, and the relevant characteristics of each sex during the long-term  function  in  historic  primitive  lifestyles. According to the United Nations, women more often than not  face  a â€Å"glass ceiling† and that no societies are available whereby women enjoy equal opportunities as men (Gregory, p82). The term describes a  distinguished  barrier  to progress in employment based on sex discrimination. In 1995, the Glass Ceiling Commission, a United Sates government financially funded group regardless of the fact that women  are awarded  over 50% of all masters degrees, 95% of senior managers, of over 1000  industrial  and 500 service companies are of the male gender. The  commission  recommended affirmative action in their report which considers employee’s race and gender.  while hiring and promoting employees, This is to  eradicate  this discrimination (Gregory p83).  In 2008, as a result of this move, 51% of all workers in well- paying professional, management, and related occupations were women. They were a larger number than men in occupations such as  financial  managers, public relations managers, and human resource managers. Transgender individuals, both female to male and male to female face difficulties which  eventually  result  to underachievement, dismissals,  difficulty  in job searching, social isolation, and sometimes violent attacks (Cohn, p74). However, gender discrimination is not only revealing itself with women or in transgender individuals. Men are also sometimes victimized on the basis of sex in certain fields of  employment  such as office administration and childcare settings conventionally assumed to be â€Å"women’s jobs†. Other ways in which gender  discrimination  may reveal itself is through an employee claims that a manager or another individual in power makes statements or jokes that are  insulting, demeaning, or offensive to women (McLean, Sheila, and Noreen, p68). Another instance is a  case  of a  manager  who clarifies through his words or actions that he has

US History Essay Example | Topics and Well Written Essays - 750 words

US History - Essay Example It even had parallels to other existing societal trends in other countries such as the United States. In fact, there were a handful of Nazi groups in the United States that enjoyed free rein before the bombing of Pearl Harbor. During his imprisonment in 1925, Adolf Hitler came up with his theories for a political movement that placed the Aryan (German) people at the top of a hierarchy of races. This movement, later called the Nazi movement, aimed for Aryan supremacy and a central Aryan government that would eliminate â€Å"impure breeds† such as Jews and other races. Hitler’s philosophies mirror the American policies of the 1920’s. During this period, America adopted an isolationist policy and had a general popular sentiment that looked down upon immigrants, Catholics, Jews and Blacks (Kennedy et al., 382). Hitler himself admired America during this period and commended them for their immigration policies and popular sentiment that did not favor people of different races. He specifically noted the â€Å"race-based anti-immigration laws and for the subordination of the "inferior" black population.† and attributes their success to their efforts at keeping themselves racially pure (â€Å"Nazi†) This view, however, did not last as he denounced the United States as â€Å"a mongrel nation †¦half Judaised, half Negrified† following America’s adoption of greater racial freedom and rights. He believed this would cause the United States’ early defeat during the war (â€Å"Nazi†) Before the bombing at Pearl Harbor, Nazi groups, while vilified by most, existed in the United States. However, the handful that did demonstrate publicly in the United States melted away in the aftermath of Pearl Harbor. America, in the face of outright hostility from Germany, did not join the fray after Germany’s advances in Europe. This was due to its isolationist policy, and its reluctance to be dragged into the war. Although, they believed the

Knowledge Management for Competitive Advantage Essay

Knowledge Management for Competitive Advantage - Essay Example In this regard, I will place myself as a report writing expert who will submit a report to the CEO of the firm as regards the analysis of their existing policies and how these should be structured and revamped to form an effective knowledge management system and culture within the organization. This is a fictitious company that has been built for structuring a competent knowledge management system. To start with, it has been assumed that this company has a poor knowledge management system. This information has been gathered from brief interviews with the CEO and other officials within the company. Based in the UK since 1998, this firm operates in the following two areas. -Business Transformation: this includes a class of services aimed at carrying out relevant research and applying the interpretation of the data emanating from the same in order to transform the company and render exponential growth to its operational effectiveness. -Systems and technology consultancy: this includes w orking with private as well as public companies and corporations to source and provide information regarding financial services, energy, government and public services, manufacturing and telecommunications, among many others, so as to promote the scope for strategic partnerships between the public and private corporations. IMC has grown from strength to strength in order to show sustainability. It now operates in countries like US, Middle East, Asia Pacific and Europe with an employee scale of over 1800 people.... ource and provide information regarding financial services, energy, government and public services, manufacturing and telecommunications, among many others, so as to promote the scope for strategic partnerships between the public and private corporations. Chapter 1.2: Knowledge Base - Operational Context IMC has grown from strength to strength in order to show sustainability. It now operates in countries like US, Middle East, Asia Pacific and Europe with an employee scale of over 1800 people. As far as the scope of knowledge management goes, this information has various dimensions in terms of factors that influence the scope and process of knowledge management. These factors are as follows: Source: Skyrme (1999)3 This diagram helps us focus on the contextual elements of knowledge management that may be applied to the case of IMC. These elements further help in codifying information through a focus on knowledge centres which helps in garnering intelligence throughout the organisation. Chapter 2: Role of Technology: Codifying Information According to the elements demonstrated in the above diagram, the operational context for knowledge management is one that follows a strategic approach. The guidelines for following the same within this particular organisation are as follows: (Payne, 1996) Converting localised efforts into more integrated efforts on the global front: for this, the company requires to coordinate the flow and transmission of information in a more fluid way so as to transform the local efforts into global one. Departmentalisation of efforts: there must be a series of departments that coordinate the knowledge management process and transmit the relevant knowledge to relevant parties. Categorisation of parties: this refers to the process of

Organisational behaviour Essay Example | Topics and Well Written Essays - 500 words

Organisational behaviour - Essay Example This department would require less personal factors, such as meeting vendors face-to-face at the social level, which would appeal to the authoritarian personality. Intuitive-thinkers would likely perform well at a company such as Google which uses a more idealistic type of organisational structure which encourages ongoing feedback. Workers at this organisation are encouraged to build relationships with colleagues and managers and to give their unique innovations about how to change process or improve business services. This company seems to have the controls and divisions of labour necessary to make the business function, but is idealistic in terms of long-term strategy and scope. The IT would perform best in the customer care division, solving abstract problems of consumers related to their computer systems or business software. The intuitive-feeler would enjoy working with an organisation like Save the Whales, where management would be very broadly defined and it would be a more self-managed environment. Discussions in this decentralized organisation would often occur through email channels or mobile technologies as most of the organisation’s activities occur offsite and in remote parts of the world. The goal of this organisation is to make a considerable contribution to mankind by preserving wildlife. The fundamental mission of the business would appeal to the IT personality. This individual would likely work best in any division which allows for offsite job function. Working directly with the endangered animals and also having no immediate authoritarian to supervise the remote work would likely fulfil the intuitive-feeler at the emotional level. This remote environment would offer independence to the IT and a sense of autonomy. The sensation-feeler would thrive best in an organisation such as NetApp, rated the number one company to work for on Forbe’s 100 Best List. The business has a very down-to-earth leadership team and offers

