Institutional racism: it is real Essay

Power, wealth, and prestige. These are elements that humanity has been striving for since the age of man. Inherent in these objectives is struggle. Who shall be dominant? To whom shall the prevailing structure of society be based? In modern society the power, wealth and prestige has been the blanket that wraps Western European culture. Out of the hubris has emerged a backlash of outrage that many from different racial groups have expressed over the disproportionate number of power positions (CEOs, VPs, owners of football clubs, to owner’s of the local pub) that are Western European. This has become a standard or defined norm of rightness and often righteousness wherein all others are judged in relation to it. This norm is reinforced through institutional and economic power. It is the combination of these elements that makes complete power and control possible. Introduction Power, wealth, and prestige. These are elements that humanity has been striving for since the age of man. Inherent in these objectives is struggle. Who shall be dominant? To whom shall the prevailing structure of society be based? In modern society the power, wealth and prestige has been the blanket that wraps Western European culture. Out of the hubris has emerged a backlash of outrage that many from different racial groups have expressed over the disproportionate number of power positions (CEOs, VPs, owners of football clubs, to owner’s of the local pub) that are Western European. This has become a standard or defined norm of rightness and often righteousness wherein all others are judged in relation to it. This norm is reinforced through institutional and economic power. It is the combination of these elements that makes complete power and control possible. It is important to remember that an established norm does not necessarily represent a majority in terms of number; it represents those who have ability to exert power and control over others (Axelson, 1998). What is Institutional Racism? This type of power dominance is called institutional racism (IR). IR has its roots in racism which has many definitions: Racism: Attitudes, practices, and other factors that disadvantage people because of their race, color or ethnicity. Racism can be directed against any race, color or ethnicity. Some examples of racism are obvious, such as graffiti, intimidation or physical violence. Racial and ethnic slurs and â€Å"jokes† are other examples. Unfortunately, they are often ignored because people do not know how to deal with them. Other forms of racism are not obvious, such as discrimination in hiring and apartment rentals, or policies that disadvantage members of certain races, whether intentionally or not. Racism exists at three main levels: individual, institutional and cultural. (http://www. rose-hulman.edu/safezone/glossary. html) or Racism: The intentional or unintentional use of power to reinforce prejudice to isolate, separate, exploit and disadvantage other racial groups based on a belief in superior racial origin, identity or supposed racial characteristics. Racism is more than just a personal attitude; it is the systemic or institutional form of that attitude. Prejudice + Power = Racism. (http://www. lsuagcenter. com/en/administration/about_us/Human_Resources/Diversity_Center/dictionary/index. htm#R) or Racism: 1. An act of discrimination based on an ideology of racial superiority. 2. The institutionalization of collective prejudice resulting in a system of advantage based on one race having power over others. This subordination is supported by the actions of individuals, cultural norms and values, and the institutional structures and practices of society. (http://principles. ucdavis. edu/glossary. html#R) Institutional racism has just as many definitions: Institutional Racism – The conscious and/or unconscious belief in the superiority of the dominant racial group that manifests itself in the inclusion of other dominant racial group members and the exclusion of other racial group members. (http://www. lsuagcenter. com/en/administration/about_us/Human_Resources/Diversity_Center/dictionary/index. htm#I) or Institutional racism: The network of institutional structures policies, and practices that create advantages and benefits for Whites, and discrimination, oppression, and disadvantage for people from targeted racial groups. The advantages created for Whites are often invisible to them, or are considered â€Å"rights† available to everyone as opposed to â€Å"privileges† awarded to only some individuals and groups. (http://www. purchase. edu/Diversity/dictionary.aspx) or Institutional Racism: (Systemic Racism) Racism conveyed in practices, customs, rules and standards of organizations, including governments, that unnecessarily disadvantage people because of their race, color or ethnicity. They do not always involve differences in treatment. Educational requirements that are not related to actual job duties are an example. (http://www. rose-hulman. edu/safezone/glossary. html) Relevance of Institutional Racism The above definitions that define racism and institutional racism are varied in the context of their language. However, their ideas are inclusive, similar and are all correct depending on who uses that definition. A much more comprehensive definition of institutional racism would be: The intentional or unintentional use of power to reinforce prejudice to isolate, separate, exploit and disadvantage other racial groups based on a belief in superior racial origin, identity or supposed racial characteristics. conveyed in practices, customs, rules and standards of organizations, including governments, that unnecessarily disadvantages people because of their race, colour or ethnicity. They do not always involve differences in treatment. This subordination is supported by the actions of individuals, cultural norms and values, and the institutional structures and practices of society. Other forms of racism are not obvious, such as discrimination in hiring and apartment rentals, or policies that disadvantage members of certain races, whether intentionally or not. [name of student] The question that needs to be asked is, â€Å"Just how relevant in today’s modern society is institutionalized racism? † Look around and see who has key positions in the world’s various multinational companies. Take a look at sports teams and see who has ownership. Observe who is on the cover of the majority of magazines and look at who we follow as our cultural icons. Without the use of numerical and empirical studies and only utilizing the gift of sight it can be pronounced that the majority who has these positions are Western European. IR occurs when the structure of an organization, political system, or business allows racist attitudes to be integrated in its system. Such trends may occur within an institution without their intentional injection or inclusion within that institution. Examples of IR: people of colour under-represented and misrepresented on television, racially biased standardized tests used to determine who will be admitted to higher education programmes and institutions, reliance on low-paying immigrant labour by farms and factories. A branch of IR called â€Å"the glass ceiling† is one of the most pervasive forms of institutional racism (Massingale). The glass ceiling refers to the general tendency for the existence of an upper limit in the high ranks of corporations, above which it is rare for a minority to appear. The Federal Glass Ceiling Commission, an American produced report states that only 29 percent of the nation’s work force is made up of white males, while those individuals hold 95 percent of corporate senior management positions (Massingale). One extremely controversial example of institutional racism is racial profiling. This involves creating a portfolio and list of criteria that is used by law enforcement to identify perpetrators.

A Bad Spell for a Worst Witch Essay

Mildred Hubble returns to Miss Cackle’s Academy for Witches for her second year, determined to lose her embarrassing reputation as â€Å"the worst witch in the school†. After Maud Moonshine and Enid Nightshade arrive, the three bump into two first-years (one of whom reminds Mildred very strongly of someone, the other with ginger frizzy hair in bunches). The one who seems familiar bursts into tears and clings onto Mildred when she hears that a lot of the teachers (including Miss Hardbroom) are quite strict. Mildred also accidentally slips a made-up story about Miss Hardbroom turning a student into a frog when she was just two seconds late for a lesson. To the girl’s horror, they also learn that Miss Hardbroom will be replacing Miss Gimlett as their form-mistress for their second year. The next morning, a fire bell rings. Mildred scrambles into her clothes but notices outisde her window Miss Hardbroom standing in the playground surrounded by hazy purple smoke. Thinking she is in a state of shock, Mildred tries to douse her in freezing cold water but the bucket slips off her broomstick and lands with a clang on Miss Hardbroom’s head. See more:  Capital budgeting essay After witnessing the bucket incident between Mildred and Miss Hardbroom, Ethel Hallow confronts Mildred at lunchtime saying that the girl she told the frog story to was her younger sister, Sybil Hallow. After prodding at Mildred, Mildred loses her temper and insults Ethel’s family (â€Å"All you Hallows are weeds, weeds, weeds! â€Å"). After an unfortunate flying lesson, where Tabby makes another terrifying attempt to avoid sitting on the end of the broomstick, Miss Hardbroom sends Mildred to her room to calm down. When sitting in her bed, however, Mildred accidentally falls asleep and doesn’t hear Ethel creeping into her room. Mildred is awoken by her bedroom door shutting only to find that everything looks giant-sized, even Tabby. She peeks in the mirror only to find that somebody has turned her into a frog. Whe jumping onto her bed, the frog-Mildred notices a tatty handful of weeds on her pillow, no doubt left by Ethel as a reference to her family’s insult and why she turned her into the frog. Panicking, Mildred squeezes under the gap under her bedroom door and hops off to a potions lesson where everyone has noticed that she has disappeared. Miss Hardbroom, however, discovers her and puts her in a jar. During the potions lesson, Mildred manages to escape from the jar and hops over to Ethel’s desk where she drinks an invisibility potion that turns her invisible. Taking advantage of her invisibility, the frog-Mildred hops out of the academy and lands in the lilypond on the castle grounds. In the lilypond, Mildred meets another frog who also was a human once called Algernon Rowan-Webb. Algernon reveals that he was turned into a frog by one of his fellow magicians after the two had an argument. Algernon also reveals that the one thing he is craving is some toats and crumpets with butter. Promising to come back for him, Mildred hops back up to the academy where Maud and Enid instantly recognise her. They take her to Ethel where she reluctantly turns her back into a human. Miss Hardbroom comes by and Ethel tells her that she caught Maud, Enid, and Mildred sneaking around the school. Miss Hardbroom is just about to give Mildred a punishment, when she notices that Mildred’s feet are still invisible. Mildred tells Miss Hardbroom what really happened. Miss Hardbroom tells Mildred and Ethel to go to her office the next day. In the morning, Mildred and Ethel have a brief squabble about who’s fault it was until Miss Hardbroom turns up. After the full story is explained, Miss Hardbroom bans both of them from attending the Halloween ceremonies (which was the only chance Mildred would have to come into contact with a magician who could turn Algernon back into a human). With no other options, Mildred feels she has no choice but to kidnap somebody who is going to the Halloween festival. She tricks a third-year witch, Griselda Blackwood, into looking under her bed for an imaginary beetle where Mildred ties her up and gags her and takes her cat. Later, Ethel discovers Griselda being held captive in Mildred’s room and the two fly off to the festival to turn Mildred in. Mildred gives herself away and barges up to Mr. Hellibore where she gives him the box that contains Algernon. Mr. Hellibore, who was one of Algernon’s fellow magicians at the time of his transformation, turns him back to his human form. As a last request from Mildred, Mr. Hellibore magic’s up a pot of tea along with some toast and crumpets with butter. The three head off to enjoy the supper.

