The Road to Perdition - 821 Words

1. Analyse how one or more scenes showed the complexity of a character or individual in a visual or oral text. The Film ‘The Road To Perdition’, directed by Sam Mendes. Is a story where a father and his son travel across the wide and vast country named America. They are on the run from an unrelenting assassin. The film is set way back in the 1930’s America when the country was in the grip of immense gloominess. Embargo was still the law of the land and gangsters like Al Capone were at the height of their power. The audience is forced to plunge into this Underworld of crime as we follow the Sullivan’s on their journey to Perdition. During one of the scenes, Mike senior Hug’s Mike Jnr at the end of the scene with a mid shot shows a†¦show more content†¦This windscreen divider shows us the separation between both Michaels. It also helps us to understand how family and work are separate things in Sullivan’s life. This shows us a different type of complexity to what we see in other parts of the film because Michael Snr is not impressed at Michael Jnr for witnessing what he has done to these men. In all the above examples Mendes has effectively used the layout of the shots to enable us to see that Sullivan is a distant, detached and remote man. This shows complexity as in other shots Mendes shows us a completely different man and in fact, a family man who cares for his family and would sacrifice anything for them. The complexity that Mendes shows of Michael Sullivan Snr is confusing as he is so brutally power Hungary when working for the Mafia and he shows such a soft caring side when around hisShow MoreRelatedEssay on The Road to Perdition1580 Words   |  7 PagesThe Art of Film Film Review #1 The Road to Redemption The most appealing thing about Road to Perdition is its over-arching theme of redemption. Michael Sullivan (Tom Hanks), an Irish mafia heavy, wants more than anything to keep his son from following in his criminal footsteps. Even though father and son will eventually drive to a place called Perdition to lay low, the story’s title suggests that Michael has for many years been traveling the road to hell. He understands as much, and wantsRead MoreRoad to Perdition Essay example1016 Words   |  5 Pages Director Sam Mendes’ Road to Perdition is the officially-approved US film of the moment, overwhelmingly endorsed by the media and starring â€Å"America’s favorite actor,† Tom Hanks. An unstated assumption is that the movie’s pedigree makes it an obligatory cultural or quasi-cultural experience for certain social layers. It is a gangster film with darkened images meant to impart an art-house quality. Set in the early Depression era, it is also insinua ted that a social insight or two can be found lurkingRead MoreHow Is Hong Kong Independent Essay934 Words   |  4 PagesHong Kong is an inalienable part of China, and this is our common sense is known since our childhood! For the Chinese, our identity is the most important part of the Chinese, so I understand how they impact to the students inner. The refused to perdition, only independent poster is everywhere, cultural square and the campus buildings and hanging independence banner, even around the tree. A mainland female student cant bear these posters, so she tore all the posters. However, she had been alreadyRead More Restraint Essay937 Words   |  4 Pagesleaving other people to deliver the ivory. He has lost all good judgment and mainly follows his lusts. nbsp;nbsp;nbsp;nbsp;nbsp;Kurtz had become, in a white man’s perspective, uncivilized and crazy. â€Å"Each station should be like a beacon on the road towards better things†¦ but also for humanizing, improving, instructing† (Conrad, 29). The stations are centers for modernization and civilization. The farther Kurtz ventures away from the stations, the less civilized he becomes. Kurtz followed no rulesRead MoreComparing the Downfalls of Sophocles Oedipus and Shakespeares Othello1262 Words   |  6 Pageseach characters life. Both were victims of different villians that would lead to their ill-fated demises. A horrible prophecy where Oedipus was to murder his father and then marry his mother was the villain in Oedipuss case. He was on a road to perdition since the day he was born, because the prophecy made his fate unavoidable. Oedipus and his family tried to take every action possible from avoiding the prophecy. Laius and Jocasta even tried to kill their cursed son at birth, but their plan wasRead More The Prostitute In Dostoevskys Crime and Punishment, Notes from Underground, and The Meek One1416 Words   |  6 Pagessocietal dissent. Providence is strikingly illustrated here: Raskolnikov cannot survive without Sonias aid, but neither could Sonia have been redeemed if Raskolnikov had not come along in need of redemption himself; she would have continued on the road to perdition from which her charitable impulses tore her. What is Dostoevsky illustrating here? He is showing us the cruelty of inner struggle and the fact that this struggle can only be won through the power of grace and redemption. Sonia struggles withRead MoreIrreconcilable Realities, an Essay Written by Aaron M. Kenrner1427 Words   |  6 Pagesconsider who is telling it. Kurosawa uses camera placement, transition techniques, lighting and zoom to show the audience that they have all the information to make a conclusion, but it is impossible. In the scene from Road To Perdition (Sam Mendes, 2002), distance and movement is used to give the scene a deeper meaning. In the beginning of the scene, the camera pans to show the inside of the restaurant but stops on mob boss, John Rooney who is walking through the door frameRead MoreThe Super Bowl1222 Words   |  5 Pagessell its soft drinks. Former GOP member Allen West stated â€Å"If we cannot be proud enough as a country to sing â€Å"America the Beautiful† in English in a commercial during the Super Bowl, by a company as American as they come — doggone we are on the road to perdition.†. Allen West like some other Americans feels that Coca-Cola is trampling on American Ideals to sell their drink. Even through America has no official many Americans feel that English is America’s language and if you can’t speak English thenRead MoreBeyond the Problem of Evil Essay6495 Words   |  26 Pagespunish human beings for something that he, by virtue of his omnipotence, seems (at first glance, at least) ultimately responsible for. Does Augustine assert that this seemingly untenable aspect of reality, which is implied by the conjunction of human perdition and divine omnipotence, is nothing? Or that it merely *appears* evil when considered in isolation from the totality of which it is a part? As we shall see, the answer is in one respect no, but in another, yes. The answer is no, insofar as AugustineRead MoreEssay David Berkowitz: the Son of Sam .44 Caliber Killer1950 Words   |  8 PagesThis theory maintains that people enter into law violating careers when they are labeled for their acts and organize their personalities around such labels. In essence, if you continuously told a person that he/she was a â€Å"worthless soul on the road to perdition,† that person may just end up in prison on their way to hell.†Ã‚  (para. 3). Due to the labeling which David endured in reality and in his delusions he was driven to a path that would cause criminal activity. This was a path that would lead him

The Prevalence Of Autonomic Dysfunction And Fac Tors...

DISCUSSION This study was performed to assess the prevalence of autonomic dysfunction, and fac-tors affecting CAN. The study included 56 eligible participants with T2DM. Our study reveals that a significant proportion of patients with T2DM have CAN. Study found that overall 85% of persons with T2DM have CAN (combined early and definite CAN). Mean fasting blood glucose and BMI were significantly associated with CAN in type 2 DM. Parasympathetic involvement was more than sympathetic involvement. Out of all tests performed, heart rate response to standing (EI ratio) and deep breathing (30:15 ratio) were the most common test affected in our study population. S. Aggarwal et al [41] in their study on 50 patients with non cardiac Diabetes Mellitus had demonstrated 70% of patients were tested positive for autonomic dysfunction, however our study reports 85% patient to have autonomic dysfunction.In our study , 8(14%)had no CAN, 24 (42%) had early CAN, and 24 (42%) had definite CAN. A study by Angadi sumaswi et al [42], 32% (16) patients had no CAN. Early CAN was seen in 14% (7), severe CAN in 14% (7), definite CAN in 8% (4) patients. Atypical CAN with other combination of abnormalities was seen in 32% (16) patients. Various studies shows different prevalence of CAN ranging from 58% to 70 % [43-45]. The most common abnormality observed was heart rate response to standing(68%), followed by deep breathing( 64%). Heart rate response to valsalva was the least affected (30%)

Analysis of Capital Budgeting Practices

Question: Discuss about the Analysis of Capital Budgeting Practices. Answer: Introduction Capital budgeting is defined as the process by which a business organization makes a decision in determining its steps to undertake a certain project. According to Djulic Pindzo (2015), capital budgeting analysis involves the estimation of the amount of money the organization will invest as well as the possible revenue it can generate from the project. Corporate business decisions are adopted while carrying out the capital budgeting process of the firm where different techniques such as net pressure value, the rate of return, etc. are adopted. This paper focuses on the scenario and sensitivity analysis about capital budgeting techniques adopted in business investment plans. It also evaluates the differences and similarities that are identifiable in the capital asset pricing model and capital market line. Sensitivity analysis in capital budgeting In his study, Vjetrov (2016) denotes that sensitivity analysis in capital budgeting involves a clear investigation and understanding of the risks and methods involved that can affect the business in one way or the other. For instance, the organization or business enterprise will require adopting different ways of methods in the evaluation of the possible financial effects on undertaking a particular project. In his study, Vjetrov points out that the management of the business needs to have an understanding of the time frame as well as the value of the project and compare the result with the required investment expenses. Such a strategy enables the company to calculate the time frame that the project requires so as to generate an income that is commensurate to the expenses invested earlier. The business will as well be able to estimate the cash flow from the project with time in comparing the possible results of the business whether it is profitable or will lead to a loss. The method adopted can as well be calculated from the rate of discount at which the project will break even. It hence means that sensitivity budgeting will assist the management of the business to have an additional understanding or insight in their decision-making strategies. On the other hand, capital budgeting methods require assumptions as well as estimating on the possible performance of the project in the future. The results of the calculations are used by the business shareholders and managers in decision-making towards the profitability of the project. However, Vjetrov (2016) points out that care needs to be taken as the estimations and the assumptions made maybe not accurate. In such a case, the resulting impact is the failure of the project invested by the business. Sensitivity analysis is hence adopted by the organization in understanding the possible direction the project may take in case of the unreliability of assumptions and estimates. The estimates and assumptions made are then changed into calculations to see the financial impacts of the project through sensitivity analysis. Adopting the sensitivity analysis thus prepares the management of the business to better analyze the project before investing in case it is possible that the business will not generate the expected results. In capital budgeting, calculations in the sensitivity analysis hence involve changing one assumption to another to see the possible impact it can create in the changing results of the project. It hence helps in understanding the time of the year the business is likely to turn even after investing on the project. Scenario analysis in capital budgeting In their study, Djulic and Pindzo (2015) point out that scenario analysis is the process that estimates the expected or projected value of a business portfolio after a certain period. However, it assumes the specific changes in the portfolio values and key factors or securities occur like the possible changes in the rate of interest for the business. The same study denotes that scenario analysis is adopted in the estimation of the changes in the value of the portfolio in responding to unstable or unfavorable business event and may be adopted in the examination of theoretical worst-case business scenarios. As a budgeting technique, Vjetrov (2016) in his review asserts that scenario analysis adopts the computation of different rates of reinvestment for the expected returns that are as well reinvested within the investment horizon. With a basis of the statistical and mathematical principles, a scenario analysis provides the process of estimation of shifts in the portfolio values based o n different situation occurrences also called scenarios following the what if analysis principle. Vjetrov (2016) also denotes that a scenario analysis can be used in examining the possible amount of risks that can be experienced within an investment about potential events variations that ranges from highly improbable or highly probable values. The same study points out that there are various approaches that can be adopted in scenario analysis. For instance, the determination of the standard deviation of the monthly or daily security returns while computing the expected value of the portfolio in every return generated from the security that can be a more standard deviation than the average return. In such a case, it gives a reasonable certainty level for an analyst regarding the possible portfolio change in value within a certain period by the stimulation of the identified extremes. The capital asset pricing model (CAPM) is a process of measuring the comparison between a systematic risk of the expected return and security. The security market often adopts the results calculated from the CAMP formula in determining if a business investment in a portfolio or security is reasonable. In his study, the CAMP formula is a rate of return that is free from a risk with the addition to the beta of the multiplied portfolio or security by the expected return in the market without the risk-free return rate. When adopted, it gives the projected return of the security as pointed out by Djulic and Pindzo (2015, p. 67). Re = Rf + (E (RM) Rf) Where Return on Equity, Rf = risk- free rate, E{RM} Expected rate of return on the market, = beta coefficient, E{RM} Rf is the difference that exists between the return rate in the expected market and the risk-free rate. Beta is the measure of systematic risk of the stock. Beta describes the sensitivity of stocks returns to the changes in the market. An asset with a beta of zero means its return is independent of changes in the market return. The capital market line (CML) on the other hand is a graphical representation of the CAPM formula that plots the expected return of stocks on the y- axis and the beta on the x-axis. The intercept is the risk-free rate, and the slope represents the market premium. Individual securities expected return and risk are plotted on the CML graph. If it is plotted above the CML, it is undervalued as the investors expect a greater investment return for the same amount of risk (beta). In case it is plotted below the CML, it will be overvalued. Therefore the Capital Market Line (CML) adopts the use of CAPM formula in calculating the expected return of a portfolio or security. It is a represents the CAMP formula in a graphical manner. In a free and competitive financial market as described in the CAPM, security cannot be sold for long at low values that can yield more than that of the appropriate SML return. In such a case, the security would be very attractive in comparison to other securities of similar risk. The investor would thus bid his price until the expected return can fall to an appropriate SML position. Conversely, the investors can as well sell off the available stocks at a price that is high enough to place the expected return below the appropriate position. In such a case, Lam and Oshodi (2015) denote that the resulting price reduction would continue till the projected return of the stock rising to the justified level by the systematic risk. The company is required to earn the cost on equity-financed portion of the business investments to avoid the falling of its stock price. In case the organization doesn't expect earning the equity cost, it should refund the shareholders, to earn return on different securities at similar risk levels within the business marketplace. With the equity costs involving a market expectation, measuring the available few techniques is difficult. The empirical SML appears less sloped as compared to the theoretical SML. As Exhibit VI illustrates, low beta securities helps in earning a return that is higher than CAPM predicts while high-beta stocks earn less than expected. A variety of deficiencies in CAPM and in the statistical methodologies employed have been advanced to explain this phenomenon. As a risk measure, beta appears to relate the past returns as a result of the close relationship between total and systematic risks. It is hence difficult to empirically distinguish their effects. Noneth eless, the inclusion of factors representing unsystematic risk appears to add little explanatory power to the risks/ returns relationship. Notable differences between CAPM and CML The measurement of the risk factors is one of the major differences between SML and CML. While standard deviation measures risks for CML, the major risk factor determinant for the SML is the Beta coefficient. The CML measures the risk through two main methods, i.e., the standard deviation and the use of a total risk factor strategy. CML is used in showing the return rates depending on the rates of return and risk levels for a special portfolio (Walker 2011, p. 138). The non-coefficient and coefficient portfolios are measured by the security market line graphs while the SML graphs measure the risk through beta comparison that helps in finding the securitys risk contribution for the portfolio. Also called the Characteristic Line, SML shows a graphical representation of the return and risk market at a given period. The Capital Market Line graphs as well define the efficient portfolios as the Security Market Line graphs define both the efficient and the non-efficient portfolio. In the calculation of the returns, the expected portfolio return of the portfolio for the CML is shown in the Y- axis while for SML, the Y-axis shows the securities in return. The portfolio's standard deviation is indicated along the X-axis for CML, whereas, the Beta of security is indicated along the X-axis for SML. List of references Djulic, K, Pindzo, R 2016, 'Analysis of the Capital Budgeting Practices: Serbian Case',Management (1820-0222), 79, pp. 47-52, Business Source Premier, EBSCOhost, viewed 21 January 2017. Lam, K, Oshodi, O 2015, 'The capital budgeting approaches ',Construction Management Economics, 33, 7, pp. 587-600, Business Source Premier, EBSCOhost, viewed 21 January 2017. Vjetrov, A 2016, 'Analysis of the Capital Budgeting Practices: Serbian Case',Management (1820-0222), 79, pp. 47-52, Business Source Premier, EBSCOhost, viewed 21 January 2017. Walker, M 2011, 'The Continuing Increase in the Use of Sophisticated Capital Budgeting Techniques',California Management Review, 27, 1, pp. 137-148, Business Source Premier, EBSCOhost, viewed 21 January 2017.