US History Essay Example | Topics and Well Written Essays - 750 words

US History - Essay Example It even had parallels to other existing societal trends in other countries such as the United States. In fact, there were a handful of Nazi groups in the United States that enjoyed free rein before the bombing of Pearl Harbor. During his imprisonment in 1925, Adolf Hitler came up with his theories for a political movement that placed the Aryan (German) people at the top of a hierarchy of races. This movement, later called the Nazi movement, aimed for Aryan supremacy and a central Aryan government that would eliminate â€Å"impure breeds† such as Jews and other races. Hitler’s philosophies mirror the American policies of the 1920’s. During this period, America adopted an isolationist policy and had a general popular sentiment that looked down upon immigrants, Catholics, Jews and Blacks (Kennedy et al., 382). Hitler himself admired America during this period and commended them for their immigration policies and popular sentiment that did not favor people of different races. He specifically noted the â€Å"race-based anti-immigration laws and for the subordination of the "inferior" black population.† and attributes their success to their efforts at keeping themselves racially pure (â€Å"Nazi†) This view, however, did not last as he denounced the United States as â€Å"a mongrel nation †¦half Judaised, half Negrified† following America’s adoption of greater racial freedom and rights. He believed this would cause the United States’ early defeat during the war (â€Å"Nazi†) Before the bombing at Pearl Harbor, Nazi groups, while vilified by most, existed in the United States. However, the handful that did demonstrate publicly in the United States melted away in the aftermath of Pearl Harbor. America, in the face of outright hostility from Germany, did not join the fray after Germany’s advances in Europe. This was due to its isolationist policy, and its reluctance to be dragged into the war. Although, they believed the

Organisational behaviour Essay Example | Topics and Well Written Essays - 500 words

Organisational behaviour - Essay Example This department would require less personal factors, such as meeting vendors face-to-face at the social level, which would appeal to the authoritarian personality. Intuitive-thinkers would likely perform well at a company such as Google which uses a more idealistic type of organisational structure which encourages ongoing feedback. Workers at this organisation are encouraged to build relationships with colleagues and managers and to give their unique innovations about how to change process or improve business services. This company seems to have the controls and divisions of labour necessary to make the business function, but is idealistic in terms of long-term strategy and scope. The IT would perform best in the customer care division, solving abstract problems of consumers related to their computer systems or business software. The intuitive-feeler would enjoy working with an organisation like Save the Whales, where management would be very broadly defined and it would be a more self-managed environment. Discussions in this decentralized organisation would often occur through email channels or mobile technologies as most of the organisation’s activities occur offsite and in remote parts of the world. The goal of this organisation is to make a considerable contribution to mankind by preserving wildlife. The fundamental mission of the business would appeal to the IT personality. This individual would likely work best in any division which allows for offsite job function. Working directly with the endangered animals and also having no immediate authoritarian to supervise the remote work would likely fulfil the intuitive-feeler at the emotional level. This remote environment would offer independence to the IT and a sense of autonomy. The sensation-feeler would thrive best in an organisation such as NetApp, rated the number one company to work for on Forbe’s 100 Best List. The business has a very down-to-earth leadership team and offers

Telephone cable Essay Example for Free

Telephone cable Essay Since the victim is an old woman, it is likely that her death resulted from a robbery attempt. The body was found suspended above the ground, with the anterior abdomen directly resting on the telephone cables. The body seems to have impacted the cables with some force, as evidenced by the notable horizontal impressions of the cable upon the abdomen. Also notable is the absence of livor mortis on the abdomen, indicating that the body was obviously placed/dropped upon the telephone cables some time after death. Livor mortis is apparent on the posterior side of the body, except on the blanched areas of the shoulder blades and buttocks, which are the parts of the body that must have been in contact with the ground for some time after death, thus also indicating that the body lay horizontally, on its back, for some time postmortem. The wrinkled appearance of the livor mortis in the intrascapular area must have been caused by clothing pressing upon the skin. Abrasions on the lower back and on the upper left abdominal quadrant indicate that the body may have been dragged or subjected to some other forms of impact/friction, but whether this occurred before or after death is currently hard to determine. The actual cause of death is not apparent from the images. The neighborhood in which the incident took place is a seedy and rundown area populated by homeless persons, drug addicts, and the like. The woman had been dead for about 24 hours when her body was found, and neighbors state they heard nothing unusual during the time frame. She was at the time of her death living with a man about her age. They had been living together for sometime. The man claims not to know anything about what happened, but does state they had been drinking heavily the night before the body was discovered. The death is in almost all likelihood the result of a crime, as can be conjectured from the location, and also from the postmortem removal of the body to the last position on the telephone cable, and the presence of postmortem laceration on the forehead and the abrasions on the abdomen and lower back. As there is no livor mortis on the head and legs, as would have happened if the body had been deposited on the telephone cable premortem or immediatly after death, we can conclude that the body was placed on the telephone cables after death, a further indication of malicious intent. The sequence of events are likely as follows: after the attacker killed the victim, he/she probably waited for dark before attempting to get rid of the crimes evidence, including the body. The attacker must have dragged the body, and then pushed it over the railings of the balcony. Somewhere along this process the abrasions on the abdomen and lower back and the laceration on the forehead might have been inflicted. When the criminal pushed the body off the balcony, perhaps with the intent dropping it to the ground and subsequently hiding the body for good, the rigor mortis that had set in due to the long wait between death and disposal caused the body to catch on the telephone cable.