Relationship between SAT Scores and Family Income Essay

What is the Relationship between SAT Scores and Family Income of the Test Takers around the World? Introduction The SAT examination is mostly in today’s world of academics, a requirement of getting accepted into collage. Not only is it enough to take the examination but the student has to pass with an average score or above to even have his/her application be considered. Many students around the world recognize this and therefore apply to prep schools for the SAT or their parents send them to a higher educational institution for that purpose. The prep schools such as Princeton are not cheap however as it helps give advice on how to best tackle the SAT examination, neither are higher educational institutions. Also it can be considered a luxury service by some middle class and low class societies in the world to be able to attend either one. This being said, the SAT prep course and higher educational institutions are, as a result, aimed at the high class societies in the world or those who can afford it. If this is true, it would put families with a higher income at an advantage for their children to get accepted into collage compared to families who cannot afford for their children to take the course or school fee and learn the advice of how to pass the SAT examination with a high score. Are the collages which students aim to be accepted into for a better education really based on which families can afford for their children to take the SAT prep course or learn at a higher educational institution? The data collected from Collage Board in year 2007 was analyzed to determine whether there is a relationship between SAT scores and family income of the test takers around the world (Rampell). Statement of Task The main purpose of this investigation is to determine whether there is a relationship between SAT scores and family income of the test takers around the world. The type of data that will be collected is the SAT scores and family income of the two-thirds of test takers who voluntarily reported it to collage board when signing up for the SAT examination worldwide. The SAT scores are used to determine how high of a score the test taker got and family income to determine the possibility to send their children to SAT prep schools or better educational institutions. The data used to generate the data breaks down the average score for ten different income groups of $20,000 range. Plan of investigation I am investigating the relationship of SAT scores and family income of the test takers around the world. I have collected data on SAT scores and family income of the test takers around the world. With the collection of data that I have acquired, a number of mathematical processes were used to analyze the data: a scatter plot of the data, calculation of the least squares regression line and correlation coefficient. I am going to do a χ2 test on the data to show the dependence of SAT scores and family income of the test takers around the world. Mathematical Investigation Collected Data Family income of test takers| Percentage of test takers within each family income group| Critical reading| Math| Writing| ∑| Less than $10,000| 4%| 427| 451| 423| 1301| $10,000–$20,000| 8%| 453| 472| 446| 1371| $20,000–$30,000| 6%| 454| 465| 444| 1363| $30,000–$40,000| 9%| 476| 485| 466| 1427| $40,000–$50,000| 8%| 489| 496| 477| 1462| $50,000–$60,000| 8%| 497| 504| 486| 1487| $60,000–$70,000| 8%| 504| 511| 493| 1508| $70,000–$80,000| 9%| 508| 516| 498| 1522| $80,000–$100,000| 14%| 520| 529| 510| 1559| Table 1: Mean SAT scores per section categorized in family income of test taker in 2007 More than $100,000| 26%| 544| 556| 537| 1637| This bottom row, the â€Å"More than $100,000† I am going to consider as an outlier therefore excluded in all calculations as it goes from $100,000 up to the millions of dollar of income which is too wide of a range to include into the calculations of this assessment. Graph 1 shows the average SAT score Vs. family income of test taker. As of now, there seems to be very strong positive correlation. It does appear that the SAT scores improve as the family income increases. (Graph was generated through Microsoft Excel) Calculation of the Least Squares Regression The Least Square regression identifies the relationship between the independent variable, x, and the dependent variable, y. It is given by the following formula: y-y= SxySx2 (x-x) where Sxy= xyn- xy and Sx2=x2n-x2 Table 2: Values of Least Squares Regression x| y| xy| x2| 15000| 1301| 19515000| 225000000| 25000| 1371| 34275000| 625000000| 35000| 1363| 47705000| 1225000000| 45000| 1427| 64215000| 2025000000| 55000| 1462| 80410000| 3025000000| 65000| 1487| 96655000| 4225000000| 75000| 1508| 113100000| 5625000000| 85000| 1522| 129370000| 7225000000| 95000| 1559| 148105000| 9025000000| ∑ = 495000| ∑ = 13000| ∑ = 733350000| ∑ = 33225000000| x = 55000| y = 1444.44| xy = 79444444.44| x2 = 3691666667| These are the calculated values used in finding the Least Squares Regression Sxy= xyn- xy Sxy= 7333500009- 79444444.44 Sxy= 2038888.893 Sx=x2n-x2 Sx=332250000009-3025000000 Sx=25819.88897 y-y= SxySx2 (x-x) y-1444.44444= 2038888.893(25819.88897)2 (x-55000) y= 0.0030583333x+1276.231666 Calculation of Pearson’s Correlation Coefficient Pearson’s Correlation Coefficient indicates the strength of the relationship between the two variables (SAT scores and family income of test taker). It is given by the following formula: r= SxySxSy where Sx= x-x2n, Sy = y-y2n and Sxy is the covariance xyn- xy. Table 3: Values of Pearson’s Correlation Coefficient x| y| x-x2| y-y2| 15000| 1301| 1600000000| 20576.30864| 25000| 1371| 900000000| 5394.08642| 35000| 1363| 400000000| 6633.197531| 45000| 1427| 100000000| 304.308642| 55000| 1462| 0| 308.1975309| 65000| 1487| 100000000| 1810.975309| 75000| 1508| 400000000| 4039.308642| 85000| 1522| 900000000| 6014.864198| 95000| 1559| 1600000000| 13122.97531| ∑ = 495000| ∑ = 13000| ∑ = 6000000000| ∑ = 58204.22222| x = 55000| y = 1444.44| | | These are the calculated values used in finding the Correlation Coefficient. Sx= 25819.88897 Sy = 58204.222229 Sy = 80.4185041 r= 2038888.893(25819.88897)(80.4185041) r=0.9819360378 r2=0.9642983824 The calculation r2=0.9642983824 suggests that the strength of the association of the data is very strong since 0.90 < r2 < 1. I compared this value of r2 with the standard table of coefficient of determinations which places it in the â€Å"very strong† category (Whiffen). r2=0.9642983824 y= 0.0030583333x+1276.231666 Graph 2 indicates that there is a strong positive linear correlation. This is also indicated through the value of correlation coefficient, 0.96.(the graph was generated through Microsoft Excel ) Calculation of a χ2 test The χ2 test is used to measure whether two classifications or factors from the same sample are independent of each other – if the occurrence of one of them does not affect the occurrence of the other. χ2= fo-fe2fe Observed Values: | B1| B2| Total| A1| A| B| A+B| A2| C| D| C+D| Total| A+C| B+D| N| Calculations of Expected Values: | B1| B2| Total| A1| A+B(A+C)N| A+B(B+D)N| A+B| A2| A+C(C+D)N| B+D(C+D)N| C+D| Total| A+C| B+D| N| Degrees of freedom measure the number of values in the final calculation that are free to vary: Df=rows-1(columns-1) Null (H0) Hypothesis: SAT scores and family income are independent from each other. Alternative (H1) Hypothesis: SAT scores and family income are dependent from each other. Table 4: Observation Values Score| Income($)| 1300-1430| 1431-1561| Total| 15000 – 55000| 4| 1| 5| 56000 – 96000| -| 4| 4| Total| 4| 5| 9| Table 2 shows the observed values for SAT score Vs. family income. The data pieces have been put into ranges that represent the income of the families of the test takers. Table 5: Calculations for the Expected Values Score| Income($)| 1300-1430| 1300-1430| Total| 15000 – 55000| 4+1(4+0)9| 4+1(1+4)9| 4+1| 56000 – 96000| 4+0(0+4)9| 1+4(0+4)9| 0+4| Total| 4+0| 1+4| 9| Table 3 shows the individual calculations for each of the expected values. Table 6: Expected Values Score| Income($)| 1300-1430| 1300-1430| Total| 15000 – 55000| 2.22222| 2.77777| 5| 56000 – 96000| 1.77777| 2.22222| 4| Total| 4| 5| 9| Table 6 shows the expected values retrieved by the calculations in table 4 χ2= fo-fe2fe χ2= 4-2.2222222.22222+1-2.7777722.77777+0-1.7777721.77777+4-2.2222222.22222 χ2=5.759995408 Df=rows-1(columns-1) Df=2-1(2-1) Df=1 The χ2 critical value at 5% significance with 1 degree of freedom is 3.841. As the χ2 value is greater than the critical value, 5.760>3.841, the null hypothesis is rejected and SAT score is assumed dependent from family income. Discussion/Validity Limitations Throughout the investigation between the correlation of SAT scores and family income, various limitations may have affected the outcome of the results. One limitation of the data collected could be that it only reflects on the people who filled in the family income section before signing up for the SAT. There is no evidence that the data reflects everyone who has taken the SAT score as there may be people who did not fill that section. Another limitation could be that not everyone in the world decide to take the SAT, people who cannot afford it or take alternative tests are being neglected. Also the data does not confirm of how many SAT takers are being considered. The data can be proved insufficient and inaccurate for those reasons. There is also a limitation in the data as it states income of â€Å"$100,000 and above†. That could mean that the data goes on unto family incomes of millions which is not proportionate to the other ranges of family income given. Due to this however, that piece of data was left out in the calculations. Continuing, there might be a limitation to the recording of the data itself as SAT takers are to take a survey where they mention family income when signing up for SAT. This might cause a problem as many SAT takers, mostly in ages 15-17, do not know the actual income of their family therefore wrong data may be entered. Then there could be a limitation to the data due to culture and race. The data does not mention culture and race which might affect the data as there might have been more American surveys who mentioned family income compared to Asian who answered the survey. Another limitation is that the table of expected values in the χ2 test has all values less than 5 which reduces its validity.   Adding on to that, there might be a limitation to the amount of data that was collected as 9 pieces of data may not prove to be sufficient enough to reflect the correlation between SAT scores and family income in a world perspective. Lastly, there may be many other factors taking place when considering the correlation between SAT scores and family income such as reasons for having a high family income and IQ of SAT test takers. Conclusion Despite of the previously mentioned limitations, the found χ2 value, 5.760, rejects the null hypothesis that SAT scores are independent from family income and accepts the alternative hypothesis that SAT scores are dependent from family income. Furthermore, the investigation clearly shows that there is a strong and positive correlation between SAT score and family income as it can be an assumed dependence from each other. Work Cited Rampell, Catherine. â€Å"SAT Scores and Family Income – NYTimes.com.† The Economy and the Economics of Everyday Life – Economix Blog – NYTimes.com. 28 Aug. 2009. Web. 01 Nov. 2010.. Downey, Joel. â€Å"SAT Scores Rise with Family Income.† Cleveland OH Local News, Breaking News, Sports & Weather – Cleveland.com. 10 Apr. 2008. Web. 01 Nov. 2010.. Whiffen, Glen, John Owen, Robert Haese, Sandra Haese, and Mark Bruce. â€Å"Two Variable Statistics.† Mathematics for the International Student: Mathematical Studies SL. By Mal Coad. [S.l.]: Haese And Harris Pub, 2010. 581-82. Print.