Marketing and Ice Cream Producers free essay sample

In 2002, it ranked as the top ice cream producer which offered 170 different ice cream products and had more than $25 million in sales. In addition, Ice-Fili’s flagship ice cream brand â€Å"Lakomka† was responsible for 30% of the company’s sales. However, Ice-Fili has been losing its market share and experiencing a decrease in sales volume in recent years due to the increasingly competitive Russian ice cream market. External Analysis Life Cycle Stage The Russian ice cream industry was in the growth stage after 1996, the ice cream consumption value had a huge increase from 222,000 tons in 1996 to around 376,000 tons in 2002. However, the industry reached the shakeout stage in 2002 since the demand for ice cream approached saturation level and the competition between companies became more intense (300 companies in 2002). PEST Analysis The table below shows how the macro-environmental factors influence the ice cream industry in Russia. Political| GOST: a minimum standard determining the ingredients and quality, which protected traditional Russian ice cream producers| | The Dissolution of the Soviet Union: state-run economy transferred to an open-market economy, which lowered entry barriers and lead to higher competition| Economic| Open Market: created an opportunity for foreign producers to expand their ice cream brands in Russia| | Financial Crisis of 1998: hindered some potential entry candidates and adversely affected existing firms | Social| Increased Popularity of Bulk Ice Cream: enabled ice cream producers to capture the home consumption segment| | Increased Consumption of Substitute Products: as alcohol and soda products become popular among young people, the ice cream industry faced the challenge of decreasing sales| Technological| Rapid Development of the Ice Cream Equipment: an opportunity for ice cream producers to efficiently produce and maintain high quality products| Porter’s 5 Forces Bargaining Power of Suppliers * For suppliers of ingredients: low concentration and low switching costs * For suppliers of equipment: high concentration and high switching costs Bargaining Power of Suppliers For suppliers of ingredients: low concentration and low switching costs As mentioned in the SWOT analysis, one of the company’s weaknesses is poor brand recognition and low customer loyalty. We will write a custom essay sample on Marketing and Ice Cream Producers or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page However, brand awareness and loyalty is considered as a success factor of Russian ice cream industry. Thus, one strategy Ice-Fili should consider is focusing on marketing its brand. By introducing products through great advertisements and extensive marketing campaigns, more people will be attracted and want to try the products. If the company can do well in marketing, it can increase its brand awareness and also create larger market for the ice cream industry as a whole. Nevertheless, advertising and marketing costs would increase by 5% of total sales in 2003 as opposed to less than 2% in 2001. In sum, the gains in sales and brand awareness can outweigh the costs spent on the implementation of this strategy. Alternative 3: Distribution Network Expansion Another success factor mentioned in external analysis is extensive distribution network. A strong distribution network can lead to wider products availability. Although Ice-Fili offers a variety of products, its distribution network is weak. Therefore, Ice-Fili needs to increase its presence in gastronomes, mini marts, and restaurants. By expanding the distribution channel, Ice-Fili can increase its market share and tap a broader market. However, there are some constraints need to be considered, such as budget constraints, firm’s production capacity, limitation on transportation carriers, etc. Recommendation In consideration of the potential costs and benefits, we recommend Ice-Fili focus on marketing its brands first. Ice-Fili could invest in commercials or marketing campaigns on television with the company’s logo and slogan, put up posters especially during peak months, and give promotion (prizes, coupons for students). With additional revenues gained by marketing activities, Ice-Fili could then develop the distribution network and produce more of other products to capture new market segments.

The Story of Kurt Cobain essays

The Story of Kurt Cobain essays Who was the most important musical figure of the '90s? Kurt Cobain changed the rock and roll scene from heavy metal, hair bands to head banging grunge. From his childhood up until his mid-twenty's, Kurt had only one dream. He wished that he was center of attention on stage before thousands of screaming fans. He did just that with his band Nirvana, but like everyone says, "All good things must come to an end." Kurt Donald Cobain was born on February 20, 1967. He grew up in Aberdeen, Washington with his mom, Wendy Fradenburg Cobain, and his father, Donald Leland Cobain. Kurt also had a sister, Kimberley, three years after his birth (Graham). Kurts mother was attached to Kurt and his every move. Wendy said, "No child even comes close to that. I was totaled out on him. My every waking hour was for him" (Azerrad 11-13). At age two, Kurt was showing an interest in music. This wasn't very shocking because everyone in the family had at least some kind of musical talent. Kurt's uncle played in a rock and roll band and his aunt Mary played the guitar. Mary gave Kurt records of the Beatles and the Monkees, and a bass drum, when he was only seven. Kurt was so enthused with his new drums. He would wear them over his shoulders and beat them all the way down the street and then back up, singing songs by the Beatles. Mary also brought him along with her to band practice. Kurt was also very artistic. By second grade, his relatives and all his teachers had noticed how well he could draw. For some reason Kurt was never satisfied with his artwork. To him, it could always be better (Azerrad 13-15). When Kurt was eight years old, his parents got divorced. This crisis was extremely difficult for Kurt to handle. He changed from happy and screaming with excitement, to sad and ridiculing. Wendy says, " It just destroyed his life. He changed completely. I think he was ashamed. And he became very inward he just held i...