Review of the literature on risk management

Review of the literature on risk management This chapter reviews the literature on the risk management and corporate governance in the banking sector. Part of the literature also attempts to provide a relationship between the independence and financial knowledge of the board of directors and audit committee, and risk management practices by referring to both empirical and analytical research. 2.1 Risk Management in the banking sector When discussing the challenges faced by financial institutions in managing risk, it is important to have a consistent definition of the term risk. Risk can be defined as the volatility of a corporations market value. Risk management involves the protection of a firms assets and profits. Moreover, not only does it provide profitability but also other advantages like being in line with obedience function toward the rule, increasing the firms reputation and opportunity to attract more customers in building their portfolio of fund resources. Cebenoyan and Strahan (2004) suggest that [à ¢Ã¢â€š ¬Ã‚ ¦] the benefits of advances in risk management in banking may be greater credit availability, rather than reduced risk in the banking system (p.19). This means that banks will have a greater opportunity to increase their productive assets and profit. Only those banks that have efficient risk management system will survive in the market in the long run. They can follow a four-step routine to red uce their risk exposures and achieve their risk management objectives, as shown below. Figure 1-Steps for implementing risk management To properly manage risks, banks must firstly identify and classify the sources from which risk may arise at both transaction and portfolio levels. Risks inherent in lending activities include market risk, liquidity risk, credit risk and operational risk. Market risk is the risk resulting from adverse movements in the level of market prices of equities, currencies, interest rate instruments and commodities. Banks are always facing the risk of losses in on and off-balance-sheet positions arising from undesirable market movements. Banks are inherently vulnerable to liquidity risk due to their fundamental role of transforming of short-term deposits into long-term loans. The FSA has defined liquidity risk as: The risk that a firm, though solvent, either does not have sufficient financial resources available to enable it to meet its obligations as they fall due, or can secure them only at an excessive cost. Another risk that banks face is credit risk. It is the risk that can be incurred if the counterparty fails to meet its obligations in a timely manner. Loans are the most palpable source of credit risk in many of the banking systems; however, other sources of this risk originate through other activities of banks such as acceptances, trade financing, interbank transactions, financial futures, foreign exchange transactions, swaps, equities, options, bonds, and in the extension of commitments and guarantees, and the settlement of transactions. Operational risk, as its name suggests, is a risk arising from execution of a companys business functions. The Basel Committee has defined operational risk as: the risk of losses resulting from inadequate or failed internal processes, people and systems, or external events, such as the failure of computer systems or error and fraud on the part of staff. Apart from those risks mentioned above, the Federal Reserve System has also recognised two other risks: legal risk and reputational risk. Legal risk is the risk of loss caused by sanctions or penalties originating from court disputes due to breach of contract and legal obligation. Another legal risk relates to regulatory risk, i.e., the risk of loss resulting from sanctions and penalties pronounced by a regulatory body. Reputational risk may be defined as the risk of loss caused by a negative impact on the market positioning of the bank. It can be seen as the blowing up of an initial loss, arising from credit, market, liquidity or operational risks. However, banks hardly pay attention to these categories of risks. Once identified, the risks should be evaluated to determine their impact on the companys profitability and capital. This entails measuring them by using various techniques ranging from simple to sophisticated ones. For example, market risk can be measured by using Value at Risk. This stage also calls for estimating three dimensions of each exposure: the potential frequency of losses that exposures have produced or may produce, the potential impact on the organisation if a loss should occur and the potential variation in losses that will occur during the exposure period. Accurate and timely measurement of risk is necessary because with these types of data the risk manager can determine which exposes are most serious and which deserve the most immediate attention. After measuring risk, bank managers should establish and communicate risk limits through policies, standards, and procedures that define responsibility and authority. These limits should serve as a means to control the risks associated with the banking institutions activities. There is a variety of mitigating tools that banks may employ to minimise the loss exposures. These tools may be diversification, securitization and even derivative such as withdrawal option, Bermudan-style return put option, return swap, return swaption and liquidity option. The final step involves appraising the operation of the program regularly to be sure that it is achieving planned results. It helps the managers to evaluate the wisdom of their decision-making. To efficiently monitor risk, all material risk exposures should be identified and measured again. To facilitate this procedure, banks should put in place an effective management information system (MIS) that will provide directors and senior managers with timely reports on the operating performance, financial condition and risk exposure of the firm. If corrective action is indicated at this stage, the first three steps should be repeated. 2.1 Corporate Governance in the banking sector Corporate governance is a term that is now universally invoked wherever business and finance are discussed. Its purpose is to coordinate a conflict of interest among all parties relationship within the company and to develop a system that can reduce or eliminate the agency problems arising from the separation of ownership and control (OECD, 1997). Agency problem occurs when the agents of an organization (e.g. management) use their power to satisfy their own interests rather than those of the principals (e.g. shareholders). It may also refer to simple disagreement between agents and principals. For example, the board of directors may disagree with shareholders on how to best invest the companys assets, especially when the board of directors wishes to invest in securities that would favour their interests. Not merely does the term corporate governance carries different interpretations, its analysis also involves diverse disciplines and approaches. One of the most quoted definitions of corporate governance is the one given by Shleifer and Vishny (1997): corporate governance deals with the ways in which suppliers of finance to corporations assures themselves of getting a return on their investment. The Cadbury Report, however, defined corporate governance as the system by which companies are directed and controlled (para 2.5). Additionally, it recognised that a system of good governance allows the board of directors to be free to drive their companies forward, but exercise that freedom within a framework of effective accountability (para 1.1). The Hampel Report, whilst accepting the Cadbury definition of corporate governance, also noted that the single overriding objective of companies is the preservation and the greatest practical enhancement over time of their shareholders investment ( para 1.16). In a similar vein, Charkham (1994) identified two basic principles of corporate governance: That management must be able to drive the enterprise forward free from undue constraint caused by government interference, fear of litigation, or fear of displacement. That this freedom- to use managerial power or patronage- must be exercised with a framework of effective accountability. Nominal accountability is not enough. In the banking sector, however, corporate governance differs greatly with other economic sectors in terms of broader extent of claimants the banks assets and funds. In manufacturing corporations, the issue is to maximise the shareholders value but in banking, the risk involved for depositors assumes greater importance due to the fact that almost every bit of banks investment are financed by the depositors funds. If it goes bankrupt, it will be depositors savings that the bank will lose. Indeed, Macey and OHara (2001) states that a broader view of corporate governance should be adopted in the case of banking institutions, arguing that because of the peculiar contractual form of banking, corporate governance mechanisms for banks should encapsulate