A letter to the editor of Wall Street Journal Assignment

A letter to the editor of Wall Street Journal - Assignment Example It can be argued that the next election will see a wide gender difference among the voters. Republicans have tried to come with measures to appeal to the female voters as the Democratic Party strives to take advanatge of the female vote by promoting economic policies that are more likely to favor women including equal pay protection and increasing the minimum wage. This is not the first time the Democrats have employed this strategy to campaign against the Republicans. I agree with the fact this is not simply about the social isssues but about the economic issues affecting the population. Furthermore, there is a clear diffrence in views on whether it is possible for individuals to succeed in the US. Most men agreed to the proposition that anyone could compared to 37 percent of women (Hook and Timiraos). A study conducted by the NBC Survey/new journal found that most women believe that the recession has not yet ended as compared to 43 percent of males (Hook and Timiraos). This explains why 70 percent of the women are of the view that increasing that minimum wage would result to an improvement in the economy (Hook and Timiraos). This letter confirms the facts stated in the paper on the disparities between the economic views between men and women and how it influences

Freedom and Equaity Essay Example | Topics and Well Written Essays - 1750 words

Freedom and Equaity - Essay Example That means everyone must have the right to live their life employing their capital and labor as per their liking. Locke is considered one of the proponents of classical liberalism. In the Second Treatise of Civil Government, Locke argues that ruler derives power from the people. All individuals have a birth right to possess property and if government or ruler deprives them from this natural right, the people have all right to force ruler to leave. Locke also speaks about equality for everyone. He states liberty does not mean that anyone is given liberty of destroying oneself or for that matter anyone else's property, health, life or freedom. No one can encroach on other's rights or inflict destruction. Simply the law of nature must prevail that speaks about peace and preservation for fellow citizens. Locke lends a special emphasis on having a freedom to possess earned property. Whatever has been acquired through one's labor and hard work will, in all case, belong to that person and n o one else will have right on that possession. Locke is categorical in stating that human being is born with a perfect freedom and full rights of enjoyment with what has been provided by nature. And to this extent everyone is equal. Thus, for Locke, freedom is compatible with equality as far as it is derived from the nature and its gifts to mankind – no discrimination of any kind can be allowed. ... Social contract deals with people's freedom and rights albeit in a political sense. Everyone is free in this social contract and laws that are essentially to safeguard and regulate each individual. He also asserts that freedom of each person is the chief element to be preserved; however, they still need to follow social contract for their own survival. As per Rousseau, equality and freedom are two political ends and they are correlated such that the equality is a necessary condition to restore freedom. With the advent of industrial revolution in Europe, a new kind of thought process emerged, especially from Marx and Angles as they believed that a great dividing line existed between haves and have-nots. According to them, there is no true equality among the people and the root cause behind inequality is the capitalist nature of the society. According to them, a true freedom is acquired when everyone is free from oppression and exploitation by any section of the society. They strongly believe that a large section of the labor class in the society does not enjoy true freedom or equality. That was the time when Europe had already ushered into a great industrial revolution in the nineteenth century and large scale labor transition to the industries took place. For them, economic equality is of a great importance for the society and since that due to its absence labor class does not enjoy the true freedom. In other sense, they emphasize that freedom and equality are not compatible and individual freedom to generate wealth must be taken away to restore equality among the people. In their Manifesto, they depict, "Masses of laborers, crowded into the factor, are organized like soldiers. Not only are they slaves of the bourgeois class, and the bourgeois state,

Globalization Research Paper Example | Topics and Well Written Essays - 1750 words