The role of developing banks in Hungary during the beginning of transition

The role of developing banks in Hungary during the beginning of transition Introduction Hungary was a centralized economy during and before early the 1980’s. The economy was highly controlled by the government including sectors within the economy. The Hungarian banking sector was under the control of the government with no private banks in operation during this time.Advertising We will write a custom essay sample on The role of developing banks in Hungary during the beginning of transition specifically for you for only $16.05 $11/page Learn More The country was operating under a mono-bank. The bank was later divided based on specialization with introduction a two-tier banking system. This led to the establishment of three banks that were owned by the state. In 1987, Hungary initiated the transition process of converting its economy from being centralized to become market-oriented economy.[1] This transition led to the changing of Hungarian banking sector from centralized banking system to a market-oriented system through pri vatization. Creating an open competitive market for foreign banks to invest was one of the government roles in developing banks in Hungary. During this time of transition, the economy of Hungary was performing poorly and was nearly collapsing. The state-owned banks during the beginning of transition were faced with the problem of non- performing debts, bad debtors, as well as bad investments. The financial sector, which highly incorporates banking, had thus a great role to play in this transition process. In the late 1980s, Hungary was faced within the problem of bad debts, massive under-capitalization as well as high concentration.[2] The main reason of developing banks in Hungary through use of market-oriented system was to establish a stable banking system. The government had to solve the existing problems in the banking system before introducing new reforms. This paper discusses the process of consolidating state-owned banks and then privatizing them. The paper also looks into t he role of developing banks in Hungary during the beginning of transition. The transition of banking to a new system In the late 1940s, the Hungarian banking system was established with formation of the national bank known as National Bank of Hungary (NBH). NBH was established as a monopoly. It was the only bank dealing with money circulation and credit activities within Hungarian economy. The government further established a centralized banking system with the introduction of specialized banks. For example, the NBH only dealt with allocating credit to enterprises, the National Savings Bank (NSB) only dealt with colleting deposits from savers, and Hungarian Foreign Trade Bank was only involved with foreign trade transactions. All these banks were owned by the state that made them monopolies in their respective areas of specialization.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More In the late 1980s, the Hungarian economy was performing poorly. The government initiated the process of transition from use of centralized economy to introduction market oriented economy.[3] The market-oriented economy meant that foreign investors would invest in Hungary. This made the government permit some foreign banks to invest in Hungary. During this time, these foreign banks faced competition from the state owned banks in foreign exchange and trade transactions.[4] The banking system became more decentralized with introduction of the two-tier banking system. This system led to NBH becoming the central bank while its commercial functions were delegated to three new commercial banks, which were introduced in the country. The government went further to allowing introduction of new specialized banks, which had very narrow functions. These reforms greatly influenced the post-socialist government to create way for more reforms in the banking sector. In early 1990s, the new democra tic government formed new reforms for the banks. The banks were expected to meet a certain percentage of capital adequacy ratios. Banks were also expected to provide reserves against their bad loans. This issue on bad loans made the banks to suffer huge losses. This is because several major banks had huge negative equity percentage of loans that were considered doubtful loans. These banks suffered huge losses, as the existing accounting laws at this time did not require provision for doubtful loans. These structural reform initiatives led to a significant drop of the country’s GDP. This drop in GDP led to heavy losses among state-owned enterprises, which made them unable to service their debts to banks. With these losses, the government had to resolve the issue on bad debts. This led to the instruction of loan consolidation program in 1993. This program enabled banks to exchange their bad debts for government bonds called consolidation bonds. These bonds had a coupon equal to 90-day treasury bills.[5] Although this program removed bad debts from banks, it did not create new capital in the banking sector. The government then went further to recapitalizing its state-owned banks to attain the minimum requirement of 8 percent. In the mid 1990s, there was a significant progress in establishing a market-oriented banking system. The government still discouraged foreign banks with its preference of keeping a golden share of the venture. To achieve transition in the banking sector the government started negotiations with foreign banks in offering them flexible terms and conditions of bank privatization.Advertising We will write a custom essay sample on The role of developing banks in Hungary during the beginning of transition specifically for you for only $16.05 $11/page Learn More Privatization of large state-owned banks involved two important stages. The first stage of privatization took place in parts with blocks of shares being offe red to different foreign investors at different times. This was a significant step for foreign investors whose initial cost and risk of investments was reduced strategically. Although the government offered block of shares to the foreign investors it still held 20-to-25 percent ownership of these banks. The government instead allowed the foreign partners to take full control on management of these banks.[6] In the second stage of privatization, the government negotiated with foreign investors. The government came into contract with foreign investors on terms of privatization. These contracts allowed subsequent price adjustments in the purchase price, according to profits to be made by the bank in future. The contract also provided for acquisitions of share from the government or any other non-private partners. This method of liberal privatization faced criticism politically even if others supported the idea as it meant a strong efficient banking sector foundation. The role of debt c learance In developing banks in Hungary, the government wanted to deal with the problem of bad debts, which had even led to collapse of many firms. This had contributed greatly to the poor economy and high rates of unemployment. In trying to overcome this problem on debts, the government had to allow for entry of foreign banks into Hungary. The government had to restructure the banking system by developing banks to deal with issue on debts as some state-owned banks had even lost their capital. The government had to deal with the issue of debts and debtors in the banking system through bank consolidation. The government wanted to develop banks with no bad loans to pave way for privatization and avoid the problem of bad debts again. In the initial stages of bank consolidation, the government had to do portfolio cleaning. Here the government gave bonds in exchange for bad debts to those banks with a capital adequacy ratio (CAR) of less than 7percent. The government then sold a part of the non-performing loans bought as bonds at a discount to the Hungarian Development Bank (HDB). Although the government left the other part of bad loans with the banks it gave them a fee of 2 percent to encourage them work out bad loans.[7]Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This measure of government exchanging bad debts with bonds solved the problem on debts partially. This is because the government did not include neither doubtful nor substandard loans. The government also failed to solve the problem of banks’ bad investments and contingent liabilities. In 1993, the bad debts were still increasing and the government had to carry out recapitalization but this time including bad investments and contingent liabilities of the banks. The government here purchased newly issued shares by the recapitalized banks through use of bonds. This increased the government ownership in the banking sector. The government then recapitalized banks by extending subordinated loans to banks. This form of recapitalization prevented increasing government ownership. The government then left the banks to solve issue on other debtors as it had more information regarding them. The objective here was to try to separate banks with more debtors from those with few. This paved way for privatization process. The government also introduced consolidation program aimed at putting banks on track. This program required banks to improve their management, internal control and come up with modernized operations. These measures enabled the government to develop banks and solve the issue of debts in the beginning of transition.[8] Role of privatization The government had controlled the banking system before transition process began in Hungary. The government had to develop banks to enable their privatization as it had being unable to run them. This is because at the time of transition Hungarian banks were facing large bad debts, and were poorly managed. The government had thus to introduce a market-oriented banking system to enhance economic growth. Therefore, another role of developing banks in Hungary during the beginning of transition was to encourage their privatization.[9] The government also encouraged privatization of banks through introduction of liberal li censing policy. This policy encouraged many foreign banks to set up subsidiaries in Hungary. This led to a decrease of government ownership in the banking sector with about 20 percent. This enhanced competition which encouraged better management skills, and provision of services in the banking sector. This left the government with the ownership of just one large commercial bank. The banks from European Union invested in Hungary contributing to the 70 percent of foreign ownership in the country. Privatization of banks in Hungary has played a great role in its economic growth. This is shown by the stabilization of Hungarian banking system that is evident as shown by the current high level of CAR. The percentage of bad debts has also decreased significantly to a very low percentage of about 3 percent.[10] The increased investment of foreign banks in Hungary has also encouraged direct investment in other sectors with banks from home countries operating in Hungary.[11] Role of bank regul ation and supervision The centralized banking system applied by Hungarian government before beginning of transition prevented better regulatory measures to apply. The government was unable to impose measures, which would regulate banking system efficiently as it was the one still controlling them. Therefore, another role of developing banks in Hungary during the beginning of transition was to establish a regulatory structure. The government had experienced high rate of non-performing debts before transition began. These debts had led to high instability in the banking system leading to a deteriorating economy. The government had thus to develop banks to as to introduce measures to regulate and supervise the banking system. These regulations in the banking sector help to control the stability of an economy. Hungary with the aid of EU has improved its regulation and supervision in the banking sector.[12] The government established a group-based supervision as opposed to the institutio n-based mode of supervision applied earlier. The group-based supervision was to be introduced through formation of a single agency to supervise all banks. Management role The government of Hungary had experience and significant increase of the non-performing debts during the late 1980s. This was due to the poor performance of the state-owned banks during this period. These banks allocated loans on basis of political influence rather than based on profitability that had contributed to the large amount of bad debts.[13] This was partially the contribution of poor management and unskilled staff in the banks. Another role of developing banks in Hungary during the beginning of transition was to improve their management and human capital. Privatization process of state-owned banks was also aimed at improving their management. In the first face of privatization though the government only allowed a given percentage of ownership to foreign investors, it left management role to them. This is because these banks were characterized with poor operations management structure that incorporates many undisguised employees. The government also introduced measures through ministry of finance to supervise these banks on basis of management. These measures led to the decrease on non-performing loans, which were now allocated on basis of profitability. Conclusion Hungary transition from a centralized economy to a market-oriented economy started in late 1980s. The government had to change the banking system from a centralized banking system to a market-oriented system. The government had to allow foreign banks to invest in Hungary. Before foreign banks were allowed to invest in Hungary, the government had to solve the problems, which existed within the state-owned banks. The role of developing banks was thus to pave way for more reforms in the banking sector which would lead to a stable banking system. One role of developing banks in the beginning of transition was first to consolid ate them. The government had to deal with the issue existing bad debts and bad debtors that had even led to the closure of some banks due to lack of capital. The government had to introduce use of bonds to buy these bad debts and those debts debtors were owing to banks. The government went further to recapitalizing the banks including their bad investments and liabilities. This was followed by privatization of these banks to be owned by other foreign banks. The government did this by first selling partial ownership before realizing full ownership in mid 1990s. The government then introduced a single group-based supervision agency to supervise all banks on standards of management, performance and services offered. This has led to improved banks management, and reduced non-performing loans within the banking sector. Through these developments of banks, the government of Hungary has been able to establish a stable banking system. References Barta, G. (2005). Hungarian spaces and places : patterns of transition. Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L. (2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer. Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund. Hajdu, Z. (1999). Regional processes and spatial structures in Hungary in the 1990’s Hungary. Centre for Regional Studies. Horvath, J. (2006). International currency arrangements and policies. New York, NY: Nova Publishers. Footnotes Barta, G. (2005). Hungarian spaces and places: patterns of transition. Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L.(2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer. Hajdu, Z. (1999). Regional processes and spatial structures in Hungary in the 1990’s Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L.(2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer Hajdu, Z. (1999). Regional processes and spatial structures in Hungary in the 1990’s Hungary. Centre for Regional Studies. Colombo, E. and Stanca, L. (2006) Financial market imperfections and corporate decisions: lessons from the transition process in Hungary. New York, NY: Springer Barta, G. (2005). Hungarian spaces and places: patterns of transition. Hungary. Centre for Regional Studies. Horvath, J. (2006). International currency arrangements and policies. New York, NY: Nova Publishers. Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund Barta, G. (2005). Hungarian spaces and places: patterns of transition. Hungary. Centre for Regional Studies. Horv ath, J. (2006). International currency arrangements and policies. New York, NY: Nova Publishers. Cottarelli, C. (1998). Hungary: economic policies for sustainable growth. Washington DC. International Monetary Fund

The changes made as a result of the uprising known as the Arab Spring Essay

The changes made as a result of the uprising known as the Arab Spring have been mostly positive for Libya - Essay Example On the other side, some people consider that the Arab Spring transformed the Middle East Asian and African nations from political stability to instability and anarchy. Thesis statement: The statement ‘The changes made as a result of the uprising known as the ‘Arab Spring’ have been mostly positive for Libya’ is valid because the same helped the people of Libya to keep themselves away from dictatorship, anarchy, and political instability. The arguments in favor of the positive influence of Arab Spring in Libyan context are based upon the fact that the same helped the people of Libya to be free from the clutches of dictatorship initiated by Col. Al Gaddafi. To be specific, the mass protest originated in the Arab area (say, the Middle East Asian and African nations) in the year 2011 later transformed into civil wars in different nations. Besides, the initial victory gained by the Tunisian protestors in their motherland inspired other nations under dictatorship. But Gaddafi never expected that he will be the victim of the revolutionary spirit of his own people. Nicholas Hagger stated that, â€Å"Gaddafi had attempted to bring in socialist measures to benefit the poor, but, obsessed with statelessness and â€Å"direct democracy† (Revolutionary committees and popular congresses), he had allowed an anarchistic and chaotic political structure (or rather, lack of structure) to impede his efforts† (137). http://books.google.co.in/books?id=yvhnXPK78MwC&printsec=frontcover&dq=The+Libyan+Revolution:+Its+Origins+and+Legacy:+a+Memoir+and+Assessment&hl=en&sa=X&ei=1W5pVMPOBNW1uQTs7oHIDA&ved=0CB0Q6AEwAA#v=onepage&q=The%20Libyan%20Revolution%3A%20Its%20Origins%20and%20Legacy%3A%20a%20Memoir%20and%20Assessment&f=false To be specific, the people of Libya were not ready to be under a cruel dictator like Gaddafi. Gaddafi tired his level best to suppress the protest in his