depositors as well as shareholders. Arun and Turner (2003) also support this argument. Furthermore, the involvement of government in the banking sector is discernibly higher compared to other economic sectors due to the larger interests of th e public (Caprio and Levine, 2002; Levine, 2004). Rational depositors require some form of guarantee before depositing their wealth in banks. Yet, it is relatively difficult for banks to provide these guarantees to them because communicating the value of a banks loan portfolio is quite impossible and very costly to reveal. As a consequence of this asymmetric information problem, bank managers can have an incentive to invest in riskier assets than they promised they would ex ante. To assure depositors that they will not expropriate them, banks could make investments in brand-name or reputational capital (Klein, 1974; Gorton, 1994; Demetz et al, 1996; Bhattacharya et al, 1998), but these schemes give depositors little confidence, especially when contracts have a finite nature and discount rates are sufficiently high (Hickson and Turner, 2003). The opaqueness of banks also makes it very costly for depositors to constrain managerial discretion through debt covenants (Capiro and Levine, 2002, p.2). As such, government interventions provide the lacking assurance to economic agents in the form of deposit insurance. Nevertheless, although the government provides deposit insurance, bank managers still have an incentive to opportunistically increase their risk-taking, but now it is mainly at the governments expense. Apart from supporting the argument that a broader approach to corporate governance should be adapted to banking institutions, Arun and Turner (2003) also argue that government intervention do restrain the behaviour of bank management. The Bank for International Settlements (BIS) has defined the governance in banks as the methods and approaches used to manage banks through the board of directors and senior management which determine how to put the banks objectives, operation and protect the interests of shareholders and stakeholders with a commitment to act in accordance with existing laws and regulations and to achieve the protection of the interests of depositors. The Table 1 below shows the general principles concerning corporate governance issued by the Basel Committee specifically for bank boards and senior management. Principle 1 Board members should be qualified for their positions, have a clear understanding of their role in corporate governance and be able to exercise sound judgment about the affairs of the bank. Principle 2 The board of directors should approve and oversee the banks strategic objectives and corporate values that are communicated throughout the banking organisation. Principle 3 The board of directors should set and enforce clear lines of responsibility and accountability throughout the organisation. Principle 4 The board should ensure that there is appropriate oversight by senior management consistent with board policy. Principle 5 The board and senior management should effectively utilise the work conducted by the internal audit function, external auditors, and internal control functions. Principle 6 The board should ensure that compensation policies and practices are consistent with the banks corporate culture, long-term objectives and strategy, and control environment. Principle 7 The bank should be governed in a transparent manner. Principle 8 The board and senior management should understand the banks operational structure, including where the bank operates in jurisdictions, or through structures, that impede transparency (i.e. know-your-structure). Table 1- Principles of corporate governance for bank boards and senior management 2.2 Corporate Governance Mechanism According to agency theory, the corporate governance mechanisms reduce the agency problem between investors and management (Jensen and Meckling, 1976; Gillan, 2006). Traditionally, these mechanisms can be classified as internal and external. Llewellyn and Sinha, (2000) states that internal corporate governance is about mechanism for the accountability, monitoring, and control of a firms management with respect to the use of resources and risk taking. Its main mechanisms are the board of directors, the ownership structure of the firm and the internal control system (Gillan, 2006). Whereas, external corporate governance controls encompass the controls external stakeholders exercise over the organisation and its primary external mechanisms are the takeover market and the legal/regulatory system. However for the purpose of this paper, we will mainly focus on some internal corporate governance mechanism such as the board of directors, more precisely on its independence and financial knowledge. Corporate governance best practices have also stressed in particular the key role played by the audit committee in reviewing a firms internal control system. Internal control systems contribute to the protection of shareholders interests by providing reasonable assurance on the reliability of financial reporting, effectiveness of operations and compliance with laws and regulations (COSO, 1994; 2004). As such, we will also draw some attention on the audit committee. 2.3 The boards independence The popular media as well as corporate governance experts have characterised boards largely as rubber stamps for management. They are the link between the shareholders of the firm and the managers entrusted with undertaking the day-to-day operations of the organisation (Monks and Minow, 1995; Forbes and Milliken, 1999). As stated in principle 4 above, bank boards should properly supervise the work of managers. Which type of directors can perform better this duty than independent director? In fact, such directors can bring additional experience as well as clarity of thought to deliberations independent of views of management. Moreover, since their careers are not tied to the firms CEO, outside directors are believed to be more powerful in keeping efficiently the firms top management (Fama, 1980; Fama and Jensen, 1983) and so could be associated with better performance. Some papers do support this theory. Baysinger and Butler (1985), being among the first studies, find that the relative independence of boards has a positive effect on the firms average return on equity by comparing 266 major US businesses over a ten-years period. Kesner (1987); Weisbach (1988); Rosenstein and Wyatt (1990); Peace and Zahra (1992); Ezzamel and Watson (1993); MacAvoy and Millstein (1999); Brown and Caylor (2004) and Ho (2005) also show that shareholder returns are enhanced by having a greater proportion of outside directors on the board. Research by Brickley, Coles, and Terry (1994) shows significantly higher returns to firms announcing poison pill  [1]  when outside directors dominate the board. Other studies supporting the benefit of the boards independence are Dechow and Sloan (1996); Beasely (1996) and Klein (2002) who state that as outside membership on the board increases the likelihood of financial statement fraud decreases. There is also Black et al. (2006) who reports that firms with 50% outside directors have approximately 40% higher share price by studying 515 Korean firms. And more recently, Staikouras C. K., Staikouras P. K. and Agoraki M. K. (2006) find that the percentage of independent directors is positively related with performance measured by Tobins Q on a sample of European banks. On the other hand, others find no convincing evidence that the level of outside directors on the board do add value to corporate performance. For instance, Fosberg (1989) finds that firms whose board is composed of a majority of outside directors do not have a higher performance as measured by the firms ROE or sales. Similarly, Hermalin and Weisbach (1991) find that non-executive directors have no impact on corporate performance in their sample of 142 NYSE firms. Pearce (1983) also find no relationship, as too Changanti et al. (1985) in their study of board composition and bankruptcy. The lack of relation between these two components has also been confirmed by Klein (1998), Bhagat and Black (2002) and Hayes, Mehran and Scott (2004). Other scholars refuting the effectiveness of outside directors on the board are Subrahmanyam et al. (1997) and Harford (2000) for the acquisition transactions, Core et al. (1999) for CEO compensation and Agrawal and Chadha (2005) for earnings restatements . It is normally the board of directors which overviews and approves the risk management policies. But, few papers have tried to link its independence to the firms risk management practices and hedging. By analysing a sample of bank holding companies, Whidbee and Wohar (1999) find that the likelihood of using derivatives seem to increase with the presence of external directors on the board but only when insiders hold a large proportion of the firms shares. Borokhovich et al. (2004) demonstrate that firms most active in hedging risk, especially when making use of interest rate derivatives usage, are those whose boards are dominated by external directors. Conversely, Dionne and Triki (2004); Mardsen and Prevost (2005) point out that outside directors has no impact on the firms risk management policy. Given the mixed empirical findings, it is quite difficult to assert whether the board independence contribute to corporate performance and the effectiveness of risk management. Although Fields and Keys (2003) assert that there is overwhelming support for independent directors providing superior monitoring and advisory functions to the firm, a unique and clear sign concerning the effect of the boards independence on any decision including the risk management one could not be predicted. 