Earth and Space Science Essay Example | Topics and Well Written Essays - 2000 words

Earth and Space Science - Essay Example Instruments connected to aircrafts and space based platforms of satellite devises perform the function of remote sensing with the analysis of the electronic data recorded during the emission of such radiation for the establishment of forecast ideas. This is a process involving the transmission of radio waves of different frequency through different zones of the atmosphere, some of whom are absorbents of the radiation with the presence of atmospheric gases such as water vapor, carbon dioxide and ozone (Remote sensing, n.d.). Therefore the areas of electromagnetic spectrum where these gases are present are known as absorption bands. Absorption bands are represented by a low transmission value associated with specific ranges of wavelengths. On the other hand, the electromagnetic spectrum of the atmosphere with little or no absorption of the radiation due to the absence of atmospheric gases is called atmospheric windows. They are transparent to radiation and allow the transmission of spe cific wavelengths to the earth’s surface. The instrumentation of new devices is of great effect with the aviation and weather forecasting as they collect data from the reflections of sunlight from a line-of-sight with an object as well as record the frequency modulations on the basis of presence of carbon dioxide and other gases. ... The essential purpose of this classification is meant for the optimum use of all the brightness levels available in the data. The photo integrated wavelength data are classified into two categories; supervised classification and unsupervised classification. The former is used for extracting quantitative information from remotely sensed photo data in order to separately allocate the available data into different known pixels to produce agent parameters for separate classes of interest. Most scientists use the MLC (maximum likelihood classification) classification with advantage of the mean vectors and multivariate spreads of each class. The effectiveness of supervised classification under MLC depends largely on the reasonable levels of accurate estimation of the mean vector m and the covariance matrix for arriving at each spectral data. The problem posed by this classification tool is that the accuracy of the estimation depletes when the classes are of a multimodal distribution (Liu, n.d.). The other classification model is the unsupervised classification. The basic feature of this classification is its independence to human interface by using some clustering algorithm to classify the image data. This classification model is essential for the identification of the number and location of the unimodal spectral classes on the basis of the image data. MMC or migrated means clustering classifier is the tools used in this model for labeling each pixel to unknown cluster centers with intend to move the pixel form one cluster center to another for accurate analysis of the image (ibid). 3. The radiation used for image analysis of the remote sensing function falls subject to the interaction between electromagnetic radiation and the

Strategic View of The NRF 97th Annual Convention & Expo Case Study

Strategic View of The NRF 97th Annual Convention & Expo - Case Study Example The presenter recommended that building of mutual aid networks, tightening the management, communicating effectively, being foresighted and taking preventing measures are the way to minimize the losses occurring from the threat to homeland security. The human resources are considered to be the most valuable assets of a company. They are also referred to as the 'intellectual assets' of the company since they are knowledgeable about the company's policies, processes, and workings. Managing these assets properly (talent management), prevents a business from making losses. By efficiently managing these resources, the company can do more with less. The important thing is not to let employees leave their company because when an employee leaves the company, he/she takes away the knowledge with him/her. Therefore the presenter recommends that jobs should be made more interesting, working should be team based to increase motivation, the working environment should be friendly yet challenging and rewards and credits should be given to individuals for their ideas and contributions. (Huang, 1998) Crime in the business vicinity takes a major portion in the losses incurred by the company. Shortage in the merchandise caused by employee theft and shoplifting, accounts for 78% of the losses in the merchandising business, while errors make up the rest. According to the presentation, organized retail crime is behind most of the shrinking merchandise. Their intent is to steal desirable products with the intent to resell. These sales can be made at a local pawn shop where approximately they receive 30% of the retail price. With the technological advances, they can also send these items online where no links of stolen goods can be found and get up to 70% of the value. However, return fraud is also very common where people return the stolen items back to the retailers by creating counterfeit receipts and tickets. To prevent these issues the presenter recommends the use of intelligence sharing, installing tracking equipment like GPS, data mining to analyze fraudulent trends, training an d Education programs to catch their people and invigorating the legislative efforts to put stricter punishments for the offenders.

Migration, cultural diversity and integration in contemporary Britain Essay

Migration, cultural diversity and integration in contemporary Britain - Essay Example This integration and acceptance could involve recognizing the others’ practice as right or even adopting some of the practices which are to be found in the other people involved. One of the major contributors of having youths from divergent backgrounds studying in the same universities is as a direct result of migrant labour. In this respect you may find that one’s parents went to a foreign country looking for a job opportunity and since people of many nationalities do emigrate looking for job opportunities, it is only obvious that we are going to have a situations whereby the different youths involved tend to develop multicultural social capital (Arthur,2004). Social capital has been defined as Social capital is a sociological concept, which refers to connections within and between social networks. Harzig and Hoerder discuss the issue of migration in detail and he points out the negative opinions which are cast upon immigrants. They are viewed as â€Å"hands† or â€Å"braceros† instead of hearts and heads. The following dialogue involves two young university student in Paris France. Partner A (Asamoah) has his origins in Ghana while Partner B (Louis) has his origins in Cameroon both countries in West Africa. ASAMOAH: I am Asamoah Gyan, My parents come from Accra Ghana. We came to France when I was five years old. My parents are career diplomats and thus I had to join a French school and upon the end of my parents’ tour of duty they felt it advisable to have me left behind in France so as to complete my university studies. I chose an African because we have a lot to share as we both come from the continent and hence we should have a lot in common. LOUIS: I am Louis Mitchell and my country of origin is Cameroon. My whole family lives in Douarra second largest city in Cameroon. I have always wanted to join a good foreign university and being from a Francophone country I was able to benefit from a Scholarship from the government of France. I thus had my early education back in Cameroun and only came to France for my higher education on a scholarship. I chose a Ghanaian national owing to the close proximity between our two countries and being Africans, we have a lot in common. Questions. ASAMOAH: Louis could you tell me about your social capital in terms of how you find yourself accepting to the races, gender sexuality and religion in Britain? LOUIS: I find it very difficult to interact with the foreign people and I am more comfortable being in the company of my fellow Africans and especially those from French speaking countries. On issues of gender, I find the British more tolerant towards women but I hate the legalization of homosexuality and on the religious issue the French are not religious at all. ASAMOAH: Why do you abhor the legalization of gay unions in Britain? LOUIS: That is unheard of in African culture. In my own country being caught engaging in such an activity attracts a very severe penalty an d furthermore the individuals concerned are ostracized from the society. ASAMOAH: what kind of penalty could that be and why is it considered unAfrican to engage in such activities? LOUIS: In my country, penalty for being day is imprisonment for a term of at least twenty years in prison and in rural areas where traditional justice is dispensed you find that those who are caught engaging in such activities are put in a beehive and rolled off a hill. It is considered unAfrican to engage in homosexual relationships because that is what has been passed from

