Moral Theories: Kant and J.S Mill Essay

Throughout this paper, I will contrast and compare two moral theories in attempt to uncover what one provides a better argument and can be applied as a universal moral code. The two moral theorists Immanuel Kant and J.S Mill have created two distinctly different theories on morality and how to develop a universal moral code. Both theories focus on intentions and consequences. Kant believes that the intentions and reasons of our actions can be measured and defined as morally correct, where as Mill believes that our intentions really play no role in morality, and that we should focus on the consequences and outcomes of our actions to evoke the most happiness for the most people. Even though both philosophers make incredibly different points, each encompasses strong arguments as well as issues with their approach. However, Kant will be successful in articulating a better universal moral theory through the use of his categorical imperative. Immanuel Kant and his Groundwork for the Metaphysics of Morals (1785) attempts to uncover a universal moral principal for all to use. According to Kant, we aren’t only knower’s, we are also doers as we act and make certain decisions in the world. He wants to know what decisions we should make and how should we treat people in this diverse world. He contemplates the use of internal feelings of approval or disapproval to know when something is right or wrong, but deems there are many problems with this has feelings are always changing. Kant believes that goodwill and goodwill alone is good in itself without qualification. â€Å"Understanding, wit, the power of judgment, and like talents of the mind, whatever they might be called, or courage, resoluteness, persistence in an intention, as qualities of temperament, are without doubt in some respects good and to be wished for; but they can also become extremely evil and harmful, if the will that is to make use of these gifts of nature, and whose peculiar constitution is therefore called character, is not good.† (Kant, 1785) In this quote, Kant is saying that even though there are characteristics that are seemingly good such as intelligence and courage, if these things can be used for evil, they are not within itself without qualification good. So good will is the only thing good and is the basis of Kant’s moral philosophy. Essentially, Kant’s goes  on to explain that even if you produce a positive outcome with your action, if it lacked goodwill as an intention, it meets the criteria of a moral action, but is not good in itself. â€Å"The good will is good not through what it effects or accomplishes, not through its efficacy for attaining any intended end, but only through its willing, i.e., good in itself, and considered for itself, without comparison, it is to be estimated far higher than anything that could be brought about by it in favor of any inclination, or indeed, if you p refer, of the sum of all inclinations.† (Kant, 1785) Therefore it’s neither the outcome nor the effect of the action, it’s the inner state of the will itself that determines morality. Kant describes two types of imperatives that can be used to evaluate intentions. The first is hypothetical imperatives, which apply to someone who is dependent on having certain ends to the action. Example, a person may act in a certain way only to receive something in return. Kant’s Categorical Imperative is the one he uses to evaluate motives of actions. The categorical imperative is absolute, universal, unconditional commands and can be defined by â€Å"Act only according to that maxim whereby you can, at the same time, will that it should become a universal law†. According to Kant, reasons and motives are everything and count far more than the action itself. If you act in goodwill, it is moral. Even if the action causes unintended harm, if it had good intentions and that alone, it is moral. I agree with much of his theory and how we ought to act in ways that only have the best intentions behind them by acting in goodwill. The problem with Kant’s moral theory is that, even though it is important and necessary to act in goodwill, to disregard a positive, good action just because it lacks solely good intentions is flawed in my opinion. Even though Kant does acknowledge that behaviour and actions that produce a good outcome or consequence is in fact aligned with morality, he believes if you do anything that benefits you is wrong. As a personal example, I volunteer and produce ‘good’ actions because not only do I know it is right, or the good thing to do, but it gives me a sense of purpose. I feel good putting people before myself. Some people will do nice things for others because it makes them feel good as well. In my opinion, if people love to help others and act in  ethically sound ways because it gives them a feeling of approval, and the action is causing a positive consequence, that should be moral. It should be a wonderful thing that mankind can actually have feel good chemicals run through there body when assisting humanity. Kant should take this into consideration that if we feel good acting in good ways, it is more likely to be sustainable. John Stuart Mill and Jeremy Bentham have been recognized as the founders of Utilitarianism. Contrary to Kant’s moral theories, Utilitarian’s would disagree with most of Kant’s theory. While Kant believed that it is the intention of the action that should be recognized as moral or unmoral, J.S Mill and Bentham would say that it is in fact the outcome of said action that determines morality. Mill attempts to settle disputes about right and wrong with his theory of â€Å"Utilitarianism†, which is his moral theory that is based on the â€Å"greatest happiness for the greatest number of people†. Mill believes that actions are morally sound or unsound in proportion to how much happiness is produced. He defines happiness as pleasure and the absence of pain and believes that happiness is the sole basis of morality. Mill says that our actions have a teleological structure to them, and introduces the principal of utility, which states that actions are right as long as they promote happiness of pleasure, and are wrong is the actions tend to cause unhappiness or pain. However, Mill argues in his work that pleasure can differ in quality and quantity. Bentham offers a hedonistic calculus as a way of quantifying happiness or pleasure. He lists 6 hedonistic measurements as criteria; intensity, duration, proximity or remoteness, fecundity, purity and extent. Most of our society’s laws, rules and regulations can be compared to utilitarian principals as it very effective to think in terms of what is best for the greatest amount of people. Although Mill makes very good conclusions and has done a relatively good job at developing a universal moral code, there are some issues with his theory. The problem with J.S Mill’s Utilitarianism theory is that it is a moral based primarily on  happiness. The standard of happiness cannot be measured for everything and is much more complex than Mill expresses it to be in his theory. Not everyone’s definition of happiness will be the same, and in many cases, one person’s happiness is not the same as another’s. Therefore, there can be huge conflict depending on different people. Both moral theories have very strong points and in theory, can be used as universal moral principals. However, each argument from both Kant and the Utilitarian’s have problems with them and weak points. I personally believe that both theorists make good points. I agree with Kant in that morality is defined by intentions and that we ought to have goodwill and good intentions that follow the categorical imperative, however disagree in that if we do anything to better ourselves that it is no longer morally correct. With utilitarianism, I strongly believe that we should be looking out for the greatest good for the greatest amount of people, but strongly disagree with that personal happiness should be the measurement. As a selfish, entitled society, I believe that solely acting out of happiness could be detrimental to the well-being of the planet. In conclusion, I believe that Kant’s moral theory is the best. Even though our society can be deemed at utilitarian and Mill does make strong points, I personally believe that Kant’s morals, when applied and taken seriously, could become a solid universal moral code. Work Cited: Kant, Immanuel & Wood, Allen (2002). Groundwork for the Metaphysics of Morals. Retrieved from http://www.inp.uw.edu.pl/mdsie/Political_Thought/Kant%20-%20groundwork%20for%20the%20metaphysics%20of%20morals%20with%20essays.pdf Notes from class -Lesson on Kant -Lesson on Utilitarianism