2.4 The financial knowledge of the board To adequately perform their supervision role, the board of directors must have financial knowledge  [2]  . Indeed, when board members are generalists and lack the technical financial knowledge to understand the complicated reports presented to them, they could vote for motions that increase the risks facing of the firm to a large extent. The company may collapse in this way and therefore hinder the shareholders interest. Because of the banks dominant position in the economy; they should possess some financial expertise directors on its board so as to make better decisions that will not lead the firm to go bankrupt. However, given its importance, the research on the value of the boards financial knowledge is quite scarce. At times, reports recognising the benefits of the boards independence also recommend financial literacy/expertise for directors in monitoring the firms performance. In fact, Booth and Deli (1999) and Guner, Malmendier and Tate (2004) suggest that commercial bankers on boards provide the financial skill needed to enable the business to contract more debt. Thus, this states that financial directors do add value to the firm. There is also Agrawal and Chadha (2005) who discover that there is lower earnings restatement in firms whose boards have accounting or financially knowledgeable independent directors. However, Rosenstein and Wyatt (1990) provide evidence that positive abnormal returns associated with the addition of an outsider to the board are higher when the latter is an officer of a financial firm. Later on, Lee, Rosenstein and Wyatt (1999) do come to the same conclusion. However, they were unable to make any statistically difference among the reaction of the three categories of financial directors they consider: commercial bankers, insurance company officers and investment bankers. To the best of our knowledge, researches on the boards financial knowledge have only been related with the firms performance and not specifically on its impact on risk management practices. As mentioned earlier in this study, the board of directors is usually responsible for the firms risk management policies. In other words, risk management is at the core of any board members charter. Financially knowledgeable directors will obviously make better decisions on risk management practices since they will have the technical background to understand the sophisticated tools involved in risk management transactions. As such, firms whose boards are composed of financially knowledgeable directors engage more actively in risk management. 2.5 The audit committee The audit committee is intended to provide a link between the board and the auditor independent of the companys management, which is responsible for the accounting system (IOD, 1995). The chief objectives of an audit committee are to improve the quality of financial reporting, to reduce the potential authority for the non-executive director, to improve the channel of communication with the external auditor and, perhaps most importantly, to review the adequacy of the companys financial control systems. Tricker (1984) defines audit committee as being an important vehicle for ensuring the supervision and accountability at board level. As such, audit committees are very important in banking to safeguard the shareholders interest as well as the public trust. Just as for the board of directors, independence is also considered important for an audit committee because outside directors can exercise their voice and be seen to make a valuable contribution since they are free of any influence arising from the firms CEO. Thus, the reported empirical evidence supports this argument. Klein (2002) shows that independent audit committees reduce the likelihood of earnings management, thus improving transparency. In addition, Abbott, Park and Parker (2002) argue that firms with audit committees comprising entirely of independent directors are less likely to have fraudulent or misleading reporting. Ho (2005) states that there is a strong positive link between independent audit committee and corporate competitiveness and also with return on equity after analyzing the international companies from 1997to 1999. Brown and Caylor (2004) do provide evidence that audit committees comprising of independent directors are positively related to dividend but not t o operating performance. On the other hand, some authors find a negative relationship or simply no relation at all between independent audit committee and the firms performance. Hayes, Mehran and Scott (2004) prove that the firms performance measured by the market to book ratio is not affected by the proportion of outside directors sitting on the audit committee. Agrawal and Chadha (2005) do come to the same conclusion by indicating that independent audit committee members are unrelated to earnings restatement. There are also Beasley (1996) who finds no apparent correlation between audit committees composition and financial statement fraud, and Klein (1998) who reports no relation between share prices and the audit committees composition. Yet, Carcello and Neal (2000) report a negative relationship between the probability of receiving a going-concern report and the proportion of outsiders on the audit committee. In addition to independence, the accounting and financial expertise of members of the audit committee has also received widespread attention from the media and regulators  [3]  . An audit committee with such characteristics is expected to provide effective monitoring as it possesses the skills needed to understand what is going on in the organisation. Interestingly, Agrawal and Chadha (2005) show that firms whose audit committees have an outside director with accounting background or financial knowledge are less likely to report earnings restatement while Abbott, Parker and Peters (2002) discover that the absence of a financially competent director on the audit committee is highly associated with an increased in financial misstatement and financial fraud. Xie, Davidson, and DaDalt (2003) find that the presence of investment bankers on the audit committee decreases discretionary accruals in a firm. Davidson et al. (2004) and Defond, Hann and Hu (2004) show that the market has a po sitive reaction following the announcement of directors with accounting /auditing experience on audit committees board. The audit committee is also responsible for evaluating the risk exposures and the measures taken to monitor and control these exposures. To our knowledge no paper has tried to link audit committees composition with risk management practices. Because of the mixed and conflicting argument on independence, it is quite difficult for us to attest whether audit committees independence encourage more corporate hedging. Furthermore, risk evaluation and risk management tools are quite difficult to use and thus understanding them requires a good grasp of mathematics and statistics. As such, we expect firms whose audit committees members are qualified as accounting/financial expert to engage more actively in risk management practices. Besides independence and accounting/financial knowledge, the Cadbury Report has insisted that all listed companies should have an audit committee comprising of at least three members. This is to urge firms to devote significant director resources to their audit committees so that audit committees monitor the firms management more efficiently. However, several studies support the idea that larger boards can be dysfunctional since they may be plagued with free rider, communication problem and monitoring problems  [4]  . Therefore, as long as the increase in the audit committees size does not pose these types of problems, firms complying with this requirement are expected to report a higher hedging ratio. Often, corporations, especially financial ones, create another committee named risk monitoring committees. This type of committee is often responsible of the risk monitoring of the firm. However, this does not imply that audit committee is no longer responsible for evaluating and managing risks. It must still discuss and evaluate risk management processes. In other words, the audit committee is there to review risk management processes proposed by the risk management committee. As such, we assume that the same characteristics as the audit committee should be applied to this type of committee to fulfil their duties well.

