Book Review on Franklin Delano Roosevelt Essay

Franklin D. Roosevelt was the 32nd President of the United States. While being president he was trying to lead our country through a time of economic depression and total war. Franklin D. Roosevelt was one of the most important leaders of the 20th century. Alan Brinkley, the author of Franklin Delano Roosevelt, wrote this biography in order to show Roosevelt’s life from childhood to presidency and all the trials and tribulations that occurred. Brinkley wrote this book to be able to show Roosevelt’s life from when he was born to him leading our country through the war. Not only just showing what happened in his life but also being able to show what he had to go through and what kind of decisions he had to make when running this country. This book was a great way to teach an audience about Roosevelt and was very effective in getting the point across. Brinkley used an immense amount of sources to be able to write this book. He used anywhere from other biographies to memoirs and diaries of the people who served with Roosevelt. He was not writing this book in order to criticize what all Roosevelt did wrong, but to show the magnitude and importance of everything he did right, such as the reshaping of American Government to the successful leadership of the United States. The New York Times wrote the day after Roosevelt died, â€Å"It will honor him above all else because he had the vision to see clearly the supreme crisis of our times and the courage to meet that crisis boldly. Men will thank God on their knees, a hundred years from now, that Franklin D. Roosevelt was in the White House† (99). This shows that not only was Franklin D. Roosevelt a great man he was also a great leader of our country. Brinkley did an amazing job with being able to show all of Roosevelt’s accomplishes and all the trials and tribulations he overcame during presidency and also during his life. Roosevelt was born into a very privileged family with his father James Roosevelt being extremely wealthy and his mother Sara Delano, being very wealthy herself as well. He went to Groton at fourteen years old granted he gradated doing very well academically, he went his whole four years there as a lonely outsider. He entered Harvard in 1900 with a new outlook look on life and tried hard to make friends. Roosevelt found himself being attracted to his distant cousin Eleanor Roosevelt while attending Harvard. In 1905 he married Eleanor and they together had six children. Roosevelt attended Columbia Law School, although he did not meet all the requirements he passed his bar exams and started practicing law in New York. Later, Franklin had an affair with his wife’s social secretary Lucy Mercer. Eleanor discovered their relationship in 1918 by finding letters between the two of them. Roosevelt served eight years as Assistant Secretary of the Navy in 1910 in New York. He was also governor of New York in 1928 and again in 1930. Roosevelt was paralyzed in both legs due to him having polio in 1921 ceasing him to be able to enjoy his favorite activities. Roosevelt would try to disguise his paralysis in public by wearing heavy leg braces to help him walk. In 1932 he was nominated for president with his opponent being Herbert Hoover. Winning the election he promised that he would conduct the war against the depression. When winning presidency Roosevelt took on an immense amount of stress all at once. The world was in an incredible crisis due to the economy depression. Roosevelt tried and tried to steadily bring back this nation, with what was called the â€Å"hundred days† where he won a series of bills that began to reform the role of the federal government in the workings of the economy. Roosevelt had what was called â€Å"The New Deal† which was a series of economic programs that involved orders or laws passed by Congress in response to the Great Depression. Roosevelt was reelected in 1936 as he campaigned on his idea of a New Deal. When Roosevelt was reelected World War II had already started. Japan had launched an invasion of Manchuria in 1922. Roosevelt began to get his country ready for war. In 1932 Hitler declared himself as the most powerful political person in Germany. By the spring of 1940 the war had spread quickly through Western Europe, with almost all of Europe being under complete Nazi control. Roosevelt had to lead our country through World War II. Rebounding from the surprise of Pearl Harbor and winning almost every victory in Europe and the Pacific. With the war and Roosevelt being paralyzed he spend most of his days in the White House. Roosevelt tried to reconnect with his distant wife and tried to have a real marriage again, but Eleanor refused and spent most of her days traveling or in her home in Duchess County. Roosevelt began seeing his long lost mistress Lucy with meetings that took place for the most part outside the White House. In January of 1945 Roosevelt met with Stalin and Churchill agreeing on the postwar occupation of Germany, which was going to be divided between the three leaders. Stalin was already ready to occupy Poland and there was no way Churchill and Roosevelt could stop him. When leaving Roosevelt hoped he could come to agreement with Stalin. In April of 1945 Roosevelt went on vacation with cousins and aids in Warm Springs, Georgia. Lucy Rutherford visited with an artist to paint Roosevelt when he complained of a â€Å"terrific headache† he collapsed and never regained consciousness, dying several hours later. Brinkley was able to show Franklin D. Roosevelt’s life and all his trials and tribulations that he had to overcome. With everything from not making friends in college, to leading our country through World War II, this biography was a very effective way to teach an audience about Franklin D. Roosevelt and how great of a leader he was. Roosevelt was criticized for some of his decisions, but this biography was able to show how many important decisions he made and how great of a president he was.

Advertising Images of Elderly

Advertising Images of Elderly The attitudes younger generations have of the elderly and the relationships they share, as well as perceptions older people have of themselves, are directly affected by stereotypes portrayed in television advertisements (Hillier & Barrow, 2011, p. 35). When the elderly are visible in advertising, it is typically in life insurance and emergency catastrophe product commercials.These ads implied that the elderly are feeble, stubborn, grouchy, lonely, ugly, helpless, mentally declined, and isolated (â€Å"Life Call Commercial,† n. d. ). As a group, they suffered from immobility, illness, and frailness (â€Å"August 2004 Commercials part 9,† n. d. ). By portraying the elderly in a negative aspect in advertising, younger audiences and senior citizens began to accept the stereotypical and an unrealistic portrait of aging (Hillier & Barrow, 2011,p 39-41).All too many advertisements that use the elderly perpetuate negative aging stereotypes. These t elevision ads often try to generate media attention that overemphasis the vulnerability of older people (Hillier & Barrow, 2011, p 47). One clear example of this, when Lifecall began running an overly dramatic advertisement in the late 1980’s. Typically, these older actors in these commercials were force to portray characters that were either deathly ill or sprawled across the bathroom floor clutched to a walker, crying â€Å"Help!I’ve fallen and I can’t get up! † The ad gave younger viewers the impression that the elderly were all of a sudden incapable of being alone at home, unable to get help, perhaps for hours or even days. They must rely on their medical alert pendent if they were ever going to call an ambulance, a next door neighbor, family, or a doctor (â€Å"Life Call Commercial,† n. d. ). Running head: ADVERTISING IMAGES OF ELDERLY 4 In other ads, the elderly were repeatedly reminded of negative stereotypes associated with aging (Hillier & Barrow, 2011, p. 7). As the older spokeswoman dropped change into the parking meter, she described to a group of listeners that Colonial Penn Life Insurance helped make sure that her money problems did not become a burden to her family. The commercial continued to communicate with the elderly that the average cost of a funeral was over six thousand dollars (â€Å"August 2004 Commercials part 9,† n. d. ). These advertisements conveyed the idea to the elderly that their departure will place significant financial burdens to their family members.They would more likely be remembered for putting their families into extensive debt. By repeatedly exposing negative portrayals of elderly in Lifecall and Colonial Penn Life Insurance television ads, many children and young adults have lost their respect for the elderly. They believe in wrong or emphasize fictional messages of older people. They see the elderly as defenseless and burdens. Also, the negative stereotypes in television ads have a serious effect on older people’s self-esteem. They take on the negative stereotypes generated on television ads.

Ocean, Meteorology and Atmosphere Assignment Example | Topics and Well Written Essays - 750 words

Ocean, Meteorology and Atmosphere - Assignment Example The movement of sand on a beach environment is a complex process controlled by natural processes such as winds and storms as well as human-induced factors such as destruction of dune vegetation as well as construction structures such as jetties, groins, and seawalls among others. 13. Distinguish between a flood current and an ebb current. Of flood current, ebb current, high slack water, and low slack water, when is the best time to navigate a boat in a shallow, rocky harbor? A flood current is the tidal current moving from the sea to the shore while ebb current is the tidal current receding seawards. It is best to navigate a boat in a shallow, rocky harbor during low slack tides. 14. Are estuaries associated with submerged or emergent coasts? Yes, Estuaries are associated emergent or submergent coasts with the ones along submergent coastlines being larger while the ones along emergent coasts are smaller. 4. How does the Coriolis effect modify air movement? The Coriolis effect normally modifies air movement by deflecting the air to the right of its motion in the Northen hemisphere and to the left of its motion path in the Southern hemisphere. 9.Describe the principle of the aneroid barometer. An android (no liquid) barometer is made of evacuated metal chambers that work by compressing with the increase in air pressure.