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

Aristotle - Essay Example p.)Aristotle reaches the threshold of spirituality but stumbles there. He is unable to cross the final hurdle to the land of the divine, where bliss alone reigns. It is the conflict –free land of peace, with no secular dualities. The question is how to reach the level of eternal and universal truth? Aristotle’s ethical theory is incomplete and creates a vacuum. How can an ethical man know about the correctness of a moral decision? His theory does not explain how to act morally and it suffers from lack of specifics. There is a â€Å"brain† behind the working and functioning of this entire cosmos of which humankind is the part. A brain that is par-excellence, supreme and extraordinary! The top-scientists of this world are unable to withstand its power. One has no option but to agree that such an out of the world genius could only be hailed as God. In this context, let me give a practical example. Take it that we are in a railway station waiting for the arrival of d estination train. We have a heavy suitcase that consists of apparel and currency notes. All of a sudden, we are required to go somewhere for a short while. But the suitcase is heavy and we are not comfortable to carry the suitcase while rushing over there. In such a situation, will we handover the suitcase to some unknown person with whom we are not acquainted with? No! Never! Suppose some of our known person, our neighbor with whom we are well-acquainted with, or a relative happens to be there? Undoubtedly, we will trust that known individual, handover the suitcase to him and will go for the intended purpose, without any worry. A known person is worthy of trust. Meaning, introduction and knowledge are the foundation stones of the edifice of trust. It is but natural, that which is worth the trust, is worthy of love as well. To such an individual we will handover without hesitation the costliest of the things. Meaning, at the root of all this procedure is—knowing or introducti on! For the glow it is necessary to light the bulb. For enjoying the taste, it is necessary to eat the item. Just by watching the game from the gallery, one will not be able to gauge the level of enthusiasm that goes on in the heart of the player on the ground. To know that he has to be the player, take active part in the game, and reach the ground, after its practice. For a student of science, it is not sufficient, if he learns some theorems and the theory part of the syllabus. He has to reach out to the laboratory, and it is necessary for him to do the experiments. On the same line, in the field of practical vision of God, only study of texts, discussions and meditation, are not adequate to reach the goal. Practically experience and view the glorious procession of divine designs and creations within! Aristotle does not have a clear picture about the inner world. Therefore he falters and his arguments are incomplete. They reach the dead end. Theoretical wisdom is not adequate to re ach the level of â€Å"eternal and universal truth.† Now the question arises, after all, how this matchless world has been accommodated in this tiny human body? In what form and by adopting which procedure one can have the practical vision of its entire details? Let me illustrate this position through a scenario: Once a Realized Soul, (one who knows the â€Å"eternal and universal truth†) was giving a spiritual discourse. Amongst the audience, one intellectual Surgeon (Doctor) was there. The moment he heard that human body was the abode of the Lord and an inner world exists within, he was unable to digest that reasoning and was agitated much. He expressed his doubts about what was told in the spiritual discourse. Putting forth the arguments he questioned RS (Realized Soul), â€Å"

Inside and Out Essay Example for Free

Inside and Out Essay We all like to have a good time. Whether it is with our friends, significant others, or our families, we all need to relax. Being a young adult myself I have learned to make wiser decisions about my party time based on prior experiences. After having gone to the clubs, the bars, the pool halls, and the raves I now know that where the real party is at is inside the comfort of your own home where you are the one in control and are not subject to some of the expenses that going out can bring. I think the biggest two aspects that I have to decide between now in my life is going out to dinner and a movie versus hanging out with the same people at the house. Being in control means not getting yourself into predicaments that you normally wouldnt put yourself in. The first predicament I can think of putting myself in when going out is my money situation. Being the young person that I am I have not been given the opportunity yet in my life to be making the mega bucks. Thirty to Forty dollars a night to go to dinner and a movie may not seem like much to some, but for someone who makes on average two-hundred dollars a week and has some hefty bills to pay, thats a big deal. Why would someone want to go out, spend twenty dollars on dinner then $8.50 per person on a movie when they could just as easily stay home rent a movie for about $4.00 for everyone to watch, and cook a meal that cost twenty dollars to feed everyone? On the other hand, when you do go out, although you do spend a little more, it is also a less time-consuming process and easier on the host or hostess. Instead of having to go to the store to get the ingredients for dinner, going to rent a movie then coming home and preparing dinner, you instead just scout from place to place and do what you have to do. Also, going to a restaurant can be a little relaxing from time to time because you have someone to serve you and you have nothing to worry about but basking in good conversation. There is no mess to pick up or dishes to do once the dinner is over. Another advantage would be that at the theater there is a bigger screen. Im not too sure if bigger is better to everyone, but I do enjoy a good theater flick from time to time on those oversized screens. Also, when in the theater you get to savor the rich buttery popcorn that only the theater can provide, although it costs another pretty penny. Another great advantage to staying in is the people. Its such a good time when you have people who are appreciative of you as their host or hostess. Renting a good film and serving a fabulous meal is the epitome of a good night for me and my family and friends. Be it a nice southern barbeque dinner or fancy chicken cordon bleu that I prepare, it seems as though my guests always feel satisfied. It makes a person feel good and is often times relaxing to realize that something theyre doing brings joy to others. To know that you are the one that put the smile on their face or the one who made sure they had a good day is an awesome feeling. Not many other feelings top that one for me. Whether you stay in or go out be sure to relax and have a good time. Thats really what being with the ones you love and care about is all about. Make sure to mix things up a bit so that it doesnt get too monogamous staying in. Also when going out make sure to take just enough money that you can afford to spend or youll wind up broke until pay day. Whatever it is that you do, make sure it is not stressful. Remember, having fun means relaxing, no matter how you do it.

Arnolds Dover Beach and Wordsworths Tintern Abbey Essay example -- p

A reflection on Arnold's "Dover Beach" and Wordsworth's "Tintern Abbey" Poetry that establishes its raison d'à ªtre as linguistic play is, for Wordsworth, "a matter of amusement and idle pleasure†¦as if it were a thing as indifferent as a taste for rope-dancing, or frontiniac or sherry" (Preface 250). Wordsworth condemns poets whose efforts contribute mainly in celebrating formal experimentation; he discriminates against poetry that has recourse to what he calls a "superlatively contemptible" (265) language. Wordsworth advises his readership to mistrust what he calls the "infinite caprices" (261) of poetic composition, and he claims that such artifice undermines what he holds as poetry's true task. He is skeptical of poets who "break in upon the sanctity of truth of [their] pictures by transitory and accidental ornaments, and endeavor to excite admiration of [themselves] by arts" (260). Instead of celebrating metrical aesthetics as a pursuit valuable in its own right, Wordsworth regrets verse that compromises content for the whimsical satisfaction of effect and immediacy of impression. To safeguard poetry from such intransigence, then, Wordsworth proposes a poetry that is more transcendental or conceptual. He seems to conjoin poetry and philosophy with a greater end in view, no doubt one receptive of his own endeavor in mapping out a study of his introspective self: Aristotle, I have been told, hath said that poetry is the most philosophic of all writing. It is so. Its object is truth, not individual and local, but general and operative; not standing upon external testimony, which gives strength and divinity to the tribunal to which it appeals, and receives them from the same tribunal. (Preface 258) This statement ill... ...ed Arnold, Matthew. "Dover Beach." The Poetical Works of Matthew Arnold. Ed. C. B. Tinker and H. F. Lowry. Oxford University Press, 1950. 210-212. Arnold, Matthew. "Wordsworth." Essays in Criticism: second series. Ed. S. R. Littlewood. London: Macmillan, 1951. 73-96. McEathron, Scott. "Wordsworth and Coleridge, Lyrical Ballads." A Companion to Romanticism. Ed. Duncan Wu. Oxford: Blackwell, 1999. 144-156. Morgan, Thaà ¯s. "Rereading Nature: Wordsworth between Swinburne and Arnold." Victorian Poetry 24:4 (1986 Winter): 427-439. Trickett, Rachael. "Wordsworth and Arnold." The Wordsworth Circle 20:1 (1989 Winter): 50-56. Wordsworth, William. "Tintern Abbey." Romanticism, 1st ed. Ed. Duncan Wu. Oxford: Blackwell, 1994. 240-244. Wordsworth, William. 1802 Preface to the Lyrical Ballads. Romanticism, 1st ed. Ed. Duncan Wu. Oxford: Blackwell, 1994. 250-269.

Mexico`s Megalopolis` by Jonathan Kandell

Nowadays, the city of Mexico is one of the largest megalopolises, with enourmopus population density and industrialization rates. Jonathan Kandell in his book ‘I Saw a City Invincible’ provides a wonderful historical excurse in terms of urban, technological and social development in the city. The issue of migration was particularly obvious between the 1940s and the 1970s, when the inhabitants of small towns and rural areas suddenly began to move into the city, searching for their fortunes at factories and plants. As Kandell notes, â€Å"Factories, commerce, and service jobs sucked in hordes of rural migrants who swelled Mexico City’s population from 1. 5 million in 1940 to 8. 5 million in 1970† (Kandell, p. 183). Furthermore, the author describes the stuggle between time-honored Latin American values and globalization trends, brought by the country’s nearest neighbor, the United States. The phenomenon of tourist infrastructure also emerged under American influence: the new cafes and traditional cuisine restaurants were being adjusted to ‘American demands’ and standards (p. 184). In sociopolitical meaning, the country in that period was literally obsessed with social radical views: â€Å"Revolutionary slogans continued to exalt the ideals of land for the rural dispossessed, living wages for the proletariat, and a determinant voice for the state of economic affairs† (ibid). The ambitiousness of Mexican politicians enjoyed stable and sustainable growth between the 1940s and the 1970s, parallel to the growth of ordinary Mexicans’ aspirations, as increasingly more citizens sought rapid career and social protection in the capital. In reality, the needs of majorities were satisfied: there was a plenty of work, due to the development of service and mass-communications spheres, in which females, traditionally marginalized as reliable employees, got an opportunity to find themselves. Due to the fact that by the 1960s, the average Mexican urban family contained no unemployed members (except children), household incomes were growing proportionally to the overall economic and political progress. Nevertheless, the metropolis also experienced certain problems, such as housing crisis: â€Å"In the 1940s and 1950s most migrants settled first in the old downtown tenements [the so-called’ vecindadez] abandoned generations before by the middle class† (p. 185). These quarters seemed completely distinct dimension that in the course of time obtained a kind of autonomy, as such miniature settlements had their local factories, shopping malls, saloons and bars and, certainly, their own markets, which appeared the centers of social life, peculiar ‘offspring’ of Ancient Roman forum or Greek agora. Kandall provides a description of the typical vecindad: â€Å"†¦Tepito was now populated mainly by artisans, vendors, factory laborers, unskilled workers, waiters, office clerks, messengers and porters†, who earned about $20 per month (p. 85). Notwithstanding the rapid economic development, the migrants’ well-being had been very limited up to the 1960s: due to the fact that flat rent was unjustifiably high, the families huddled together in small windowless apartments and could afford meet only once a week. Another apparent trend in urban development was the gradual growth of small enterprises, to which local governments de legated their responsibilities for food, health facilities and education. Nevertheless, the main institutions remained bureaucratic and centralized, so private capital hadn’t enjoyed considerable flow until the end of the 1970s. Due to the fact that the factories of Mexico City were controlled by local authorities, so the working-class suffered from poverty and lack of dwelling conveniences: â€Å"[only] In 1977 Jaras’ dwelling [situated in the typical working-class ‘reservation’] was legally connected to the municipal electricity grid and water system† (p. 90). The present-day ecological catastrophe, notable in Mexico City, is rooted in the negligence, demonstrated by government as well as local enterprises: â€Å"The primitive recycling of garbage, often carried out illegally by small businesses that are unsupervised by the municipal authorities, poses serious health hazards to the population at large† (p. 192). The author notes that the ‘garbage problem’ had remained extremely sharp up to the end of the 1980s. In addition, Kandall addresses the progress of charity and human services: affluent urban entrepreneurs contributed to the development of local communities in the best Mexican traditions: ‘He sponsored local soccer teams, supplied the uniforms and built for playing fields, which he named Rafael Sports center† (p. 194). On Gutierez’ example the author shows businessmen’s [caciques] bourgeois ambitions: after the establishment of the enterprise, they normally tried to penetrate into the city’s or national political arena, so their charity was nothing more than well-planned PR. Human services, although popular in Mexican culture, were institutionalized only in the 1970s, since the religious traditions prescribed that urban dwellers helped their neighbors and compatriots on the voluntary basis, Mexican cultural collectivism was extremely noticeable in the working-class quarters. With beginning of the 1980s, the country was paralyzed by environmental accidents like earthquakes, but the government appeared incapable of handling the resulting problems in a proper way: â€Å"The small parties of left and right were unable to claim the loyalty of potential dissidents†, whereas the young volunteers seemed the major rescuers, which means, Mexican urban citizens were always ready to support each other, and in spite of the pessimistic ending of the article: â€Å"Throughout its existence the city has been scourged by war, social upheaval. Plague, flood, earthquake† (p. 201), its overall context shows that social problems and emergencies haven’t managed to separate the city dwellers, but rather have united them and created a powerful humanistic basis for the reinforcement of Mexico City.