The Communist Manifesto by Karl Marx and Friedrich Engels Essay

The Communist Manifesto by Karl Marx and Friedrich Engels   Ã‚  Ã‚  Ã‚  Ã‚  The Communist Manifesto was written by two world renowned philosophers, Karl Marx and Friedrich Engels. This book was produced in an era of great suffering and anguish of all workers in a socially distressed system. In a time when revolutions were spreading through Europe like wildfire, Marx organized his thoughts and views to produce the critical pamphlet â€Å"The Communist Manifesto†. Marx’s scrutiny illustrates his belief that unless change is to occur the constant outcome will repeatedly remain uniform. This is a novel that displays the differentiation between the Bourgeois and the Proletariat. Class relationships are defined by an era's means of production. Marx’s contradictions the position that capitalism is the unsurpassed system of economics. The only tactic that could create a successful change is if the proletariat takes some initiative and brings an end to the two distinct classes. Only then will the proletariat attain equality so cially, politically and economically.   Ã‚  Ã‚  Ã‚  Ã‚  In 1846 Karl Marx was exiled from Paris on account of his radical politics. He moved to Belgium where he attempted to assemble a ragtag group of exiled German artisans into an unified political organization, the German Working Men's Association. Marx, aware of the presence of similar organizations in England, called these groups together for a meeting in the winter of 1847. Under Marx's influence this assemblage of working-class parties took the name "The Communist League," discussing their grievances with capitalism and potential methods of response. While most of the delegates to this conference advocated universal brotherhood as a solution to their economic problems, Marx preached the composition of class warfare, explaining to the mesmerized workers that revolution was not only the sole answer to their difficulties but was indeed inevitable. The League, completely taken with Marx, commissioned him to write a statement of their collective principles, a statemen t which became â€Å"The Communist Manifesto.† In the book, the essential theory presented is the creation of only one class, so that there would no longer be a class struggle. It discusses how Engels and Marx argued for equality and redistribution of wealth. More than anything else, the two philosophers had a grievance with workers not having control over t... ...his class in being assimilated into the proletariat as society becomes more urbanized and reliant on industrial production. Petty-bourgeois socialism arises from this class, but holds up the standard of the proletariat, with whom the bourgeoisie are a shared enemy. I feel that the most influential quote in the book is "In place of the old bourgeois society, with its classes and class antagonisms, we shall have an association, in which the free development of each is the condition for the free development of all". This is a claim that once the proletariat achieve political power, the eventual result will be a classless society. Abolishing bourgeois modes of production undermines the continued existence of class hostility, and without class hostility, the proletariat will lose their own class character.   Ã‚  Ã‚  Ã‚  Ã‚  The communist contribution to this ongoing revolutionary discussion will be the raising of the property question, for any revolutionary movement which does not address this question cannot successfully rescue people from oppression. Eventually the inventible will occur due to the proletariat lack of outcry and social protests. A revolution will be the undeniable consequence.

Essay example --

Folkers 1 Amanda Folkers October 25, 2013 Mr. Spencer Economics 1 Period: 3 Price Floor, Price ceilings, and inflation Folkers 2 The Price floors, Price ceilings, and the inflation of the government funds are increasing. The definition of price floors, â€Å"are prices even just below the point to which it is illegal to buy or sell goods. They can’t go lower than 7.25/ hr or they are breaking a federal law, this is to protect the producer.† A price floor can be set below/ above the market equilibrium price. If the free market price is set higher than the equilibrium, the price floor has a small to no direct change. It ensures prices stay high so that product can continue to be made. If the free market price is lower than the price floor, then a surplus; Consumers find they must now pay a higher price for the same product, then they reduce their purchases or switch to a substitute good. Meanwhile, suppliers find they are guaranteed a new, and higher prices, and so they produce more. There are a number of strategies that the government uses for setting a price floor and dealing with its consequen ces. They can set an easily understood price floor, for the citizens. This price support sets a minimum price, however, here the government buys up any extra supply, or surplus. This is even more inefficient and costly for the government and society. Production quotas usually raise the price by limiting production by giving businesses the opportunity to reduce their production. In America, this technique is used mostly with agriculture. The government pays farmers to keep a portion of their fields production, this leads to a raise in prices. Like price supports, the policy would be more efficient and le... ...instance, when gold was used as currency, the government could collect gold coins, melt them down, mix them with other metals such as silver, copper or lead, and reissue them at the same nominal value. By diluting the gold with other metals, the government could issue more coins without also needing to increase the amount of gold used to make them. When the cost of each coin is lowered in this way, the government profits from an increase in seignior age. This practice would increase the money supply but at the same time the relative value of each coin would be lowered. As the relative value of the coins becomes lower, consumers would need to give more coins and money, in exchange for the same goods and services as before. These goods and services would experience a price increase as the value of each coin is reduced. Therefor causing too much money into the economy.