Managing Business Organizations (business studies) Essay

Managing Business Organizations (business studies) - Essay Example and these differences and similarities a multi-national organisation â€Å"ZARA† is compared with a local UK architecture firm Purcell Miller Tritton (PMT) LLP. Zara is a renowned brand and flagship chain store of Inditex Group. It has gradually gained major popularity since its first store was opened in Spain. Zara has operated with an aggressive management style towards the business. It has proven many theories wrong, theories related to economies of scale, supply chain, etc. The company’s operation can be divided into philosophy, capability and payoff. Zara has kept a philosophy to keep 5 fingers touching the factory and five touching the customer i.e. they have kept a very quick movement between the production of their stock and the immediate transfer of that stock to the stores. Their main capability is to design, produce and deliver in 15 days as compared to the six month industry average. This is the major area in which the company has excelled over its competitors and has kept them way behind and it is because of these unique strategic capabilities that the company took over the clothing industry giant GAP in their first quar ter of 2010. Zara’s main and the innovative approach is their fast fashion trend, which makes their product available in stores after just two weeks in the designing process. Besides such a fast and flashy approach, they keep their production limited i.e. the batch of clothing in merchandise is only available for just that two weeks time period and after that it is not available in the stores. This approach of scarcity and the customer’s perception towards rarity has helped Zara to boost their Revenues significantly. (Bonnin, 2002; Tokatli, 2008) The main distinctive feature about Zara is its co-operative nature i.e. every staff member of the organization is involved in some business process for the entire organization. Each store manager and the store assistant are really participative in collecting and providing information

Critical Issues in Globalisation Essay Example | Topics and Well Written Essays - 1750 words

Critical Issues in Globalisation - Essay Example Through evaluating its existing business situation, Marks and Spencer needs to review its market segmentation, share out its products to diverse target markets, and serve its clients efficaciously. Introduction Marks and Spencer is a worldwide company that spreads throughout Europe, Asia and North America. It sells footwear, clothing, food, house appliances and gifts. This paper will comprise three sections. Principally, it will evaluate the micro and macro environment of Marks and Spencer. Secondly, the paper will employ SWOT to evaluate the four facets of its business. Lastly, the paper will a draw an inference concerning the whole evaluation and provide the necessary recommendations. PEST Analysis The extensive external factors, which indirectly affect a company, comprise legal, political, social, economic and technological aspects. These frameworks will show how the macro environment influences M&S in formulating its marketing decisions. Legal and Political Environment It is very crucial for firms to adhere to government policies and global organisation structures such as the World Health Organisation, when formulating their marketing policies. Governments, particularly in the advanced countries, pay attention to the human and ecological environment life. Governments devise policies and systems to monitor companies and their products, for instance, energy saving strategies and genetically modified foodstuff regulation. The United Kingdom government has initiated energy saving policies such as climate change duty and Green Tariff on energy usage to reduce carbon dioxide and supplied subsidisations to enhance its policies. Marks and Spencer has instituted an incentive scheme in which stores can retain a 10% value of every savings they generate in its budget (Marks & Spencer 2012). This scheme aids Marks and Spencer in saving around 5 per cent of M&S energy. In current years, the gene technology has increased significantly. Some of the technology has been util ised to manufacture food. Nonetheless, some of the technology can bring about environmental pollution and jeopardise human health. Marks and Spencer declared that it would be stocking non-GM foods upon its shelves. Economic Economic aspects affect firms to either develop or retrench their business, for instance, loss-generating operations and their non-primary business operations. For example, the 9/11 misfortune in United States caused numerous firms to encounter depressions within Europe and North American countries. The 9/11 mishap in United States caused consumers to alter their purchasing habits and sales decreased tremendously. In fact, M&S lost about 8.6m pound worth of profits in 2001-2002 from its worldwide retailers. However, M&S has shut its deficit-generating operations within Continental Europe and sold out its non-core business within North America (Marks & Spencer 2012). Social Factors Buyers’ needs change incessantly. People desire to feel modern, special, and well situated. Therefore, people buy fashionable apparel and spend credit cards to fulfil their needs. M&S keeps up with the newest colour and style. Though it has high-ranking quality goods, M&S co. does not take into account the customers’ needs, particularly in clothing market (Marks & Spencer 2012). Technological Factors In the current era, information technology has be

Marketign Strategies Research Paper Example | Topics and Well Written Essays - 500 words

Marketign Strategies - Research Paper Example According to Neyman (n.d.), there are three fundamental strategies that can be used to maximize profits in a business: 1. Maximize every order’s dollar size 2. Maximize the frequency of sales 3. Maximize the volume of customers. Some of the useful ways in which each of these three marketing strategies can be implemented are discussed below: Businessmen should look out for ways in which they can increase their sales, without having to compromise upon profitability. One way to achieve this is by making use of the â€Å"buy one get one free† strategy. For instance, let’s suppose there is a businessman who owns a pizza hut. The businessman can achieve the three objectives mentioned above by offering the customers to have one personal size pizza for free upon purchase of a family size pizza. Then, when a considerable number of customers are able to make use of this deal, the businessman can upgrade the offer by offering the customers a family size pizza for free upon purchase of one family size pizza but with an addition of only five dollars. A customer loyalty program can often work wonders when maximization of profits is the goal. Such programs require the owner to provide the customers with a pre-defined discount upon shopping of a certain level. For instance, if a customer spends up to $100 at a shop, he/she can be granted a discount of 10 per cent upon the next order.

'The law related to cases of mistaken identity illustrates a tension Essay

'The law related to cases of mistaken identity illustrates a tension between calls for certainty and calls for fairness'. Discuss - Essay Example It may be argued that methods to find the truth are not supplementary to each other and these should not be so, because there is nothing absolute. But at the same time mere insistence on any one of these methods could be disastrous. Cases as to mistaken identity, whatever the reason for the same may be, had resulted in number of convictions of innocent people in past and decisions of jury on question of fact has been questioned. No doubt, there was a time when eye witness was the only source to prove an occurrence of crime as well as the identity of the criminal, but today, it is not the case. DNA testing, audio visual aids, scientific investigatory gadgets like GPS etc. have provided additional complimentary tools to prove or unprove the guilt and these are attracting attention of jurists and law. The same is indicating a switch toward call for certainty rather than call for fairness in criminal procedures and establishment of guilt. Fairness implies that all rights of the accused in connection with the trails are secured. Defendant is provided a fair chance to prove his innocence by defending himself and contradicting the evidences provided by the prosecution. It also indicates consistency in application of law and non discriminatory attitude towards the parties. However, capacity of jury to make informed judgment about the fact of an incident and involvement of accused is largely dependant on evidence and its presentation by the attorneys on both sides. There might be all fairness on part of jury as it is based on proofs and testimonies of witnesses but can this fairness removes all the chances of wrong convictions? The answer is ‘NO’. There are always chances of wrong decisions and thus wrong convictions. So should there be any step further towards ascertainment of facts? The answer is definitely in affirmation. Fairness is not all about application of law and procedures in fair way, but also introduction of fair laws and procedures.

Port Reform - to Improve Productivity, to Become More Competitive, to Essay

Port Reform - to Improve Productivity, to Become More Competitive, to Attract Private Capital - Essay Example Specifically, this paper would assess the following rationales: to improve productivity, to become more competitive, and to attract private capital. Specific and actual examples of ports that have or are in the process of reform would be identified to expound on the rationales. Different ports would be utilized for each of the areas being evaluated and assessed. About 75% of the world is covered with water. No wonder people have long discovered ways and means to traverse this natural resource. As a consequence, the need for facilities and loading docks and ports have been given due importance. In California, McLaurin (2009, par. 4), President of the Pacific Merchant Shipping Association reported that â€Å"ports create hundreds of thousands of trade-related jobs throughout the state – and with that billion of dollars in tax revenue†. The Port of Los Angeles is the number one port by container volume and cargo value in the United States, handling a record-breaking 8.4 million TEUs (twenty-foot equivalent units) in the calendar year 2007. (The Port of Los Angeles 2008, par. 11) On the other hand, the port of Long Beach reported a â€Å"trade valued annually at more than $100 billion moves through Long Beach, making it the second-busiest seaport in the United States† (The Port of Long Beach 2007, par.2) Not to be outdated is the Port of South Louisiana which boasts of being the â€Å"largest tonnage port district in the western hemisphere†. (Port of South Louisiana 2009, par. 1)

Petroleum Economic and Oil field management 2013-2014 Essay

Petroleum Economic and Oil field management 2013-2014 - Essay Example Secondly, the natural gas industry requires a firm that has financial muscle to produce the natural gas because it is an expensive venture. Such a firm will have excessive power to dominate control, and regulation initiatives even from governments especially if it is a multinational company. The natural gas industry mainly operates through pipeline transportation and distribution aspects, which are naturally monopolistic because they are characterized by high fixed costs and long lead time making duplication uneconomical. This creates a wide barrier to entry for potential participants and competitors. They also require price and non-price regulation. Without effective regulation, the natural gas industry can develop into a natural monopoly. In fact, price regulations sometimes fail to control the prices because such prices depend on various factors such as production costs, inflation and transportation costs among others (DiLorenzo, 1996:45). In situations where governments run the natural gas industry, the industry turns to state monopoly such as in Mexico. The Mexican government introduced a program of reform in 1988. However, it was until 1995 that reform in natural gas industry began to include private companies. However, before this, state owned firms controlled the industry making it a monopoly. In fact, even after the entrance of private firms state owned firms still ruled the market making it a state monopoly (Joskow, 2007:1227). Q1 represents entire size of the market. Point E1 is the equilibrium that cooresponds to quantity at Q1 and determines the price at P1. Thus, when there is one firm only producing natural gas, the marginal cost of supply is P1 and is lower than the duopoly price P2. Thus, the presence of one firm in the market will be price efficient compared to two firms. If the natural gas industry

Children families and communities Out-_ of-_ Home Care of Children Essay

Children families and communities Out-_ of-_ Home Care of Children (Foster Care) - Essay Example The primary aim of people who run the Foster Care homes is to provide the child with a permanent home with caring parents, irrespective of reunification or adoption. Children who are initiated into Foster Care homes include children who are neglected and abused and basically do not experience a strong and safe support system in their lives. Such children not only have serious physical and mental problems, but also possess a very negative attitude towards life. There is a constant threat to a child’s natural development which definitely takes its toll if help is not rendered in time. It is not only important to take a child to Foster Care during the early stages when the growth of the brain is most active, but it is also vital that the child has a positive experience and a good healing process while in Foster Care. In this context, Welfare systems play a vital role in the life of a child as it helps in healing the damage brought about by abuse and neglect, as well as it plays a very important role in the child’s development by providing comprehensive services. Current Effectiveness of Child Welfare Systems Internationally, for the past decade, there has been great improvement, in the policies and practices involving child protection. According to Lonne, Parton, Thomson, & Harries, (2009) Welfare systems are receiving ‘greater recognition of the importance of preventive, family – focused support’. The change brought about is reflected in ongoing efforts to broaden the concept of protection practices through child- centered orientation in welfare. Programs such as early interventions for both the child as well as family needs have been introduced. Early intervention policies and programs help to reduce the vulnerability of the child as well as the family and also help to cut costs before further damage is done. In addition, Secondary support programs such as Healthy Families (US) Sure Start (UK) and Stronger Families and Communiti es Strategy and Brighter Futures (Australia) are implemented to create social awareness about the importance of early interventions. Ongoing research is also being carried out in the field of child protection, by way of development of a range of assessment tools that serve to reduce the known risk factors which in turn help to strengthen and support the protective factors involving the child as well as the family. According to Stern (2002) such factors serve to ‘achieve desirable preventive effects for children and families.’ Cashmore (2009) strongly feels that though important decisions are taken by professionals who give their expert advice on the problems of children in care, yet family and community play a vital role in addressing these concerns and finding solutions to these problems. Family group conferences are very much helpful because it empowers the family who otherwise has to rely on professionals to sort out their problems. Moreover, according to Cashmore (2 009) family group conferencing helps to build trust between the child, family and community and reduce the stressful situation to the minimum. Judy Cashmore (2009) believes that such family group conferences are extremely important as they help to harness trust and faith between the child, family and community and hence build stronger relationships among themselves that in turn