Choosing a College Course Essay

Introduction Many students find it difficult in choosing what course to take in college. For seniors or graduating high school students, the pressure goes higher as the end of their term is coming because the time is running and decreasing for deciding what course they will take. Choosing a course is really a hard decision to make. Your future depends on it and the decision you will make would determine what life you will have in the future. This is the first step in your life as an independent person and this is the first step for your success. You should be careful in choosing a course because when you have started on it there is no way getting back. You can shift to another course but a lot of thing will be wasted: your effort, money and time. So from the start you should pick the right one and you should make up your mind that this is the course for you and this will lead you to success. Many would say that they haven’t chosen yet or they were not sure about the course they want to pursue. Some might have chosen before and decided what to take but in the end they want to change it because they weren’t sure or still confused. And the wide range of choices of college courses made it more difficult to choose. But you are not really â€Å"clueless† in choosing what course to take, there are some factors you would consider and this might help you pick the suitable and best course for you. Your Personal Interests The most basic consideration in the choice of a college major or college course is, of course, what you want. Is there something that you’ve always wanted to get into, something that resonates within the very fiber of your being? If so, that may be where you’re meant to go. The more interested you are in a subject, the more likely you are to study it and achieve a strong result. This is particularly important at college when you are responsible for your own study. List the fields of study that interest you, and come up with a list of courses you would consider studying based on these interests. Add the topics that you were most interested in during school as well as jobs that you envied others for. At some point, many students try to fit in a course or two based purely on personal interest. While their majors may reflect their primary interest, most people are interested in more than one intellectual pursuit, so a biology major who has a passion for movies might take a film course. This is not necessarily what are you good at, but what do you love doing? You might be great at math, but you spend your weekends fixing up bits of old computers. So don’t study math, focus on IT or computer engineering instead. Specialize in your passion. Cost Of Study Affordability is another aspect you need to consider while deciding on your course, as well as the additional costs that occur, such as text books, field trips etc. However, do not let cost hamper your career choice, as there are a number of financial assistance options available to complete the course. College tuitions soar each year, advancing far in excess of the inflation rate. The overall inflation rate since 1986 increased 115.06%, which is why we pay more than double for everything we buy. On the other hand, during the same time, tuition increased a whopping 498.31%. See chart below Many schools have increased tuition fees due to higher overhead costs. Fuel and labor costs continue to rise. Many older college buildings are in need of renovation or replacement. The demand for expanded libraries and new research and computer labs is at an all-time high. Some schools also need additional security measures. But Don’t Let College Costs Scare You! These costs may seem overwhelming, but there are ways to keep expenses down. Remember that college educations come at all levels of cost, and that financial aid can reduce that cost. If a school is a great fit for you but seems too expensive, it makes sense to apply and then see whether your financial aid offer will bring the cost down. Don’t give up on a college because of its sticker price. Financial Aids Grants and scholarships are the most desirable types of funding you can receive to pay for your college education, since they don’t need to be repaid. While any amount of free money will be competitive, especially in a tough economic climate, the sooner and more often you apply the more luck you’ll have. The list of reasons why a scholarship may be given to a particular student is quite long, although some of the more popular awards are given to students who achieve academically, are athletically gifted, choose to enroll in a particular program of study, are part of a certain kind of organization, or choose to enroll in the military and still further their education. A scholarship might cover the entire cost of your tuition, or it might be a one-time award of some cash. Either way, it’s worth applying for, because it’ll help reduce the cost of your education. Career opportunities Look at the career prospects of the course before selecting one. Consider various factors such as income, job security, stress, responsibility and other benefits while researching a profession. Not all courses are created equal. Yes, they all offer a diploma upon completion, but they don’t guarantee a job. When you are choosing a major, it would be wise to check out the job placement statistics of others who have pursued this degree. There is no reason why you should be the guinea pig; if a specific career is your reason for choosing this major, investigate the success of others. If you want to avoid a data entry position, check out all of the opportunities available and your chance at landing one of those positions after graduation. Commitment, Time and Practical Considerations Choosing a college course requires you to look inwards and assess your commitment to your chosen path. Assuming that you have the issue of money and other practical considerations settled, do you actually possess the skills and the patience to go the distance? Moreover, do you actually want to do so? There’s also a chance that your parents may be expecting you to tread a certain academic path; will you have the strength and the will to stick it out against all odds? You should also be aware of what you’re getting into when choosing a college major. What will your college course require you to do? Are you willing to do it? As a case in point, if you’re squeamish about the sight of blood, why should you decide to go for a Nursing Degree? To be certain that you will be committed to your studies, find out the duration of your course. Taking double-degrees, full time or part-time depends on your personal choice. Ensure that you will be able to balance your other priorities along with education. Study flexibility varies amongst universities. Demand If your goal is to be employed immediately after graduation, base your choice not on popular courses, but on employable courses, or courses that are the most in-demand in the job market. Job seeking is becoming an increasingly competitive sport these days. With thousands of students graduating each year and limited number of job opportunities available to them, plenty of job seekers end up resorting to options they wouldn’t had to choose if they had other alternatives. These days, there is no time to get into a career and then decide if it is the right one for you. You should know right from the beginning what is right for you and what career you can excel in. Thanks to the very competitive nature of the employment sector, getting the right job or choosing the right career is not as easy as it once used to be. Everyone is looking for help in deciding what career should be chosen. Obviously, in today’s competitive world, everyone wants a job or career that has high pay, job stability, and great future prospects. However, owing to the bad effects of the recently experienced economic recession, a majority of people are looking forward to changing careers. The careers that are being sought after are top jobs in demand for the future, which are mostly from the medical field. The main reason why medical jobs are and will be in demand is because they do not have any impact of the financial crisis arising in the economy. So if you want to secure a job in the future, pick a course that is in demand after you graduate. Conclusion Even you have known some things that you might consider in choosing a course, the choice is still yours and the one who will decide is no other but you. Choose on what you think is the best for you and what you think that will give you success. But remember that even you have chosen a course that is qualified for all the factors listed and will give great results, it not ends in there. The most important thing is in everything you do always give your best shot. Work hard for everything you want to achieve and accomplish. Don’t quit and never give up. And most of all ask God for help and guidance in everything you do. Pray for it. God has the best plan for you. When you do all these things, I’m sure that whatever course you will take, you will be successful and you will have a wonderful future.

Deregulating Telecommunications

Deregulating Telecommunications Until the 1980s in the United States, the term telephone company was synonymous with American Telephone Telegraph. ATT controlled nearly all aspects of the telephone business. Its regional subsidiaries, known as Baby Bells, were regulated monopolies, holding exclusive rights to operate in specific areas. The Federal Communications Commission regulated rates on long-distance calls between states, while state regulators had to approve rates for local and in-state long-distance calls. Government regulation was justified on the theory that telephone companies, like electric utilities, were natural monopolies. Competition, which was assumed to require stringing multiple wires across the countryside, was seen as wasteful and inefficient. That thinking changed beginning around the 1970s, as sweeping technological developments promised rapid advances in telecommunications. Independent companies asserted that they could, indeed, compete with ATT. But they said the telephone monopoly effectively shut them out by refusing to allow them to interconnect with its massive network. The First Stage of Deregulation Telecommunications deregulation came in two sweeping stages. In 1984, a court effectively ended ATTs telephone monopoly, forcing the giant to spin off its regional subsidiaries. ATT continued to hold a substantial share of the long-distance telephone business, but vigorous competitors such as MCI Communications and Sprint Communications won some of the business, showing in the process that competition could bring lower prices and improved service. A decade later, pressure grew to break up the Baby Bells monopoly over local telephone service. New technologies- including cable television, cellular (or wireless) service, the Internet, and possibly others- offered alternatives to local telephone companies. But economists said the enormous power of the regional monopolies inhibited the development of these alternatives. In particular, they said, competitors would have no chance of surviving unless they could connect, at least temporarily, to the established companies networks- something the Baby Bells resisted in numerous ways. Telecommunications Act of 1996 In 1996, Congress responded by passing the Telecommunications Act of 1996. The law allowed long-distance telephone companies such as ATT, as well as cable television and other start-up companies, to begin entering the local telephone business. It said the regional monopolies had to allow new competitors to link with their networks. To encourage the regional firms to welcome competition, the law said they could enter the long-distance business once the new competition was established in their domains. At the end of the 1990s, it was still too early to assess the impact of the new law. There were some positive signs. Numerous smaller companies had begun offering local telephone service, especially in urban areas where they could reach large numbers of customers at low cost. The number of cellular telephone subscribers soared. Countless Internet service providers sprung up to link households to the Internet. But there also were developments that Congress had not anticipated or intended. A great number of telephone companies merged, and the Baby Bells mounted numerous barriers to thwart competition. The regional firms, accordingly, were slow to expand into long-distance service. Meanwhile, for some consumers- especially residential telephone users and people in rural areas whose service previously had been subsidized by business and urban customers- deregulation was bringing higher, not lower, prices. This article is adapted from the book Outline of the U.S. Economy by Conte and Carr and has been adapted with permission from the U.S. Department of State.