Stress Management and Its Causes

Stress is a term used by many, is somewhat misunderstood, and often used to describe a negative condition or emotional state. People experience various forms of stress at home, work, in social settings, and when engaged in activities to simply have fun. Police officer†s experience stresses the same as others, but also in ways much different than the average citizen. The dangers, violence, and tragedy seen by officers result in added levels of stress not experienced by the general population. What is stress? Stress is not a new phenomenon, it has been experienced throughout history. Stress is a biological response to some stimulus. Fear, panic, anger, tragedy and especially pressure can cause it. Stress can result in the competitiveness needed to succeed in business, relationships, sports, and education. Is stress bad or good? It is both. Good stress is manageable stress an can actually heighten your performance in certain situations. Bad stress is unmanageable stress and lessens your performance because it†s too much to bare. Police work, by its nature, calls for an incredible amount of continual stress. The demands on police officers to show greater restraint has been increasing over the years and has increased the effects of stress on police work. Today†s police officer is now more than ever in the public eye. He now must think about consequences before his actions in every situation. If we take a quick overview of police work and look at the research we can see what are some of the biggest stresses. Having your partner killed in the line of duty, lack of support by the department and bosses, shift work and disruption of family time/ family rituals and the daily grind of dealing with the scum of society. All of these factors add up and lead to high rates of cancer, heart disease, and suicide for police officers. We are becoming all too familiar with police suicide especially with the attention it gets from the media. In New York City twice as many police officers die by their own hand than in the line of duty. Stress is put to blame for this. Every study done indicates that police officer face a much higher level of stress. For suicide there are four main factors: 1. Divorce 2. Alcohol 3. Depression 4. A failure to get help. All four factors are symptoms that can stem from an officer†s stress levels. An officer who got into trouble on the job, suspension or termination is seven times more likely to commit suicide. Police suicide is more directly linked to relationship problems which in turn is linked to job stresses. Of the last fourteen suicides of police officers in New York City eighty-six percent had just had a divorce or relationship break-up. Police officers going through a divorce are five times more likely to commit suicide than officers who have a stable relationship. Relationship problems are highly related to job stress. In fact, studies have called police work to be a â€Å"high risk† lifestyle not because of physical danger, but high risk in developing attitude problems, behavioural problems, drug problems, and intimacy and relationship problems. These studies also show that police suffer from a substantially higher divorce rate ranging from sixty to seventy percent higher than normal couples. The medical community has attributed stress to such biological responses as heart malfunctions, blood pressure variations, gastrointestinal disorders, cancer, depression, muscular discomfort, strokes, and a host of nervous system related problems. For the police officer, biological consequences can represent more long term concerns, but the short term results are the most profound. Stress of the magnitude that affect an officer†s reaction time (increased or decreased) can seriously inhibit their ability to perform a vital action. An unrealistic increase could result in overreacting in confrontational situations, while a decrease could result in a serious injury or even death. Forty-three percent of all adults suffer from adverse health affects due to stress, seventy-five to ninety percent of all physician office visits are for stress related ailments and complaints. Stress is linked to the six leading causes of death, heart disease, cancer, lung problems, accidents, cirrhosis of the liver, and suicide. Stress is a combination of physical, mental, and emotional feelings that result from pressure, worry, and anxiety. These pressures are called stressors. Some examples of common stressors are, divorce, death in the family, job change, pregnancy, marriage, and retirement. In medicine stress is a physical, chemical, or emotional development that causes strains that lead to physical illness. The early warning signs of stress include apathy, anxiety, irritability, mental fatigue, and over compensation or denial. Some signs of apathy are feelings of sadness or recreation that isn†t fun anymore. Feelings of restlessness, agitation, insecurity and a sense of worthlessness are examples of anxiety. Signs of irritability are feeling hypersensitive, defensive, and arrogant. Feeling argumentative, rebellious, or angry are also signs of irritability. Examples of mental fatigue are denying that there are problems, ignoring symptoms, and feeling suspicious. Some behavioural signs of stress are avoiding things, doing things to extremes, administrative problems, and legal problems. Avoiding things includes keeping to one†s self, avoiding work, having trouble accepting responsibility, and neglecting responsibility. Examples of doing things to extremes are alcoholism, gambling, spending sprees, and sexual promiscuity. Some administrative problems are being late to work, poor appearance, poor personal hygiene, and being accident prone. Possible legal problems are shoplifting, traffic tickets, and an inability to control violent impulses. Some physical signs of stress include excessive worrying about illness, frequent illness, and physical exhaustion. Reliance on medication including remedies like aspirin is a physical sign of stress. Ailments such as insomnia, appetite changes, and changes in weight are also physical signs of stress. Indigestion, nausea, and nervous diarrhoea, are also physical signs. Stress can be confusing. There are some myths surrounding stress. One myth suggests that stress is the same for everybody, this is not true. What is stressful for one person may or may not be stressful for another. Some people seem to think that stress is everywhere, so there is nothing a person can do about it, this is also not true. A person can plan their life so that stress doesn†t overwhelm them. Another myth is that stress is always bad for a person. This is not rue because managed stress makes people productive and happy. Some people think that only the major symptoms of stress require attention. The minor symptoms are the early warnings that a better job of managing stress is needed. There are four types of stress. There is acute stress, episodic acute stress, chronic stress, and traumatic stress. Each type of stress has its own characteristics, symptoms, duration, and treatments. Acute stress is the most common type of stress. Acute stress comes from demands and pressures of the recent past and anticipated demands and pressures of the near future. Acute stress can lead to psychological distress, tension headaches, upset stomach, and other symptoms. Some examples of stressors that can cause acute stress are, an auto accident that crumpled the car fender, the loss of an important contract, a child†s occasional problems at school and so on. Acute stress doesn†t have enough have enough time to do the extensive damage associated with long term stress. Some of the most common symptoms of stress are emotional distress, muscular problems, stomach problems, and transient over arousal. Emotional distress includes anger, irritability, and anxiety. Muscular problems such as tension headaches, upper and lower back pain, and jaw pain are also symptoms of stress. Other symptoms are stomach, gut and bowel problems. Heartburn, acidic stomach, ulcers, flatulence, diarrhoea, constipation, and irritable bowel syndrome are examples of these problems. Transient over arousal is another symptom of stress which leads to elevation in blood pressure, rapid heartbeat, and sweaty palms. Heart palpitations, dizziness, and migraine headaches can also result from transient over arousal. Symptoms like cold hands or feet, shortness of breath, and chest pain are also common. Episodic acute stress is common in people who suffer from acute stress. These people†s lives are so unorganised that they are constantly in a state of chaos and crisis. They are always in a hurry, but they are always late. If something can go wrong in their life it usually does. Often these people describe themselves as having a lot of â€Å"nervous energy.† Another form of episodic acute stress comes from non stop worry, they are always worried about something going wrong. The symptoms of episodic acute stress are persistent tension headaches, migraines, hypertension, chest pain and heart disease. The treatment of episodic acute stress requires intervention on a number of levels, generally requires professional help, and may take many months. Sufferers are usually resistant to any kind of change. Chronic stress is the grinding stress that wears people away day after day after day. It destroys minds, bodies, and lives. Chronic stress comes from when a person doesn†t see a way out of a miserable situation. The worst part of chronic stress is that people get used to it and forget that it†s there. Chronic stress kills by means of suicide, violence, heart attack, stroke and cancer. The symptoms of chronic stress are hard to treat and could require a lot of medical and behavioural treatment, therapy, and stress management. Traumatic stress is a special kind of chronic stress, known as post-traumatic stress disorder. It is caused by trauma that is not handled correctly. Some examples of traumatic experiences are, accidents, rape, abuse of any kind, natural disaster, and the death of a loved one. The symptoms of PTSD are flashbacks, over arousal, emotional numbness, and emotional outbursts. People with PTSD suffer from problems with concentration, controlling impulses, and decision making. The long term consequences of PTSD are depression, anxiety, behavioural disorders, multiple personality disorders, and suicide. There are three basic strategies for dealing with stress at the source. The first strategy is altering situations to make them less stressful. Avoiding stressful situations is the next strategy. Accepting stressful situations is the other basic strategy in dealing with stress at the source. Each strategy has it†s disadvantages and it†s advantages. It†s up to every person to decide which one to use with which situation. The tougher a person†s resistance to stress is, the more stress they can take. There is a lot people can do to maximise their resistance to stress. People have resources to help them handle stress, these resources include familial and financial resources, social and spiritual resources, as well as personal resources. They can also develop good health habits and get rid of bad health habits to help build up a resistance. Following these guidelines in a person†s life is a good way to increase their resistance to stress. Eat at least one hot balanced meal per day. Improving a person†s nutritional habits makes them less susceptible to stress. Limiting a person to less than three caffinated drinks per day helps to improve their health and their susceptibility to stress. Give and receive affection regularly. Research shows that people who give and receive affection regularly, live longer and are healthier. Have at least one relative within fifty miles. Family is one of the best ways of reducing stress. Regularly attend social activities. Friends a person meets can provide a support network for good and bad times. Have a network of friends and acquaintances. A strong social network helps fight off feelings of loneliness, isolation, and despair. Have one or more friends to confide in about personal matters. Close friends boost a persons mental health just by being there. Exercise the point of perspiration at least three times a week. Exercise leads to fitness and people who are fit handle stress better. Being the appropriate weight is important not only for health reasons but for self esteem as well. Be in good health is important because a person†s health is their first line of defence against stress. Get seven to eight hours sleep as often as possible. Lack of sleep leads to exhaustion that harms a person†s health and productivity. Do something fun at least once a week. Doing something just for the fun of it improves a person†s resistance to stress because it takes your mind off your problems. Speak openly about your feelings when you are angry or worried. As one can see, stress is a combination of feelings that have different effects on peoples† health, and also there are many different ways to build resistance to it so it will not ruin your life.

Food & Drink in the Elizabethan Era Essay

Food and drinks were different depending on your status, and wealth. â€Å"In the early medieval times meat was a sign of wealth. † (Elizabethan Food). What you hunted for food depended on your status. â€Å"Only Lords and Nobles were allowed to hunt deer, dear, boar, hares, and rabbits† (The Last Colony). In the Elizabethan Era, most of the meals were cooked using an open flame, by: â€Å"spit roasting, being fried, baking, boiling, smoking, and salting. † (Elizabethan food). Salt was used to preserve the meat because they would kill the animals before winter and the meat would have to last when they weren’t eating it. â€Å"Peacock feathers were used to decorate the food for the banquets that Royalty had† (Elizabethan Food). Banquets then and now are still the same; they both are made for special occasions and made to look good with special effects. Most food had to be purchased from markets, meat from livestock markets, dairy from large cities, and vegetables from large cities. Many Lords and Nobles had rotten and black teeth, because of their diets and how they snubbed vegetables and only ate sugary foods. â€Å"Water was not clean in the middle ages and people therefore drank wine and ale† (Elizabethan Food). Different flavors were added to ales and beer for better tastes. Most of the diets in the Elizabethan times were bread, meat and fish, but biscuits were a convenience food, (used when they were a little hungry and needed a snack). The People from the Elizabethan times usually ate three times a day, just as we do now.

Health Planning and Regulations Essay Example | Topics and Well Written Essays - 1000 words

Health Planning and Regulations - Essay Example This paper aims at discussing United Health Group Company profiled in America’s Health Insurance plan, discussing its program and opinion on how it will improve the education of the people it is targeting. The America Health Insurance plan has more than 1200 companies which sells health insurance to more that 250 million of Americans. One of the companies profiled in the Insurance Plan is United Health Group Company. This institution plays a great role in advocating health literacy to Americans, because, they are responsible for making it difficult or easier for people to use and find health services and information. It provides current health information, which is important for most Americans to make decisions on their health. Health Literacy can affect both people with education skills or not. It is a challenge to many individuals, like when they are not aware of medical terms and how their bodies function. Additionally, sometimes they are forced to interpret risks or numbers in order to make decisions based on their health, or when they are diagnosed with scary illness. Some individuals have complex conditions, which require complicated self-care. According to, Health (23-36) lack of health literacy affects adults in all ethnic and racial groups. Both uninsured and insured adults have low literacy and health skills. Additionally, both college graduates and high school graduates can have limited literacy. United Health Group Company program helps both unschooled and schooled understand and acquire health information. The company’s program consists of health education campaigns that are designed to help the Americans and their families understand group laws and health benefits which govern them, especially when they are experiencing changes in the works, childbirth, retirement, job loss, work situations and marriages. It helps in educating them on some of the benefits of health coverage

The Role of an Oncology Nurse in USA Research Paper

The Role of an Oncology Nurse in USA - Research Paper Example 1.2 The Role of an Oncology Nurse in USA The role of oncology nurses differs in relation to intensive care which has more focus on bone marrow transplantation and on cancer detection, screening and prevention. Practice of oncology includes participating in nursing research studies, making educational curricula, serving the patients as consultants and performing functions of executive. The main emphasis in all these roles is to provide nursing care to patients, planning, evaluation and nursing diagnosis. This process helps nurses to take a systematic and organized approach in the treatment of cancer patients. The role of oncology nurses is related to professionalism rather than just an occupation for instance a person working whole day in front of computer and conducting analysis. It requires professional practice and detailed knowledge of psychosocial and biologic dimensions of cancer problems. So it requires thorough practice, learning and research, after this only a person can be p rofessional. While occupation is linked to what one learns in his academic life and implement that in practice, this cannot be considered professionalism. Therefore this role is linked to the definition of professionalism rather than occupation. It is a broader concept then just an occupation (Brant JM & Wickham RS, 2004, p.1). So, the role of oncology nurses focuses on three core areas such as: Patient education Patient assessment Coordination of care Patient education Nurses have more opportunity to expand the knowledge of patients in relation to their disease and to educate them accordingly to have efficiency in treatment. They educate in order to assist patients to deal with their diagnosis, symptoms and long term adjustments, to gain information of prevention, to develop their knowledge and skills or to regain health status. Nurses teach patients through various tools and methods such as visual, printed and audiovisual materials are used by nurses to identify patient needs and abilities. Patient assessment Oncology nurses assess patient’s emotional and physical status, health practices, past history and heath, tries to achieve knowledge in relation to diagnoses from the patient as well as his family. Oncology nurses know the results and implications of pathology, laboratory and imaging studies. Coordination of care Oncology nurses plays imperative role in coordinating the complex and multiple technologies which are used in cancer treatment and diagnoses. This coordination involves taking care of patients, preparing all medical records, management of symptoms, participation of therapy, educating patients as well as family, counseling and follow-ups. Nurses should serve as patient’s first line of communication. Therefore, it is imperative for nurses to get sufficient information about the patient and his family (Johnson Mary, 2004, p. 80). 1.3 Oncology Nursing Education A whole educational curriculum is developed to create understanding and en hance their knowledge of epidemiology, cancer biology, treatment, nursing issues and practices and trends in cancer care. Specific journals which help to