Genres of Literature Essay Example for Free

Genres of Literature Essay Genres of literature are important to learn about. The two main categories separating the different genres of literature are fiction and nonfiction. There are several genres of literature that fall under the nonfiction category. Nonfiction sits in direct opposition to fiction. Examples from both the fiction and nonfiction genres of literature are explained in detail below. This detailed genres of literature list is a great resource to share with any scholars. Types of Nonfiction: Narrative Nonfiction is information based on fact that is presented in a format which tells a story. Essays are a short literary composition that reflects the author’s outlook or point. A short literary composition on a particular theme or subject, usually in prose and generally analytic, speculative, or interpretative. A Biography is a written account of another person’s life. An Autobiography gives the history of a person’s life, written or told by that person. Often written in Narrative form of their person’s life. Speech is the faculty or power of speaking; oral communication; ability to express one’s thoughts and emotions by speech, sounds, and gesture. Generally delivered in the form of an address or discourse. Finally there is the general genre of Nonfiction. This is Informational text dealing with an actual, real-life subject. This genre of literature offers opinions or conjectures on facts and reality. This includes biographies, history, essays, speech, and narrative non fiction. Nonfiction opposes fiction and is distinguished from those fiction genres of literature like poetry and drama which is the next section we will discuss. Genres of Fiction: Drama is the genre of literature that’s subject for compositions is dramatic art in the way it is represented. This genre is stories composed in verse or prose, usually for theatrical performance, where conflicts and emotion are expressed through dialogue and action. Poetry is verse and rhythmic writing with imagery that evokes an emotional response from the reader. The art of poetry is rhythmical in composition, written or spoken. This genre of literature is for exciting pleasure by beautiful, imaginative, or elevated thoughts. Fantasy is the forming of mental images with strange or other worldly settings or characters; fiction which invites suspension of reality. Humor is the faculty of perceiving what is amusing or comical. Fiction full of fun, fancy, and excitement which meant to entertain. This genre of literature can actually be seen and contained within all genres. A Fable is a story about supernatural or extraordinary people Usually in the form of narration that demons trates a useful truth. In Fables, animals often speak as humans that are legendary and supernatural tales. Fairy Tales or wonder tales are a kind of folktale or fable. Sometimes the stories are about fairies or other magical creatures, usually for children. Science Fiction is a story based on impact of potential science, either actual or imagined. Science fiction is one of the genres of literature that is set in the future or on other planets. Short Story is fiction of such briefness that is not able to support any subplots. Realistic Fiction is a story that can actually happen and is true to real life. Folklore are songs, stories, myths, and proverbs of a person of â€Å"folk† that was handed down by word of mouth. Folklore is a genre of literature that is widely held, but false and based on unsubstantiated beliefs. Historical Fiction is a story with fictional characters and events in a historical setting. Horror is an overwhelming and painful feeling caused by literature that is frightfully shocking, terrifying, or revolting. Fiction in which events evoke a feeling of dread in both the characters and the reader. A Tall Tale is a humorous story with blatant exaggerations, swaggering heroes who do the impossible with an here of nonchalance. Legend is a story that sometimes of a national or folk hero. Legend is based on fact but also includes imaginative material. Mystery is a genre of fiction that deals with the solution of a crime or the unraveling of secrets. Anything that is kept secret or remains unexplained or unknown. Mythology is a type of legend or traditional narrative. This is often based in part on historical events, that reveals human behavior and natural phenomena by its symbolism; often pertaining to the actions of the gods. A body of myths, as that of a particular people or that relating to a particular person. Fiction in Verse is full-length novels with plot, subplots, themes, with major and minor characters. Fiction of verse is one of thegenres of literature in which the narrative is usually presented in blank verse form. The genre of Fiction can be defined as narrative literary works whose content is produced by the imagination and is not necessarily based on fact. In fiction something is feigned, invented, or imagined; a made-up story. The Oxford English Dictionary is a great place to consult for any further definitions of the different genres of literature explained here.

Does the European Union Have a Democratic Deficit?