What Factors did Account for South Africas 1994 Transition to Essay

What Factors did Account for South Africas 1994 Transition to Democracy - Essay Example This period was associated with racial, social, political and economic segregation which led to apartheid. On February 2nd 1990, President FW Clerk released a speech that hinted to a decisive moment in South Africa’s struggle for democracy (Decalo 7-35)1. The day is highly regarded by many South Africans as it marked the commissioning of the release of Nelson Mandela (11th of February) and other detainees who had been arrested in the process of the struggle. This paved way for open negotiations. South Africa had been going through long struggles for democracy in a sub-society that chiefly consisted of whites at the helm of leadership and power and non-white sub-society with little or no influence in governance matters. Factors that led to the transition in South Africa can be classified as both internal and external. In his book, Coups and Army Rule in Africa: Motivations and Constraints, Samuel Decalo, argues that the transitions that led to democratization in South Africa we re majorly internal. The democratic changes that occurred in SA are also linked to international factors. According to Sola Akinrinade and Amadu Sesay in their book Africa in the Post-Cold War International System (eds.) the external factor that influenced transition in South Africa includes democratization in Eastern Europe and the End of Cold War. ... The limited freedom of expression saw most opposition parties denied access to the media when conducting their political functions. The media content was normally dominated by news on the authoritarian governments. This had to be curbed with revolution being the only effective tool (Decalo 20).4 Another factor suggested by Decalo is the institutional factor (25-35).5 Most of the dynamics that characterized the negotiations were institutionalized in the post apartheid period. This led to a significant stability and consolidation of democracy. The rules, norms, formal and informal principles were widely accepted by the majority making the transition process possible. According to Decalo, the most crucial dynamic that underwent institutionalization is constitutionalism whereby all political groupings and civil organizations accepted the rule of law. The democratic changes that occurred in SA are also linked to international factors. According to Sola Akinrinade and Amadu Sesay in their book Africa in the Post-Cold War International System (eds.) the external factor that influenced transition in South Africa includes democratization in Eastern Europe and the End of Cold War. The end of World War II saw a rise in global political struggle for power between the United States and its associates from the West, and the Soviet Union and the Warsaw Pact, allies of the Soviet Union in Eastern Europe (Akinrinade & Sesay, 92-128).6 According to Akinrinade and Sesay (1998), the Eastern Europe group had less developed governments democratically and in the 1980s, the Soviet Union and its Eastern Europe allies went through vigorous democratic transitions, a period that also saw East and South East Asian countries leave

The film, Aviator, illustrates the terrible problems sometimes Research Paper

The film, Aviator, illustrates the terrible problems sometimes associated with Obsessive Compulsive Disorder in both the life of - Research Paper Example Analysis of the Film Aviator Aviator is a film based on the life of one of the most significant personalities in the field of aviation, Howard Hughes. His story is exceptional due to his achievements in two fields namely filmmaking and the field of aviation. The story presented his feat in his first movie which is entitled Hell’s Angels, a war film that he had made through his trait of being perfectionist. At around the same time, Hughes explored the construction, engineering and production of different types of planes (Aviator film 2004). Howard Hughes explorations and successes in different fields are the main highlights of his life. He is one of the greatest Americans of his time because he is known as an not only as an aviator but also engineer, industrialist, film producer, director, and one of the wealthiest man in the world. His endeavors and projects were financed on his billion dollar inheritance from an equally inventive father who had developed the drill bit or the Hughes rollerbit which became the main apparatus for 75 percent of the world oil wells (Brown and Broeske 10). Through his life though, Hughes had one considered flaw which was his behavior. He is considered by people around him as a person who was very hard to get along with. His exaggerated attention to details often caused and escalated problems in his work and his interactions and relationships with other people. His behavior ranges from minor actions described by people who know him as bizarre to serious and threatening circumstances that often lead to accidents in his flight or lost of relationship with a woman or with work acquaintances (Brown and Broeske 165). Hughes profound personality attracted the interest of medical experts. Thus in the long run he was considered as the most well known example of a condition referred to as obsessive-compulsive disorder (OCD). One of the experts who studied Hughes life, Dr. Jeffrey Schwartz who is a professor in UCLA School of medicine a nd a forerunner in the research on OCD confirmed that the aviator’s ‘four decades of profound emotional anguish.’ Upon recognition of Hughes’ case, his life and behavior became one of the most studied cases of OCD in countries all over the world. Another expert who concluded that Hugh Hughes has OCD is Dr. Anthony Dietrich. He is the son of Noah Dietrich who is the Hughes Empire Chief Executive Officer. Hughes characteristics namely nonconformity, over adventurous disposition can be considered as general signs of his struggle to control obsessions and compulsions (Brown and Broeske 184). In his life, the effects of OCD covered different aspects of his life such as his job, his behavior, his life choices and his relationships and interactions with people surrounding him. It is then important to study the present knowledge, information and developments on the condition which is one of the main themes in the film Aviator. Obsessive-Compulsive Disorder, OCD Ob sessive-compulsive disorder, OCD, is a type of anxiety disorder. It is described as a condition which is based on the fixation to undertake ‘recurrent, unwanted, thoughts or obsessions and/or behaviors that are repetitive or referred to as compulsions.’ Compulsions are performed to be able to achieve a feeling of satisfaction and temporary relief. Failure to perform such rituals can

Debate about the true market value of Telstra shares and about the Essay

Debate about the true market value of Telstra shares and about the financial management of the company - Essay Example Aside from the aforementioned services, it is also involved in the provision of cable distribution and management of business information technology or telecommunication services. The company also provides wholesale services to other carriers, carriage service providers, and Internet service providers (Telstra Corporation Limited 1). The company has made its IPO (initial public offering) in 1991. Currently, the company is under joint public/private ownership, with the Australian government holding 51.8% of its share as of the mid-2005 (Telstra 1). The privatization of Telstra has begun in the late 1990’s by the coalition government. However, full privatization which would mean divesting all the government’s shares had been blocked until the 14th of September 2005. The true value of the company’s stock is currently under hot speculation from the different industry players. Experts assert that the company’s stock is overvalued as some financial information were revealed to the government, the company’s largest stakeholder yet remained concealed to the remaining 1.6 million shareholders. The company had allegedly borrowed US$500 million from its reserves to cover its dividend payout in 2005 and another US$2.5 billion for its dividend obligations in 2006. It was also reported that the company needs a minimum of US$3 billion cash outlay in order to rehabilitate its faulty lines. This investment is necessary as Telstra Limited Corporation had not been making investments to maintain its lines (Haynes 20-21). This information significantly affected the value of the telecommunication giant as investors become wary of the true performance of the company and its future directions. During the first week of September, the market value of its stocks plunged to its lowest in two years. Stock prices further dipped reaching $4.00. After its IPO in 1997, Telstra Corporation Limited has become a profitable investment in security, giving healthy

Innocent Smoothies Essay Example for Free

Innocent Smoothies Essay What is branding? Branding is the process involved in creating a distinctive look for a product or company to create desire and trust from the customers for the product or company. A way a company can use branding is by having a unique logo or motto because it’s a way for the public to recognise the brand. The name of the company is another method of branding, because if your company has a name that stands out from others it will catch people’s attention, and people will be familiar with what you’re talking about and who they are purchasing from. There are 3 different types of branding: Product branding, service branding and corporate branding. Product branding is a specific product for example Nike Air by Nike. It’s a unique part of branding because it’s a small part of the main brand. Service Branding is a specific service by a brand for example iTunes by Apple as that is just a music downloading service, while Apple is a multi product company. Corporate branding is a larger part of branding because it’s a brand that applies to a variety of products within one company, for example Malteasers are a part of the Mars Inc. corporate brand. Branding in Action: Innocent Smoothies and Children In Need This company was founded in 1998. They started with smoothies and from there expanded into food, juice and children’s smoothies. They concentrated on a health focus of their products contained 2 of your 5 a day. Innocent have about 78% market share. Innocent smoothies use an angel with a halo with no mouth as their logo; they use this as their logo to persuade customers that their products are ‘innocent’ like angels and that they are good for you and your body. This logo is a significant part of the Innocent brand because they use a distinguishable logo; no other well known brand uses a smiley without a mouth and a halo. Innocent is also uniquely recognisable because its marketing is that it’s healthy and good for you, this health aspect is a major part of Innocent’s branding. Innocent add value to their products by saying how healthy they are and how good they are for you. They only use recyclable packaging when they first formed their recycling eff orts stood at  70% they are now at 100% which is a huge achievement. The company use lots of different combinations of flavours, some you would not think of putting together. All their products are natural, no added flavours. They do their best to promote their brands by making a big thing out of being good for your body. Parents are more likely to buy as there are no additives. They boost their image as more people buy the products as lots of people are health conscious now. They also do various promotions like a woolly hat campaign to raise money for charity. They changed the name of their product to make it more successful, their previous name was Naked. That would have needed a completely different promotion as they want to be associated with good. These businesses need to promote themselves for people to see them and to recognise them for doing something differentiating them from competitors. Innocent smoothies promote themselves by doing unique things that other brands don’t, for example they notified customers how much the bottle had been recycled and they eventually had a 100% recycled bottle Children in Need are a charity in the UK that was founded in 1980. As a charity they have raised over  £600 million and they help to change the lives of disabled, vulnerable and young people of the UK. Children in Need raise money doing baking activities, fancy dress events and they encourage the public to do sponsored challenges and they have a big Children in Need television show. The Children in Need brand is best known for Pudsey the bear and its big telethon around November. Pudsey is highly recognisable in the brand because he has a unique eye patch that makes him stand out from any other mascot bear. Pudsey is also another way for Children in Need to attract children because he is a character as well as a mascot. The Children in Need brand is well known for its telethon in BBC, people recognise the telethon because it’s on a Friday night on a channel that is advert free so people are more likely to tune in. The telethon is well known for its challenges and celebrity e ndorsement and they also will have a combination of two well know shows for example Eastenders and ITV’s Coronation Street called ‘East Street’. Children in Need add value to their product by having unique merchandise; the products are unique because of Pudsey as he himself is a unique mascot. They add value to the customer because they emphasise the fact that all the money they make will go to a good cause which makes  people sympathetic, and even people who are not concerned about the children will donate because the products they provide are ‘fashionable’. Children in Need’s brand personality is that they help children and therefore that they’re caring and considerate. They are a fun charity and do a lot of fundraising events and activities, which is attractive to children and parents. Their ethical image is a large benefit to their company because people will recognise that what they do will help unfortunate children, and that will increase their customer preference for donating to their charity. This will enable them to raise more money therefore they will be able to do more fundraising and provide more entertainment. Them being seen as a fun charity will help them because the public can be encouraged to get involved in their work as it is enjoyable as well as helping at the same time. If the branding for Children in Need was not successful, and did not make them appear to be caring and considerate, then people wouldn’t donate and they would boycott from donating and participating from their fundraising . If they weren’t a fun charity then people wouldn’t be as interested in donating to their charity and they wouldn’t be as well known as they are now. They need to promote themselves so they can raise awareness of their various charities, for example in Southend they help the following charities: Southend Association of Voluntary Services, Southend Mencap and Southend Mind. Children in Need differentiate themselves by the way they promote their company, for example they have popular celebrity endorsement in their adverts. They need to differentiate themselves from other charities so that they can stand out so they can get more donations. The Children in Need charity promote their service by having famous and popular comedians in their shows and they have well known children entertainers. Another way they use promotion is by the way they have the show on BBC One where there are no TV adverts, so no adverts for competitor charities. They also promote themselves by having well known supermarkets selling their product and supporting them, for example Asda. They also use paper promotion, for example leaflets and flyers and billboards. T he most popular way they are recognised is by advertising using their mascot Pudsey. Innocent is environmentally friendly , recycle , sustainable ingredient sources, super market promo , festival , tv , humor Children in need :  helping , money 4 good , super market promotion , tv , humor Marketing mix a key tool in marketing. The marketing mix is usually vital when deciding a products marketing and include the following P’s : Pricing , Promotion, Place and Product. I will be talking about the Innocent Fruit Tubes and how the marketing mix is used in branding. Fruit tubes are a yoghurt mad by Innocent and they are made from 100% fruit and they have 2 different combination flavours: Strawberry mixed with raspberry and mango and pineapple. The company are proud to say that this product has no artificial sweeteners or any added sugar and lumpy bits. This product has and overall rating of 4.5/5 and a majority of 5/5 ratings. The packaging is designed for kids, you can tell this by the way it is very colourful and the fruit logos on each tube has a character name and an interesting fact. The size of the packaging is small and easy for customer and children to manage. The Innocent Fruit Tubes are roughly priced at around  £1.99 for a average packet of 6 tubes. The yoghurts are priced at roughly  £0.33 per yoghurt which is a reasonable cost and affordable for many people Innocent promote their fruit tubes by having promotional offers such as 12 tubes for just  £3.00 and they use TV, magazine, billboards and posters to promote their Fruit Tubes. They will have a sales team who will go and pitch their product to popular supermarkets and confectionary retailers. The most well known promotional campaign they used was The Big Knit which was when they appealed for members of the public to knit mini woolly hats for their innocent products to help raise money for the elderly and to keep people warm during the winter. Innocents Fruit tubes are on sale in multiple different places for example super market stores or online super markets and shops, cafe’s and sandwich bars. The product is distributed all over the UK as well as many places in Europe such as: Belgium, Denmark, Germany. France and many other countries in Europe and in the Maldi ves .