Explaining the civil trial process Research Paper

Explaining the civil trial process - Research Paper Example Notably, the above processes or procedures start after a plaintiff has filed a complaint against defendant with the appropriate court. Appropriateness of court is determined by various factors that include the origin of the plaintiff and defendant, the basis of the complaint, and the damages sought by the plaintiff (Pozgar & Santucci, 2011). For instance, if the plaintiff and defendant come from the same state, then the complaint can be filed within the state’s law courts. In the event that either of the parties is from a different state then a federal court would be appropriate in filing the complaint. In addition, if the complaint is where Amber Andetti (the plaintiff) is seeking to be compensated for damages that are below $3,000, then the most appropriate court is the Small Claims Court, otherwise other forms of courts could be appropriate if the amount is higher (Pozgar, 2007). The first process in a civil case after the complaint is filed is jury selection. Jury selection is the choosing of people who will serve at the trial jury. Even though every individual has the right for a trial jury, the concept is optional for civil cases but mandatory for criminal cases. Once the selection of jury is done the next process within the civil case will be delivery of opening statements (Pozgar, 2007). Opening statements are brief statements that the attorney makes to jury outlining facts as they see them and how they are going to proceed with the case. It should be noted that opening statements made by attorneys are not evidences since attorneys are not witnesses. The second step after opening statements is the presentation of evidence. Presentation of evidence involves witnesses of the plaintiff followed by the witnesses of the defendant. After the presentation of evidence by the witnesses of the defendant, any rebuttal

Educational Philosophy Essay Example | Topics and Well Written Essays - 1500 words

Educational Philosophy - Essay Example Establishing an optimal learning environment is one of the most important components of my educational philosophy. I can show up with incredible content knowledge and lesson design ability, but it will be for nothing unless students understand two things: that they are safe and accepted in my classroom, and that the work they are doing is meaningful and relevant to their lives and their future (Marzano, et al, 1992). Maintaining a safe classroom means addressing inappropriate behavior, monitoring bullying and threats, investigating parent and student safety concerns, and consistent monitoring of the students. This is essential in elementary schools where parents are leaving their young children in the care of adults who are strangers to them. The burden of care in the elementary school is great because students are less capable of caring for themselves. In middle and high schools, students are bigger and stronger. They sometimes have access to weapons or are more willing to fight. Keeping a safe classroom is essential in the secondary setting. Providing meaningful and relevant work also contributes to a positive learning environment. ... Students who feel burdened by "busy work" know that their teachers have not worked hard to provide worthwhile lessons, and they are much less likely to work hard for or support such a teacher (Marzano, et al.). Our school populations are becoming increasingly diverse. It is also essential to demonstrate one's acceptance of all the students in the classroom, regardless of gender, race, national origin, ability level, or anything else. Teachers who work hard at this are what Wong calls "intentionally inviting" (1991). My educational philosophy also involves using a classical instructional approach. Certainly, teachers need to be flexible and consider different students' unique needs; but most students benefit when the instruction follows a logical progression: activating prior knowledge, providing direct instruction, offering guided practice, then independent practice, followed by assessment. While these steps serve as a strong framework for lessons, maintaining flexibility so that plans can change as they are implemented is crucial (Tanner, 1997). My philosophy calls for a careful balance between best-known educational practices and developing an ability to view each student and lesson on a case-by-case basis, to make necessary adjustments while teaching. Differentiated instruction forms another part of philosophy. It has been shown to help students at all levels achieve more (Benjamin, 2006). It can mean supplying a solid variety of learning activities to all students; it can also apply to grouping students in class according to their skill levels and needs, and modifying instruction for each group. A good teacher can take the same basic lesson, add some elements that make it more

Federalists Paper Essay Example | Topics and Well Written Essays - 750 words

Federalists Paper - Essay Example These three founding fathers of the United States Constitution use the pseudonym Publius in order for them not to hide their identity but to honor the name of the Roman consul Publius Valerius Publicola. The Revolution and Reconstruction of America and its Constitution are owed to several founding fathers of the United States of America which consists of statesmen, politicians, and federalists etcetera. It takes place when in the midst of a controversy in the American government with the discussion on the Constitutional Convention, a certain Alexander Hamilton courageously write and publish for public reviews on October 27, 1787 the Federalist #1, an introductory essay serves as the instigation and initiative suggestion and later called the General Introduction of the Federalist Paper series. The essay is done and is composed mostly to persuade people to support the Constitution. Moreover, his two colleagues write the supporting essays in the Federalist Papers which gives Hamilton the motivation to continue writing. Hamilton's Federalist #6, which the argument continued to Federalist #7, concerns about the Dangers from Dissensions Between the States while Federalist #8 argues about the Consequences of Hostilities Between the States. Federalist #9 is the first half of the argument about the Union as a Safeguard Against Domestic Factions and Insurrections. Federalist #11 to 13 states the Utility of the Union in Respect to Commercial Relations and a Navy; Utility of the Union in Respect to Revenue; and the Advantage of the Union in Respect to Economy in Government, in that order, while Federalist #15 to 17 argues with similar issue of an Insufficiency of the Present Confederation to Preserve the Union. Other essays authored by Hamilton are as follows: Federalist #21 to 22 - Other Defects of the Present Confederation Federalist #23 - The Necessity of a Government as Energetic as the One Proposed to thePreservation of the Union Federalist #24 to 25 - The Powers Necessary to the Common Defense Further Considered Federalist #26 to 28 - The Idea of Restraining the Legislative Authority in Regard to the Common Defense Considered Federalist #29 - Concerning the Militia Federalist #30 to 36 - Concerning the General Power of Taxation Federalist #59 to 61 - Concerning the Power of Congress to Regulate the Election of Members It is also Alexander Hamilton who continually wrote the Federalist #65 to Federalist #85 alone which the later published on August 13 and 16, 1788 as the Concluding Remarks. Topics discussed in these texts are: Federalist #65 & 67 - The Powers of the Senate (as initiated in Federalist #64 by Jay) Federalist #66 - Objections to the Power of the Senate to Set as a Court for Impeachments Further Considered Federalist #68 - The Mode of Electing the President Federalist #69 - The Real Character

Currency hedging at firm level adds shareholder values Essay

Currency hedging at firm level adds shareholder values - Essay Example Machiraju (2007) states, â€Å"Hedging means securing oneself against loss from various risks that arises in international financial markets† (Machiraju 2007, p.94). Currency hedging is an activity associated with hedging and is carried out for the purpose of elimination of risks associated with foreign currency transactions. For instance, consider a US based manufacturing company enters into a contract with a German business partner at $1 million. The contract amount is expressed in euros and 1 euro equals 1 dollar on the date of the contract. Two years later, the value of the euro increases with respect to the dollar and hence it reached a level of 1 euro equals 2 dollars. It leads the manufacturing firm to suffer a foreign currency loss of $500,000. This loss can be avoided by the firm if it uses some currency hedging tactics. Capital hedging can save investors or firms from unfavorable shifts in the global money market; and it will also help them to achieve a reasonable am ount of return on investment even if the value of the currency falls during the period of business contract. An idea connected with currency hedging is that converting or exchanging currency while the exchange rates are favorable, and then invest the money in the home currency of the respective nation where we want to make our investment (Sharpio, 2006, p.343). There are numerous capital hedging methods have been formulated in order to protect a firm’s future cash flows from exchange rate fluctuations. The firm can adopt most appropriate technique after considering a number of factors such as firm’s strategies regarding hedge, present market situations and possibility of future exchange rate fluctuations. According to Collier and Ampomah (2007), currency hedging methods can be classified into two such as internal and external hedging techniques. Under this

Compare 2 films Essay Example | Topics and Well Written Essays - 1000 words

Compare 2 films - Essay Example An analysis of several scenes will illustrate these points. Ozu’s â€Å"Tokyo Story† tells the journey of an elderly couple to the city of Tokyo where they reunite with their children and grandchildren. Their children, however, don’t have the time to spend with them. A few days later, the elderly couple goes back home. The mother falls ill and eventually dies. After the funeral, the children return to Tokyo leaving their father alone. Kurosawa’s â€Å"Rashomon†, meanwhile, recounts the stories of four different persons about a murder that transpired in the woods. A wife is allegedly raped by a bandit while her husband is murdered. In a dilapidated house that bears the name â€Å"Rashomon†, a priest and a woodcutter relay the story to a commoner. All four stories mutually contradict one another. In the end, an abandoned baby is found at the dilapidated house. 2. Themes Ozu explores the consequences of generational gap in families. Children, on ce grown, will live their own lives and leave their parents behind. Parents, on the other hand, will wish that their children achieve success and live happy lives. As time passes by, parents and children grow emotionally apart. The once warm and caring relationships become cold and neglectful. Neither parents nor children are to be blamed in this situation; it’s just the way things are. ... Kurosawa, meanwhile, explores the subjective nature of reality and the human tendency to embellish one’s positive characteristics and conceal those that are unattractive. Reality, as the film portrays, is a matter of interpretation. One event can be viewed and looked at from different perspectives creating a myriad of meanings out of it. The ultimate and absolute truth of something, therefore, can never be realized. This applies to human beings as well. People choose to believe what they please. Their perception is always influenced by motives both good and bad. 3. Stylistic Analysis Mise-en-scene. This refers to the composition of a scene which include the setting, lighting, costumes, and actor’s gestures, to name a few. Ozu’s mise-en-scene is constructed with utmost control and filled with telling details. The teapots, cups, or slippers are all there for a reason. Each tells a story of its own (eg. slippers lying at the elderly couple’s door at the spa). In â€Å"Rashomon†, the mise-en-scene gives emphasis on nature. Most of the time, the actors are shot beneath the shadows of trees and leaves revealing both their good and bad nature. The sometimes hysterical and animalistic acting of the wife and bandit show how strongly they held to their perception of the event. It seems like they’re trying hard to conceal their bad nature. Cinematography. This refers to the distance and movement of the camera, and the framing and duration of shots. Ozu often utilizes long and medium shots which show entire landscapes, actors in full body or waist up, and the space/background where the actors move around. Close-ups which emphasize facial features and emotions are never used. The camera moves only once