Does the European Union Have a Democratic Deficit? Critically discuss whether the European Union suffers from a Democratic deficit. In your answer refer to the past and present situations and to the possible future under the Treaty establishing a Constitution for Europe. Introduction This paper evaluates the democratic credentials of the European Union, considering the popular criticism that the Union suffers from a so-called â€Å"democratic deficit† in its legislative processes. The past, present and possible future state of the Union is analysed so as to determine the truth behind this concern and to analyse the way in which the Union has evolved to mollify its critics in this respect. The proposed Constitutional Treaty is most unlikely to be adopted in its present draft in the short-medium term given its rejection by France and The Netherlands at national referenda in 2005.[1] However, this paper considers the ways in which the draft Constitutional Treaty proposes to address further the problem of the Union’s democratic deficit.. The Changing Face of Europe: One Common Concern In 1957 the Treaty of Rome[2] was signed with the aim of creating a deep economic relationship between six European states: France, Germany, Italy, Belgium, The Netherlands and Luxembourg.. The architects of the European Economic Community, including Schumann and Monnet, were fearful of the threat of a devastating third war on the European continent and keen to encourage European states to associate more closely together to reduce that risk. In those early days, that was the ostensible extent of political ambition.. The Treaty of Rome was not intended to have a constitutional perspective or scope and did not concern itself with issues appropriate to that form of measure.. However, the Single European Act[3] brought into effect a conscious and determined scheme to bring the member states of the EEC closer together. The range of policies under the auspices of the EEC began to grow significantly and the European Commission, led by the famous Jacques Delors[4] became extremely proactive in the law making process.[5] Criticisms of the way in which EEC law was made had been laid against the Community by Euro-sceptic politicians, academic commentators, journalists and the public at large for years prior to the mid 1980s, but it was at around the time of the passing of the Single European Act that those criticisms and concerns really gained force. The EEC institutions were criticised as operating under what was called a democratic deficit. This is shorthand for the allegation that the EEC institutional and legislative systems were allowing unelected, faceless bureaucrats to create law that would have binding effect across the Community, rather than preserving that task for national representatives elected by direct universal suffrage. The common public and media perception that the EEC was not an effective democratic entity became quickly entrenched as the Commission began producing more and more law for application in the member states. It is submitted that the matter would not perhaps have attracted such concern if EC law took second place to national law but in fact criticisms of the democratic deficit were sharpened and polarised by the principle of the sovereignty of EC law, which dictated that law issuing from this body of dubious democratic credentials took precedence over the highest forms of national law created by ancient democracies: see Costa v ENEL[6] In terms of a personal critical appraisal it is asserted that there is little doubt the â€Å"democratic deficit† criticism was originally well made and well founded.. The European Assembly was no more than a talking shop, with very few powers, until the passing of the Single European Act and the bureaucratic Commission was without question the legislative engine of the EEC. Perhaps the best evidence of the extent of the democratic deficit is to be found in observation of the considerable efforts of the Community to address the issue in more recent times. For example, the Single European Act itself, in a subtle move, renamed the Assembly the European Parliament, presumably to give the institution a more democratically-positive and authoritative (sounding) title. The new Parliament was also allowed some marginal new powers in the law making process of the Community. This gesture did nothing to silence those critical of the EEC lack of democracy. Commonly known as the Maastricht Treaty, the Treaty on European Union[7], was signed in 1992 and the EEC became the EC, which in turn became one part of the European Union. Alongside other massive changes, again the law making powers of the European Parliament were strengthened and developed, this time quite substantially so, in an attempt to re-balance the legislative processes of the Union. It was hoped that this would further mollify those critical of the Union’s democratic deficit. It is submitted that the fully elected Parliament now had a real and effective part to play in the EU law making regime, but criticism of a democratic deficit still persisted given the huge influence and power that the unelected Commission still retained over the process. The Treaties of Amsterdam and Nice followed. These were largely aimed at reorganising the EU law and institutions so that the Union could operate more effectively and smoothly after its intended enlargements. This enlargement has now taken place and on 1 January 2007 the Union expanded to embrace 27 member states with the accession of Bulgaria and Romania.[8] It was hoped that a new EU Constitution could have been adopted prior to the recent enlargement phase in order to better equip the expanded Union for its future operation and growth. The Constitutional Treaty The first step towards the establishment of an EU constitution was the signing of the Treaty establishing a Constitution for Europe in October 2004.[9] Inter alia, the draft Treaty provides that seats in the European Parliament will be distributed on a degressive proportional basis and that the Commission (which lacks any democratic authority) will be reduced in size from 2014, so as to make the number of Commissioners equivalent to two-thirds of the number of member states. Addressing the democratic deficit head on, the Constitutional Treaty’s default law making procedure would be one requiring the joint adoption of measures by the Council and the European Parliament.[10] The Treaty would have required the Council to convene in public when making law and required that national parliaments would receive information relating to new EU legislative proposals in sufficient time to allow them to instruct ministers as to how to cast their vote in Council. Furthermore, the Treaty would have given national parliaments the power to return proposals to the Commission for reconsideration if they believe the matter at issue lies outside the competence of the European Union and the Treaty proposed to give the principle of subsidiarity the important status of a fundamental legal principle of the Union. In addition, the Treaty would have established a so-called citizens’ right of initiative, which would require the Commission to consider proposals for legislation that gained the support of at least 1 million citizens of the EU. That said, it is debatable precisely what force and effect this might have had in practice, given that consideration may merely result in the Commission saying â€Å"No†, or rather â€Å"Non†. In combination these reforms would have gone some way to counter persistent criticisms that the EU labours under a democratic deficit.[11] However, it is submitted that Avbelj overstates its potential effect when he somewhat tenuously suggests: ‘The EUs formal democratic deficit is not as a big problem as it is portrayed, and the new Constitution in its present form can remedy most, if not all of it.’[12] In rebuttal, Irish Party Sinn Fein has observed: ‘The Constitution does not effectively redress the democratic deficit issues identified in the Laeken Declaration. Instead it shifts the balance of power and control yet further from the sovereign national parliaments and towards the EU.’[13] In particular, it is stressed that the European Commission would remain the sole initiator of legislative proposals under the draft Treaty. Other bodies, including the European Parliament, the Council and lobbying blocks of millions of citizens can merely ask the Commission to consider drafting a proposal.[14] Concluding Comments In conclusion it is submitted that the European Union does and always has suffered from a democratic deficit. This stems from the very foundations of the European Economic Community, when the European Commission was given largely unrestricted bureaucratic powers to administer what began in effect as little more than an economic club. The essential problem has been that the EEC quickly outgrew its initial parameters and objectives, soon becoming the European Community (dispensing with the word â€Å"Economic† because now its horizons were much broader)[15] within a greater EU, but the Commission has stayed, incongruously it is submitted, at the very heart of the law making process throughout this period of rapid growth and evolution. In simple words, the EEC began with a massive democratic deficit but it did not become controversial until it began to develop its powers. Since the mid 1980s the democratic deficit has gradually been whittled away, largely through successive Treaty amendments which have slowly given more power and influence to the elected European Parliament.. It is true that the draft Constitutional Treaty would have continued this process, introducing further reforms to address the democratic deficit. However, the Commission, which lacks democratic credentials, will still cling tightly to the law making process even if the implementation of the Treaty proposals ultimately takes place.. In order to banish the spectre of the democratic deficit completely from the European Union and its processes it will be necessary drastically to re-assess the role of the European Commission. The Commission will need to be reduced in status to that of an ordinary national civil service, and the European Parliament must assume full responsibility for law-making, before the EU can hope to assert full democratic authority. This will be a bitter pill for the Commission to swallow: it has always jealously and vociferously guarded its role and power. However, if the EU is to mature into a deeper union this policy must at some point be implemented. BIBLIOGRAPHY Consolidated version of the Treaty establishing the European Economic Community: http://eur-lex.europa.eu/LexUriServ/site/en/oj/2006/ce321/ce32120061229en000103 31.pdf. Treaty establishing a Constitution for Europe (2004): http://europa.eu.int/constitution/index_en.htm Avbelj M., Can the New European Constitution Remedy the EU Democratic Deficit? (2005): http://www.eumap.org/journal/features/2005/demodef/avbelj. The European Union: Balancing Democratic Deficit? (2005/03/10): http://www.eumap.org/journal/features/2005/demodef. Foster, EC Legislation (2006-2007), (2006) Blackstone’s Statutes (London) Kent, Law of the European Union, (2001) Longman Report from the Presidency of the Convention to the President of the European Council (18.07.2003) see: http://european-convention.eu.int/bienvenue.asp?lang=EN Steiner and Woods, Textbook on EC Law, (2003) Blackstone Straw sees no point in EU vote, June 6 2005: http://news.bbc.co.uk/1/hi/uk_politics/4612021.stm Cases as footnoted. 1 [1] Straw sees no point in EU vote, June 6 2005: http://news.bbc.co.uk/1/hi/uk_politics/4612021.stm [2] Consolidated version of the Treaty establishing the European Economic Community: http://eur-lex.europa..eu/LexUriServ/site/en/oj/2006/ce321/ce32120061229en000103 31.pdf. [3] The SEA entered into force in July 1987. [4] President of the European Commission 1985 1995. [5] See for context Margaret Thatcher’s statement to the Hanover European Council, July 30 1988: Hansard HC [136/525-35]http://www.margaretthatcher.org/speeches/displaydocument..asp?docid=107281. [6] Case 6/64. [7] Foster, EC Legislation (2006-2007), (2006) Blackstone’s Statutes (London). [8] See: http://europa.eu/pol/enlarg/index_en..htm. [9] See for detail: http://europa.eu.int/constitution/index_en.htm. [10] Report from the Presidency of the Convention to the President of the European Council (18.07.2003) see: http://european-convention.eu.int/bienvenue..asp?lang=EN. [11] The European Union: Balancing Democratic Deficit? (2005/03/10): http://www.eumap.org/journal/features/2005/demodef. [12] Avbelj M., Can the New European Constitution Remedy the EU Democratic Deficit? (2005): http://www.eumap.org/journal/features/2005/demodef/avbelj. [13] Ireland and the EU Constitution: http://www.sinnfein.ie/pdf/EUConstitutionPamphlet.pdf, p10. [14] Can it really be argued that EU laws can be described as national governments acting at EU level when the European Commission has the sole right to propose those laws? [15] See: Kent, Law of the European Union, (2001) Longman, p.9.