Globalization - Research Paper Example It would be useful to try and analyze the problem of globalization from the viewpoint of different scientific currents that may enable us to better understand the thing. In this essay, three theoretical approaches will be used and compared: Symbolic Interaction theory, functionalism, and conflict theory. The preference should be given to the one of them which may allow better grasp of the problems of globalization. A Symbolic Interaction theory is a sociological approach based on the principle of the primacy of semiotic interactions between individuals and their groups in an analysis of social relations. Symbolic interactionists usually claim that it is semiotics (i.e. the ability to form symbolic images of surrounding reality) that really distinguishes human beings from other animals, and that it is the specific ways of creating such symbolic meanings that define both human conscience and social order at large (Plummer 195). That said, symbolic interactionists aim to use as much emp irical data for their scholarly arguments as possible, because the supporters of this approach believe that an analysis of social life should be grounded in strong empirical foundations (Blumer 47). With respect to globalization, the symbolic interactionist approach to this phenomenon rests on the assumption that globalization is the direct result of growing rates of social interaction across cultures. The globalized world is held together by the natural tendency of humans to communicate and share information with each other, so that the results of these interactions gradually come to shape their participants’ cultural conventions themselves (Dolgon and Baker 376). Thus globalization is a final result of the millennia-old process of growth in inter-community ties that led firstly to the emergence of different nations, and then to the gradual blurring of most important distinctions among them. The symbolic interactionist perspective allows for deeper understanding of socio-psy chological aspects of globalization and their consequences. If one takes into account the impact globalization had on collective action networks and symbolic structures in general, one may observe that a globalizing world enabled the emergence of vastly different networks of meaning and action – from the development of a type of a ‘globalized’ consumer as a new point of reference to the steady growth of movements and attitudes that proceed from typically ‘global’ point of view. It does not matter whether such movements are pro- or anti-globalization and which symbolic structures they use to refer to themselves – all of them operate within the structure of meanings that was formed in the course of globalization processes. A functionalist approach to globalization is fundamentally political, in a sense that its supporters pay the closest attention to the functional aspects of interactions between different political actors that comprise an inter national political scene. The core idea beyond functionalist framework is that a growth in complexity of various functions executed by the state gradually gives rise to a need to cooperate with the other similar states, so that the execution of these functions may be more effective. The spheres of cooperation need not be ‘political’ in the narrow sense of the term; they might include purely technical or cultural interaction.

How does globalisation impact on the management of Chinese firms Essay

How does globalisation impact on the management of Chinese firms - Essay Example The role of globalization in the competitive economic scenario and the environment cannot be underestimated. The firms have to advance themselves with the ever rising challenges in the market and accordingly build up their strategies. It is here the role of globalization plays the prime effect. The foreign policies practiced by China as well as the economic situation across the globe are all factors for a firm to sustain in the market. The focus of the paper will lay upon the needful to be done by the management to be in line with the impacts of globalization. In fact this is the reason behind inclusion of both and negative aspects of globalization. Introduction Globalization and its impact on the management of firms have attracted an effective attention of the international business’ scholars in the past decades. Small family run private owned business organizations have been at the middle of various international discussions on the how the globalization impacts the managemen t of the organizations. Liberalisation of markets, services, standardization and integration of economies are considered as the hallmark of the globalization. Opening of economy and increased interdependence on global market has contributed effectively to the economies of both developing and developed countries. China is considered as one of the emerging economies around the globe. The small family run private owned hospitality firms are achieving significant growth rate due to China’s open economy policy and globalization. On the other hand, it is quite challenging for an organization within this sector to manage the workforce and business performance inside or outside of the country. Recently china achieved potential economic growth rate due to globalization, open door policy and economic reformation. It is true that the business environment in China is becoming highly potential as well as competitive. Several organizations within the small family run private owned hospital ity organizations are adopting different strategies in global market place in order to develop potential client base and gain significant competitive advantages. Despite the financial advantages, the management of these Chinese firms faces several issues in foreign market places due to globalization. Several Chinese small family run private owned hospitality firms are trying to aiming on global expansion strategy. However, globalization has several advantages and disadvantages on the management of these firms that will be discussed in the discussion part. This essay will determine the impact of globalization on the management of small family run private owned hospitality firms outside China. Discussion It s true that globalization and open door policy of China is motivating several small family run private owned hospitality firms to adopt and implement global expansion strategy. These organizations are considered as one of the important contributor of the economic growth of China. C hina is highly focusing on the growth of these business firms due to high potentiality and strong market demand. Therefore, the government of China is supporting these organizations to adopt and implement global expansion strategy. There are several negative and positive consequences of globalization on the management of these firms that are discusses below. Positive Impacts of Globalization Several leading organizations are trying to capitalize on the opportunities that are developed due to