Critical Thinking Essay Example for Free

Critical Thinking Essay Critical thinking, according to Micheal Scriven Richard Paul are defined as the intellectually disciplined process of actively and skilfully conceptualizing, applying, analyzing, synthesizing and evaluating information gathered from, or generated by, observation experience reflection, reasoning or communication as a guide to belief and action. Critical thinking is the general term given to a wide range of cognitive and intellectual skills needed to effectively identify, analyze and evaluate arguments. Among them are also in making reasonable, intelligent decision about what to believe and what to do. One of the people that I look up to which possesses these qualities of a critical thinker is Tun Dr. Mahathir Mohamad. I have chosen to write this essay on Tun Dr. Mahathir Mohamad as a critical thinker because he has the important characteristics and the skills needed in a critical thinker. One of the characteristics of a critical thinker that he possesses are that he thinks independently and is not afraid to disagree with group opinion. People look at him as an intellectual and a visionary, as something more than just an ordinary politician, therefore he is always invited to give his views on things. While in the political wilderness, Mahathir wrote his first book,  The Malay Dilemma, in which he set out his vision for the Malay community. The book argued that a balance had to be achieved between enough government support for Malays so that their economic interests would not be dominated by the Chinese, and exposing Malays to sufficient competition to ensure that over time, Malays would lose what Mahathir saw as the characteristics of avoiding hard work and failing to appreciate the real value of money and property. The book continued Mahathirs criticism of Abdul Rahmans government, and it was promptly banned. The ban was only lifted after Mahathir became prime minister in 1981.

Persuasive Speech Essay Example for Free

Persuasive Speech Essay Do you have a dog? Does anyone have a pit bull? Well I happy to say that I am a proud owner of 2 blue pits. Their names are Diamond and Jack, and I never been more in love with dog. They are just like my babies. At the end of the summer Diamond had her first litter. I was in awe’s because I was like I’m a grandmother now. They are more than a dog, they are family. II. Pit bulls are just like any other dog. It depends on how a pit bull or any other breed of dog is nurtured to determine the characteristics of the dog. Don’t get me wrong I have always been terrified of pit bulls because of all the negative press about pit bulls. I would always hear about a pit bull attacking someone or something. I would watch a show called â€Å"Good dogs gone bad.† I never heard anything positive. If wasn’t for my dad getting Jack 2 years ago I would still have a negative perspective. IV. My rival makes numerous definite opinions about pit bulls. Today I will address the myths about pit bulls and how loving and caring they are. Many rivals will often argue that pit bulls have the highest attacks on people than any other breed of dog. a. This is the biggest reason why there are so many people scared of pit bulls. You rarely read or hear about any other dog attacking someone. When you hear about a pit bull attacking someone the media feed off more about this because pit bulls are considered to be an aggressive dog. b. â€Å"Many people have a difficult time properly identifying a true Pit Bull, so added to the statistics are those dogs that have been misidentified. Considering these factors, the actual number of attacks attributable to American Pit Bull Terriers is considerably lower than represented,† according to the real pit bull. i. Do you think a 4 pound Pomeranian dog would hurt anybody? ii. Stated in the Dog Bite Law, â€Å"The most horrifying example of the lack of breed predictability is the October 2000 death of a 6-week-old baby, which was killed by her familys Pomeranian dog.† a. The American Temperament Test is a test that measures a dog strong avoidance, unprovoked aggression, and panic without recovery. â€Å"American Pit Bull Terriers passed the test at a rate of 85.3%,† according to Pitbulls.org. They have the highest test scores, and they out beat the golden retriever â€Å"family dog† by 7.7%. iii. I identify the justice of my rival’s claim, but I disagree with my rival’s 100 percent about pit bulls having the highest attacks. c. Now you can see how my rival made a mistake because they didn’t evaluate and understood the facts as clearly as they should. My rivalry will argue that pit bulls can’t be loving and caring towards people. a. There are no facts about a pit bull being dangerous or even vicious because of their bloodline. You can’t portray a negative image about a pit bull base upon one incident. b. In the article Pitbulls: Vicious or Victims states, â€Å"Our dogs obviously have a bad name,† she says. But â€Å"they’re just like any other dog; it’s just them being in the wrong hands. †¦ What we think is crucial to changing the image is educating owners on how to be responsible pit bull owners.† Do you think pit bull can save someone life? †Pit bulls get a bad rap sometimes,† Sorrells said. â€Å"But it’s all in how you train them and raise them. He’s a very loving dog,† in the article Pet Pit Bull Drags Women to Safety. I identify my rival’s claim, but I disagree with the idea that pit bulls can’t be caring or loving toward people. c. You can see again how my rival made another error of portraying pit bulls base up on only one side of the factor. Conclusion I. I have addressed the myth about pit bulls and how loving and affectionate they are. II. To determine the characteristics of the dog it depends on how a pit bull or any other breed of dog is nurtured. Honestly there isn’t a difference between a pit bull and any other dog. III. The responsibility of positive or negative actions are in the training not the breed. IV. Blaming the breed is comical.

Advantages and disadvantages of an Online Course

Advantages and disadvantages of an Online Course Education and training play a great role in the life of people. A big quantity of new and necessary information appears every minute. Highly qualified specialists need to be always aware of all new products, services, inventions, but they are all busy to devote all their time to studding. Online education helps to solve the problem of time. In addition, distance learning is cheaper and for some people is the best way of perception the new information. Making a search in Internet, there can be found a lot of websites with offers to study online. So what are advantages and disadvantages of distance education and is it worth of spending time and money on it? Online (distance) education is increasingly used as supplementary education. It is perfect for those who want to get a second degree, pass retraining or improve their skills. It is not difficult to study online if a person already has accumulated knowledge base, which he received as usual student, and has the basics of the profession. But it can be difficult for those who choose totally new for him specialty. The duration of training can be different, according to the course the person takes. Online education is convenient because it allows: To study in accordance with a personal pace, personal qualities and educational needs. To use modern technologies while studding; at the same time to develop skills that could be later used at work. To plan personal time, schedule, duration of training and a list of subjects. To study in the most pleasant and productive environment; creating a comfortable atmosphere for student. Also online education gives the opportunity for everyone regardless of his nationality and place of residence to obtain a diploma of any university anywhere in the world. Student and teacher are able to communicate at a distance, at any time convenient for them.ÂÂ  So,ÂÂ  on-lineÂÂ  education gives equal opportunities for education regardless of place of living, health and material status. Online courses have not only advantages, but several drawbacks. That is why among the disadvantages of online studding it is possible to distinguish: Lack of personal contact between teacher and student (there is less efficient, impersonal knowledge transfer). Also there is a lack of communication with fellow students to share experiences. Lack of a student’s strong personal motivation and the ability to learn independently; without the constant support and prodding by a teacher. Student should have a number of individual psychological qualities, such as rigid self-discipline; learning result depends on the persistence and conscientiousness of a student. Lack of a possibility of immediate practical application of knowledge, followed by discussion of emerging issues with the teacher and explanation the situation with the specific examples. Online education usually is only in writing. For some people the lack of opportunity to express their knowledge in words can make negative impact on knowledge assimilation. Knowledge and education are important in the life of every person, but there are different ways of obtaining them. As it was said above online course is a good way to get knowledge, but it is not convenient for everybody. People should choose the way of acquiring knowledge according to their personal skills and time they are ready to devote to studding.

Sin of Adultery in The Scarlet Letter by Hawthorne :: essays research papers

The greatest sin committed by any character in Nathaniel Hawthorne's The Scarlet Letter was that of Arthur Dimmesdale. Although Hester Prynne and Roger Chillingworth wronged each other, the person that did evil against both of them was Dimmesdale. Not only did Dimmesdale have relations with Hester Prynne though he knew that she was still married, but he never came forward as the companion in her sin. Hester Prynne, whose husband was missing for two years with no proof of him being alive of dead, had an affair with Reverend Dimmesdale. She was charged by the court of Boston, Massachusetts for adultery and was sentenced to wear a red letter "A" on her clothes at all times and to stand on the scaffold for three hours a day. Although she would not speak the man's name who was her accomplice, what Hester did in repentance was that she admitted to her crime and served her punishment. Master Prynne, also known as Roger Chillingworth, was partly responsible for Hester Prynne's relationship with Reverend Dimmesdale because his absence of communication for two years caused her to think that he was dead. Chillingworth was also guilty of tormenting Reverend Dimmesdale after he was convinced that he was the father of Hester's child. Pearl, who has a great sense of observation, claims that Chillingworth is the devil and has taken control over Dimmesdale when she says "Come away, mother! Come away, or yonder old black man will catch you! He hath got hold of the minister already." Arthur Dimmesdale was involved in the adulterous act along with Hester Prynne. One fact that makes this event more criminal for him is that Dimmesdale is a minister. Another reason for Dimmesdale's acts to be more shameful than Hester's is that she confessed and served the punishment for her crime. While Hester was on the scaffold, Dimmesdale expresses that he does not have the courage to admit his sin and sacrifice his good name. However, when Dimmesdale says "who, perchance, hath not the courage to grasp it for himself--the bitter, but wholesome, cup that is now presented to thy lips" he is inviting Hester to confess Dimmesdale's involvement with her to the townspeople with the explanation that it will be a bitter but wholesome relief to the both of them. Although Dimmesdale was tortured by his conscience for his wrongdoings, he did not publicly admit his guilt until seven years later on.