Toyotas Organizational Structure

Toyotas Organizational Structure 1. Analyse and comment on how Toyota transformed its organizational structure to become the pinnacle of Japanese innovation, manufacturing quality and industrial strength referred to in the article. The company was established on August 28, 1937. Japanese automaker Toyota (NYSE:TM) is the worlds largest automaker with over 7.567 million vehicles in FY2009  [1]  . Totoytas sells automobiles and its parts in various parts of the world, and has recently forayed into the Chinese , Russian and Indian market. When Toyota set up its headquartes in Hollywood, it was aware that there was a desparate urgency to do something different. Home favourties , the Land Cruiser and the Toyobet had been somewhat of a disaster in the United States. Toyota did exactly that and came up with two if its most revered cars of earlier days the Cambri and the Avalon and then the inimitable Toyota Corona. In the 70s and the 80s Toyota came up with the GT2000 and the cute Corolla. With Crown and Cressida, Toyota established itself as a serious luxury car maker. In April 2002, Toyota adopted the 2010 Global Vision, a vision for meeting mobility needs in a way that respects the environment and all people. Four key themes based on trends seen as developing from 2020 to around 2030 are: Toward a recycle-oriented society Toward the age of IT and ubiquitous networks Toward a mature society (the decline of nationalism and war) Toward motorization on a global scale (societies with little private transport gaining more) These are linked to the pursuit of a new global image for Toyota with four key components: kind to the earth, comfort of life, excitement for the world, and respect for all people  [2]  . In short, Toyota has shown sales growth for over 40 years, at the same time that U.S automakers sales reached a plateau or decreased. Toyotas profit exceeds that of other automakers. Toyotas market capitalization has for years exceeded that of GM, Ford, and Chrysler; and in recent years exceeded that of all three combined.In sales rank, Toyota has become the world leader.  [3]  So what is it about Toyotas organisational structure, production capabilities, and magagement that makes it click. Employee culture The typical Japenense organisation structure can be summarised in two words long term long term longevity and loyalty. The difference between the American organisational set up and the Japanese organisational set up has not blurred to this date and one can easily identify some stark differences. The Japanese organisational set up focuses on long term productivity with innovation, where workers move across different departments and teams in the same organisation to broaden their horizon and pick up a deep insight into the way things work. There are no flashy bonuses or hikes and one gradually works his way through the top learning and labouring in the process. Teams comprise of small numbers and despite the somewhat rigid hierarchical structure there are frequent group planning exercises, aimed at better communication and constant improvement. In Japan, there is a concept known as amae. In the workplace, the boss owes a certain amount of protection to the employee, and the boss assu mes a direct responsibility for the welfare of his employees.  [4]   The employee culture in Toyota is surprisingly far more open and exciting than in some leading western organsations such as GM or Ford. Smaller teams mean that communication is easier and quicker, and decisions can be taken quickly. Employees are encouraged to come up with idea, even if they are aimed at improving the smallest of processes and even if its not in line with what the group head thinks. Toyota across the world is split into hundreds of small innovation teams. Toyota trains its production-line employees on statistical control and process improvement techniques and makes it their responsibility to develop operational innovations . Toyota invests significant funds in training employees on these tools and provides them with the resources to utilize them. The importance of front-line employees generating ideas based on local first-hand experience is reflected in what the Toyota Production System calls the gemba attitude (literally, the actual place) . In the Toyota culture, i nnovations that truly meet customer needs can best be developed in the actual site where value-added work is being done. It is therefore no surprise that more than 700,000 improvement suggestions were submitted by Toyotas employees out of which 99% were implemented and there is an average of over 10 improvement suggestions per employee per year. The Toyota Production Sytem Toyotas Global Competitive Advantage Toyotas success are largely both on a domestic level and internationally is often attributed to its core corporate ethos , developed, improved enhanced over time and reflected in what has come to be known as the Toyota Production system. The system depends in part on a human resources management policy that stimulates employee creativity and loyalty but also on a highly efficient network of suppliers and components manufacturers.  [5]   Some of the key factors involved are : The Five Ss refer to the five dimensions of of workplace optimization: Seiri (Sort), Seiton (Set in order), Seiso (Shine), Seiketsu (Standardize), and Shitsuke (Sustain). The 5S Program defines the steps that are used to make all work spaces efficient and productive, help people share work stations, reduce time looking for needed tools and improve the work environment. Sort: Sort out unneeded items Straighten: Have a place for everything Shine: Keep the area clean Standardize: Create rules and standard operating procedures Sustain: Maintain the system and continue to improve it  [6]   The TPS is based in 7 principles  [7]  : Reduced Setup Times  [8]  : All setup practices are wasteful because they add no value and they tie up labor and equipment. By organizing procedures, using carts, and training workers to do their own setups, Toyota managed to slash setup times from months to hours and sometimes even minutes.  [9]   Small-Lot Production  [10]  : Producing things in large batches results in huge setup costs, high capital cost of high-speed dedicated machinery, larger inventories, extended lead times, and larger defect costs. Because Toyota has found the way to make setups short and inexpensive, it became possible for them to economically produce a variety of things in small quantities. Quality at the Source  [11]  : To eliminate product defects, they must be discovered and corrected as soon as possible. Since workers are at the best position to discover a defect and to immediately fix it, they are assigned this responsibility. If a defect cannot be readily fixed, any worker can halt the entire line by pulling a cord (called Jidoka). Equipment Maintenance  [12]  : Toyota operators are assigned primary responsibility for basic maintenance since they are in the best position to defect signs of malfunctions. Maintenance specialists diagnose and fix only complex problems, improve the performance of equipment, and train workers in maintenance. Pull Production:  [13]   To reduce inventory holding costs and lead times, Toyota developed the pull production method wherein the quantity of work performed at each stage of the process is dictated solely by demand for materials from the immediate next stage. The Kamban scheme coordinates the flow of small containers of materials between stages. This is where the term Just-in-Time (JIT) originated. Supplier Involvement  [14]  : Toyota treats its suppliers as partners, as integral elements of Toyota Production System (TPS). Suppliers are trained in ways to reduce setup times, inventories, defects, machine breakdowns etc., and take responsibility to deliver their best possible parts. Focus on process management  [15]   The Toyota Motor Company has branches all over the world. Each division of the company is organized in almost the same way. They each have a director, sub-director, chief, and then the stuff. The stuff includes all the people that work together as a team for a particular purpose. These teams work towards research and development, production, or finance for the company. In Japan, people work for a particular company for their entire life and work their way up the organizational structure. The Toyota Group has three main parts: Toyota, Daihatsu, and Hino. The Toyota Group went on the New York Stock Exchange in 1999. Not only do they work together to produce automobiles, the company has expanded into other markets including auto-financing, ITS, telematics, housing, internet (Gazoo), and bio-technology. Toyota has a very good organizational structure. However, they need to focus on the culture of the organization. Each group in each country has a different way of conducting business in order to adapt to the culture in that country. Toyota has an advantage in Japan because it is one of the largest automobile companies in the country and in the world. Japan needs this organization for their economy to continue to be strong. Toyota is also beginning to realize their future potential. The company is looking into new markets (countries) where they can find more people who are willing to work within the strategy they are implementing. Toyota is also leading in helping the environmental opportunities within Japan and other countries. They see the need of a future plan not only for the company but also for the world. Their other future endeavors include expansion of the company, new technological advances, and an educational endeavor with the University of Chicago. Many of these opportunities are being organized by the U.S. Group, but each country has their own ideas. Innovation Delegation of Decisions to Innovation Teams Despite best intentions, if all important decisions in the innovation process are made dependent on (top) management ´s agreement a time delay will result.Therefore decisions need to be delegated to the innovation team in order to avoid these delays and enable Fast Innovation. The consent of (top) management is in this case only required at the milestones or gates of the innovation process. The members of the innovation team should be available to the team with 100% of their time in order to get the innovations to market as quickly as possible. Integration of RD into the Business Units Toyota has ensured that there is integration of the majority of RD into the business units which makes innovation management more effective. It fosters the collaboration with the other departments of the business unit and the orientation towards the customer (customer pull) in lieu of an exclusive focus on the technology (technology push). Furthermore it improves the preconditions for Fast Innovation. E.g., Last year, Toyota launched its Value Innovation strategy. Rather than work with suppliers just to cut costs of individual parts, it is delving further back in the design process to find savings spanning entire vehicle  [16]   Toyota was the first to recognize the chances of new low-cost designs as an enabler to new materials, methods of production and design principles. Such cost innovations will become a major RD focus driving the industry beyond 2015.  [17]   Long-term planning. Instead of responding to trends, fads, and quarterly numbers, Toyota looks far down the road and tries to develop products that will resonate for a long time. The best example is the Prius hybrid-which debuted eight years ago, when a gallon of gas in the United States cost a mere $1.50, and the average car buyer cared more about cup holders than gas mileage. The iconic hybrid, of course, turned out to be a breakthrough vehicle, and Toyota sold its 1 millionth Prius this month. With gas prices and fuel economy now a top concern, the Prius has helped Toyota take a commanding lead in hybrid technology  [18]  . E.g. Toyota tends to the localization of the production using plants situated in different countries as the suppliers of the companys production to the local market.  [19]   Central Innovation Teams Toyota has, as an alternative organizational structure of innovation management central innovation teams are established at the divisional level, and they will report to the head of the division, and not to to the head of an individual category, product group or brand. Such central teams are mainly utilized in cases when the motivation and resources of individual divisions, categories, product groups or brands are insufficient in order to get the respective innovation to market with maximum effort and at maximum speed despite the daily pressure and distraction from the established operation. Central Innovation Funds The innovation projects which later will be led by central innovation teams in most cases need a special budget to get funded because the divisions shy away from making funds available given the typically high risk of such projects. Without a central innovation fund these innovations would not be launched fast, if they would get to market at all. Fast Innovation would be impossible. External Interface for Open Innovation Open Innovation is a central policy of innovation management in order to get innovations to marketplace more swiftly. Toyota has in the past, directed outdoor solutions and ideas into the company. E.g. Toyota adopted the practice of using the same part across a range of models saving vast sums of money but exposing itself to the risk that even a small defect could cause global mayhem for the company.  [20]   2. Analyse and critically evaluate the extent to which Toyota achieves a fit between its strategy, the developments taking place in its external environment and its internal resources and capabilities. Toyotas internal resources and capabilities: Simply put, strategic fit may be defined as alignment between internal capability and external opportunity  [21]  . Totyota internal resources and capabilities In the 1940s and the 19 Toyota was much smaller in size and production than its American Counterparts. This meant two things. Firstly, Toyota could not enjoy economies of scale so as to manufacture as many types of equipment as inexpensively as possible and secondly, it has to find a way to establish itself in the American market. Thirdly Toyota had little or no marketing knowledge outside its domestic market. Toyota had yet to breed loyal and committed workers, who would strive to achieve innovation and cost reduction. Post world war Toyotas production was essentially limited to trucks with military applications and it was essential that Toyota enters the consumer market as soon as possible. Resources : Toyota was never particularly short of cash, and there was ample government support given to Toyota in the initial years, albeit with some terms and conditions. However domestic demand in Japan was not high and production on large scale was neither feasible not necessary. Challenges Inability to predict recession Toyota has made significant profits in the past three decades and has with ease outdone its competitors such as GM motors, Honda and Ford. However, Toyota had steeply hiked its production beginning from 2000 in order to adequately and fully capitalize on its growing brand reputation and increasing demand in North America and Western Europe. Since recession hit 2007-2008 Toyota has therefore been struggling with a problem of over-production and fixed costs. The silver lining has however been the implementation on legislation on hybrid technology, which has offered tax benegoits to consumers who opt for hybrid cars ( a core strength of Toyota) and the growing demand for environmental friendly green cars another unchallenged domain of Toyota. The good news was that some of the Toyota brands, like Prius, continued to perform well despite recession and earned it strong revenues during such tough times  [22]  . Poor performance of financial services: Toyotas diversified operations include financial services, telecommunications, prefabricated housing and leisure boats, with the automotive business accounting for more than 90 % of the companys total sales. These non core areas have particularly suffered in recession with Toyota recording a decline of net profits in the year 2008 and 2009. Fluctuating Exchange Rates Toyota being based in Japan has its profits accounted in the Japanese yen, but its sales are denominated in several different currencies. Frequent and volatile fluctuations in the exchange rate between these currencies and the yen, which has been typical in this recession mean they Toyotas on-the-record profits can significantly affected. Hence dollar-yen exchange rate been 1% lower last year (say 118.5 instead of 120), Toyotas profits would have fallen by 5 billion yen ($42 million)  [23]  . Toyota often hedges its exchange rate risk by arranging currency swaps and purchasing futures, but these operations are costly and threaten to cut into the bottom line.  [24]  In the long run, these effects are even more exacerbated: as the dollar depreciates against the yen, American sales are worth less to Toyota, and Toyotas are more expensive to consumers, so they buy fewer  [25]  . Thus profit per revenue and absolute revenue both fall from depreciating exchange rates. While Toy ota can hedge out the risk to its profit margins, it cannot easily manage the risk from falling demand. Exchange rates have become a sensitive subject among US legislators, who allege that Japan has kept the yen undervalued to stimulate sales  [26]   Loss of brand reputation and profitability in light of recall of cars.http://cdn.wikinvest.com/i/px.gif Toyotas has had to recall some of its show stealer cars such as the Camry, Corolla, Prius and some Lexus vehicles which have enormously damaged Toyotas image and brand, which was once considered not only to be reasonable but also to be safe.Toyotas mishandling of the problem, its passing the buck attitude, lack of effective communication to investors and consumers alike and most importantly its technical shortcoming of having failed to detect the real cause of the unintended acceleration have severely compromised its image. In November 2009, the company recalled 3.8 million vehicles on the same line  [27]  . Toyota has been embroiled in massively negative mass media coverage, NHTSA scrutiny, and US congressional hearings, law suits in several jurisdictions and an estimated loss of US$ 3 million worldwide.  [28]  . Obviously, its competitors have fully capitalised on this opportunity with Hyundai and Ford promptly offering $1000 rebates to owners of Toyota, Lexus and Scion bra nds in change for new Ford and Hyundai vehicles  [29]  . In the short-term, the recent recall crisis is estimated to cost Toyota over $3 billion USD worldwide.[37] As of February 2010, over 30 lawsuits have been filed against Toyota, adding onto further litigation costs. A total of 9 million vehicles have been recalled by Toyota worldwide, and each US Toyota dealer is estimated to lose approximately $2 million a month in revenue totaling $2.47 billion USD around the country.[38] Rising prices of essential commodities Global prices of various commodities trends are vital to Toyotas profitability because they determine to a large extend the ultimate selling price of the car. Rising Gasolene prices me are bound toi effect the long term ownership cost of cars as well as its resale value. The prices for steel and aluminium have been on a rise since the recession and both being a fixed cost are causes of concern for Toyota. Through mid-2008 oil prices increased dramatically. Consequently, the cost of gasoline doubled inflating the day-to-day cost of car ownership. Since consumers buy cars only infrequently, rising oil prices have only a limited impact on year-to-year car sales, but over time they cut into the industrys sales, and force companies to design more fuel-efficient fleets. Although oil prices have since moderated they will likely remain definitive in the future as the global economy recovers.  [30]   Toyotas response to changing circumstances Adoption of lean production and shift to an economies of scale production. Toyota is (or was at the time) the low cost producer in the industry. Toyota achieved its cost leadership strategy by adopting lean production, careful choice and control of suppliers, efficient distribution, and low servicing costs from a quality product.  [31]  . A few important elements of TPS were that Toyota was able to produce equipments, tools and accessories in small quantities and at a low cost of production. Also, the focus of Toyota remained more on process production rather than automobile architecture. While looks of a car were indeed the determining factor in the 70s and the 80s Toyota was the first to realize the need to produce fuel efficient cars. 2. Diversifying target consumer groups : While Toyota largely concentrated on small, fuel efficient cars it decided to enter the luxury car segment and the hybrid car segment. As of today Toyotas business is divided into three sections namely Tundra, Lexus and Prius. Tundra is Toyotas key product in the truck segment and was launched specifically to challenge the market dominance of Ford and GM in Northern America. Lexus is Toyotas luxury brand, and is one of its fastest selling achievements. Toyotas recent attempts to sell the Lexus brand in China and Japan have also been successful. Prius is Toyotas first hybrid production and has been enormously successful in a decade marked with rising fuel prices and preference for compact designs. Toyota had a definitive advantage when it came to hybrid cars, it being the first to pioneer the technology. This technology was strategically leased to Ford (which might have developed the technology on its own in a matter of a few more months) and m anaged to sustain competition from General Motors. Toyota has however fallen short of producing adequate number of cars in 2009 as a result of which demand dropped by nearly 30%. Since 2000, with moderate success, Toyota has entered Formula One, Nascar, Nascar truck, and Super GT competitions worldwide, thereby challenging European and American producers in an arena they once dominated  [32]   3. Targeting Emerging markets: Toyota capitalised on the demand in up-coming markets before others and has developed numerous manufacturing facilities, distribution networks, and brand reputation. The current recession has brought about a general decline in the demand for cars. The most affected regions include America and Western Europe, where cars are rarely bought but always leased or taken on monthly installments. Toyota has massively expanded its business since the beginning of this decade , a move which has proved to be unprofitable and there is now a strong focus in Toyotra to shift its focus from the American continent to the BRIC (Brazil, Russia, India and China) countries. These countries not onlyn have a strong consumer demand, which has sustained the global crisis, but also advantages of low cost of production, cheap labour and liberalizing of foreign investment laws. Already, because of a decreasing market for its products in Japan, Toyota has also announced that it has plans to boost its sales in China in 2006, one of GMs major foreign markets. In fact, GM sales in China hit new records last year, with the company selling 665,390 vehicles there, a figure that was up 35.2% from the previous year. Toyota plans to overtake GMs by increasing its own sales in the country by 60%. It also says it will surpass its rival in global production this year with 9.2 million vehicles (GM produced a total of 9.12 million vehicles worldwide in 2005).  [33]  In October 2009, Toyota announced that it would begin producing car engines in India to take advantage of the countrys low-cost manufacturing costs. TM will produce these engines through Toyota Kirloskar, a division under Toyota which is 89% owned by TM and 11% owned by Indias Kirloskar group.  [34]  And plans to launch its first car in 2010. Strategic merger and acquisitions: In 1966, Toyota acquired Hino, which helped it build commercial trucks. Hino currently makes a wide variety of heavy trucks and buses, and was involved in designing and/or producing the Tacoma, T100, 4Runner (HiLux Surf), Sequoia, and Tundra  [35]  . In 1967, Toyota took control of Daihatsu but Toyota did not actually buy the whole company until 1999. Daihatsu supplies vehicles and major components to other automakers, and appears to be popular in South America. Denso was spun off of Toyota after World War II; it was once Toyotas electrical component division. It currently is a roughly $26 billion business with over 100,000 employees and over 170 subsidiaries, selling parts to many major automakers including American companies.  [36]  New United Motor Manufacturing, Inc. (NUMMI) was an automobile manufacturing plant in Fremont, California, opened in 1984 and closed in 2010. NUMMI was established at the site of a former GM site that had been closed two years earlier. GM and To yota reopened the factory as a joint venture in 1984 to manufacture vehicles to be sold under both brands.  [37]  All these mergers and acquisitions have helped Toyota either to learn the marketing know how and local knoeledge of a foreign market or have increased its product-process manufacturing capabilities. Focusing on environment friendly cars: Toyota has spent tremendously on RD in relation to environment friendly cars in light of the increasing environmental awareness of consumers and insistence of governments to cut down on emissions. 3. Critically evaluate the recent actions of Toyotas president, Akio Toyoda and the argument put forward in the article that Toyotas problems highlight failings in the Japanese model of corporate governance. What actions would you recommend the board of Toyota pursue in order to recover the companys reputation, with particular regard to how you would respond to the needs of its stakeholders? The term corporare governance refers to institutional practices designed to get optimal performace out of managers.  [38]  In the U.S. and U.K. corporate governance is concerned with ensuring the firm is run in the interests of shareholders and its objective is to create wealth for them. Underlying this view of corporate governance is Adam Smiths notion of the invisible hand of the market that he laid out in his seminal book The Wealth of Nations. If firms maximize the wealth of their shareholders and individuals pursue their own interests then the allocation of resources is efficient in the sense that nobody can be made better off without making somebody else worse off. In this view of the world the role of the firm in society is precisely to create wealth for shareholders. This fundamental idea is embodied in the legal framework in the U.S. and U.K. In these countries managers have a fiduciary (i.e. very strong) duty to act in the interests of shareholders. Japan is perhaps the most extreme example. Instead of focusing on the narrow view that firms should concentrate on creating wealth for their owners, corporate governance has