Biography of Artist Louise Bourgeois

Biography of Artist Louise Bourgeois Second generation surrealist and feminist sculptor Louise Bourgeois was one of the most important American artists of the late twentieth and twenty-first centuries. Similar to other second-generation Surrealist artists like Frida Kahlo, she channeled her pain into the creative concepts of her art. These highly charged feelings produced hundreds of sculptures, installations, paintings, drawings and fabric pieces in numerous materials. Her environments, or cells, might include traditional marble and bronze sculptures alongside common castoffs (doors, furniture, clothes and empty bottles). Each artwork poses questions and irritates with ambiguity. Her goal was to provoke emotional reactions rather than reference intellectual theory. Often disturbingly aggressive in her suggestive sexual shapes (a distressed phallic image called Fillette/Young Girl, 1968, or multiple latex breasts in The Destruction of the Father, 1974), Bourgeois invented gendered metaphors well before Feminism took roo t in this country. Early Life Bourgeois was born on Christmas Day in Paris to Josà ©phine Fauriaux and Louis Bourgeois, the second of three children. She claimed that she was named after Louise Michel (1830-1905), an anarchist feminist from the days of the French Commune (1870-71). Bourgeois mothers family came from Aubusson, the French tapestry region, and both her parents owned an antique tapestry gallery at the time of her birth. Her father was drafted into World War I (1914-1918), and her mother frantically lived through those years, infecting her toddler daughter with great anxieties. After the war, the family settled in Choisy-le-Roi, a suburb of Paris, and ran a tapestry restoration business. Bourgeois remembered drawing the missing sections for their restoration work. Education Bourgeois did not choose art as her vocation right away. She studied math and geometry at the Sorbonne from 1930 to 1932. After her mothers death in 1932, she switched to art and art history. She completed a baccalaureate in philosophy. From 1935 to 1938, she studied art in several schools: the Atelier Roger Bissià ¨re, the Acadà ©mie dEspagnat, the École du Louvre, Acadà ©mie de la Grande Chaumià ¨re and École Nationale Supà ©rieure des Beaux-Arts, the École Muncipale de Dessin et dArt, and the Acadà ©mie Julien. She also studied with the Cubist master Fernand Là ©ger in 1938. Là ©ger recommended sculpture to his young student. That same year, 1938, Bourgeois opened a print shop next to her parents business, where she met art historian Robert Goldwater (1907-1973). He was looking for Picasso prints. They married that year and Bourgeois moved to New York with her husband. Once settled in New York, Bourgeois continued to study art in Manhattan with Abstract Expressionist Vaclav Vytlacil (1892-1984), from 1939 to 1940, and at the Art Students League in 1946. Family and Career In 1939, Bourgeois and Goldwater returned to France to adopt their son Michel. In 1940, Bourgeois gave birth to their son Jean-Louis and in 1941, she gave birth to Alain. (No wonder she created a series Femme-Maison in 1945-47, houses in the shape of a woman or attached to a woman. In three years she became the mother of three boys. Quite a challenge.) On June 4, 1945, Bourgeois opened her first solo exhibition at Bertha Schaefer Gallery in New York. Two years later, she mounted another solo show at Norlyst Gallery in New York. She joined the American Abstract Artists Group in 1954. Her friends were Jackson Pollock, Willem de Kooning, Mark Rothko and Barnett Newman, whose personalities interested her more than the Surrealist à ©migrà ©s she met during her early years in New York. Through these tempestuous years among her male peers, Bourgeois experienced the typical ambivalence of the career-minded wife and mother, fighting off anxiety-attacks while preparing for her shows. To restore equilibrium, she often hid her work but never destroyed it. In 1955, Bourgeois became an American citizen. In 1958, she and Robert Goldwater moved to the Chelsea section of Manhattan, where they remained to the end of their respective lives. Goldwater died in 1973, while consulting on the Metropolitan Museum of Arts new galleries for African and Oceanic art (todays Michael C. Rockefeller Wing). His specialty was primitivism and modern art as a scholar, teacher at NYU, and the first director of the Museum of Primitive Art (1957 to 1971). In 1973, Bourgeois began to teach at Pratt Institute in Brooklyn, Cooper Union in Manhattan, Brooklyn College and the New York Studio School of Drawing, Painting and Sculpture. She was already in her 60s. At this point, her work fell in with the Feminist movement and exhibition opportunities increased significantly. In 1981, Bourgeois mounted her first retrospective at the Museum of Modern Art. Almost 20 years later, in 2000, she exhibited her enormous spider, Maman (1999), 30 feet high, in the Tate Modern in London. In 2008, the Guggenheim Museum in New York and Centre Pompidou in Paris exhibited another retrospective. Today, exhibitions of Louise Bourgeois work may occur simultaneously as her work is always in great demand. The Dia Museum in Beacon, New York, features a long-term installation of her phallic sculptures and a spider. Bourgeois Confessional Art Louise Bourgeois body of work draws its inspiration from her memory of childhood sensations and traumas. Her father was domineering and a philanderer. Most painful of all, she discovered his affair with her English nanny. Destruction of the Father, 1974, plays out her revenge with a pink plaster and latex ensemble of phallic or mammalian protrusions gathered around a table where the symbolic corpse lies, splayed out for all to devour. Similarly, her Cells are architectural scenes with made and found objects tinged with domesticity, child-like wonder, nostalgic sentimentality and implicit violence. Some sculptures objects seem strangely grotesque, like creatures from another planet. Some installations seem uncannily familiar, as if the artist recalled your forgotten dream. Important Works and Accolades Femme Maison (Woman House), ca. 1945-47.Blind Leading the Blind, 1947-49.Louise Bourgeois in costume as Artemis of Ephesus, 1970Destruction of the Father, 1974.Cells Series, 1990s.Maman (Mother), 1999.Fabric Works, 2002-2010. Bourgeois received numerous awards, including a Life Time Achievement in Contemporary Sculpture Award in Washington D.C. in 1991, the National Medal of Arts in 1997, the French Legion of Honor in 2008 and induction into the National Womens Hall of Fame in Seneca Falls, New York in 2009.    Sources Munro, Eleanor. Originals: American Women Artists.  New York: Simon and Schuster, 1979. Cotter, Holland. Louise Bourgeois Influential Sculptor, Dies at 98, New York Times, June 1, 2010. Cheim and Read Gallery, bibliography. Louise Bourgeois (2008 retrospective), Guggenheim Museum, website Louise Bourgeois, exhibition catalogue, edited by Frank Morris and Marie-Laure Bernadac.  New York: Rizzoli, 2008. Film: Louise Bourgeois: The Spider, The Mistress and The Tangerine,  Produced and directed by Marion Cajori and Amei Wallach, 2008.

Prisons in the united states Research Paper Example | Topics and Well Written Essays - 1500 words

Prisons in the united states - Research Paper Example Furthermore, new policies on combating drug trafficking have contributed to the rise in incarceration rates significantly. Similarly, the public demand tougher actions from the criminal justice system. There is overrepresentation of people of color in American criminal justice system (parole, jail, probation). According to Clear, Cole & Reisig (2008, p.471), â€Å"African American men are imprisoned in United States at a rate more than three times higher than white males.† In addition, male population under the criminal justice system is higher than female population. The prison system in the US, especially in relation to mass imprisonment has led to collapse of the family units, as parents get imprisoned leaving behind their children. Indeed, the number of single parent householders has increased due to incarceration. Thus, this paper will compare the rate of incarceration in America and other countries, explore the factors contributing to mass imprisonment, significance of g ender and race in criminal justice system, and addresses cultural implication of mass imprisonment, conditions of confinement and what we can learn about the American society from the way it treats its prisoners. Describe the rate of incarceration in the U.S. ... According to Conrad (2005, p. 223), â€Å"the rate of incarceration for the United States is 702 for every 100,000 American citizens, the highest rates in the World.† Indeed, the rate of incarceration in the United States is 5-6 times more than other industrialized countries (Mauer, 2003, p.3). The graph below illustrates the incarceration rates in US in comparison with other countries. Source: Mauer, M., (2003). Comparative International Rates of Incarceration: An Examination of Causes and Trends. http://www.sentencingproject.org/doc/publications/inc_comparative_intl.pdf Besides, America reports more cases of violent crimes than other industrialized countries. Why does the United States lead other industrialized nations in mass imprisonment? The United States leads other industrialized nations in mass incarceration level due to high numbers of violent crimes, porous borders with Mexico, which inflates drugs trafficking, racial turmoil, criminal justice policies, and degradati on of social safety net. In addition, the criminal justice system incarcerates more minor offenders than other nations. Essentially, a large percentage of incarcerated person in the US are put behind due to drug and substance trafficking. Other countries do not impose stringent laws prohibiting drugs trafficking; hence, they have fewer inmates on trafficking grounds. Thus, the America’s measure to combat drug trafficking has led to more incarcerated persons serving longer sentences. Similarly, there is a higher rate of violent crimes related to drugs cartels in America in comparison with other countries. The US criminal justice system is also influenced by democracy; primarily, courts judges, prosecutors are elected, and hence they are subject to public

Theoretical Models of Leadership and Personal Reflection Essay

Theoretical Models of Leadership and Personal Reflection - Essay Example However, actual practice in nursing might dictate an incremental trust-building exercise to achieve long-term relationship growth. Starnes, et al. (2010) identifies that legitimate relationships are developed over time, beginning with small-scale acts and evolving into reciprocal acts with both employee and the leader. Trust is developed at the point in relationship where both leader and employee assume responsibility for development and growth in relationship by showing high affection and respect for one another through these acts (Starnes, et al 2010). Transformational leadership utilises collaborative methodologies in order to inspire commitment and motivation toward achievement of organisational goals, an idealized influence of role modelled behaviour that also seeks to inspire creativity and innovation in employees (Bass, et al. 2003). â€Å"Trust and distrust are embodied in the rules, roles and relations which some men impose on, or seek to get accepted by others† (Farr ell and Knight 2003, p.67). Getting nurses and other health care staff (or even patients) to follow the direction of the transformational leader includes not only behaviours, but the systems and structures that guide either autonomous work or rules guiding behaviour by which the transformational leader abides as well to enact idealized influence. Does this mean having more controls to gain trust? Transactional leadership is a significantly different approach to leadership in which the manager creates contingent rewards that are based on individual employee or group performance (Antonakis, et al. 2003). This style includes the development of a psychological contract where the leader promises acknowledgement for proper performance or guarantees of leader non-intervention so long as work... According to the report findings  the ideological goal of transformational style is to build long-term trust with health care employees individually or in groups, using practice in-line with a more people-centred leader. However, actual practice in nursing might dictate an incremental trust-building exercise to achieve long-term relationship growth. Legitimate relationships are developed over time, beginning with small-scale acts and evolving into reciprocal acts with both employee and the leader. Trust is developed at the point in relationship where both leader and employee assume responsibility for development and growth in relationship by showing high affection and respect for one another through these acts.As the paper discusses  transformational leadership utilises collaborative methodologies in order to inspire commitment and motivation toward achievement of organisational goals, an idealized influence of role modelled behaviour that also seeks to inspire creativity and inn ovation in employees.  Transactional leadership is a significantly different approach to leadership in which the manager creates contingent rewards that are based on individual employee or group performance.  This style includes the development of a psychological contract where the leader promises acknowledgement for proper performance or guarantees of leader non-intervention so long as work performance outputs are meeting expected organisational goals. Clear task discussion between leader and health care employee leads to understanding of expected rewards in transactional leadership.

The Case of the Off-Rhythm Bongo Player Essay Example | Topics and Well Written Essays - 2000 words

The Case of the Off-Rhythm Bongo Player - Essay Example As explained by Jason Bardi reports from the Scripps Institute, "calcium is a second messenger and regulates many different intracellular processes, including gene expression within cells." (Bardi, 2004) and "the transfer or spread of this excitability to a neuronal network, manifested as electro-graphic and clinical seizures, occurs via synaptic transmission." (Wellmer J, Su H, Beck H, Yaari Y and Eur J Neurosci, 2002) The effect on ion channels and effect on threshold are distinctive in the sense that "native calcium channels have been classified by both their electrophysiological and pharmacological properties and are generally divided into low-threshold (T-types) and high threshold (L-, N-, P/Q- and R-types). The L-, N-, P/Q- and R-type channels typically activate at membrane potentials near -30 mV and display diverse kinetic, voltage-dependent and pharmacological properties.1 The availability of specific pharmacological agents targeting the high threshold channels has permitted elucidation of many of their physiological functions. The T-type calcium channels describe a class of molecules that transiently activate at relatively negative potentials (-60 mV) and for which a general lack of high-affinity selective blockers has made their exact physiological contributions lag behind those of the high-voltage activated isoforms" (Snutch, 2005) The effect on Bado's muscles including the aching, twitching and tingling fingers is based on how the calcium mediates constriction and relaxation of blood vessels. This includes those excitable cells which controls the nerve impulses like those occurring in his twitching fingers. More definitively explained by Jane Higdon of the Linus Pauling Institute at Oregon University, calcium plays a role in mediating the constriction and relaxation of blood vessels (vasoconstriction and vasodilation), nerve impulse transmission, muscle contraction, and the secretion of hormones, such as insulin. Excitable cells, such as skeletal muscle and nerve cells, contain voltage-dependent calcium channels in their cell membranes that allow for rapid changes in calcium concentrations. For example, when a muscle fiber receives a nerve impulse that stimulates it to contract, calcium channels in the cell membrane open to allow a few calcium ions into the muscle cell. These calcium ions bind to activator proteins within the cell that release a flood of calcium ions from storage vesicles inside the cell. The binding of calcium to the protein, troponin-c, initiates a series of steps that lead to muscle contraction. The binding of calcium to the protein, calmodulin, activates enzymes that breakdown muscle glycogen to provide energy for muscle contraction. (Higdon, 2003) As explained in the following afflictions, cell excitability and effects on the skeletal muscle are discussed: a) Hyperkalemia: "In acute hyperkalemia, the ratio of intracellular to extracellular K+ is decreased. The gap between the resting membrane potential to the excitability threshold is decreased and the nerve conduction is initiated more easily. If this continues it progresses to weakness of muscles. Gradual hyperkalemia, as in