Strategic Management Of Starbucks Marketing Essay

Strategic Management Of Starbucks Marketing Essay The aim of this project report is to critically analyse the strategic issues being faced by an organization. The organization chosen for this task is the company Starbucks, which will be analysed using relevant concepts reviewed in the module using appropriate theory and models. The report structure would start with a brief introduction to the company Starbucks followed by the strategic issues faced by the firm. The issues are outlined before in the report based on the analysis which has been carried out using the above models. After discussing the current and recent issues facing Starbucks the company analysis would follow which would be supported with relevant theory and application of suitable models. After completing the industry analysis conclusion and recommendations would be provided for Starbucks to counter the strategic problems. The Starbucks Company was founded in Seattle in 1971 by Jerry Baldwin, Gordon Bowker and Zev Seigel with a vision to educate American consumers about the fine coffee drinking experience. In 1987 Howard Schultz took over the Starbucks Group, he wanted to create the Italian espresso bar experience in America by creating a personal relationship between the customers and their coffee. Just within a couple of years they grew from a small coffee business house to a multi-million dollar player in the industry by buying only the best coffee available and providing the people with an unmatched store experience. As standing, Starbucks is number one in the speciality coffee industry, with more than 12,000 shops in more than 35 countries. The Starbucks mission statement is To inspire and nurture the human spirit one person, one cup and one neighbourhood at a time. Freshly brewed coffee is the main product offered by Starbucks along with other drinks which include cold and hot teas, cakes and pastries. The Starbucks coffee comes in a many varieties each possessing a different taste, aroma and flavour. In addition to its extensive product offerings, Starbucks has many brands including; Starbucks Hear Music, Tazo Tea, Starbucks Entertainment, , Ethos Water, Torrefazione Italia coffee and Seattles Best Coffee. The successful management of all of these brands pulled together constitutes the Starbucks portfolio. Starbucks is also one of the most globally conscious corporations in the world.  Ã‚  In 2006 Starbucks donated $36.1 million in cash and products, volunteered 383,000 hours in local communities, required growers to use strict environmental guidelines, used 20% renewable energy in stores, and actively recycled in almost 80% of stores in US and Canada. Starbucks has established itself as the coffee leader in the world and has done so on a socially and environmentally conscious platform.   STRATEGIC ISSUES FACING STARBUCKS The major challenge that Starbucks is dealing with is the current financial crisis in the world economy forcing them to call closures of many stores around the world. Another challenge that Starbucks is dealing with is competitors. There are numerous coffee shops all over the world and being able to stand out to generate customers is important. Their main competitors are Dunkin Donuts, McDonalds, and Nestle in the US and brands like Costa Coffee and Caffà ¨ Nero in the UK, the two major markets for Starbucks. It is important that for Starbucks to know their competitors and what they are currently doing. Also Starbuck coffees are priced higher than other market competitors because of Starbucks only purchasing the highest quality coffee beans for their product, thus increasing the price of the drink giving the competitors a cost advantage over Starbucks. Also Starbucks inadequate marketing strategy on advertising is a hindrance in the business growth opportunities. They prefer to build the brand by promoting the drinks cup-by-cup with customers. The advertisement ends until they drink the coffee, reducing the chances to attract valuable customers. Starbucks also does not emphasize on distributing their products to supermarket because of being concerned with the quality of the coffee; if the coffees were packaged into plastic bags. Also the rigorous expansion strategy followed by Starbucks can take a toll on the firms brand image. As corporations grow there can be a tendency to focus too heavily on increasing output and locations, and less focus on quality and brand image. Starbucks needs to stay with its values and ideals that have made it successful. Also Starbucks policy of not franchising can be a cause of concern for the firm. Advantages of Starbucks franchising would be to open hundreds of new stores with less risk to the company, and make profits in doing so. In addition Starbucks would have less research and development costs because the franchisee would have greater knowledge of the local market in terms of demographics, psychographics, geographic, and local/state/country regulations. Consumption of coffee is not dependent on the price of the product but also on the differentiation between each product and several value adding variables such as the quality of customer services, brand, brand recognition and image of the company. Hence, Starbucks is not majorly sensitive to movements of other firms in this segment. 2. THREAT OF NEW ENTRANTS Starbuck is the world leader in its industry and has controlled access to distribution channels. Starbucks have exhibited this control over distribution channels by setting guidelines for their suppliers to follow. Starbucks is also constantly innovating and showing strong product differentiation to hamper the possibility of new entrants. However, the entry barrier for the industry is relatively low and any big firm where capital is not a problem could be a potential entrant. Some of the more current and on-going threats of new entrants include fast food chains such as McDonalds, Burger King and Dunkin Donuts which can become a major problem in the near future. 3. BARGAINING POWER OF BUYERS A big threat to Starbucks is the absence of switching costs in the speciality coffee industry, customers face no switching costs in switching from Starbucks to Costa Coffee or Caffà © Nero for a cup of coffee. Another threat to Starbucks is that their customers have the ability to brew their own coffee. Starbucks has tried to counter this threat by offering Preferred Office Coffee Providers as well as directions on how to make the perfect cup of Starbucks coffee at home, called the Four Fundamentals of Coffee. The perfect cup of Starbucks Coffee includes, of course, Starbucks ingredients! Also with new entrants and competitors such as McDonalds who claim to offer premium roast coffee of reasonable quality for lower price, it is clear that Starbucks customers have some bargaining power in the industry. 4. BARGAINING POWER OF SUPPLIERS Coffee is the worlds second largest traded commodity. South and Central America produce the majority of coffee traded in the world. Starbucks depends upon both outside brokers and direct contact with exporters for the supply of premium coffee beans. The quality of coffee beans sought by Starbucks is very high, proving to be a potential threat to the company. Only suppliers who can meet Starbucks coffee standards will be able to supply the giant company. The supplying industry only has few firms which can deliver the quality giving them considerable bargaining powers. However, Starbucks counters this due to its massive size and being the primary buyer and also because of the importance of Starbucks business to any individual supplier as it would account for a large percentage of the total suppliers sales, thus reducing the bargaining power of suppliers. Starbucks has to effectively pursue a Focus-Based Strategy in conjunction with differentiation and a cost leadership based strategy. Being a lower cost store will increase the difference between Starbucks and provide it with a competitive edge. At present, Starbucks competitors are attempting to specialize in the coffee business, therefore Starbucks must pursue focus strategy to increase its strength. Starbucks must reduce their product price by producing a new product of coffee using cheaper beans or can come out with special discounts and promotions to reduce cost, thus increasing sales enabling Starbucks to enter new low cost markets and increase profitability. Also needs to focus on building alliances in new markets/countries to reduce management focus and benefit from the local and experience curves. Should focus on advertising the brand through internet services for users to access, do road shows, hand out brochures etc. so that consumers become more aware of the brands strong international presence and brand name. Market penetration and market development will help increase the sales. Access unexplored distribution channels like making available packaged Starbucks coffee for consumers by displaying it nationwide in various convenience and shopping stores and not only Starbucks stores. Starbucks must adopt twin policies of Product Development and Product-Market Diversification to counter the stiff competition in international markets. It is important to understand this in the product development phase as they would need to focus solely on making their existing products better. The company can demonstrate product and market diversification through research and development coupled with creativity and innovation. Product differentiation has proven an excellent defence against threats such as bargaining power of buyers. Developing new products will offset such potential risks. A strategy should be formulated to tackle the competition by entering into agreements, long-term contracts, with the food service companies that they are competing against. This way their coffee would be sold at these outlets and they would gain access to new markets and increase sales while decreasing competition. Starbucks should continue to be a first mover into markets with new products and ideas. Being a first mover of new products into new international markets will be an excellent way for Starbucks to build customer loyalty and uphold its image as an innovative company. Starbucks should continue to locate their operations in high traffic areas, high visibility areas. The company should continue to take excellent care in picking locations. It is extremely important that Starbucks international stores reflect uniqueness in their location and layout. Having locations in a variety of locations will ensure large market exposure.