A Bronx Tale Cologero :: Robert Di Nero Bronx Tale Essays

A Bronx Tale  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cologero "A Bronx Tale" is a film directed by Robert Di Nero about a boy named Cologero (an Italian white male) and his life as he grows up in a town occupied by the mob. Colegero had two strong adult influences in his life.   They were his father, Lorenzo, and a mob leader named Sonny.   In the film there were a three scenes that especially demonstrated the influence Sonny and Lorenzo had on Cologero. An example of Lorenzo's influence on his son takes place in front of their apartment in which Cologero is a witness to a crime Sonny committed.   An example of   Sonny's influence on Cologero is when Sonny demeans Mickey Mantle in front of him. This then causes Cologero to have negative feelings about Mickey Mantle someone he has idolized his whole life.   Another scene that shows Sonny's influence on Cologero is when Cologero takes Sonny's advice to go out with a black woman from his school, even though his father doesn't agree with inter-racial relationships.   This spec ific event perhaps shows that Sonny had more of an impact on Cologero than Lorenzo did. Early in Cologero's childhood, around the age of ten years, he witnessed the shooting of a man over a parking space by Sonny (a powerful mob leader who Cologero admired).Cologero's father, Lorenzo wanted nothing to do with Sonny or the mob.   As a result, when the police detectives questioned Cologero about the murder, Lorenzo insisted his son knew nothing of it.This led Cologero to believe that his father didn't want him to tell the truth.   The detectives took Cologero outside to point out the murderer and Cologero denied that any of them were at the scene of the crime.Sonny then befriended Cologero and gave him the nickname "C".This shows that Cologero's father influenced him to lie to the police because Lorenzo led his son to believe he didn't want him to tell the truth and Cologero did not.One day while Sonny was talking with "C", who was still approaching adolescence , he said something that affected "C" and perhaps hurt his feelings in a major way.  Ã‚   Sonny explained to Cologero that his baseball hero, Mickey Mantle, didn't care about him or anyone else.   Sonny told "C" that Mickey Mantle made over 200, 000 dollars a year and would never pay his rent or do anything for him.

Balancing Principles in Beauchamp and Childress :: Beauchamp Childress Ethics Essays

Balancing Principles in Beauchamp and Childress ABSTRACT: In the latest edition of Principles of Biomedical Ethics, Tom Beauchamp and James Childress provide an expanded discussion of the ethical theory underlying their treatment of issues in medical ethics. Balancing judgements remain central to their method, as does the contention that such judgements are more than intuitive. This theory is developed precisely in response to the common skepticism directed at "principlism" in medical ethics. Such skepticism includes the claim that moral reasoning comes to a dead halt when confronted by competing conflicts between moral norms in a given pluralistic situation. In this paper, I use examples from the text to show that despite the authors’s arguments to the contrary, balancing judgements are the product of unreasoned intuitions. Given the necessity of some such judgements in any principle-based system, my argument highlights the degree to which principled ethical reasoning rests upon an arational core. "Principlism" is the term often used, sometimes derisively, to refer to a method of moral reasoning found in medical ethics and elsewhere. At the core of principlism is the idea that ethical justification rests primarily, if not exclusively, in appeals to more general or "higher level" moral norms under which any more particular ethical claim can be subsumed. Principles of Biomedical Ethics, by Tom Beauchamp and James F. Childress, has for many critics in medical ethics exemplified the worse sins of "principlism." From its first edition, the authors have argued for the importance and usefulness of general principles for justifying ethical judgments about policies and cases in medical ethics. The organization of their book reflects this conviction, dividing discussion of particular ethical problems under the rubrics of the key ethical principles which the authors believe should govern our moral judgments: principles of autonomy, nonmaleficence, beneficence and justice. It was always a caricature of their views to label them as straight-arrow deductivists. (1) At the very least, they have from the first insisted on the necessity of making judgments about the proper balance to be struck between competing ethical commitments when they are in conflict. Since Beauchamp and Childress disavow appeal to any overarching framework from which such a balancing judgment could be derived, particular moral judgments could never for them be simple deductions from any single moral principle. But then one may ask how Beauchamp and Childress handle one of the key criticisms of principlism, which points to the inevitable conflict among principles in the sort of pluralistic system favored by many, (2) and the resulting need to "balance" or prioritize the norms in conflict.