Inland freight assisgment Essay Example | Topics and Well Written Essays - 2500 words

Inland freight assisgment - Essay Example vernment concerning the operation of the system as well as regulating the issue of licences to the drivers with a view to keep the transport system safe and legal. This paper studies the depth of such regulations in maintaining the road safety and makes a critical analysis of the effect of the regulations on the operators and drivers in that direction. This paper also takes a role of a counter campaign against those criticising the operation of the LGV transport system as unsafe by analysing the regulations and at the same time bringing out the shortcomings or lacunae in the system. It also attempts to suggest some useful hints for the future developments. Note: To make the paper more user-friendly, some provisions have been adapted as such or paraphrased from the original Handbook prepared by Vehicle and Operator Service Agency (VOSA) and the regulations of other statutory bodies. With globalization of the industrial and business activities, the effective management of supply chain system ensuring the availability of the right material at the right time and at the right quality has become an immediate and important necessity to any business organisation. . This also necessitated the development and maintenance of new and speedy ways of inland freight movement systems and thereby to succeed the fight against the time to reach the merchandise at the destination at the proper time. In such an effort, due to human errors there are umpteen possibilities due to the improper maintenance of the vehicles or the carelessness of the people operating such transport vehicles that accidents do happen on the city roads and the highways. Under those circumstances it becomes absolutely essential to find out the cause of such an incident to fix the onus of compensating the aggrieved party and punishing the erring person. This analysis will lead us to so many debatable issues w hich will finally culminate on the government’s responsibility to efficiently administer the system of

Personal Educational Philosophy Essay Example | Topics and Well Written Essays - 1250 words

Personal Educational Philosophy - Essay Example In the process of learning, it is important to realize that learning can take place either consciously or subconsciously. The effect of learning can be seen in the modification of behavior or the skills that one had possessed. Learning, whether conscious or subconscious can be said to be contextual. This means that one does not learn everything all at once. One builds on the knowledge that he had previously learnt, a. what one learns in different situations is also dependent on the knowledge that one already possesses. There are five main categories in which learning can be classified. These include learning being a quantitative increase in the knowledge that one possesses. Learning can also be classified as the storage of information that can be reproduced at a later date. The third classification of learning is that it involves acquiring skills and facts or information that can be used to achieve certain purposes. The classifications also include being able to derive meaning from a bstract concepts and interpreting the surroundings in the appropriate way. Education can be defined as the process through which a person learns and acquires information and knowledge. Education takes place through formal learning and informal learning. Formal learning is carried out in institutions, while informal learning takes place through life experiences. In carrying out formal learning, my philosophy is based on the need to assist in settling problems that make implementation of education process difficult. In as much as the problems exist, one of the philosophies that seek to ensure that fairness and justice is brought to education is that students ought to be educated in accordance to their abilities, interests, and capacities. Thus, there are different levels of education that relates to age of individual students and mental capabilities of the same students. Students who cannot perform and qualify from the elementary level are not allowed to proceed to the secondary and t he same apply to all the level. This means that in the process of formal education, I seek to ensure that the students are taught the content that is in line with their level of competence and their abilities. It is important for the education process to be encouraged among all members of the society. This is especially important for the younger generations. In the process of formal education, the provision of special education for the students with special needs should also be considered. The curriculum that is followed in the process of education should seek to ensure that it meets the needs of the students. It should also be designed in such a way that it takes into consideration the interests of the students. It is also important that one puts it into consideration the potential problems that may arise in the process of offering education to students and the potential solutions that can be used to overcome the problems anticipated. In understanding the concept of education, it i s important to understand schooling. Schooling