Why Is There No Universally Accepted Accounting Theory?

Why Is There No Universally Accepted Accounting Theory? Abstract This paper discusses the statement: there is no universally accepted accounting theory. In addition, it offers some basic and historical background regarding accounting and discusses the different approaches to develop an accounting theory, before describing three common accounting theories. Finally, the reality of the above statement and the factors that confront a universal accounting theory are debated. Introduction Accounting is a very old science as it is strictly related to the first forms of trade in the old world. According to Belkaoui (1992: 22), the Committee on Terminology of American Institute of Certified Public Accountants (AICPA) defines accounting as follows: Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are in part at least, of a financial character, and interpreting the results thereof. Belkaoui (1992: 22) believes that such a definition is limited and a broader alternative is offered that defines accounting as: The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information. Historical Background The history of accounting is of importance to those wishing to understand existing and future accounting practices. Historically, the first form of accounting practices was bookkeeping. Bookkeeping resulted from a need of ancient traders in Chaldean, Babylonian, Akkadian, and Assyrian civilizations (Belkaoui, 1992). Those ancient traders developed advanced trading practices to track their costs and incomes. This of course, led to record keeping as the best. Belkaoui states that the earliest known form of record keeping dates back to 3000 B.C. which was found in Old Irak (Belkaoui, 1992). Egyptian and Chinese civilisations also had old accounting practices for handling both treasury and other government accounts. In Greek civilisation, there was a famous accountant named Zenon. He managed the estates of Apollonius (a Greek minister of finance). Zenon was the first to introduce the first Responsibility Accounting System according to Belkaoui (1992). In the Roman civilisation, taxes and social classes were dependent on declared properties. As a result, taxpayers were supposed to submit clear financial statements. Of course, these factors enforced the existence of bookkeeping in the ancient world. During the sixteenth, seventeenth and eighteenth centuries, a huge transition in accounting took place. Luca Pacioli introduced the Italian double-entry method. Later on, new methods were introduced to handle fixed assets (Belkaoui, 1992). According to Schroeder and Clarke (1998), between the years 1900 and 1973, several bodies were introduced to establish and improve financial accounting standards, practices, and reporting. These bodies included the American Institute of Accountants (AIA) which was established in 1916.Then, in 1934, the Securities and Exchange Commission (SEC) was established. In 1937, the American Institute of Certified Public Accountants (AICPA) was formed as a result of a merger between the AIA and the American Society of Certified Public Accountants(Schroeder and Clarke, 1998). Accounting Theory A theory in its simplest form is an explanation of a certain phenomena, a set of observations. The theory can be understood as a generalisation used to organise data into meaningful information. Glautier and Underdown (1991) argue that theories are supposed to be concerned with the explanation of a set of observations. Also, they argue that relating an existing theory to a set of observations or coming up with a theory that relates to a set of observations is essentially having the same objective which is providing an explanation to these observations. Need for an Accounting Theory Webster define a theory as a systematic statement of principles. Also, it gives a more detailed definition: A formulation of apparent relationships or underlying principles of certain observed phenomena which has been systematically accumulated, organised, and verified well enough to provide a frame of reference for future actions (Schroeder, Richard et al., 1998:1). The second definition gives some reason for the need of an accounting theory. These reasons include organising accounting practices and handling future changes. Of course, a theory can be applied into practical areas of interest. An accounting theory makes it easier to understand accounting in a professional way. Developing Accounting Theory: Approaches and Methods An accounting theory should provide accountants with guidelines for how to represent a summary of financial data for activities during a year. Of course, this information should be useful to people who are going to use it in making decisions and judgments. Glautier and Underdown (1991) list three common approaches that have been used to develop accounting theory previously. These approaches are: Descriptive Approach Decision Usefulness Approach Welfare Approach They classified the Decision Usefulness Approach into two types: empirical and normative (Glautier and Underdown, 1991). On the other hand, there have been several approaches to develop accounting theory. These approaches make use of other classical methods of reasoning such as the ethical, sociological and economic approaches. The descriptive approach developed theories that are concerned with what accountants should do. Descriptive theories use induction. Usually, inductive reasoning will begin by making enough observations by looking at similar instances and practices before drawing a generalised conclusion. Glautier and Underdown (1991) state that the descriptive approach has attempted to relate the accounting practices of accountants to a generalised accounting theory. Usually, descriptive approaches lead to descriptive or positive theories. These theories are concerned with existing accountants practices. Descriptive theories explain those practices and make it possible to predict future behaviours. Glautier and Underdown (1991) offer a useful example with regards to such predictions. By applying the descriptive theory, one can easily predict that the receipt of cash will be entered in the debit side of a cash book. The Decision Usefulness Approach resulted from the great interest in behavioural researches in accounting during the 1970s (Glautier and Underdown, 1991). This type of approach resulted into two main theories: Empirical and Normative theories. The Empirical theory resulted from the increase in empirical research in accounting. The objective of such research was to have reliable results that would positively influence decision making. This objective forced the use of advanced statistical techniques. The increase in university accounting courses resulted in a great number of students that were capable of carrying out advanced and sophisticated quantitative research. On the other hand, the Normative Theory concentrates on which decision models should be selected by decision makers in order to make logical decisions. The third approach mentioned by Glautier and Underdown (1991) is the Welfare Approach. This approach can be considered as an extension to the decision-making approaches. The main objective of the welfare approach is to increase social welfare through rational decisions based upon reliable accounting information. Common Accounting Theories Positive Theory The positive theory is mainly explaining existing accounting practices and observed accounting phenomena (Schroeder, Richard et al., 2001). Belkaoui (1992) believes that positive accounting theory is looking into why accounting practices have developed into the way they are today. Then, the positive theory explains or predicts accounting events. Many positive accounting theory supporters are optimistic due to that positive approach is getting more supporters. Belkaoui (1992) noted criticism of positive theory including the point that the theory concept is based on an obsolete philosophy of science and that theories of empirical science do not have positive statements on what is. Normative Theory The normative theory focuses on what should be instead of what is (Belkaoui, 1992). Therefore, it is on the contrary side to positive theory. This theory is based on a set of objectives. It was developed using the deductive approach that uses logic. Normative theory advocates agree on a set of objectives, believing that these objectives are the best for accountants. Then they deduce their hypotheses and principles. Their next step is to apply this theory to real life accounting practices and events. Actually, normative theory will depend on its advocates and the level of harmony they can reach on the agreed set of goals. Although the normative approach is very important in regulating the industry and developing new accounting practices, it may not handle possible future effects caused by new theories that may change accounting practice in the future. Agency Theory Agency theory tries to describe financial statements and their basic accounting theories (Schroeder, Richard et al., 2001). This theory emerged from the relationship that exists between managers and shareholders. Agency theory assumes that individuals always try to increase their own expected utilities. Also, it assumes that they are creative in doing so. This theory is based on the fact that there is an agreed relationship between two parties. The first is the agent (usually the managers of a firm) and the second is the principal or the stakeholders. The principal agrees to let the agent act on his or her behalf. This usually happens because stakeholders are not capable or not trained sufficiently well to handle the firm in the manner that the managers can. An issue arises here which is the conflict of interest. This issue can be solved through several methods that ensure mutual benefit to both sides such as bonuses or a percentage for the agents. One negative point regarding agency theory is that it is based on the assumption that both parties are trying to maximise his own expected utilities. This assumption is not accepted politically or socially. Universally Accepted Accounting Theory From the previous elaboration on accounting theories, it is clear that there are different approaches to develop them. In addition, there is a wide and diverse range of accounting practices all over the world. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in the United States of America. The obstacle that prevents GAAP becoming the principles on which global accounting theory is developed is that every country has its own standard accounting practice version of GAAP, usually set by a national governing body. Currently, there is no Universally Accepted Accounting Theory. It seems that having such a theory will not occur in the near future. This is due to many factors, including the fact that using different approaches to develop such a theory will result in different theories. Also, establishing international standards is a very tricky process due countries seeking to protect the privacy of their domestic legal and economic matters. In addition, it is difficult to have one theory that satisfies all needs. Of course, it is important to have guidelines to assist users with no accounting knowledge to understand company accounts. Also, there should be similar guidelines for accountants to handle multi-national firms and establishments. Conclusion Although some may argue that there is no need for such a universal theory as we are doing well without it, there is still a need for such a theory even if it is not as perfect as it should be. To sum up, establishing Universally Accepted Accounting Theory can be a very complicated process. This paper discussed the statement: there is no universally accepted accounting theory. It gave a brief historical background and some basic information relating to accounting. It discussed the different approaches used to develop accounting theories, as well as the three common accounting theories. Finally, the essay elaborated on the fact that currently there is no universal global accounting theory. References Belkaoui, A. (1992) 3th edition, Accounting Theory. London: Dryden Press Glautier, M. W. E. and Underdown B. (1991) 4th edition, Accounting Theory and Practice. London: Pitman Publishing Schroeder, R. G. and Clarke, M. W. (1998) 6th edition, Accounting Theory: Text and Readings. London :John Wiley Sons Inc. Schroeder, R., Clark, M. and Cathey, J., (2001) 7th edition, Financial Accounting Theory and Analysis: Text Readings and Cases. London :John Wiley Sons Inc.

