Challenges Facing International Hr

60 HR Predictions for 2008 By Floyd Kemske The top 10 predictions in Workplace Flexibility, Global Business, Work and Society, Workforce Development, Definition of Jobs, and Strategic Role of HR. Workplace Flexibility Collaborative cultures will be the workplace model. Creative employment contracts will support more time off, flexibility in hours and work location, technological job aids and more pay at risk with significant upside potential. Company intranets will become a major tool for communication, training and benefits administration; HR will play a leading role in developing this important tool. Intelligence through knowledge transfer capability will separate the best employees from the rest. Employees will have more and more choices about work arrangements, allowing them to meet their individual needs. Work hours scheduling will become less important as organizations focus on performance and results. Company facilities will become â€Å"virtual† through work-at-home, telecommuting and outsourcing. The workweek will be less structured—employees will still work 40-plus hours, but at varied times and places other than the office. Legislation will lead to greater portability of health, welfare and retirement benefits. Free-lance teams of generic problem solvers will market themselves as alternatives to permanent workers or individual temps. Global Business The role of corporate HR will change to that of creator of overall values and direction, and will be implemented by local HR departments in different countries. Technology, especially the Internet, will enable more businesses to enter the global marketplace. HR professionals will have advanced acumen in international business practices, international labor laws, multicultural sensitivities and multiple languages. HR professionals will need to be knowledgeable of ther cultures, languages and business practices to help their companies find and enter more markets. HR people will have to understand other cultures and help people work with, and transfer among, various cultures. Megaglobal business alliances will grow in number and scope, requiring great finesse on the part of the HR professional. There will be an explosive growth of companies doing b usiness across borders, and it will be the most significant change for the economy in modern times. Cultural understanding and sensitivity will become much more important for the HR professional of the future, whereas multiple language ability isn’t going o become a necessary competency. The continued emergence of a world marketplace will require development of an international workforce. Small teams of HR professionals will focus on providing performance improvement consulting services to a variety of locations around the world. Work and Society Family and life interests will play a more prevalent role in people’s lives and a greater factor in people’s choices about work—there will be more of a â€Å"work to live† than a â€Å"live to work† mentality. Employees will demand increases in workplace flexibility to pursue life interests. Dual-career couples will refuse to make the sacrifices equired today in their family lives and more people (n ot just women) will opt out of traditional careers. Families will return to the center of society; work will serve as a source of cultural connections and peripheral friendships. Workers will continue to struggle with their need for work/ life balance, and it will get worse. Integration of work with quality-of-life initiatives will create solutions to problems formerly seen as the responsibility of government. Community involvement and social responsibility will become part of an organization’s business vision. â€Å"Cocooning† will become more popular as workers look o their homes for refuge from the pressures of a more competitive workplace and depersonalized society. Just as defined-contribution plans have begun to take over from Social Security, companies will take on responsibility for elder care, long-term care and other social needs through cafeteria-style benefits programs. Those people who refuse or are unable to adapt to new technologies will find theyâ€℠¢re working harder and accomplishing less. Workforce Development Lifelong learning will be a requirement. The focus of training/learning activities will be on performance improvement and not just on skill uilding. Employees with varied skills and competencies will be valued more highly than those with a depth of expertise in a single area. Problem solving and decision making will become a required curriculum with practical work problems as the training medium. Training will be delivered â€Å"just in time,† wherever people need it, using a variety of technologies. Companies will demand constant personal growth, and employees will respond positively to higher expectations. It will not be possible to survive in the workplace without basic computer skills. People who can learn new skills/competencies quickly ill be highly valued in a faster changing world. Team projects and special assignments will be a major factor in personal development. As the computer-savvy generation is mo re assimilated into the workforce, employees will become much more productive in complex tasks and less dependent on other people and departments. Definition of Jobs Organizations won’t pay for the value of the job but for the value of the person. Versatility will be the key factor in determining employee value with strategic thinking, leadership, problem solving, technology and people skills close behind. Compensation systems will be linked to business utcomes. All jobs will require higher levels of computer skills. Positions will be organized in teams focused on a task, not organized around a hierarchy. Positions will be defined by the competencies needed to be performed. Employees will be more independent, moving from project to project within their organizations. Many jobs will be redesigned to be much broader in scope, especially in management positions, resulting in leaner head counts. Employees will be increasingly measured by how much value they contribute to the busi ness, not by whether they fulfilled predetermined objectives. Work will be more challenging, and jobs will become increasingly complex. Strategic Role of HR Successful HR departments will focus on organizational performance. HR’s value will be to have the right people ready at the right time: recruiting leaders to join the company’s mix of talent and keeping the â€Å"bench† full of enabled, competent workers. The focus of the HR function will be human capital development and organizational productivity; HR may be renamed to reflect this. HR will evolve from strategic business partnership to strategic business leadership (driving change and results, not just monitoring them). A key HR role in the future will be multidisciplinary consulting around individual, team, business unit and corporate performance. Managers will grow to depend more and more on HR professionals as they realize that good people management can be the strategic advantage in the next decade. Leading change will become HR’s greatest contribution to the corporation. More and more businesses will use HR as a strategic partner. HR will have a â€Å"seat at the table† as part of the top management team and report directly to the CEO in most companies. A key HR role will be managing increasingly scarce human and intellectual capital