Shakespeare - Tragic Heros Essay -- essays research papers

The name "tragic hero", which has become synonymous with Shakespearean dramas, was developed before Hamlet, Macbeth or any of Shakespeare’s well-known plays were written. The literary term was actually discovered around 330 BC by the ancient Greek philosopher Aristotle. Through his theory of catharsis, Aristotle debated that the great plays of Sophicles, Euripides, and other Greek playwrights contained tragic heroes similar to each other, which all portrayed four basic characteristics ("English Lit."). These qualities were a tragic flaw, or harmartia, they all were from a noble class, with very human personalities, and they all face their tragedy with dignity. It is not until the late 1500s that Shakespeare began to utilize Aristotle’s observations in the production of his many tragedies (Desjardens). Probably the most important characteristic of a Shakespearean tragic hero is that one must posses a tragic flaw, because without the flaw, there would never be a downfall. The ultimate flaw varies from one play to another, King Lear’s flaw is that of arrogance while Macbeth’s it one of ambition. Some characters may be guilty of harboring many flaws, like Othello. Among Othello’s wrongs are gullibility and stupidity. In either case, the character never realizes ones flaws until act five, however, by that time it is too late (Desjardens). While the tragic flaw is the key element in a tragedy, the tragic hero’s social status i...

Why Do Convenient Stores Have Locks On Their Doors If They Are Always :: essays research papers

Why Do Convenient Stores Have Locks On Their Doors If They Are Always Open? At 1:30 in the morning you are driving down Walton Road when you pass the 7-11. You decide to stop in and treat yourself to a nice big slurpee. As you pull in the parking lot you notice that the sign says, "We're open 24 hr's, 7 days a week, 365 days a year." However, when you reach the door you notice that they have locks on the doors and you think to yourself, why do convenient stores have locks on their doors if they're going to be open 24 hours a day, 7 days a week, and 365 days a year? If they're never going to close then they have no need for locks on the doors. This will only cause an inconvenience for employees and customers. The idea of adding locks onto the doors is only going to cost the store more money. Also, it would give the managers one extra key on their already big key chain that they really have no use for. Since they are open every second of the year, they never need to lock the doors between shifts. When one person's shift is over then the next person will come in and take over. It's not like most stores where at night when the store closes they lock the doors and go home. Then, in the morning whoever is going to be opening comes in and unlocks the store and gets it ready for the first customers of the day. This situation would never happen at a store that is open all the time because there always has to be someone working. On a rare occasion, the store might need to the lock the doors if someone outside is causing trouble. However, if they locked the doors and wouldn't let any customers in they would be lying saying that they're open 24 hours a day, 7 days a week, and 365 days a year. Doing this would cause the store to lose money because no one could then get into the store. By adding locks onto the doors would also make people think that sometimes they do close, like on holidays. On almost all national holidays like Thanksgiving and Christmas, stores will be closed to allow their valued employees time off to spend with family. If this was the case then some people might avoid shopping there on holidays in fear that when they get there they will be closed. Then they would have to drive all the way to another store

Implementing Change

Implementing change in a department of organization can be difficult. Management must have a plan before implementing the change. The manager’s role and responsibility in implementing change within a department is very important. The manager’s role is to assess the change that needs to take place, come up with a plan to implement a change, implement the change, and evaluate the change in a timely order. To have a successful implementation of a new process, the manager must be involved in each step. The manager must keep the staff involved and let the staff know why the change is taking place and how it will affect the work process. The manager faces many challenges such as meeting the organizations goals and working with staff members who might resist the change. This paper will focus on the manager’s role and responsibility in implementing change, the way a manager should successfully handle staff resistance to change and define each step of the change process such as assessment, planning, implementation, and evaluation. When there is a change in the work process within the department, the manager’s role and responsibility is to make sure the implementation of the changes takes place smoothly with the help of the staff. According to Sullivan & Decker (2009), the manager must be able to communicate openly and honestly with the staff, support the staff if they are resisting the change, emphasize the positive outcomes from initiating change, find solutions to problems that are obstacles to change and accept the constancy of change. The manager must be able to identify the change, collect and analyze data, develop a plan, help the staff prepare for the change, prepare to handle resistance, provide feedback, and evaluate effectiveness of the change. The manager should involve the staff in the implementation of the new work process. According to Knoer (2011), communication is one of the most important tools that a leader must utilize to successfully implement. If the manager does not involve the staff, the staff might think their input is not important or their employment will be affected. This can lead to resistance from staff and have a negative affect in the department. The staff can give managers their input on what areas should be focused on and raise concerns that management might look over. By having the staff involved the manager can prevent them from resisting the change or have a better understanding of why the staff might be resisting and work on ways to lower the staff resistance. With change comes resistance. According to Fiedler (2010), resistance is considered to possibly have positive and/or negative impact on a change, and to be exerted by internal or external environments. The department manager must be able to successfully handle resistance from staff members. Some reasons why a staff member might resist the change is because he or she might not trust the manager, have a fear of failure, believe the change is unnecessary, staff may think if a certain change did not work in the past it will fail again, and the number one reason is the staff member might think he or she will lose their job. Resistance can also come in the form of poor work habits, not showing up to work on time, calling in sick, and lack of interest in the change. The department manager can manage resistance by talking to staff members who are opposed to the change. By talking to the staff, the manager will understand the staff’s concerns and clarify any misunderstanding. The manager must be willing to listen to the staff’s ideas but explain to the staff why the change needs to take place and the positive changes the implementation will bring to the department. The manager must keep open communication, support, and maintain trust of the resisting staff. A manager can be successful with resisting staff if he or she is flexible, confident, realistic, staying focused on the big picture, by combining ideas, energizing the resistors with interests, and solves problems. The change process should be taken in steps of assessment, planning, implementation, and evaluation. The first step assessing the change requires collecting and analyzing important data. Assessing the department will help the manager learn what changes are needed, how to improve the quality of work, stay ahead of the competition, and how to approach the implementation. The plan is the second step and involves gathering the resources needed to implement the change. According to Lombardi & Schermerhorn, â€Å"planning is the process of setting performance objectives and determining what actions should be taken to accomplish them† (p. 7). By having a plan management can prevents mistakes and accidents from happening, without a plan the new change can become a chaos. Employees will be doing what they think is right and this can cause many problems between the staff and management. When management has a plan employees know what is expected of them and know how to achieve the depart ments goals. The next step is to implement the change, where the plan is put into action. The manager has to make sure the staff has the resources needed for the change. If the staff needs to be trained they should receive all trainings before the implementation of the change. This can help the manager keep employees focused and energized. The last step is the evaluation of the change. In this step the manager will evaluate the new step after a set amount of time. The evaluation allows the manger to see how the change has affected the department, whether the change is working, and meeting the goals required in the plan. When implementing change, the manager must knows his or her roles, responsibilities, and how to approach the staff. The manager should not decide what changes needs to take place without assessing the departments needs. The manager must take into consideration how the new change will affect the employees work process, productivity of the department, the morale of the department. Employees concerns should be taken into consideration as well as the expectation of resistance from some employees. At each phase of the change the manager must refer to the plan and must be able to evaluate the change in a timely manner. Implementing change can be difficult but if the manager follows the change process they will be successful.