A Business Case for an ISO 14001 Certification Essay Example for Free

A Business Case for an ISO 14001 Certification Essay A Business Case for an ISO 14001 Certification A Final Project Presented to the Faculty of the School of Business In Partial Fulfillment of the Requirements for the Degree of Masters of Science in Business Administration By Abstract of Thesis A Business Case for an ISO 14001 Certification By Problem In response to the raising awareness of damage to the environment, a series of standards for environmental management systems called The ISO 14000 was introduced in 1996. It provides guidelines on the ingredients that an environmental management should necessarily posses and also on the supporting technologies. These standards were not so specific as regards to how it should be done rather it more emphasizes on what should be done. ISO 14000 is an environmental management standards designed to guarantee products and services to cover the minimum environmental impact. The ISO 14000 series takes the international standards system to the field of environmental concerns. ISO 14001 focuses on the development and maintenance of an Environmental Management System, within the ISO 14000 series. The ISO 14000 series is of relatively recent origin, having been instituted in 1991. However, it has emerged as a significant force within a short time. The ISO 14000 series is relevant for the world of business, for governments and regulators, for organizations that work not-for-profit and for entities of all types and sizes, wherever they may be. Its universal nature makes it a unique and dominant system for all people who are concerned with pollution, waste and about the consumption of resources that are limited and which cannot be renewed. ISO 14000 promotes professional conduct. Training people and involving them in key processes lie at the heart of the ISO 14000 system. The rigors of certification serve to develop human resources. It can serve to motivate people at all levels of the hierarchy, and to foster team spirit. The ISO 14000 system is not limited to altruism and to noble intentions. It is worth hard cash. ISO 14001 puts great pressure to bear on achieving productivity improvements that translate to valuable cost savings. Major international corporations enjoy impressive profit growth through the ISO 14000 series. All ISO certifications carry the benefits of independent and international recognition. ISO extension in to the field of environmental concerns through the 14000 series brings desirable pressure on companies that produce hazardous substances and which generate enormous amounts of waste. Customers everywhere have the choice to insist on ISO 14000 certifications. Companies may find themselves excluded from significant market segments if they continue to ignore or to avoid ISO 14000. Some organizations may find themselves out of business if they do not secure ISO 14000 certification. Apple leads a galaxy of the world’s most respected enterprises in using ISO 14001 certification as a cornerstone of competitive strategy. Lithium ion battery technology is an example of innovation that a commitment to environmental conservation can present. Solutions inspired by ISO 14001 can have welcome economic benefits, apart from noble achievements in terms of environmental conservation. Reduction in energy consumption is an outstanding example, since power generation can be both expensive as well as polluting. ISO 14000 calls for abiding commitment on the part of all entities that seek certification. The system consumes major portions of employee time. ISO 14000 becomes a major element of cost, though it does produce handsome returns. The ISO 14000 series follows a highly structured implementation procedure. There is comprehensive documentation widely available that any organization can use to enter the system. Most organizations find it expedient to use consultants to guide them through the process. Independent auditors are inevitable. External auditors must be knowledgeable, experienced and accredited. ISO 14000 has important weaknesses. Loss of proprietary information is the most serious risk. Certified companies may find that their defenses have been compromised in the event of litigation. This arises from the documentation and management reviews that are integral to ISO 14000. ISO 14000 leaves organizations free to choose their own goals, priorities and standards. It therefore lends itself to potential abuse by organizations that may push important social concerns to the background, or to prevaricate about deleterious aspects of environmental degradation. Some organizations may not be able to fund the investments in time and money that ISO 14000 requires. The benefits may therefore evade small enterprises. ISO 14000 documentation needs can also duplicate documentation that other systems and some regulations require. Training and audit infrastructure is inadequate for widespread and global application of ISO 14000. Some organizations, especially in remote regions can find themselves excluded though they may wish to enlist. ISO 14000 confines itself to the environment. It does not consider issues of human wellness. There are many community concerns that ISO 14000 does not address. It is not a guarantee of ethical performance of an organization on all fronts. Business interests may be served best if companies were to use ISO 14000 for internal review, without going in for certification or even registration. It would then be an effective tool of risk management without opening the firm to unwelcome public scrutiny. As stated ISO 14000 can prove to be a significant undertaking that can task the resources of any size organization, if the task is undertaken correctly and managed well the benefits will outweigh the costs in many ways, from financial to organizational image. Method The Historical/Case study method is used in this thesis. The study consists of real life cases gathered from, various sources. These cases are evaluated for relevance as well as content. Cases used will be from varying sizes and types of organizations, public and private as well as local and international. Further research analysis by overview of the statistical research methods, selection of the sample and descriptive statistics is also used in this thesis as a corroborative evidence to substantiate the findings of this thesis. Conclusion This study has shown that ISO 14000 certification can tax the resources of organizations, but in the majority of cases the end result has proven that the benefits of certification exceed the costs. The study of the data presented has demonstrated that, for most organizations, not implementing ISO 14000 can be much more costly than implementation. Recently several universities, including the University of Michigan, suspended contracts with Coca Cola on campuses (Dump Coke at U of M, 2005). While several reasons are given for the suspension of contacts at the campuses including human rights violations, specifically mentioned is â€Å"Environmental Devastation† in India. Perception is key for business in today’s global economy, being able to prove environmental responsibility as stewardship on the organizations behalf can result in the loss or gain of business. Table of Contents Chapter No Headings Page No Chapter 1 IMPORTANCE OF THE STUDY AND INTRODUCTION 6 Statement of the Problem 7 Purpose of the Study 10 Scope of the Study 11 Rationale of the Study 12 Definition of Terms 12. Overview of the Study 17 Chapter 2 REVIEW OF THE RELATED LITERATURE 2. 1 Introduction 21 2. 2 The Sustainability Imperative for Environmental Management 23 2. 3 Image Incentives for Environmental Management 25 2. 4 The Lines of Business 30 2. 5 Implemental aspects 31 2. 6 ISO 14000 and Global Trends 31 2. 7 ISO 14001 and Profits 34 2. 8 ISO 14001 and Seasonal Business 37 2. 9 ISO 14001 and Building Projects 39 2. 10 ISO 14001 and Equator Principles 40 2. 11 SME Experience with ISO 14001 41 2. 12 Summary of Benefits of Environmental Management Systems 44 2. 13 What is it? 46 2. 14 Environmental Labeling and ISO 14000 50 2. 15 ISO 14001 for International Corporations 53 2. 16 ISO 14001 in Mergers and Acquisitions 58 2. 17 Detailing Product Life Cycles 58 2. 18 Specific Benefits That Business Can Expect From ISO 63 2. 19 ISO 9000 AND ISO 14000 65 Chapter 3 METHODOLOGY Approach 66 Data Gathering Method 67 Data Base of Study 68 Validity of Data 68 Originality and Limitation of Data 69 Summary 70 Chapter 4 DATA ANALYSIS 4. 1 BAXTER INTERNATIONAL INC 71 4. 2 ELI LILLY 72 4. 3 Beyond Compliance by Baxter and Eli Lilly. 74 4. 3. 1 EPA ‘s 33 / 50 program 74. 4. 3. 2 Responsible Care Compliance 75 4. 3. 3 Green Products 75 4. 3. 4 Environment Audits 76 4. 4 An analysis of Environment compliance by Baxter and Lilly. 76 4. 5 Policy Dynamics 76 4. 6 Baxter International Inc and Environment Compliance 77 4. 6. 1 Baxter’s Environment Performance –At a glance. 78 4. 6. 2 Green House Gas Emission 80 4. 63 Reduction in Emissions in Carbon Di Oxide 81 4. 6. 4 Baxter Historical Performance as reported in 1997 81 4. 6. 5 Baxter’s Environment Program through year 2010 81 4. 6. 6 Baxter’s Cost Savings due to Environmental initiatives 82 4. 6. 7 Environment Performance Data of Baxter 83 4. 6. 8 Baxter’s Cost Reduction Data’s 84 4. 6. 9 The Toxic Release Inventory and the 33/50 Program by Baxter and Lilly. 85 4. 7 Baxter and Lilly ISO 14000 -Response 86 4. 8 Blue Scope Steel and ISO 14000 86 4. 9 ISO 14000 Rockwell Automation, Twinsburg –Ohio 87 4. 10 Plasti Color -Ohio 88 4. 11 Xerox Corporation 88 4. 12 IBM 88 4. 13 Carter Holt Harvey Tissue –New Zealand 89 4. 14 3M Corporation 89 4. 15 Case studies of ISO 14001 Companies 91 4. 16 Coca-Cola 95 4. 17 Research Approach Methodological of Sample Collection 98 4. 18 Methods of Resources 98 4. 19 Description of dependent and Independent variables –Table -1 99 4. 20 Table 2- Entity Type 101 4. 21 Table 3 – Categories of NED 102 4. 22 Table 4-Multiple Regression results for test Of H1 through H 4. 103 Chapter 5 SUMMARY , RECOMMENDATION AND CONCLUSIONS 105 REFERENCES 118 List of Table and Charts Chapter No Headings Page No Chapter 4 4. 6. 1 Baxter’s Environment Performance –At a glance. 78 4. 6. 2 Green House Gas Emission 80 4. 63 Reduction in Emissions in Carbon Di Oxide 81 4. 6. 6 Baxter’s Cost Savings due to Environmental initiatives 82. 4. 6. 7 Environment Performance Data of Baxter 83 4. 6. 8 Baxter’s Cost Reduction Data’s 84 4. 15 Case studies of ISO 14001 Companies 91 4. 19 Description of dependent and Independent variables –Table -1 99 4. 20 Table 2- Entity Type 101 4. 21 Table 3 – Categories of NED 102 4. 22 Table 4-Multiple Regression results for test Of H1 through H 4. 103 A Business Case for an ISO 14001 Certification A Case Study Chapter 1 Importance of the study and Introduction Several industries are trying very hard to change their public image as environmentally â€Å"unfriendly†. The oil industry with its need to seek more sources, often in wilderness areas, chemical companies which have in the past legally dumped toxic waste, the timber industries and the automotive industry which continues to produce large gas guzzling SUV’s and trucks are all very sensitive to public perception. Perception is very powerful and a company does not want to be perceived as harmful to the environment or not environmentally friendly. Frequency of industrial accidents and media publicities such as the publication of Rachel Carson’s Silent Spring (1962) highlighted the environmental consequences of unfettered industrialization . Respecting the public concerns; the United States Congress has made several laws stipulating environmental standards and technologies for manufacturing companies. Only after Rio Summit in 1992, the policy makers seem to have acceded the fact that the governmental coercion alone will not bring any success and right incentives must be provided to the industries. In recent years, United States Environmental Protection Agency (EPA) has launched voluntary beyond –compliance programs such as Green Lights, Project XL and 33/50. The ISO 14000 certification system can be used as a tool to not just say that are concerned about the environment, but to show what you have been doing, are doing and will be doing to improve your performance. In doing so you should be able to add to your bottom line, both direct and indirect. As more and more of these companies will seek and obtain the ISO 14000 certification and they require suppliers to do so as well. This study seeks to contribute to the on-going debate within some sections of industry about the economics of ISO 14001. It is known that large corporations invest in registrations, often under duress from social activists. But is there money to be gained by following the system? Can there be purely business reasons for seeking ISO 14001 certification? Can smaller enterprises participate? These are some of the questions that this study seeks to answer. Statement of the Problem The problem; organizations have a need to show environmental stewardship but what is the cost of doing so and how so they justify the cost to management and/or shareholders. Today companies and organizations face many financial challenges and to survive in the global economy they must be fiscally responsible. There is also a need to be considered environmentally responsible and perceived as such. The ISO 14OOO series specifies beyond –compliance management systems . These standards have been sponsored by the International Organization for Standardization, a Geneva -based non governmental organization . ISO 14000 could be viewed as an industrial code of practice that needs to be certified by external auditors. Currently such certification costs about $ 20000 per facility. The cost has acted as a barrier for many financially weak corporations to have the ISO 14000 Certification for their facilities. Recently several universities, including the University of Michigan and New York University, suspended contracts with Coca Cola on campuses (Dump Coke at U of M, 2005). While several reasons are given for the suspension of contacts at the campuses including human rights violations, specifically mentioned is â€Å"Environmental Devastation† in India. Perception is key for business in today’s global economy, being able to prove environmental responsibility and stewardship on the organizations behalf can result in the loss or gain of business. Most companies still have a choice whether to obtain certification or not and the best illustration for this is Baxter International Inc and Eli Lilly , a U. S based multinational Companies , the details are discussed in the Research Analysis chapter in this thesis. However, more and more must obtain certification to maintain their status in the supply chains of other companies. To ensure suppliers are meeting environmental benchmarks, manufacturers such as General Motors Corp, Ford Motor Co, DaimlerChrysler, IBM, Xerox, Honda Corporation, Toyota are requiring suppliers to be ISO 14001 certified. Generating environmentally damaging emissions and waste is often an indication of an un-optimized production process, and manufacturers that implement ISO 14001 requirements can realize improvements in efficiency and profitability and retain their positions in OEM supply chains†. (Susan Gilbert-Miller n. d). It is very likely that both public and private demand for environmental responsibility will continue to fuel the shift towards certification as proof of doing so. In the global economy today an ISO 14000 certification could become as important, to show a companys environmental responsibility, as ISO or QS 9000 is to show a commitment to quality. It may become a prerequisite to doing business with some companies and in more industries as it has in the automotive industry. The direct cost of certification can range from a few thousand dollars for a small facility to hundreds of