Legalizing Drug Use Essay example -- Philosophy, Marx, Mill, Locke

The arguments that I have just laid out are not perfect and they have some apparent flaws that some philosophers would strongly disagree with, while there are other arguments that some of the great philosophers would agree with. I will critique the arguments that I have just laid out using the perspective of three different philosophers who all have their own ideas of how the state should function and the role of the citizen. The three philosophers that I will use in this critique will be Karl Marx, John Stewart Mill, and John Locke. The reason why I picked these three philosophers is because they all agree with some aspects of my writing, while disagreeing with others. One will disagree with the role of the state and the citizens, but agree with legalizing recreational drug use, while the other two will agree with the role of the state and citizens, but disagree with legalizing drug use. Karl Marx is the philosopher who would disagree with many of the arguments that I presented above. The reason why Marx would disagree with so many of my arguments is because he is a strong believer of the state being in charge of society and having complete control over the citizens. In the society that I created, it is largely a free society where the people are in charge of their actions and the government has a limited role in the daily transactions that are occurring between citizens. Marx would believe that in my society where there are different social classes, these classes would always be in a battle with one another and will be exploiting the lower class so they can make a bigger profit. In my society where the political economy is capitalism, there will be a wide variety of incomes. Some citizens will have more smarts, other... ...vious philosophers have showed that there are some minor critiques on my theory; however the general theories and principles are generally accepted and promoted in the writings of Marx, Mill, and Locke. Marx was the only one who would agree with the legalization of recreational drug use, while Mill and Locke would not have been in favor of it because of the harm it would likely cause to other people who would be involved by the use of these drugs. In regards to the function of the state, Mill and Locke would have agreed with my writing because the state is limited and the citizens are free to do as they wish as long as they do not interfere with other citizens rights. Marx would not have agreed with this because his philosophy of the state is communism. The three of these philosophers all agreed on certain aspects and disagreed on other aspects of my writing.

Billy Liar :: Drama

How I Would Play Billy Page 36, Act 2, Lines â€Å"†¦Rita, will you listen for one minute!†¦ No, listen to what I’m telling you!† Until Page 39, Lines â€Å"He can’t wash himself, never mind the pots.† The reason I chose Billy to discuss how I would play his role in the play is not only I was him in the short scene presented to the class, but he has more to him than meets the eye. There are so many things which distinguish Billy character, and make him unique. Billy is proposed to three different girls, he starts tells small fibs to make his life sound more interesting, but gradually people realise that he is lying and he makes up more lies to get himself out of trouble. Eventually his life seems to be based on lies. In the scene I have chosen it begins with Billy on the phone with the domineering Rita. He seems to be over powered by her frequent and poignant questions not to mention her intolerant attitude. In this case I would play Billy with a sense of awareness about him, as if he didn’t want anyone to hear what he was saying. By that I mean a softer voice, and he would keep looking over his shoulder to check no one was there listening. Towards the end of the phone call however I would make sure Billy would be getting worked up because Rita was saying that she would be going round there to collect the ring and she wouldn’t take no for an answer. Billy would raise his voice slightly, and he would be gritting his teeth trying to hold his anger in. Eventually Rita hangs up on him and he slams the phone down releasing his anger from the phone call. In the phone call I would have Billy pausing a lot, making it sound like Rita would be interrupting him. Also I would have him say the line â€Å"Of course it’s all right...† with a very soft and gentle tone, trying to calm her down, and convince her that nothing has happened to her precious ring. On top of that this is the first case that you see Billy lying, in this particular scene I have chosen. The ring is certainly not at the jewellers, it is sitting on Barbara’s finger. During the phone call I would have Billy walking back and fourth about four steps at a time. This should represent that a lot is going on in his head and that he is nervous. I would have him waving his left hand around, as if he is making everything up on the spot, his right hand

Cell Phones- How Have They Changed Us Socially?

Some people might find it hard to believe that there was once a time when cell phones weren’t around. Having to recall a time when letters were used to get messages back and forth from one person to another. Then slowly we added the addition of phones. In the beginning phones were just a way to contact people if they happend to be home when called. Then we invented cell phones. With them we can make and receive calls in almost any location and we can send text messages . Cell phone use has increased in the past years because is really easy and economic to have one.Year into year cell phones become better and better. Today , except making and receiveing calls and also texting messages, we can do a lot of interesting things with them. For example we can listen to music, record voice notes, make video clips, play games, take pictures, access the internet and many other things. But there is also a bad side of cell phones. They affected the way we socialize these days; if you notic e people are starting to text their friends and family instead if actually speaking verbally.Many adolescents and also older generations spend more time sending text messages or chatting on Facebook than speaking You go out to dinner and look around and see people out with family but there is no conversations going on at the table mostly just huh†¦ yeah†¦ mmhm.. , because they are busy texting someone not there on their phones. I feel human communicant is slowly disappearing among friends and family. You even see parent’s texting their kids when in the same house to discuss something with them. Our communication between each other is depending on a little electronic device.People use cell phones in public places, and during church. I have even seen ten-year olds walking across the street texting their friends instead of paying attention to the cars. If things continue like this, I feel we will forget how to deal with certain communication situations face to face. If you ask my opinion, I would very insulting to get dumped over a text. If you think that is bad you should have seen the percentage of people who admitted texting or talking on the phone while using the toilet Cell Phones- How Have They Changed Us Socially? Some people might find it hard to believe that there was once a time when cell phones weren’t around. Having to recall a time when letters were used to get messages back and forth from one person to another. Then slowly we added the addition of phones. In the beginning phones were just a way to contact people if they happend to be home when called. Then we invented cell phones. With them we can make and receive calls in almost any location and we can send text messages . Cell phone use has increased in the past years because is really easy and economic to have one.Year into year cell phones become better and better. Today , except making and receiveing calls and also texting messages, we can do a lot of interesting things with them. For example we can listen to music, record voice notes, make video clips, play games, take pictures, access the internet and many other things. But there is also a bad side of cell phones. They affected the way we socialize these days; if you notic e people are starting to text their friends and family instead if actually speaking verbally.Many adolescents and also older generations spend more time sending text messages or chatting on Facebook than speaking You go out to dinner and look around and see people out with family but there is no conversations going on at the table mostly just huh†¦ yeah†¦ mmhm.. , because they are busy texting someone not there on their phones. I feel human communicant is slowly disappearing among friends and family. You even see parent’s texting their kids when in the same house to discuss something with them. Our communication between each other is depending on a little electronic device.People use cell phones in public places, and during church. I have even seen ten-year olds walking across the street texting their friends instead of paying attention to the cars. If things continue like this, I feel we will forget how to deal with certain communication situations face to face. If you ask my opinion, I would very insulting to get dumped over a text. If you think that is bad you should have seen the percentage of people who admitted texting or talking on the phone while using the toilet

I Spy

To compare these three short stories, â€Å"l Spy' by Graham Greene, â€Å"The Mark on the Wall† by Virginia Woolf and â€Å"Harrison Bergeron† by Kurt Vonnegut, we have to take into consideration aspects like plot, points of view, conflicts, theme and also, if occurs, symbolism. â€Å"l Spy' takes place during the first World War. The main character is Charlie Stowe, 2 years old kid. The story shows the idea of fear coming from both Charlie and his father.Charlie is afraid that he will get caught when he leaves home in the middle of the night and hides in his father's tobacconist's shop. His father is afraid that he will be arrested for being a spy. The story is told by an third-person narrator. Author used central consciousness in narration, so he takes a reader inside a character's ind to reveal perceptions, thoughts, and feelings on a conscious or unconscious level, suggesting the flow of thought as well as content.Complete sentences may give way to fragments as t he character's mind makes rapid associations free of conventional logic or transitions. The reader can feel what the character feels. â€Å"l Spy', â€Å"The Mark on the Wall† and â€Å"Harrison Bergeron† – Comparison conventional logic or transitions. The reader can feel what the character feels. I Spy By chonio

After Wwi East Asia and North Merica Ap World History Essay

After world war one East Asia and North America responded similarly to economic growth and social structure, while taking opposite decisions concerning politics and international relations. Both countries grew economically due to industrialism and their standard living improved by opting for western lifestyle. But japan was involved in war and with no thoughts of stopping while the United States was remaining out of it. To start with, United States and japan had similar ideas regarding their social structure. As the united stated was evolving in improving standard living, japan was moving towards western cultural values. In the United States woman’s rights and labor was beginning to be a normal idea and even birth control comes into the picture. While in japan gender equality, freedom of expression and dignity of the individual where being embraced. All of this because allot of men had to fight in war and people where needed to do work, women took a step and did it becoming not only efficient for working but also economically independent. In other words countries standard living was rising with more people being comfortable with their way of living and not rebelling because of having more rights. Moreover United States and japan had their difference regarding their international political position. While japan gets involved in war, the United States opts for isolationism. Although world war was over and japan had seen the deaths and devastation they decided to invade Manchuria a city in china and one year later invades Shanghai because of a minor conflict but also because Japanese where waiting for an excuse to conquer china for resources, after the battle of Shanghai 22 major battles followed. Meanwhile the United States stayed in their side provoking little problems. Not forgetting to mention that Japan and war one. Like that the United States and japan where in opposite sides of the war after The Great War, japan inside and the united states outside. In addition United States and japan both grew economically after world war one because their industrialism. Both of them got involved in the war very late that gave them more advantage because they had more weapons. Also their industry grew allot making more weapons to export and also they had more manufacturing. As well the United States was giving out loans to countries that where in a bad shape after war. These made both countries economically grow and become economically superior from other countries. In conclusion the United States and japan where similar regarding social structure and economics, they had their differences in their decisions to enter war again. Even more important is what would happened next and that despite their similarities they would end up as rivals and fighting against each other. Was that really the right choice?