Samsung Electronic Corporation: Governance of Chaebols

CASE: SAMSUNG ELECTRONIC CORPORATION: GOVERNANCE OF CHAEBOLS Copyright: Prof. Florencio Lopez-de-Silanes Professor Florencio Lopez-de-Silanes and Rakhi Kumar, Yale MBA02 prepared this case as the basis for class discussion rather than to illustrate the effective or ineffective governance of an organization. Prof. Florencio Lopez-de-Silanes INTRODUCTION Case: Samsung Electronics Prior to the Asian currency crises, South Korea was an investment destination for several institutional investors and emerging market funds. Throughout the early nineties the country experienced an economic boom.South Korean conglomerates, locally know as chaebols, had diversified into various industries from cars to microchips. Samsung Electronics Corporation (Samsung Electronics), a rising star in the Samsung Chaebol was considered to be a high growth company. However, in 1997, the Asian currency crises magnified the problem of the Chaebol structure and highlighted the need for governance reforms. By 1999, a shareholder rights activist in South Korea – Prof. Hasung Jang had taken up the cause of minority shareholders of Samsung Electronics.With the help of foreign institutional investors, he planned to fight for governance reforms in South Korea. As a corporate governance specialist, Samuel Smith, had been contracted by a large foreign institutional investor to help reform Samsung Electronics. KOREAN CHAEBOLS: Establishment, growth and structure. In order to accelerate economic growth in the 1970’s, the Korean government formulated industrial policies that encouraged investment in heavy and chemical industry (HCI). Funded largely by government-controlled banks, affluent families took advantage of the liberal policies and set up ompanies in these industries. By the end of the 1970’s approximately 80 percent of fixed investment in the manufacturing sector was in HCI businesses. Between 1962 and 1982, annual growth averaged 8. 4%, although by the end of the 1970â€⠄¢s production efficiency in priority sectors was falling. As a result, there was excessive investment in the HCI industries and little allocation efficiency in the capital markets1. Due to over investment in the HCI industry and small domestic markets, companies began diversifying into unrelated businesses, giving birth to the Korean Chaebols.Government intervention in resource allocation proved to be very costly. Enterprises that had access to preferential policy loans or tax incentives tended to expand their businesses The Institute for International Economics – Financial Services Liberalization in the WTO: Case Study of South Korea 1 1 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics rapidly without careful appraisal of investment projects. Since the government largely made lending decisions, creditor banks had little incentive for credit evaluations or loan monitoring.As a result, firms were heavily leveraged and borrowed from informal credit markets as they we re usually pressed for working capital. This structural weakness put the economy on the verge of a financial crises in early the 1970s and then again in the 1980s2. However, public purse bailing out of large enterprises became the norm and people were made to believe that chaebols were too big to fail. When the government decided to open up the South Korean economy, many of the protective measures that local companies had enjoyed during the developmental era were removed.Companies that had expanded into unrelated businesses found that they no longer had access to government capital. Initially, banks were also not interested in financing these projects, nor did they have the expertise to evaluate these new high-risk businesses. Hence, business groups started creating their own group wide internal capital markets. Transfer pricing, cross-shareholdings and cross-guarantee of debts were some of the mechanisms employed by chaebols to fund expansion. They pooled any funds available to the subsidiaries to supplement outside funding of new projects.Operations of these internal finance markets were not necessarily based on efficiency in resource allocation but were often driven by the interests and concerns of the controlling families. 3 Many Chaebols invested overseas and ‘globalization’ was the new theme. However, the globalization strategy was not well planned. Chaebols held onto the management strategy that they had been practicing over the last thirty years: growth in size ignoring profitability; financial structure with high debt-to equity ratio and cross debt guarantee among affiliated companies. By 1997 there were over fifty chaebols in South Korea, each with a myriad of affiliated companies all linked to one another through a complex network of cross-holdings. Ownership and affiliation details of twenty chaebols are provided in Exhibit 1. Family-Based Business Groups: Degeneration of Quasi-Internal Organizations and Internal Markets in Korea by Sa ng-Woo Nam, December 2001. 3 Ibid. 4 Corporate Governance and Economic Development: The Korean Experience by Ha Sung Jang. 2 2 Prof. Florencio Lopez-de-Silanes THE SAMSUNG GROUP: It is all in the family.Case: Samsung Electronics Founded in 1938 by Mr. Byung Chul Lee, Samsung Group’s original line of business was exporting dried fish, vegetables and fruits produced around Korea to Manchuria and Beijing in China. Within a few years of incorporation, the company expanded its operations to include manufacturing and sales when it set up a flourmill and bought confectionary machines. In the 1970’s it diversified into the petrochemical, electronics and heavy industries. By early 1990’s, the Samsung Group had grown into the fourteenth largest company in the world.It had diversified into four primary industries, and had over twentyfive affiliated companies. Like most Korean companies, the Samsung Group structure developed into a confusing maze of cross-ownership among af filiated companies. Exhibit 2 provides a list of affiliated companies in the Samsung Chaebol while Exhibit 3a and 3b shows the complex crossownership structure among the affiliated companies. For example, according to Exhibit 3a, affiliated companies owned 15. 83% of Samsung Electronics. Exhibit 3b provides the break up of ownership between affiliates.Therefore, Samsung Company owns 4. 45% of Samsung Electronics, Samsung Life Insurance owns 8. 16% and so on. By 1997, combined annual revenues of all the businesses in the group were close to USD 100 billion, with profits reaching USD 290 million. The Samsung Group constituted approximately 10% of the total market value of all companies listed on the Korean stock market. However, like all other chaebols, its debt-to-equity ratio hovered around 365%. SAMSUNG ELECTRONICS CORPORATION: Governance of Cheabols. Samsung Electronics was established in 1969.By the mid 1990’s, it had strategically invested in research and development of D RAM chips and had grown into a billion dollar company. Exhibit 4 shows the contribution made by Samsung Electronics to the overall revenues and profits of the Samsung Cheabol. By the late 1990’s, Samsung Electronics had 24 production subsidiaries, 35 sales subsidiaries and 20 branch offices around the world including North America, Europe, Southeast Asia, Central Asia, China and Latin America. It 3 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics managed four strategic businesses in the fields of Home, Mobile, Office Network and Core Components.However, in 1997, excess production capacity in the microchip industry lead to a downward spiral in chip prices. Profits at Samsung Electronics plunged to new lows. The Asian Currency crises compounded the problems facing the company. By late 1997, the company’s debt totaled 13 trillion won (approximately USD 9 billion) and more than 70 percent of it was in foreign currency loans5. The financial run on the economy by f oreign institutional investors saw the country’s currency tumble 10. 6 percent. Domestic interest rates on threeyear corporate bonds hit 30. 1 percent.The US rating agencies, in addition to downgrading the sovereign debt to â€Å"junk bond† status, also lowered the credit worthiness rating for several of the largest South Korean companies including Samsung Electronics6. The company’s share prices reflected the macro and micro economic turmoil faced by the company. Exhibit 5 provides daily share prices of the Samsung Electronics stock on the Korean stock exchange for a 15-month period starting September 1996. However, a liner trend line indicates that, by and large, the share price was declining marginally but was above the 50,000 won mark.After a period of negative results, minority shareholders started questioning governance practices of the company. They alleged that Samsung Electronics had neither internal or external corporate governance mechanism which acte d as checks and balances and that all management decisions were made taken by the Chairman. The internal mechanisms such as Board of Directors and Auditors, did not function properly at least when it came to monitoring the Chairman. For example they questioned the board’s decision of acquiring shares of a firm, Ichon Electric, whose financial stability was shaky.This acquisition cost Samsung Electronics 27. 6 billion won when the company went bankrupt a few years later. 7 When things starting going wrong, neither the Chairman nor the Board of Directors took any responsibility for failed investments or even for illegal activities. Instead the chaebol lobby issued a report attacking minority activism. They said, â€Å"Minority shareholders’ rights to demand compensation should be respected only in the event of embezzlement and other illIR on the net: How they did it at Samsung Electronics. http://www. ironthenet. com/feature. sp? current=1&articleID=2289 6 Washington Po st Foreign Service: South Korea Takes Three More Punches by Steven Mufson. 7 Korean IT News: Civic Group Challenges Samsung Chairman’s Alleged Mismanagement by Kim Deok-hyun. 5 4 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics intentioned behaviors. Managerial misjudgments should not be the subject of criminal liabilities. Activism can also harm the interests of majority shareholder and decision-making by management. † 8 In 1998, the Board of Directors of Samsung Electronics consisted of twenty-three members.This number had been trimmed from the previous year when the board comprised of fortythree directors. Exhibit 6 provides a profile of the directors on the board of Samsung Electronics. Some shareholders believed that accounting manipulation and improprieties had become standard practice and company funds had been used to make political contributions in the Chairman’s name. A minister in the Korean cabinet faced corruption allegation that he earned USD 1. 4 million when he was given an interest-free loan from Samsung Electronics and acquired the Company’s shares at a discount rate while he was an ‘outside’ director on the company board. External mechanism such as markets for corporate control also did not exist and legal protection of shareholder’s rights was limited. 10 Courts in Korea did not have experience of dealing with corporate governance cases and often their rulings seemed to go soft on the guilty. For example, the Suwon District Court ordered Samsung's Chairman Lee to return to the Samsung companies 7. 5 billion won in damages on charges of providing bribes to former president Roh Tae-woo. However, the court did not demand that Lee take legal responsibility for the two mismanagement cases of his group's ubsidiaries, saying he did not participate in the decision-making. 11 Samuel Smith wondered if the allegations of the minority shareholders held any merit. Internal and external economic fo rces had not changed much in the last decade, yet it was only after the Asian currency crisis that these allegations were being made. The Korean Herald: Chaebol face tough attacks from minor shareholders by Yoo Cheong-mo: February 25,1999. 9 AFX News Limited: South Korean education minister resigns amid corruption allegations; August 31, 2000. 10 Corporate Governance and Economic Development: The Korean Experience by Hasung Jang. 1 Korean IT News: Civic Group Challenges Samsung Chairman’s Alleged Mismanagement by Kim Deokhyun. 8 5 Prof. Florencio Lopez-de-Silanes HASUNG JANG: The voice of minority shareholders. Case: Samsung Electronics Dr. Hasung Jang is a well know minority shareholder rights activist in South Korea. He received his MA in economics from the New York State University and a Ph. D. in finance from the Wharton School. On returning to South Korea, he joined the Korean University as a professor of finance and the director of the Center for Finance and Banking Res earch.As the Chair of the Participatory Economy Committee, a minority shareholder protection civil group, under the umbrella of the Peoples Solidarity for Participatory Democracy, Dr. Jang took up the cause of shareholder rights in Korea. He undertook investigations to evaluate the governance of chaebols and financial dealings among affiliated companies. Dr. Jang targeted Samsung Electronics and made allegations of self-dealing transactions. In particular he spoke about a transaction dated 24 March 1997, when Samsung Electronics made a private placement of unsecured convertible bonds worth 60 billion won (US $46. million). He was troubled by the fact that the bonds had been sold to company insiders. The Chairman’s son had purchased 45 billion won worth of bonds and another Samsung affiliate had purchased the remaining bonds worth 15 billion won12. Dr. Jang alleged that this issue was at unfavorable terms for the company and called into question the price of the bonds. On thei r part, company executives explained that Samsung Electronics was badly in need of fund and that international funding, which previously was the main source of capital had dried up after the Asian currency crises.Further, as the company was finding it extremely difficult to raise money from domestic financial institutions they had little choice but to privately place the bonds. Besides the amount raised was less than one percent of existing long term loans. Dr. Jang also alleged that Samsung Electronics had both directly and indirectly funded the Samsung Groups’ doomed venture into the car industry at the expense of minority shareholders. Samsung Electronics had acquired a 21. 