thousands for larger companies and millions for international companies. Presenting the business case for certification will be much easier if the benefits and cost reduction are included as part of the presentation. Purpose of the Study There are a number of excellent consulting services and other resources available at a cost, to help companies through the process of achieving certification. The key is the element of cost. In order to receive funds for consulting services or any other resources, you may have to justify your endeavor financially prior receiving any funding. Even if your company is capable of going through the process without any outside resources there are still direct and indirect costs associated with the process, prior to hiring a certification company to conduct an audit. You will have to buy materials, pull people in full time and part time, audit and update records. Training will be required for employees and management. The purpose is to show that the costs associated with obtaining and maintaining an ISO 14000 certification as part of an Environmental Management System, can be exceeded by the benefits of doing so. The benefits are not just monetary, but also how the company is viewed in the public eye as well, which is increasingly important in today’s global economy. Scope of the Study The majority of the top 100 companies in the United States have already achieved ISO 14000 certification. The same trend exists in the European Union. The research will look at what is driving the movement towards certification. It will also look at what is required to become certified and to maintain that certification. This will be done through case studies of companies that have already achieved certification, how it has affected their companies and in what ways. The main focus being that it makes good business sense, and the justification thereof. The study concentrates on the business and profit reasons for ISO 14000 registrations, with tertiary scans of ethical issues and applicability of not-for-profit organizations. The study includes brief descriptions of all phases of the ISO 14001 process, with outlines of the various sections of the manual that is an integral part of the process. Rationale of the Study While a lot companies have already achieved ISO 14000 certification many more have not. One of the biggest factors in failure to achieve or to get the company to attempt certification, especially in small and medium size companies, is that often the appointed SME (subject matter expert) has little knowledge as to what is required. It is a task that is added to their current â€Å"to do† list and they are not given the proper resources or time to conduct a thorough study as to what needs to be done, the resources it will require and what is most important in some cases, R. O. I. (Return On Investment). This study will help to explain what is required, where to look for information and through case studies show that a positive R. O. I. can be achieved through ISO 14000 certification and the maintenance of the certification. Definition of Terms Climate change: An alteration to measured quantities (e. g. precipitation, temperature, radiation, wind and cloudiness) within the climate system that departs significantly from previous average conditions and is seen to endure, bringing about corresponding changes to ecosystems and socio-economic activity. Associated with greenhouse gas emissions, of which fossil fuel combustion and forest decline are contributors. Code of Federal Regulations: United Stated Code of Regulations, commonly referred to as CFR is a publication established by and Act of Congress. It documents all regulations issued by federal administrative agencies that have â€Å"general applicability and legal effect. † Ecological or Environmental sustainability: This entails maintaining an ecosystem an adjacent ecosystem at the same or higher levels as the ecosystem in question to be able to maintain its productivity, adaptability and capacity for renewal. It requires that forest management respects, and builds on, natural processes. EMAS: Eco-Management and Audit Scheme, In Europe the Eco-Management and Audit Scheme (EMAS) was created and many European countries made implementation of EMAS mandatory for many large manufacturing facilities. EMAS and ISO 14001 are not very different; EMAS has two significant elements more than ISO 14001, namely a baseline environmental assessment and a public environmental performance report. Environmental Aspect: An element of an organizations activities, products or services that can interact with the environment, whether it be in a positive of negative manner. Environmental Impact: Any change to the environment, whether adverse or beneficial, wholly or partially resulting from an organizations activities, products or services. Gap Analysis: One of the initial steps in successful implementation of ISO 14000 is gap analysis. The gap analysis looks at a facility’s written programs, policies, and procedures to see how they compare to the requirements of ISO 14000. Once this analysis is complete a guideline will be established to bring them into compliance to prepare for certification Global Warming: The term Global Warming refers to the observation that the atmosphere near the Earths surface is warming, without any implications for the cause or magnitude. This warming is one of many kinds of climate change that the Earth has gone through in the past and will continue to go through in the future. ISO 14000: ISO 14000 is a series of environmental management standards developed and published by the International Organization for Standardization (ISO) for organizations. The ISO 14000 standards provide a guideline or framework for organizations that need to systematize and improve their environmental management efforts. The ISO 14000 standards are not designed to aid the enforcement of environmental laws and do not regulate the environmental activities of organizations. Adherence to these standards is voluntary. The ISO 14001 standard is the most important standard within the ISO 14000 series. ISO 14001 specifies the requirements of an environmental management system (EMS) for small to large organizations. An EMS is a systemic approach to handling environmental issues within an organization. The ISO 14001 standard is based on the Plan-Check-Do-Review-Improve cycle. The Plan cycle deals with the beginning stages of an organization becoming ISO 14001-compliant. The Check cycle deals with checking and correcting errors. The Do cycle is the implementation and operation of the ISO 14001 standard within an organization. The Review cycle is a review of the entire process by the organizations top management. And the Improve cycle is a cycle that never ends as an organization continually finds ways to improve their EMS. The entire process can take several months to several years depending on the size of the organization. If an organization is already ISO 9000-certified, the implementation of ISO 14001 does not take as long. When an organization is compliant, they can either register with a third-party registrar or self-declare their compliance. The ISO 14001 standard is the only ISO 14000 standard that allows an organization to be registered. ISO 9000: ISO 9000 is a series of standards, developed and published by the International Organization for Standardization (ISO), that define, establish, and maintain an effective quality assurance system for manufacturing and service industries. The ISO 9000 standard is the most widely known and has perhaps had the most impact of the 13,000 standards published by the ISO. It serves many different industries and organizations as a guide to quality products, service, and management. Kyoto Protocol: It is a pact agreed on by governments at a United Nations Conference in Kyoto, Japan 1997 to reduce the amount of greenhouse gases emitted by developed countries by 5. 2 percent of 1990 levels during the five-year period 2008-2012. Eighty-four countries have signed the pact and 40 of have ratified it, according to U. N. data. Only one country, which has an emissions target, Romania, has ratified to date. LCA: Life-Cycle Assessment is a systematic approach used to manage the environmental impacts of products and service systems, and it is applied at several levels. It tracks the entire life cycle of a product from inception to disposal and looks for environmental impact throughout and how that can be reduced. Lean Manufacturing: Lean Manufacturing is an operational strategy oriented toward achieving the shortest possible cycle time by eliminating waste. It is derived from the Toyota Production System and its key thrust is to increase the value-added work by eliminating waste and reducing incidental work. The technique often decreases the time between a customer order and shipment, and it is designed to radically improve profitability, customer satisfaction, throughput time, and employee morale (Lean Manufacturing, n. d). Overview of the Study The study will consider the attributes of ISO 14000 as an Environmental Management System. In this paper the main focus will be to define the quantitative as well as qualitative benefits for employing an EMS, in our case ISO 14000. While ISO 14000 will be the primary focus, other EMS systems will also be discussed as alternatives and for relative comparisons. The procedures for and the costs of implementation will also be looked at as part of the study. In the process case studies will be studied and discussed through the use of Internet searches, relevant case studies and publications as well as personal experience and interviews with others in the field. This study will attempt to provide methods for justification of perusing certification. It will also try to give an overview of the process for obtaining certification from the planning stage, through implementation, certification as well as the follow up and continuous improvement required to maintain certification. The Ethical Rationale for Environmental Management Standards Concern for the environment is one of the hallmarks of social concerns during our times. Awareness has been growing since the last quarter of the 20th century. It has snowballed in to a major force. There are signs that countries and people will become increasingly demanding of all organizations with which to deal, in this respect. Though the first world is more influenced by concern for the environment, developing economies are also dragged in to the vortex of global opinion, as electronic media and desire for market access drive even poorer people to conform to conservation standards. Pollution, use of hazardous substances, non-degradable waste and consumption of limited natural resources are the four principal corners of environmental concerns. Pollution of air and water are most perceptible for lay people, but the effects of landfills can be equally devastating. Pesticides and organic solvents lead a series of chemicals with both acute and chronic effects. Mesothelioma is an example of a consequence of exposure to a hazardous substance, the fatal implications of which can surface after decades. Organochlorine pesticides persist in nature almost indefinitely. People at large have become very concerned about such residues and threats that surround them. Women and children are especially vulnerable. The awareness among the public regarding pollution and hazardous material is of high now-a-days. There was protest in India during January, 2006 against the French government’s decision to send a decommissioned battleship and military air craft carrier† Clemenceau â€Å"allegedly containing toxic wastes to a ship-breaking yard at Alang on the Coast of Gujarat ,in India. Green peace activists claimed the ship was loaded with hundreds of tones of toxic wastes, including 500 tones of asbestos alone and it was a violation of international Basel convention on trade of hazardous materials. Greenpeace activists claimed that â€Å"Clemenceau† is French property containing hazardous waste on ship and can not allowed to dump this hazardous waste in India . Yielding to the pressure , the French Government finally recalled its decision to scrap the ship in India . The concept of supply chains has spurred thoughts about life cycle analysis. Exhaustive labeling requirements have made people more generally aware that an innocuous finished product may involve the use of hazardous substances. Processed foods are common examples of convenience products that may contain harmful ingredients and sources of infection and contamination. This matter also leads to consideration of packaging materials that have been traditionally taken for granted. Consumers are now aware that products made from paper can involve the destruction of forest cover, while plastic has acquired a notorious image for its persistence. This applies to tin and other metals as well. Mercury and other heavy metals in batteries and electronic products are also causes of concern. Clean water has been in acute shortage in many parts of the third world for some time now, but even developed economies have begun to worry about large-scale use of this precious resource, Ground water contamination and depletion of the ozone layer are other matters that engage much popular attention. Large corporations that generate profits are prime targets for pressures to develop environmental management standards. Companies, whose operations transcend national boundaries, have to be especially careful of their environmental footprints. However, government, social service organizations and small business may all affect the environment in serious and indelible ways. Hence it is possible that environmental management programs may become increasingly universal with the passage of time. It may be concluded that there is a strong ethical foundation for environmental concerns. All organizations regardless of their size, nature and location, will be subject to pressures to monitor their environmental impacts, and to find ways of reducing or even eliminating all harmful implications of their transactions. The ethical rationale has a firm linkage with business reasons for ISO 14000 certifications, as there are societal trends that it soon become a pre-requisite for continuing to be in business. Chapter 2 Review of Related Literature 2. 1 Introduction Business survival in today’s global economy is difficult at best. Today business’ look for advantage in every possible area and lean manufacturing programs like Six Sigma with its belts levels to parallel karate, Kaizen, 5S and many others have become not just popular but an integral part of maintaining and doing business. How does an Environmental Management System fit into the â€Å"Lean Culture† of business? That is the question that will be studied in this paper through the review of related literature, case studies, interviews, technical periodicals and Internet sources. An overview of lean manufacturing concepts will be given with the focus on integrating an E. M. S. into a companies existing lean program or as part of the implementation of a lean program. While other Environmental Management Systems will be referenced, I. S. O 14000 case studies and statistics will be used in this study. In the United States and the rest of the world I. S. O. 14000 is a recognized standard for Environmental Management Systems, much the same as ISO 9000 is for quality systems. The literature reviewed in this paper was selected for relevance to either a single topic, Lean Manufacturing, I. S. O. 14000 or the integration of the EMS into the lean manufacturing system and will be reviewed in that order. By the process of lean manufacturing, Toyota, the world greatest manufacturer, consistently makes the highest quality cars with the fewest defects of any competing manufacturer by using fewer man-hours, less on-hand inventory and half the floor space of its competitors.