Hamlet: Women of the Shakespearean Era

Hamlet: Women of the Shakespearean Era Women in Shakespeare’s plays are, for the most part, looked at as weak characters. There were only two main female roles in his famous play Hamlet. The two female roles in the play are Queen Gertrude, Hamlet’s mother, and Ophelia, Hamlet’s love and daughter of Polonius. These women are always being told what to say and do. They never speak up for themselves, and that creates trouble for them in the end. In William Shakespeare’s play, The Tragedy of Hamlet, Prince of Denmark the women are manipulated by the men, which causes Gertrude and Ophelia to die tragically.The double standards for women in this play are extremely common and many men everywhere use them. For example, the double standard that men can sleep around and women cannot. Laertes tells Ophelia that she should not give up her innocence to Hamlet because he has not saved himself for her and their love is not real, yet Laertes is not pure himself. This is ki nd of a ‘do as I say, not as I do† type of situation. Most double standards demonstrate that, males can do whatever they please and females get in trouble for most things.To be more specific, Gertrude and Ophelia were both told to talk to Hamlet so Polonius and Claudius could listen in and find out certain things about Hamlet. Ophelia was even forced to reject Hamlet when she loved him. Also, the women in the play are not free to marry whoever they desire. For example, when Gertrude married Claudius it was not really her choice to do so. The first time they disobey the men in this story is when things start to go bad. Ophelia ends up going crazy and drowning, and Gertrude drinks from a poisoned cup of wine and dies.David Bevington had quite a few things to say on the female roles in this play. He refers to Ophelia and Gertrude as â€Å"instruments through which Claudius attempts to spy on Hamlet† (Bevington 301). This is true because they listen to Claudius and do whatever he asks of them. Also, he says that Hamlet makes it known that the women are weak. Hamlet says, â€Å"frailty, thy name is woman† (I. ii. 146). This play shows that women have a manipulative side to them. Many forms of trickery occurred to Hamlet when he had not done anything wrong to the women.Ophelia makes it seem like she does not love Hamlet and gives him back his love letters to her at one point in the play. This entire play is just pure madness from the beginning all the way till the last act and scene. The females get caught up in the middle of the drama, and that is why they have the bad reputation we have. Joseph Campbell described to us in an interview about why women are portrayed how they are. He says that women have been seen as weak since the beginning of time.Most of the time it is because women are smaller and more fragile than the men are. You never see women doing anything for themselves, and if you do it is on a rare occasion. That is why women ar e portrayed and treated how they are. Work Cited Bevington, David. â€Å"Introduction to Hamlet. † Hamlet. William Shakespeare. Evanston: HarperCollins Publishers, Inc. , 1992. 301. Print. Campbell, Joseph. â€Å"The Hero’s Adventure. † The Power of Myth. Interview by Bill Moyers. Wellspring Media, Inc. , 2005. DVD. Shakespeare, William. Hamlet. Evanston: McDougal little, 1997. Print.

Promotion of Health within Adult Nursing Essay Example | Topics and Well Written Essays - 2000 words - 1

Promotion of Health within Adult Nursing - Essay Example The last part was the questionnaire that questioned about the individual daily limit, knowledge about three adverse physical effects of binge dinking, and assessment of level of information after visit to our booth. Eighty-one questionnaires were filled out with 100% response rate in question 1, question 2 demonstrated a failure arte of 1.23%, and on question 2, 1 out of 81 knew already about binge drinking, he did not know from the stand. There was very strong impact on the public, specially the university students with this group’s promotional effort on binge drinking. The slogan poster, â€Å"How Much is Too Much†, the snacks and the food, and the experiment and information all should have impact on the emotions of the students, embarrassment, insecurity, new knowledge, and enriched awareness about binge drinking. This project highlighted the fact that this kind of drinking is addiction, even if this is social outing to them as of now, in no time, this would transform into addiction, and they were aware of this possibility after coming into our booth. Our objectives were to let the visitors be aware about pros and cons of binge drinking, and since every one knew what his unit amount was, how many units make one a binge drinker and how that can affect the body in the long run, it can be considered that the objective of this promotional activity were met, although this is a trial setting and learning ex ercise, and predictive accuracy depends on the evaluation of the outcome after followup at 6-month or 1-year interval in the actual practice setting, and that is not possible in this setting because this is population in transition, many will be leaving the university in a short while, short enough to baffle any long-term promotional plans in the near future. Our experiment with the glass of wine measured the university students’ daily alcohol intake. We applied the group’s research data of daily over the limit allowance, and the group was well prepared to

The Closing Stock Market Price of Caffe Nero Research Paper

The Closing Stock Market Price of Caffe Nero - Research Paper Example When the stocks of companies are offered in the stock exchanges, like in this case of Caffe Nero, people will be encouraged to invest or sell stocks there. The potential investors of Caffe Nero will refer to the financial statements in deciding to invest in Caffe Nero. The financial statement is a big factor that will entice prospective investors to invest in Caffe Nero because of its 2005 net income of 1,719,000 pounds and 2004 net income is 1,684,000. Bankruptcy news can bring down the company’s stock price. News of a merger or acquisition by one big company of another big or small company will generate another round of huge investments in the new company. The prospective investors can artificially cause the stock market price of Caffe Nero to go up. The stock market price for a single stock of Caffe Nero has increased because many investors want to put their money in the income generating Caffe Nero. The closing price of Caffe Nero stock is very high due to its aggressive m arketing strategy. According to Allegra Strategies, the United Kingdom coffee industry will rise by more than 10% annually for the next few years. Stock market listing of the stocks of Caffe Nero and other companies will generate funds for their business. The stock market price is based on the basic economic principle of supply and demand principle. But if there are more people offering to dispose of their stock market shares in a company, like the Caffe Nero located in picturesque England than there are buyers, then the tendency is for the stock market price to go down. In the case of Caffe Nero, the market price just remained the same for the past years.

General Electric's Nuclear Radiation Research Paper

General Electric's Nuclear Radiation - Research Paper Example There is a lot of concern growing today on the ethical issues in the electric and nuclear radiation. Similarly, it also includes the nuclear weapons, the nuclear power, and the larger nuclear fuel cycle space (Hale, 2011). Currently, there is today the emerging ethical issue such as the number of wastes, health, and the entire environment that surrounds the production of the material. The effect of nuclear reactors is so wide that even reaches the areas where indigenous and the poor people in the society live (Katz, 2006). One possible effect is the injustice that people and even their future generation suffer as a result of radiations. The presence of the negative evidence that concerns with the nuclear industry have its concerns with world's issues such as politics, the science, and even the economics. In addition, it also includes the leaders who support the development of the nuclear industry such as Sir Mark Oliphant. Just in the same way as any other discipline, ethics in the g eneral electric, nuclear radiation industry defines the good and the bad that comes as it is used by human beings. The notion of ethics in reference to this industry, however, should not be confused with the ethics that has to do with classifying good or evil. This is because even the most respected lot in society may also find themselves indulging in the evil, even with their knowledge that such acts would lead to the cause of the evil things.Today issues of ethics are just but another faction in the discussions that relate to it.

The Financial Crises and The Collapse of the Lehman Brothers - ABD Essay

The Financial Crises and The Collapse of the Lehman Brothers - ABD - Essay Example The role of governments and that of economic theories had an equal amount of role to play in the control and monitoring function and the predictive ability and risk measurement respectively. The study of such indicators helps to understand and appreciate the importance of non financial factors as a cause of the recent financial crisis that shook the entire world (Kotz, 2009). The aftermath of the great financial crisis helps us to reflect upon the shocks experienced by the policy landscape and government policies and greed of bankers and the plight of the taxpayers. This has brought to focus, the need for enhancement of the role of the government in regulating and controlling the systems of the market from the inadequacies and the excesses. Also linked with these issues is the problem with moral hazards. The role of moral hazard has been identified to be central to the causes of the recent crisis and the learning from the controversy that can be drawn (Engelen et al., 2008). A moral hazard can be clearly defined as the responsibility of one party towards the interest of the other but where the interests of the former attain priority. For example, a person sells a financial product to the other but chooses only those funds for sale which provide him with the highest bonuses but might not hold any interest of the buyer. The risks associated with it are mutually borne by the seller and the buyer. The subprime was a typical example for the moral hazard theory where gains and social losses were privatized (Godechot, 2008). Financial risk management failures were caused primarily due to the ignorance of the systematic interaction between the different risk elements of the process. There were modeling errors that were based on the assumption of normal markets and ignored abnormal market situations. Such practice made the financial risk management system more prone to crisis rather than being less exposed. Credit default swaps and collateralized debt