1% stake in Samsung Motors at the acquisition cost of 170 billion won (USD 106 million).The indirect investment of Samsung Electronics into Samsung Motors was in the form of a joint investment agreement between 12 Nascent Stages of Corporate Governance in an Emerging Market: regulatory change, sharehold er activism and Samsung Electronics by Hasung Jang and Joongi Kim. Corporate Governance Volume 10 Number 2 April 2002. 6 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics an Ireland-based paper company called Pan-Pacific Industrial Investments (PP) and Samsung Electronics (and two of its affiliated companies). At first lance the PP agreement looked like a direct investment into Samsung Motors by a foreign entity (PP) in accordance with Korean laws regulating foreign exchange. However, under the terms of the joint venture agreement, Samsung Electronics had guaranteed PP a certain rate of return through put and call options within a specified redemption period, on Samsung Motor shares it (PP) owned. This arrangement was made in addition to bridge loans made by Samsung Group to PP. Dr. Jang alleged that that this transaction was not a clear direct investment and in fact violated legal requirements for other types of transactions.Samsung Electronics rebutted the allegations and explained that the put and call options were just clauses in the agreement put there to provide additional security for PP. The Company was more like a third party in the transaction and the agreement did not have any financial implications for the shareholders. SAMUEL SMITHS TASK 1997 had been a troubled period for Korean companies. The country had experienced a severe economic shock, which had practically destroyed the economic structure that had developed over the past four decades.It was confusing and upsetting times for companies and investors, all of whom has suffered tremendous loss. Sam had to objectively analyze the allegations made by the minority shareholders and check for fundamental problems at the company. Naturally, dealing with an emerging market came with its challenges. For one, economic data was scarce and very little corporate information was publicly available. As Sam sat down to prepare for his meeting with his client he made a list of questions he needed to a nswer. 1. What are the benefits and disadvantages of the Korean chaebol structure?In particular what governance issues can arise due to this structure? 2. Analyze the capital structure of Samsung Electronics. Compare it with the capital structure of a company in the similar line of business (primarily manufacture of chips) from another developed country and comment on the differences. 7 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics 3. If Samsung Motors makes an after tax profit of USD100 million, what share of that would go to the Lee family (owners)? What percentage of Samsung Motors do they directly own? Note: You do not have to provide the exact number. A good approximation will be adequate. ) 4. The client wants to recommend governance changes with special emphasis on the board of directors. Evaluate the current board of Samsung Electronics. What are the strengths and weaknesses in the current board composition? How many directors can be classified as non-executive? How many can be classified as independent? What are your criteria’s for assessing director independence? Do you think changes need to be made to the current board composition?If no – why not, if yes – what changes would you recommend? 5. Based on the company’s financials as of December 31, 1997 and publicly available information, investigate the allegations made by Dr. Jang. Do you think the convertible bond issue was a self-dealing transaction? How would you prove that claim? What evidence do you have on you claim? (Note: you are not expected to do a DCF. ) 6. Does the agreement with the Pan-Pacific Industrial Investment resemble a simple direct investment or something else? Why was the guarantee clause included in the contract? Does it change the instrument?If you were on the Audit committee of the company what questions would you ask about this transaction? 8 Prof. Florencio Lopez-de-Silanes Exhibit 1: Share Ownership and Affiliates of Chaebols Contro lling Family Ownership Ownership Affiliates No. of (%) (%) Affiliates 5. 00 20. 98 8. 50 36. 05 6. 49 6. 61 13. 88 6. 45 12. 62 27. 73 5. 72 4. 57 18. 56 23. 91 21. 22 16. 31 2. 48 15. 33 14. 36 5. 33 6. 38 11. 29 30. 20 28. 57 30. 11 35. 74 24. 35 29. 60 43. 19 35. 95 22. 94 20. 36 17. 07 37. 92 18. 64 28. 35 37. 70 14. 20 21. 29 25. 64 25. 52 29. 76 30. 09 43. 24 44 28 27 22 18 17 17 15 13 12 12 12 11 11 10 10 8 6 6 5 5 3Case: Samsung Electronics Cheabol LG Hyundae Sam-sung Lotte Dae-woo Han-Wha Doo-San Ssang-Yong SK Han-Jin Dae-Rim Kolon Hyo-Sung Han-il Dong-Kuk steel Kum-Ho Kia Sam-mi Dong-Bu Koryo textile Hai-Tai Kukdong Const No. of listed Affiliates 8 9 12 3 7 6 5 7 3 5 5 4 2 5 4 5 2 2 5 1 2 2 Notes: Data as of 1989 with the exception of LG (1992) Source: Business Groups in China Compared with Korean Chaebols by Keun Lee and Wing T. Woo 9 Prof. Florencio Lopez-de-Silanes Exhibit 2: Affiliated companies within the Samsung Group Industry Electronics Case: Samsung ElectronicsAff liated Companies Samsung Electronics Samsung Electro-Mechanics Samsung SDI Samsung Corning Samsung SDS Samsung Networks Samsung Corning Precisions Glass Samsung Heavy Industries Samsung Techwin Samsung General Chemicals Samsung Petrochemicals Samsung Fine Chemicals Samsung BP Chemicals Samsung Life Insurance Samsung Fire & Marine Insurance Samsung Card Samsung Securities Samsung Capital Samsung Investment Trust Management Samsung Venture Investment Samsung Engineering Cheil Industries Samsung Everland Shilla Hotel & Resorts Cheil Communications SI Corporation Samsung Lions Samsung Medical CenterMachinery & Heavy Industries Chemicals Financial Services Miscellaneous Note: This table shows the most important affiliate companies within the Samsung Group for the period of interest. 10 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 3a: Ownership structure of Companies in the Samsung Chaebol. (all figures in %'s) No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 2 1 22 23 Name of Firms Samsung Electronics Samsung Display Devices Samsung Co.Samsung Motors Samsung Heavy Industries Samsung Electro-mechanics Samsung Life Insurance Samsung Aerospace Industries Cheil Wool Textile Samsung General Chemicals Samsung Precision Chemicals Samsung Corning Hotel Shilla Samsung Securites Samsung Engineering Samsung Winners Card SI Corporation Samsung Everland Samsung Factoring Financing The Joong-Ang Daily News Samsung Petro-Chemicals Samsung Commercial Motors Samsung Fire & Marine Insurance Owner Family 5. 41 2. 32 Directors Non-profit & foundation Managers 0. 13 2. 44 0. 49 0. 02 0. 16 0. 19 0. 13 30. 60 0. 08 0. 46 25. 00 0. 05 0. 10 0. 74 0. 1 0. 64 6. 20 0. 06 SelfOwned 3. 52 2. 89 5. 17 Total of Affiliate Firms 15. 83 19. 77 19. 55 38. 36 27. 35 27. 54 2. 25 26. 47 2. 20 89. 39 39. 15 49. 36 12. 67 22. 33 16. 03 90. 27 22. 48 23. 99 100. 00 14. 92 36. 33 100. 00 13. 05 1. 42 0. 03 3. 00 15. 00 5. 00 3. 23 0. 85 0. 30 0. 84 31. 20 1. 35 0. 01 6. 23 67. 30 41. 80 0. 36 4. 50 0. 68 3. 98 Source: Business Group in China Compared with Korean Cheabols by Keun Lee and Wing T. Woo 11 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 3b: Detailed Break-up of Affiliate Shareholding Provided Above (all figures in %'s)Decomposition of shares by major affiliates No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Name of Firms Samsung Electronics Samsung Display Devices Samsung Co. Samsung Motors Samsung Heavy Industries Samsung Electro-mechanics Samsung Life Insurance Samsung Aerospace Industries Cheil Wool Textile Samsung General Chemicals Samsung Precision Chemicals Samsung Corning Hotel Shilla Samsung Securites Samsung Engineering Samsung Winners Card SI Corporation Samsung Everland Samsung Factoring Financing The Joong-Ang Daily News Samsung Petro-Chemicals Samsung Commercial Motors Samsung Fire & Marine Insurance 2 3 4. 45 5 6 7 8. 16 5. 39 6. 22 8 9 0. 61 0. 09 0. 07 0. 60 14 0. 01 0. 01 13. 24 18 0. 15 0. 28 1. 24 20 0. 45 23 2. 00 3. 19 10. 87 21. 11 18. 92 21. 92 8. 13 3. 82 9. 31 48. 36 5. 72 16. 03 54. 37 10. 40 12. 74 7. 45 0. 28 2. 48 6. 08 2. 56 4. 92 5. 59 7. 75 2. 20 0. 03 0. 12 25. 90 0. 90 3. 51 2. 25 0. 33 0. 30 3. 44 10. 14 37. 79 6. 20 10. 28 0. 29 0. 21 1. 47 14. 40 11. 39 1. 89 25. 00 3. 92 10. 00 21. 50 3. 45 1. 00 6. 95 10. 62 4. 75 5. 49 9. 95 5. 00 0. 25 2. 50 100. 00 11. 49 8. 50 16. 40 0. 13 17. 10 1. 01 4. 75 9. 93 1. 56 Source: Business Group in China Compared with Korean Cheabols by Keun Lee and Wing T. Woo 12 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 4a: Contribution of Samsung Electronics (parent company only) to Samsung Group. All figures in Billion Won Samsung Electronics (parent company) 1997 1998 20,084 313 20,776 13,806 6,970 1999 26,118 3,170 24,710 11,378 13,332 1997 Samsung Group Samsung Electronic (parent co. ) as a % of Samsung Group 1999 106,730 2,511 133,213 101,023 32,190 1997 11. % 25. 5% 12. 3% 10. 6% 22. 7% 1998 23. 4% 131. 5% 19. 1% 15. 4% 36. 3% 1999 24. 5% 126. 2% 18. 5% 11. 3% 41. 4% 1998 85,788 238 109,022 89,839 19,183 Sales Net Income Assets Liabilities Shareholders Equity Source: Samsung Website 18,465 124 23,066 17,236 5,830 161,448 487 187,824 162,120 25,704 Exhibit 4b: Contribution of Samsung Electronics (consolidated basis) to Samsung Group. All figures in Billion Won Samsung Electronics (consolidated) 1997 Sales Net Income Assets Liabilities Shareholders Equity Source: Samsung WebsiteSamsung Group Samsung Electronic (parent co. ) as a % of Samsung Group 1999 106,730 2,511 133,213 101,023 32,190 1997 14. 0% -125. 3% 17. 1% 16. 9% 18. 1% 1998 30. 0% -152. 1% 22. 1% 21. 2% 26. 5% 1999 30. 1% 126. 4% 21. 9% 15. 8% 40. 9% 1998 1999 32,088 3,175 29,178 16,004 13,174 1997 161,448 487 187,824 162,120 25,704 1998 85,788 238 109,022 89,839 19,183 22,682 25,772 (610) (362) 32,035 27,386 4,649 24,105 19,016 5,089 13 Prof. Florencio Lopez-de-Silanes Case: Samsung ElectronicsExhibit 5: Closing price of Samsung Electronic Shares and the Liner Trend of its Stock Price. Daily Closing Price of Samsung Electronics Shares September 1, 1996 to December 31, 1997 80,000. 0 Share Price in Korean Won 70,000. 0 60,000. 0 50,000. 0 40,000. 0 30,000. 0 20,000. 0 10,000. 0 1/1/97 2/1/97 3/1/97 4/1/97 5/1/97 6/1/97 7/1/97 8/1/97 10/1/96 11/1/96 12/1/96 9/1/97 10/1/97 11/1/97 12/1/97 Day Close Linear (Close) 14 Prof. Florencio Lopez-de-Silanes Case: Samsung Electronics Exhibit 6: Profile of Directors on the Samsung Electronics Board No.Name of Director 1 Kun-Hee Lee 2 Jong-Yong Yun 3 Hak-Soo Lee 4 Yoon-Woo Lee 5 Dae-Je Chin 6 Doh-Seok Choi 7 In-Joo Kim 8 Jing-Wan Kim 9 Sung Rai Choi 10 Soon-Taek Kim 11 Jin-Hoon Je 12 Joong-Koo Lee 13 Yang-Gyu Park 14 Hong-Sik Ko 15 Soo-Woong Park 16 Jae Yong Lee Designation Chairman & CEO, Samsung Electronics Vice Chairman & CEO, Samsung Electronics President & CEO, Group Reformation Headquarters, Samsung Electronics President & CEO, Device Solutions Netw ork, Samsung Electronics President & CEO, Digital Media Network, Samsung Electronics President & CFO, Samsung Electronics Executive VP, Group Reformation Headquarters, Samsung Electronics President & CEO, Samsung Heavy Industries President & CEO, Samsung Petrochemicals Vice President & CEO, Samsung SDI Company Ltd. Vice President & CEO, Samsung Factor Financing President & CEO, Samsung Techwin Company Ltd. President & CEO, Samsung Networks President & CEO, Samsung General Chemicals Company Ltd. Vice President & CEO, Samsung Fine Chemicals Ltd. Family Relation None None None None None None None None None None None None None None None 7 Ra-Hee Hong Lee 18 Soo-Bin Lee 19 Hyeon-Gon Kim 20 Chong-Yeul Pae 21 Kap-Hyun Lee 22 Suk-Soo Kim 23 Tetsuo Iwasaki Owns 25. 1% of the shares of Samsung Everland, which Son of Kun-Hee controls Samsung Life, the holding company of Lee Samsung Group Director General, Samsung Museums. Wife of Kun-Hee Lee Chairman & CEO, Samsung Life Insurance Company None Vice President & CEO, Samsung BP Chemicals Company Ltd. CEO, Samsung Corporation Advisor, Boston Consulting Group President Law Office of Suk-Soo Kim None None None None Chairman/CEO/President Applied Komatsu None Technology Note: The information provided in this exhibit is for illustrative purposes only. It does not reflect the real board structure at the Samsung Electronic Corporation. 15