Principles of Banking and Finance Essay Example for Free

Principles of Banking and Finance Essay What does Sub-Prime Crisis means? Sub Prime lending which is also known as near-prime, non-prime and second chance lending, means lending to people who might have trouble repaying the loan due to income ability or credit ratings which previously would not have been available to them. Credit ratings that might be not favorable to them with the standards set up initially by Financial Institutions slowly dwindle to less strict under-writing of loans. which could also due to an influx of foreign capital making lending easier to these group of people, the investment banks that sold the repackage mortgages to the consumers which is one of the way to fund for capital, and the Housing Urban Development of America policy to ensure that its citizens has access to mortgage loans easily. The cheaper interest rate packaged by the Financial Institutions which seems more affordable for the consumer for the first 1 to 5 years and the thereafter interest rate would have jumped significantly. The loans here generally referred to mortgage loans. The Crisis started or snowball into what it was in 2007 in my opinion was due to greed. Greed into thinking that the property boom would continue in perpetuity so that the borrowers could cash out more from their current property market valuation, with this cash out in terms of personal loan they could fund or finance their lifestyle be it buying a new property for investment purposes, to flip or for rental. For the luxury in life they choose to enjoy now, spending future money. As the economy slowed, jobs are being taken away from corporation in America to other countries which have a cheaper source of overhead expenses and manpower. People are being retrenched thus causing them to start defaulting on their loan repayments. A statistic done has shown that the American households do not have any savings but was laden with debt instead. The housing bubble burst, the market does not have that much capital as it used to have to continue to push property prices up anymore, thus causing the market to slow overall, foreclosures of their properties was happening. Consumers was also unable to obtain a refinancing which they had planned previously to lower their interest rate again when it went up, as financial institutions feel the pinched and controlled its lending. How did the Financial Institutions played a part in this? In the past banks have financed their mortgage lending activities through the deposits they receive from their customers. This has confined the amount of mortgage lending they could do. In recent years, banks have designed a new model where they repackage these mortgages to be sold to the bond markets. This has made it a lot easier to fund additional borrowing from the investors and interest rate was low. But it has also led to abuses as banks no longer have the incentive to check carefully the mortgages they issue to the lenders. The failure to check and curb lending in return for the possibility of profit was one of the causes. The first sign of the sub-prime crisis was as early as 2007 when HSBC Finance which is part of the banks north American subsidiary has to write off 880 million in sub-prime lending. The business has become unsustainable as borrowers started to default. The new model which we have come to know is known either as Mortgaged backed Assets or Collateral Debts Obl igations. The repackage mortgages are being sold to the bond markets, before they can be sold, credit rating agency will determine and give the model a rating. A credit rating for an issuer takes into consideration the issuers credit worthiness example its ability to pay back a loan, and affects the interest rate applied to the particular security being issued. These MBS or CDOs as it has come to know are usually marketed to countries which has a surplus in its balance sheet as it was generally known that Asians believe in savings rather than spending future money thus the products were usually marketed in Asia, It is allege that the rating agencies experienced from conflicts of interest, as they were paid by investment banks and other firms that organize and sell these structured securities to investors. If there are not to give favorable ratings to these products they risk the underwriter of these securities to another rating agency. It would be hard to sell these products if they are not being given a rating to begin with. Once they are sold the banks have in a way diverted part of the risk to the consumers. Investors should not rely too heavily on these ratings agencies opinions but instead carry out their own homework in the safeness of debt level as well as others related securities. Probably the opinions of the agencies enable them to get a conclusion, however based on past decade of event, it can only be consider as off base when it comes to the risk of credit event. Investors should try to put themselves in the shoes of the product pushers, asking themselves very important points like, why do you need to sell these products? Do you own any of these products yourself? If it is as good as you mention have the private investors bought and participated a substantial amount of their savings in it? Perhaps there need to be some form of intermediaries whereby no conflict of interest will affect their opinion and report of these products. A case study in Singapore itself which has made