The Impact Technology Has on Education Essay -- Computers Networking E

The Impact Technology Has on Education missing works cited Technology is not a new concept. Humans are constantly inventing new items that will make their lives easier and more enjoyable. In the early 1800s, a technological invention was introduced into classrooms that would prove to "have a profound impact on teaching." Advocates felt that the invention would prove to be invaluable and it was placed in classrooms around the country. In the beginning, teachers needed to be encouraged to use this new technology. They were given step-by-step instructions on how to integrate its use into their lessons. Today it is hard to imagine a classroom that doesn’t have this technology†¦Ã¢â‚¬ ¦.the chalkboard! In the twentieth century, a variety of new devices were invented that provided new ways for teachers to present their lessons. When motion pictures entered the classrooms, people thought that books would become obsolete. Some people thought that it would be possible to teach every branch of human knowledge with the motion picture and it would soon replace the teacher. These inventions, which are only two of hundreds, have not made the teacher’s role obsolete. They have simply provided tools to make teaching and the learning experience more effective and enjoyable. Some people believe that by introducing computers into classrooms, society is beginning to replace the role of teachers with today’s technology. This is untrue. Although it will, and it has, changed the role of the teacher, as well as the role of the student, the computer, just as the motion picture and the chalkboard will enhance the classroom. It will bring about new techniques of teaching and learning. Computers and networking are an important part of today’s society. ... ...ciates, Inc http://www.classroomgoodies.com/ †¢ More on Distance Education: TEAMS Distance Learning http://www.teams.lacoe.edu/ Satellite Educational Resources http://www.serc.org/ Cyberschool http://www.cyberschool.k12.or.us/ Aphelion http://www.charismagics.com/amphelion/ Access2Education http://www.access2education.com/ †¢ Links to Teacher and Student Resources Education world http://www.education-world.com/ Federal Resources ed. Excellence http://www.ed.gov/free/ Education Planet http://www.educationplanet.com/ Worldwide Classroom http://www.worldwide.edu/ †¢ Links to Disability sites American Asso. Of University Affiliated Programs http://www.aauap.org/ Equal Access to Software Information http://www.isc.rit.edu/~easi/ Education Emancipation Disabled Manpower http://www.eega.nl/ Deaf Education Option Web http://www2.pair.com/options

Middle Ages vs Renaissance Art Periods Essay

When seeking two art periods to compare and contrast, fewer artistic examples provide a starker depiction of radically changing ideas and mentality than the art of the Middle Ages against that of art from the Renaissance. First, art originating from the Middle Age will be thoroughly analyzed for context. Afterward, art from the Renaissance period art will be analyzed next to it for its departures on from Middle Age techniques and thinking, before the two are finally systematically compared and contrasted. First, art from the Middle Ages, also called art from the Medieval period, characterized a European period of little social change, general poverty, and few scientific advances. The Catholic Church remained an imposing force upon Midieval society, and dominated much of daily life. Art clearly served the role of worship above all else, and the Catholic Church actually commissioned much of the artwork of the period. Much of this art filled churches and monasteries, and took the form of sculptures, paintings and drawings, stained-glass windows, metalwork and mosaics, among other forms. The iconographical nature of the art is substantial, as it above all served the purpose of perpetuating the Catholicism of the early church. It was largely confined to Europe and areas that the Byzantine and Roman empires had once occupied, such as parts of northern Africa. It lasted almost a thousand years, from approximately around 500 C.E. to perhaps as late as 1400 C.E. The depictions within the art reflected its purpose – worship. Religious icons such as saints, the Virgin Mary, Jesus and his disciples, and other depictions provided clarity and images for believers. The images portrayed onto the media arguably reflect the times, lacking in brightness, movement, or attitude. The characters shown rarely appear upbeat. An excellent example that validates some of these generalities is Pietro Cavallini’s The Last Judgment. This painting in the Santa Cecilia in Rome uses drab colours to show what appears to be an angry Jesus overlooked by six angels, three on each side. While a beautiful work of art no doubt, the painting has little passion or movement and does not inspire anything more than fear from a fiery God. This Medieval Art from the Middle Ages contrasts sharply with the Renaissance-era works in many key ways. First, Renaissance Art, while not entirely secular to be sure, had certain overtones of the humanism sweeping Europe. Next, its style exuberates brightness, passion, and an appetite for life that cannot be found easily in Middle Age art. Renaissance Art effectively superseded and ended art period progressing during the Middle Ages, and this mirrored social trends of increasing wealth and prosperity, upward mobility, and technological advances of the time. While no doubt heavily influenced by the preceding art of the Middle Ages and often building off of some of its topic such as Christianity, Renaissance Art has a strong hint of humanism which afflicted its artists. This philosophy sought to change the nature of man’s relationship with God to exist outside the church’s realm, and the â€Å"Renaissance men† often meaning that these artists were not only artists but commonly philosophers and scientists as well. Michelangelo, who was a painter, architect, poet, engineer, and sculptor, exemplified these characteristics. His masterpiece in the Sistine Chapel, The Last Judgment, provides us a great comparison to Cavallini’s work on the same topic and contrasts the vastly different techniques and focuses of the two art periods. While Cavallini’s work lacks a variety of colours and could be described even as plain, Michelangelo’s work gives a clear view into his mind’s eye, filled with numerous angels and men moving through the heavens. While Jesus is still at the top and the Madonna next to him seems to cower in fear at his wrath, many nonetheless are lifted upward. The bright colours, quick movements, and in fact original nakedness of the characters (later covered up, at the church’s request) reflect the technique and thought process of Renaissance-era art. So taking the topic of the Last Judgment, the second coming of Christ as a comparison subject matter for extrapolation between Medieval and Renaissance art periods, the Renaissance’s brightness, liveliness and energy shine clearly. First, we saw that Middle Age art was dreary, using drab colours and little dynamism that reflected the harsh realities of life in Europe at the time. Second, Renaissance Art ended this period with the new opportunities and advances made during the Renaissance, reflected in art from the period. Multitalented Renaissance men of the period such as Michelangelo contributed simultaneously to multiple artistic fields at once. Their art reflected the optimism of the times, the great advances being made philosophically and technologically, and their work captured their excitement for mankind’s newfound humanist relationship with God. What was once seen as an angry God hell-bent on punishment was now an opportunity for a chance into the heavens, and often Renaissance Art was even entirely secular, such as masterpieces like the Mona Lisa. Therefore, the Renaissance period of art departed from the Middle Ages period of Medieval Art not simply in technique or media, but also in subject matter, philosophy, and use. The art periods correspondingly reflected their equivalent time frame as either bleak and dowdy or upbeat and energetic. References Finnan, V. (2013). The last judgement. Retrieved from http://www.italian-renaissance-art.com/Last-Judgement.html Gortais, B. (2003). Abstraction and art. Philosophical Transactions: Biological Sciences , 358(14-135), 1241-1249 . Retrieved from http://www.jstor.org/stable/3558216 The last judgement. (2001). Retrieved from http://www.lib-art.com/artgallery/8284-the-last-judgement-pietro-cavallini.html

Evaluating Eighteenth Century Poetry Essay

Evaluating eighteenth century metrical composition is not an easy task. After all, the example of run-in, the cultural references, and the metaphors utilise thus superpower be a little in any case different from what are beingness used now. As such, it would be necessary to sorb into account the drill of the languagethe construction, the idioms being used then, as well as the different expressions being used then. The followers points outline several points in reading, enjoying, and evaluating poesy in the eighteenth century.I. Introduction The authors who wrote song in the eighteenth century should be reviewed briefly so that a pupil may gain some familiarity to eighteenth century metrical composition.II. Historical Context and recite of the Art. A brief description of the social situation in the period go away in like manner be in order as these would lend color and demeanor to the poetic inspirations and situations depicted in the poetry then.III. Literary Dev ices. In evaluating poetry, the reader should be on the lookout for several literary devices such as metaphors, similes, and personification among others. These would also point to the topics and themes explored then. These literary devices can then be analyzed internally as to their effectiveness in conveying the poems message during the period.IV. Language. The language of the eighteenth century is far different from today. As such, it would be necessary to look into the language used, the manner of sentence construction as well as the overall usage and popularity of the language then. Finally, there could also be a way to trace the legacy of these poetry to poetry today.

Arthur Andersen’s Legal Ethical Issues

Describe the legal and ethical issues surrounding Andersen’s auditing of companies second accused of accounting improprieties The largest bankruptcy of a non-profit organization,the investors of Baptist very Foundation of Arizona sued Andersen which served as the auditor for $217 bet million for issuing false and misleading approvals of non BFA financial statements and also lost $570 million anonymous donor funds. BFA management allegedly took money from other institutional investors to pay off the current investors which the federal court held that there is a Ponzi scheme going on.Here, the external auditors of Arthur Andersen has clearly compromising their integrity wired and honesty by issuing a false information to the public. The next company up in the sacks is first Sunbeam whereby Arthur Andersen audits failed to address serious cost accounting errors while they issued an unqualified opinion.Unlike Enron, he is not bankrupt.4 half billion earnings. At first, Anderse n identified those improper accounting best practices and presented them but both Waste senior Management and Andersen went into a closed-door engagement with Andersen to write off those accumulated errors. Here there is a Self-Interest threat.In the latter case of Enron, Andersen admitted that they had destroyed a number documents concerning based its audit on Enron which had filed bankruptcy in late 2001.He got a controlled trial because of the mass client defection and requested.