Comprehensive Agrarian Reform Essay

For a long period of time, the agrarian system of Philippines was being controlled by the large landlords. The small farmers in Philippines were struggling for their rights to land and other natural resources. The implementation of Agrarian reforms proceeded at a very slow pace. This was due to the lack of political will. The redistribution of land was also very slow. Comprehensive Agrarian Reform Law: Philippines The Republic Act No. 6657, alternatively called the Comprehensive Agrarian Reform Law was signed by President Corazon C. Aquino on 10th June, 1988. The Comprehensive Agrarian Reform Law is responsible for the implementation of the Comprehensive Agrarian Reform Program (CARP) in Philippines. The law focused on industrialization in Philippines together with social justice. The Comprehensive Agrarian Reform Law: Objectives. The primary objective of instituting the Comprehensive Agrarian Reform law was to successfully devise land reform in Philippines. It was President Arroyo, who signed the Executive Order No. 456on 23rd August to rename the Department of Land Reform as Department of Agrarian Reform. This had been done to expand the functional area of the law. Apart from land reform, the Department of Agrarian Reform began to supervise other allied activities to improve the economic and social status of the beneficiaries of land reform in Philippines. CARP Meaning Comprehensive Agrarian Reform Program of 1988, also known as CARP, is a Philippine state policy that ensures and promotes welfare of landless farmers and farm workers, as well as elevation of social justice and equity among rural areas. Agrarian reform is a 100-year history of unfinished reforms after the United States took over the country from the Spaniards. Before the Hispanic period, there were no owner-cultivators, only communal land owned by the barangay which consisted of a datu, freemen, serfs and slaves. The Spaniards replaced this traditional system of land ownership, similar to existing systems among several indigenous communities today and distributed the land (haciendas) to the Spanish military and the clergy or established encomiendas (administrative districts). The 1935 Constitution addressed the issue of foreign access to land, i. e. corporations must have at least 60% Filipino ownership, and use-rights were limited in time. Other reforms included limitations on interest rates on loans and an increase in the sharecropping share from 50% to 70%. But very little of these laws were really followed in practice and the Huk rebellion was born. Under the Magsaysay and the Macapagal administrations, land reform was again tackled, such as the Mindanao resettlement program and the Land Reform Act of 1955, but no significant results were really achieved in terms of scope and magnitude of land transfer. With martial law, the whole Philippines was declared a land reform area under PD 27. Significant progress was made, but the continued practice of the share tenancy system, coverage limitation to rice and corn lands, the many exemptions allowed and the shortcomings in support systems (although it was Marcos who set up the new Agrarian Reform Department) did much to limit the affectivity of the reforms in addressing the over-concentration of wealth problem and rural poverty. The CARP years since 1988 – for the first time the program covered all agriculture lands regardless of crop and tenurial arrangements. Land distribution increased substantially – about 7 million hectares with about 4. 2 million farmer beneficiaries. But the total figures hide disturbing underperformances. – and only about 1. 5 million hectares of private agricultural lands have been covered for an accomplishment rate of only about 50% after twenty years. – Moreover the lack of support services, funding and infrastructure, is still prevalent. Of the original estimate of P220 billion to complete the program, only P203 billion have been budgeted by Congress, of which only about P170 billion have been released. While there is significant empirical evidence that agrarian reform has yielded significant benefits and has the potential for even greater benefits, the fact is that it has encountered implementation problems. Regardless of the problems encountered by CARP, the point is that CARP is not the cause of the continuing poverty nor the obstacle to solving it. On the contrary, completing CARP in accordance with the mandate of the Constitution is a necessary condition to correct social injustice, and achieve sound agricultural development and economic growth. Of course, agrarian reform is not a panacea that will solve all our problems. Neither is education, nor health care, nor industrialization nor clean elections, nor honest leadership. The fact is that the path to growth with equity is a complex process because we need all the programs working together to succeed. In the final analysis, the future of CARP is a political decision of those in power with respect to two questions: – How much reform is the government willing to implement? – How much resources are government willing to devote to such reforms? Department of Agrarian Reform is the lead implementing agency of Comprehensive Agrarian Reform Program (CARP). It undertakes land tenure improvement and development of program beneficiaries. DAR conducts land survey in resettlement areas. It undertakes land acquisition and distribution and land management studies. The DAR also orchestrates the delivery of support services to farmer-beneficiaries and promotes the development of viable agrarian reform communities. The DAR logo shows the Departments acronym representing the institution and its role as the lead agency in the implementation of the Comprehensive Agrarian Reform Program (CARP). Green stands for fertility and productivity while yellow represents hope and a golden harvest of agrarian reform beneficiaries who are the recipients of the services provided by the Department via CARP. Both colors imply that economic growth and sound rural development can be achieved through agrarian reform. Mandate The Department of Agrarian Reform (DAR) leads the implementation of the Comprehensive Agrarian Reform Program (CARP) through land tenure improvement, agrarian justice, and coordinated delivery of essential support services to client-beneficiaries. Its Mission: â€Å"To lead in the implementation of agrarian reform and sustainable rural development in the countryside through land tenure improvement and provision of integrated development services to landless farmers, farmworkers and small landowner-cultivators, and the delivery of agrarian justice†, and Vision: â€Å"A nation where there is equitable land ownership and empowered agrarian reform beneficiaries who are effectively managing their economic and social development for a better quality of life†