headlines during this crisis was the minibond saga which was being sold in Singapore by a couple of Financial Institutions. The originator of this series of structured products was the now defunct Lehman Brothers. The Minibond was being illustrated to the local consumer as a bond which is not the case it is actually a Collateral Debts Obligations. The relationship managers in banks are eager to sell the product because of the high commission and the consumer who are eager to buy because the returns are much higher than the fixed deposit being offered by the banks. An estimated of 500 million Singapore dollars was purchased for the Minibonds by consumers. It stirred a series of conflicts with the Financial Institutions that sold these products, the consumers cried fouled into being mis-sold of it, some of the consumers managed to get back part of their investment and vowed not to touch these structured products ever again. We can take a look back into the 1990s where one of the policy set up and enforce by the Housing and Urban Development of America, was one of the cause of the sub prime crisis. With the support of the government, HUD has less mortgage restriction requirements on its borrowers. The mandate was that Fannie Mae and Freddie Mac which was regulated by HUD, was to generate up to 8 million more homeowners in America. It was known as the â€Å"National Homeownership Strategy†. No down payment was required, 100% financing for the property was the norm. This was partly possible due to the influx of cheap money in the market, wit h this cheap money consumers speculated with the market, they kept buying new homes thus the good years of where the appreciation of the property keep going up. Financial Institutions dare to lend due to the market confidence that it can only keep going up, borrowers confidence that the market too can only keep going up. A check with HUD official website, apparently the US government is still supporting home ownership program without first addressing a stable income issue. Only with a stable income can a person make regular commitment to his or her housing loan commitment. Kudos to the Singapore government for taking appropriate actions during the last few years when their economy was recovering, the measures taken to prevent over speculation of the property market in Singapore. Homebuyers with the extra cash were snapping up properties, either for owner’s occupation or for investment purposes. The government either learned from the Sub-prime crisis or foreseen that if it continues the way it is going, a market crash might be imminent or the crash will be too fast and hard, no soft landing for the consumers. As they knew that property market have its up and down. Steps was taken, it used to be 90/10. Whereby the buyer have to come up with 10% cash and the remaining 90% can be financed through a financial institutions regardless of the number of property they currently owned. It was changed to 80/20 rule, 20% of which is the owner’s own cash an 80% through financing. Surprisingly it did not deter the consumers, the market still kept soaring. The next rule implemented was the 80/20 rule for first time buyers, meaning buyers without any current mortgage loan, for buyers with an existing mortgage which was not yet paid up; they are only eligible for 60/40. 60% financing for their new property and an increased in the stamp duty to be paid for to the government if it was their 3rd property for Singaporean. The hardest hit was the foreigners who are seeking to invest their money in Singapore properties as they have to pay additional 10% stamp duty which is likely to deter most of them. P rices still kept going up, the latest ruling was much more complex than the previous few. If one is looking at 80% financing one can only borrow up to the age of 65 years old and tenure of not more than 30 years. Which was not the case previously, in previous scenario it was dependent on different Banks guideline in Singapore, they could lend up to the age of 70, 75 or 80. They stepped in and put a cap at 65 as they believe that is the retirement age. If you want to extend your loan tenure your financing amount will drop to either 60% or 40%. I believe the government did this as they knew that the US is going ahead with Quantitative Easing 3, they want to prevent too much hot money from landing in Singapore shore. To sum up, we learned from our mistakes and grow not to make the same mistake twice. A healthy economy is based on real economic goods with value. Hopefully US can still continue to create innovative products like Apple and keep their manufacturing production in US soil, get employment rate up. The citizens have to maintain their expectations in terms of salary wise and spend within their means. Tighten up their way of lending and controlling Banks to a certain extent, a culture that is profit driven but with ethnics. Can heed the investment guru jim roger’s advice to focus on farming as there will be a food shortage in time to come. Induce good saving habits in everyone to save up for a rainy day. http://www.ethicalquote.com/docs/SubprimeMortgageCrisis.pdf http://news.bbc.co.uk/2/hi/business/7073131.stm http://en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisis http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902626.html http://www.thetruthaboutmortgage.com/mortgages-with-no-money-down/ http://www.telegraph.co.uk/finance/markets/2816291/HSBC-hit-by-sub-prime-crisis.html