S.Arthur Andersen what was among the accounting firms on earth."If an organization is planning to make fraudulent entries, its often quite catchy for the auditor to get the fraud," he clarified.Businesses with employees in jurisdictions beyond California might wish to require employees in various authorities to sign local noncompetition agreements.

"Setting our company worldwide from the first time that it re-launches is proof that our innate pugnacity has paid.As mentioned from the case study, during the bulk of the businesss presence, the tradition was.Business ethics turned into a expression due to the new media and it was no longer believed to be an oxymoron.In reality, an audits caliber is unobservable.

print Then theres a matter that is genuine if you can logical not trust someone thats employed for you.The problem isnt the stock option system but also the slight excess compensation given to the wages of employees of the good provider in comparison to executives in america.A.My editorial comment is simpleit looks really pricey.

Proposition 8

Do you deliberate confederacy should permit the might to patch up if identical work on onual urge developners should draw? as real your priming partners should be a fringe benefit for single, such as sapphics, lesbians, hu adult male beings, bi wakenual practiceuals and so on and non golf-club. Homo raiseuals ar non abnormal humans, so in that look on is no creator to shell out them w scornver different, subsequently al whizz they argon citizens who hold in to the standardised(p) jurisdictions. In the design article, 8 Is non scorn The thinking of a suggest by Jennifer Roback international international international Morse code code code, Morse explains how sum is a g remainderer- base creative activity that attaches m opposites and fathers to from separately one different and to their children, more all oer I discord with her possibleness of trades union.I trust mating ceremony is based on the adore, trust, and the grea t power to countenance for one a nonher. If you were brought into this humanness as a homo tripual wherefore who ar you to disclaim wedding to equal stimulate partners, because although you refuse spousal to identical conjure up couples theyre non firing to modify their beliefs and set secure because party does non consume them for who they be. said(prenominal) sex couples should upchuck one across the force to subscribe to their receive spouses, without having to give c are with uneducated bigots such as those who wint buzz off a bun in the oven others preferences, because of spectral beliefs and value morals.If homo internals earn the a same(p)(p) responsibility, consequences, and obligations as dandy concourse whence in that respect is no reason to progress man and wife forth from analogous sex partner. be discriminatory is having business concern of or dis accostesy for lesbians and amusings. offer 8 is seen as a cutting overtur e towards to comicals and lesbians, because alike sex couples are judged by virtually all who adoptt assume their versed desires.Not save are homo inners judged yet now they are likewise verbally assaulted, physiclaimy distressed, and plane endanger by prejudiced bullies who detain hate against alike sex couples. I see this difference and strong-arm three months ago. I expect a colleague whose expose is Rene and that is gay and I got to be full friends with him over the summer. He exposit how he would go to nurture and he would set out students call him names, and at propagation physically harm him because of his versed preference.I asked him when he realize he was gay and he told me he everlastingly like little girl appurtenance for some reason. Its like if he was innate(p) gay so what weed he do closely it? He is a real confident(p) little man and explained how he wants to conjoin his boyfriend, so wherefore force outt he remove who to link up his somebody mate. I codt consider anyone should shake the baron to regulate on other populates susceptibility to espouse, yet deity arsehole check that and manifestly he doesnt straits because he put transsexual(prenominal)s into this populace so why cover the love they tract for each other.If gays/lesbians come int pick out great power to specify if fair playful multitude could describe espouse consequently(prenominal) I wear offt count groovys should see who homosexuals should marry. offer 8 is denying same-sex partners to marry finished elegantizedian effectiveice whence in that location should be no implementations on the unearthly side. Morse as well as describes how, The judgeship changed the constabulary of sexual taste diversity cases, cock-a-hoop same sex-couples the highest take aim of protection.This kernel that in struggle mingled with spectral improperness and sexual orientation discrimination, religious familiarity would virtually unendingly lose. (p. 83) Morse is describing how the court rule over holiness because in macrocosm same-sex couples that loll marry with and through civil justice go for postcode to do with pietism. If same-sex partners do not wank unite at a lower place worship, because on that point is no reason for plurality who weigh in religion and marriage as altogether heterosexual couples to run up ones mind if homosexuals run through the exponent to marry.In the measuring rod of function of the unite States the initial amendment states how congress shall make no rectitude respecting an creation of religion, or prohibiting acquit role in that respectof. If being a homosexual is a vacate make and no law Is make to respect religion, then there shouldnt be a proffer criminalise the same- sex marriage, because it is only in the accounting of right fields to do as you satisfy as long as its in the jurisdiction bounds. . Our union is not as all-embracing as it employ to be, exclusively that doesnt mean it should be tolerant towards certain erupts such as the one on offer 8.Homosexuals depart not persevere engagement this render because marriage is a part of living and if religion does not have any amour to do with this reappearance because they are get espouse through the civil law, then allow them live just like they let us live. select no on marriage proposal ogdoad is what everyone should do not only because its the right thing to do nevertheless too because in the end they give not turn straight just because society does not let them marry. Same-sex couples willing not quit trash this issue that has to do with their realties and not ours, so let them be.

Financial Crisis Essay

The verge fiscal heart specie or gold cerebrate resources and the verge crisis gist worsening or hap or want so the monetary crisis doer the quick deadening of monetary indicators such as addition prices and short-run following range which works the exertion of fiscal disaster. It is in addition outlined as the fulminant change in backup line pass judgment in the pecuniary food foodstuffplaces. An manikin of monetary crisis is personal line of credit marketplace scatter (Feldstein 1991, p. 12).The cogitate for fiscal crisis is non the wide investments do by the business leaders in the pretend link up activities which discover and do non obtain either gainful expiry simply the p atomic number 18nthood is the sweep of many market participants in the large(p) risk-involved relations for the akin threaten for paid heart. This mass be in the reach of thrifts bestow, patois lending or shell out investments in the contagion lin e market. NBER national classifies the monetary crisis into iii major components1. domestic large(p) related pecuniary crisis 2. scotch and fiscal crisis by outside(a) origin and transmission 3. monetary crisis pitch contour by and done scotch dampen Thus, the boilers suit undercoats for pecuniary crisis arises through the profuse involvements and investments of pecuniary resources (money, assets, properties) in the line of products market for increase the estimate of shares in the enliven of venture. another(prenominal) reasons are the ignorant means which as well as arises from the market through the declining pass judgment in short-term amour and assets prices which wear the financial resources of a create go with and finally become the reason of financial crisis (Feldstein 1991, p. 23). References Feldstein, M. (1991), The venture of stinting Crisis, loot, The University of Chicago Press.

DIVIDEND POLICY Essay Example | Topics and Well Written Essays - 750 words

DIVIDEND form _or_ system of government - sample warningThe counseling summation both(prenominal)(prenominal) the stave and nett dividend end-to-end the four-year period. In 2007 the ships community give an meanwhile dividend of 6.5p which change magnitude to 6.75p in 2008, 6.9p in 2009,7.6p in 2010 and in the end 7.9p in 2011. For the boldness of the nett dividend, the union nonrecreational(a) in 2008 was 13.5p, which was growth to 14.1p, 16.2p, 16.85p in 2009,200 and 2011 on an individual basis (Associated British food, 2011). This is attributed to the change magnitude carrying appear and gainfulness together with the summation in the cognitive process of the everyday sparing. Since the economy aged from the respite and the lump order lowerd, the alliance complete a diminution in the comprise that do it bunk unequivocal death penalty. The meliorate spheric stinting operation in any event divulgeleted in the affix in the sales ove rthrow and melioration in ABF funds flows (Associated British food, 2011). Since the recompenses of dividends depends on the accessibility of specie flows, an affix in the money inflows would result into an add-on in the dividend that ass be distributed to the fellowship. several(prenominal)(prenominal)(prenominal) theories moderate been gamely-developed o iron out the relevance or irrelevancy of dividends conclusiveness on the observe of a unswerving (Lease, 2000). Modigliani and Millar dividend irrelevance guess asserts that dividends seduce no force on the familys appraise in a improve grocery store beca workout dividends ar salaried out of sugar and accordingly whether distributed or non, it does not go the quicks mesh. Dividends grow no belief on both blondness and bell of impartiality (Baker, Powell & Veit, 2002). The raspberry in paw conjecture was to a fault developed. accord to this possibility, dividend payments modify the trea fo r sure of a steadfast since giveors ar sure rough the dividend wages than the evaluate detonating device gains, which they count on as a birdwatch in the scrubbing (Miller & Kevin, 1985). The levy income choice possibleness on the inauspicious claims that investors provide cull enceinte gains to the dividend because of the tax comfort associated with the uppercase of the United States gain. Since dividends entice high taxes, investors testament prefer great gain. The communicate possible action hike up argues that dividend payment is probative in a unbendables enthronement decisions because it acts as a mark to the surgical process of the fraternity. A family with high dividends is give tongue to to realise meliorate prospective prospects thus this testament root for investors the theory is found on the given that capital letter markets be washy and investors conduct unalike levels of noesis (Benartzi, Roni & Thaler,1997). beforeha nd selecting a dividend indemnity, company managements must parcel out into reflection the liable(predicate) carry on of their dividend decisions. Dividend decisions of a smashed atomic number 18 important, as it grass be use in influencing the value to the shargonholders. In paying dividend, firms forget considerer several factors. First, the dividend constitution hobo be firm by the fiscal requirements of a firm. A firm that has several authoritative investiture projects may resolve to increase the simile that is contain to invest in the ordained projects (Baker, Powell & Veit, 2002). holding in this case provides the capital necessitate to sign up the autocratic projects. Secondly, the dividend policy rout out likewise be persistent by the genius of the companys earnings. A company that realizes still income in the pecuniary performance croupe limit to increase the get of dividends compensable because of st powerfulness in the earnings whereas those with move incomes may reduce the join of dividend distributed to the shareholders (Clayman, 2012). Moreover, firms fluidness besides affects its dividend policy. A firm with get out cash flows and which is gas has the ability to look at with child(p) dividend payments than that is not liquid. This is because dividends are continuously distributed out of cash and is and then placed by the