Internet Impacts on Global Business Essay

There are lots of advantages for small business to do business on the Internet. Depends on the type of business, it is not necessary for everybody to do business on the Internet. Prior to the invention of the Internet, Large global firms could work on advances in accessing the newest technological information, exchanging information, and reaching international customers. The Internet can help diminish information asymmetry and permits small businesses to act like large global businesses. Firstly, small firms can instant access to any new technological advances that can help them compete with large firms. Secondly, the Internet can help small firms reduce communication costs to the large firms’ level in meeting with suppliers, customers, or employees all over the world. Thirdly, the Internet can help small firms to reach global market in low costs. Any potential customers in the world can interact with the companies through their websites no matter the companies are small or large, local or global. Although many small businesses have success in global market on the Internet, small business that have not yet gone online still needs to evaluate the effects of the Internet and understand whether or not an Internet presence is necessary. No having an Internet presence is not always dangerous for a company. For example, the company that services the customers in local community does not need to establish a website because it can touch customers in person. The privacy may be in danger on the Internet if the company has not enough resources for the security.

Leisure and recreational activities Essay

CONCLUSION Leisure and recreational activities engaged in by the majority of adults, teenagers and children were generally passive or non-active, and tended to occur in the home. There is, however, a desire for more variety, particularly for activities outside the home. Shortage of time and money limited leisure opportunities for both adults and teenagers, along with the shortage of entertainment venues and transport difficulties reported by teenagers. Choices about leisure and recreation, the type and extent of involvement, are subject to the practicalities and reality of one’s life: it is much easier to constrain or vary leisure pursuits than to cut down on work/study or family commitments. It is with home-based leisure and recreation that constraints and variations can be most easily accommodated. LEISURE AND RECREATION Violet Kolar Participating in leisure and recreational activity can foster a range of positive experiences: from simple relaxation, fun and enjoyment to personal development and fulfilment, and improved health. Choices about types of activity and extent of involvement are not unilaterally made but are influenced by the demands and practicalities of every-day life. This paper presents some of the findings from the Institute’ Australian Living Standards Study undertaken in an outer Melbourne area. Leisure and recreation constitute one of the 14 ‘spheres of life’explored in the study. Here, discussion focuses on the leisure and recreational behaviour of 1269 people, comprising 717 adults, 193 secondary school teenagers, and 359 primary school children. Adults and teenagers were asked to complete their own questionnaires, while children’ activities were reported on during interviews with parents. http://www.aifs.gov.au/institute/pubs/fm1/fm34vk.html Destinations of the World (DOTW- Qatar) performance is in keeping with the organisation’s long-term strategic plan, which focuses on continuously building and expanding its core business operations. The travel and tourism industries have suffered in current times due to poor world economic conditions and global uncertainty. Despite this downward spiral, in terms of  international visitors on a global scale, our results are more encouraging than ever. The recent inauguration of our offices in Europe (DOTW-London), (DOTW-Austria) and in the Far East (DOTW-Malaysia, DOTW-Thailand) have been largely successful and already show positive signs of proactive cost management and sound customer service. Services Offered Provide personalized touch to the trip by offering unsurpassed services such as Travel Insurance, Hotel Booking, Car Rental, . You can choose from Incentive Tours readily provided for a memorable trip ahead. Its services are majorly spread over world’s key destinations like Qatar, Australia, Uae, India, Pakistan, Austria http://www.hellotravel.com/destinationsoftheworld On the year anniversary of Qatar’s successful bid to bring the FIFA World Cupâ„ ¢ to the Middle East for the first time in 2022, the Qatar 2022 Supreme Committee has started the process of distributing all ticketing proceeds from the international friendly match (Brazil v Egypt – November 14 2011) held in Doha last month to famine victims in Somalia. The Supreme Committee has partnered with Qatar Charity to ensure that the funds – totaling $400,000 (USD) – reach the people that are most in need in Somalia. The partnership was announced by Qatar 2022 Supreme Committee Communications Director, Nasser Al Khater and Director of Public Relations for Qatar Charity, Khalid Ahmad Fakhro. Qatar 2022 Supreme Committee Secretary General, Hassan Al Thawadi said: ‘One year on from what was a historic day for our country, we are pleased to announce this initiative for those in need in Somalia with Qatar Charity as our partner. During the bidding process we always stressed the importance of football and the FIFA World Cup as catalysts for positive change. This initiative is one of many initiatives that we will undertake with the goal of harnessing the power of football to make a difference in people’s lives – in our region and beyond.’ Commenting on the international friendly, Al Thawadi said: ‘The game demonstrated yet again the appetite for top-class football in Qatar and the  Middle East. Guests and media traveling from abroad were given a taste of what 2022 will offer – a full stadium with people from many different nationalities, coming together to create a carnival atmosphere.’ The match was held at Al Rayyan stadium on the outskirts of Doha on November 14, with Brazil beating Egypt 2-0 thanks to two goals by Valencia striker Jonas. http://www.fifa.com/worldcup/qatar2022/media/newsid=1552120/index.html The FIFA World Cupâ„ ¢ will be coming to the Middle East for the first time in 2022. Even before Qatarwas announced as hosting the World Cup, the country has been keen to stress the many legacies that the tournament will create in the region for the years after 2022. That legacy element in football has taken another great stride in Qatar as top U-17 teams from around the world compete in the first ever Al Kass International Cup. Emerging junior teams from top clubs such as FC Barcelona, Paris Saint-Germain, Vasco Da Gama, Juventus, Ajax, Kashima Antlers, Al Jazira and Al Ahly and Qatar’s very own Aspire Qatar and Aspire International, will gather at Aspire in Doha to compete and display their skills for those seeking to witness the future global foo tball stars. Playing in the 2022 World Cup host nation is an exciting event for all the best young players in the world, as they dream to return in ten years to represent their national teams. In addition, the head coaches from each team have taken time out to visit the 2022 Legacy Pavilion that was visited by the FIFA Inspection Committee during the bidding process for the World Cup. Here they were provided an opportunity to see first-hand the great advances Qatar is undergoing to ensure the hosting of a truly spectacular World Cup. FIFA and the Qatar 2022 Supreme Committee have held their first working meeting on Qatari soil this week, with members from both organisations coming together to discuss a wide array of subjects relating to the 2022 FIFA World Cupâ„ ¢ Qatar. The FIFA delegation headed by its Competitions Director Mustapha Fahmy, Marketing Director Thierry Weil, TV Director Niclas Ericson and Communications and Public Affairs Director Walter De Gregorio met with Qatar 2022 Supreme Committee Secretary General Hassan Al Thawadi and his team during the visit and attended a series of presentations by various  Qatari organisations engaged in projects directly and indirectly related to the preparations for the 2022 FIFA World Cupâ„ ¢ Qatar. â€Å"It was FIFA’s first visit since the bid inspection. We are impressed by the overall vision developed by the Qataris and the first steps of the preparations taken already. It is great to see the commitment and excitement of the 2022 Supreme Committee and other key stakeholders to create amazing. We are looking forward to continuing the path started over the last few days and seeing these visionary projects coming together on the way to the first FIFA World Cup in the Middle East,† explained Mustapha Fahmy. Commenting on the visit, Hassan Al Thawadi (Qatar 2022 Supreme Committee – Secretary General) said, ‘We are pleased to have held our first working meetings this week in Qatar with our counterparts from FIFA. There is no doubt in my mind that the discussions and presentations held this week were of mutual benefit in terms of aligning our visions for the journey toward 2022. We have always insisted upon the importance of taking the time to ensure the proper foundations are in place for the next ten years. After our meetings this week with FIFA and our appointment of our delivery partner early last month, we believe we are on the right track.’ Stakeholders involved in the presentations included representatives from the New Doha International Airport project, Qatar Rail, the Gulf Organisation for Research and Development, Qatar Foundation andQatar’s Central Planning Office. FIFA’s team also toured various facilities and sites in Qatar, including the Aspire Academy For Sports Excellence and the newly established Qatar National Convention Centre, which will serve as a key non-competition venue during the 2022 FIFA World Cupâ„ ¢ Qatar.