The Macroeconomic Perspectives of David Ricardo, Karl Marx

The Macroeconomic Perspectives of David Ricardo, Karl Marx, and John Stuart Mill ECON 350 19 November 2012 Abstract The author surveys three influential economists of the Classical era—Ricardo, Marx, and John Stuart Mill—and introduces the reader to their Macroeconomic perspectives based on some of their more prominent Macroeconomic theories. David Ricardo David Ricardo was a Classical Economist who lived from 1772 to 1823.In his professional life he wore many hats: he was a businessman, a financer, a speculator, and a member of Parliament. But what he is most remembered for is the role that he played in the evolution of economic theory, alongside of such other greats as John Stuart Mill and Thomas Malthus, among others. In examining the economic theories which he espoused it is interesting to consider the part that his above-mentioned professions played in influencing his positions.Through his experience as a businessman was undoubtedly able to gain insights into the w orkings of industry; through his experiences as a financer and a speculator he gleaned invaluable insights into the workings of the financial system; and through his experiences as a member of Parliament he no doubt acquired insights into the workings of government and politics that does much to add credibility to many of his economic expostulations. Although he worked diligently in the fields of both Macro- and Micro-economics we will be focusing here primarily on some of his more distinguishing Macroeconomic contributions.The principals within this field of economics which we will be focusing on in particular are: The Law of Comparative Advantage, Comparative Statics, International Money Movement, and Deficit Spending. The principal which is arguably the most important and enduring contribution that David Ricardo ever made to the field of Economics is The Law of Comparative Advantage, also known as The Law of Comparative Cost. This was a principal that was originally developed by Adam Smith in his renowned work entitled â€Å"An Inquiry into the Nature and Causes of the Wealth of Nations. However, although Adam Smith first developed this principal it was David Ricardo who refined it and thus he is deserving of credit for his part in the formation of this economic principal. The Law of Comparative Advantage was first mentioned by Ricardo in his work entitled â€Å"On the Principals of Political Economy and Taxation. † It is based in â€Å"specialization. † and is a â€Å"law† which we see operating all around us in present times. Basically this law takes one of Adam Smith’s observations–that specialized units within a manufacturing process leads to increased efficiency—and applies it on an international scale.Adam Smith’s observation was that when manufacturing a particular type of item, if each worker present were to work on an item from start to finish they would be inefficient and slow and would not be able to produce nearly as much of the items as would a factory of workers who were separated into specialized units, each unit having the responsibility of completing one of the processes necessary for manufacturing the particular item. Ricardo took this one step further and applied it on a macro level.He noted that different countries, for various reasons, have specific goods that they are particularly adept at producing. He further noted that if countries had to provide for all of their needs internally then they would be unable to focus their attention on the things that they did particularly well. On the other hand, if each country were able to focus on producing the things that they did well then they could produce exponentially more of them and could trade amongst each other for the things that they needed but did not produce internally.Also, he took the Opportunity Cost into account and noted that even if one country did everything better than another it would still be practical for the lesser country to manufacture items for the greater country since the greater country would see the highest returns if they focused their time, money, and energy on the things that they did particularly well. This was actually quite a big deal during Ricardo’s since Protectionist policies were hindering free trade, which Ricardo was a proponent of as can be seen from his Law of Comparative Advantage.One of Ricardo’s first interactions in the economic dialogue of his time was based around the Quantity Theory of Money. At the time there was something going on in Britain that would come to be known as the â€Å"Bullion Controversy†. Basically, as a result of a potential war the British government temporarily suspended the obligation of the Bank of England to convert its notes into gold. During this time agricultural prices rose (which some people attributes to poor harvests) and gold prices went up. It is on this second point that Ricardo chimed in. Ricardo argued that the rise in gold prices was actually the result of inflation.According to him, since the bank wasn’t obligated to exchange their notes for gold they were printing more notes than they had gold to back them. This flood of currency, Ricardo said, was creating an excess supply which was devaluing the currency and thus causing inflation (Laidler, p. 12). Karl Marx Karl Marx is probably best known for the work that he co-authored with Fredrick Engels entitled â€Å"The Communist Manifesto† and also for his work entitled â€Å"Capital. † He is also arguably one of the most well-known of the Classical Economists, or of any group of economists for that matter.In addition to being an economist he is also renowned for his work in the fields of philosophy, sociology, history, and journalism. Karl Marx was a staunch Socialist and the vast majority of his contributions to the field of economics revolved around a singular event that he believed would inevitably o ccur sometime in the future and would bring about the fall of Capitalism, replacing it instead with a Socialist society that would eventually evolve through natural means into a Communist society. Marx saw society as segregated units of distinct classes.In his mind there was a constant struggle going on between these classes as a direct result of one class having dominance over the other. The two classes that he was particularly concerned with were the Proletariat and the Bourgeoisie. The Bourgeoisie were representative of the wealthy Capitalists—this included factory owners, entrepreneurs, and the like. In other words the Bourgeoisie was composed of those individuals who were able to create great wealth for themselves as a direct result of the Capitalist system. Aristocracy and the like were not included as among the Bourgeoisie.The Proletariat on the other hand were those individuals who worked in the factories, et cetera, of the Bourgeoisie. These were the blue collar work ers of their time and the lower class members of society. In Marx’s opinion the Bourgeoisie had taken advantage of the Proletariat by making themselves wealthy off of the labor of this oppressed class. Furthermore Marx felt that the base nature of the work that the Proletariat was given to do was stifling. Last and worst of all Marx felt that these workers were not being fairly compensated for their work.What we now call Recessions and Depressions Marx referred to as â€Å"Crises. † He felt that these Crises were the direct result of disproportionalities in the Law of Supply and Demand. According to Marx the amounts of items supplied to markets and the amounts demanded were in a constant state of tension because they were always seeking to achieve equilibrium but could never quite do so. Since this often led to more of an item being supplied than was demanded by the market, the market became flooded and the item’s price would drop significantly.Businesses in the ir current state could not survive off of these minimal returns, and workers ultimately suffered as a result. Marx believed that workers were not paid adequately during good times to compensate for these Crises, whereas the Bourgeoisie ultimately became wealthy despite these Crises. Marx did not blame the Bourgeoisie but instead saw them merely as a product of their environment. He did, however, feel that this environment which ran according to the tenets of Capitalism was inherently flawed.Marx believed that the Proletariat would eventually revolt against this flawed system and would take manufacturing into their own hands. At first a Socialist form of government would be set up and would be run by what Marx referred as the â€Å"Dictatorship of the Proletariat. † This would only be a temporary institution however and it would eventually become obsolete and dissolve naturally and from that time on Communism would be the sole system that would guide the economy, government, a nd society as a whole.John Stuart Mill John Stuart Mill was born in England and lived between 1806 and 1873. He was both an accomplished philosopher and economist and is recognized as one of the greatest thinkers of his time. His father, James Mill, was a respected philosopher, economist, and political theorist. James Mill was also a contemporary and close friend of David Ricardo and was influential in the Classical Economics movement of his time.Because of James Mill’s intellectual circle of friends, and also because of his strict tutelage, John Stuart Mill was, from a very young age, privy to much of the political, philosophical, and economic discussions and arguments of his day. Because of the influence of his father and also because of his close acquaintance with David Ricardo and others in his father’s circle, he would continue to hold to and defend many of their opinions and precepts throughout the course of his life. John Stuart Mill was also a contemporary of K arl Marx although Mill was apparently unaware of who Marx was.Although Mill wrote volumes of literature on the topic of economics during the course of his lifetime, there is one particular topic that seems to be especially relevant in shaping an understanding of his macroeconomic perspective and so it is on this topic that we will focus our attention. Thomas Stowell tells us in his book entitled â€Å"On Classical Economics† that â€Å"the three major controversies in economics during John Stuart Mill’s lifetime were disputes over Say’s Law, the Malthusian overpopulation theory, and the theory of value (p. 134). The first is a macroeconomic concern whereas the second and third fall under the banner of microeconomics. Therefore it is on this topic that we will now focus our attention: Say’s Law, also known as the Law of Market, was founded on the presumption that money is used solely as a means of initiating transactions and that in the end transactions u ltimately consist of one commodity being traded for another. Say believed that producers are eager to get rid of their products because of price fluctuation which could cause their devaluation and because an unsold product produces no return on investment.Say also believed that producers were equally eager to get rid of the money they acquired through transactions because money’s value fluctuates as well. In order to get rid of money it must be traded for some product or service and thus through this cycle economic growth is created. Say believed that â€Å"gluts† occurred when too much of one product was created, thus flooding the market. This, the law states leads to a loss of revenue for the producer, who in turn consumes less due to this loss of revenue.Because of this lowered consumption there is an overall reduction in demand in the economy as a whole. This reduced demand leads to unemployment and recessionary conditions. It should be noted however that these con sequences ultimately result not from an inadequate supply of money with which to purchase goods, but from markets supplying more of one particular product than is desired and not enough of others. John Stuart mill was a huge proponent of Say’s Law although he did appear to alter some parts of it slightly throughout the course of his life. ReferencesBalassa, Bela A. (1959). John Stuart Mill and the Law of Markets. The Quarterly Journal of Economics, Vol. 73, No. 2. Balassa, Bela A. (1959). Karl Marx and John Stuart Mill. Weltwirtschaftliches Archiv. Bordo, Michael D. ; Schwartz, Anna J. (1984). A Retrospective on the Classical Gold Standard, 1821-1931. University of Chicago Press. Chicago, IL. Brandis, Royall. (1985). Marx or Keynes? Marx and Keynes. Journal of Economic Issues. Vol. 19, No. 3. Campbell, Martha. (1997). Marx and Keynes on Money. International Journal of Political Economy. Vol. 27, No. 3 Davis,Timothy. 2005). Ricardo’s Macroeconomics: Money, Trade Cycles, and Growth. Cambridge University Press. New York, NY. Laidler, David. (2000). Highlights of The Bullionist Controversy. Retrieved from http://economics. uwo. ca/faculty/laidler/workingpapers/highlightsof. pdf. Lutz, Mark A. (1979). The Limitations of Karl Marx’s Social Economics. Review of Social Economy. Vol. 37, No. 3. Sowell, Thomas. (1974). Classical Economics Reconsidered. Princeton University Press. Princeton, NJ. Sowell,Thomas. (2006). On Classical Economics. Yale University Press. New Haven, Conn.