Michelangelo and Mannerism

Michelangelo Bonaparte has come to be known as the greatest artist of his time, and one of the all time greats for sure. Albeit unlike other artists of his time he was recognized for his greatness while he was alive. He was also torn between his patronage, of the Medici family in Florence, and the Catholic church in Rome. He was born in 1475 and died in 1564 a ripe age of 88 or 89 years old. Michelangelo is also attributed with development in Mannerism. Mannerism emerged in 1520, about 40 years before Michelangelo death. Mannerism is a rich period of European art that was later replaced by Baroque erred.Mannerism is basically taking a turn after the High Renaissance from the sweet angelic ideals to a more basic, tense, unstable perspective and is often credited with the growth of intellectual sophistication. By the end of the High Renaissance some of the younger artists felt that everything difficult to be done to prove yourself in the art world had already been done, thus the develo pment of a new style, Mannerism. The Last Judgment, or better known as the Sistine Chapel, shows strong tendencies of the Mannerist Period. The exaggerated muscles on the naked bodies is strong example.Also the way the bodies are positioned in such pained poses also points towards the Mannerist style. The overly ornate and intricate style of painting and the over the top color scheme and overall grandeur of the fresco also points towards the Mannerist period. Another piece of art that exemplifies the Mannerist period by Michelangelo is his sculpture of David. Although its a sculpture he is trying to show the human soul personified by the ornate and obscure structure of the human body and musculature. He is showing you a man in a seemingly natural position.But in reality this pose would be hard to hold over a period of time. And if a closer look is taken it can be seen that the musculature of this sculpture is not exactly anatomically correct. With Mannerism developing towards the mi ddle of his life, Michelangelo got to paint not only during the High Renaissance but the Mannerist period as well. Although I only listed two examples, Michelangelo had many more paintings and such that exemplify the styles of Mannerism. He was a great artist who contributed to the Mannerist period in many ways. Michelangelo and Mannerism By gingering

Impacts of Globalization on an Economy Essay

Globalization is a phenomenon, which demonstrates a significant growth in the overall international trade of goods, services and other financial assets as observed in an economy. Globalization also commonly refers to a situation where in one country highly interacts with other countries or economies via trade, competition or investments. In such situations any change taking place in one economy and lead to significant impacts and changes in the economies and financial situations of other economies and countries. Globalization is also a situation where in the performances and economies of multiple countries across the globe become interrelated to each another and the impact of changes in any one economy can cause significant changes in other economies. There are different ways by which globalization can have some impact on an economy. The first and the most crucial way is through the changes taking place in the policy. Different countries adopt different policies but in the case of globalization, it is often observed that the policies of one economy are adjusted slightly in order to make them align to the policies of other economies. Thus, the use of policy is one major aspect that leads to the impact of globalization on an economy. One of the very common example of how globalization affects economic policies is that the central banks of any country do not have the privilege of lowering their inflation targets because under globalization purview, inflation cannot be used as a tool in order to manage or change the demand or supply functions in a country. Globalization also significantly affects the trade taking place from one country. A country is usually involved into some form of exports, as well as imports and the prices and the exchange rates for such trade and export and import are shown to be highly dependent on the globalization. Thus, the economies change significantly because of the globalization and the global exports and imports taking place from a country. Innovation and growth are two important pillars of an economy and both of these factors are highly affected by globalization. Globalization is shown to lead to innovation, which in turn affects the overall development of an economy. The productivity and the prices of any goods being exported or imported from a country are highly affected by globalization, thus affecting the entire economy. Thus, we see that there is a strong connection between globalization and the development or non-development of an economy. In a situation where the economies of different countries are highly correlated to each other, it is important for the countries to work according to the international scenario. Globalization can act in the favor or not in the favor of an economy depending on the situation but definitely has an impact on all economies. Reference: http://classof1.com/homework-help/international-economics-homework-help/

According to material Coursework Example | Topics and Well Written Essays - 750 words

According to material - Coursework Example That it was written at a time when the Catholic doctrines were still held in high esteem (during the Middle Age) clearly portrays this. Perhaps the death of Ackermann’s wife is symbolic of the fall of the Roman Empire and Roman Catholic Church that paved way for transformation of the church in England (Parker 145). According to Luther, God, and not the church or its agents could only offer salvation. He opposed the selling of indulges (pieces of paper) that supposedly got people to heaven. His open disagreement with the Roman Catholic Church saw him write the 95 theses, where he explained his dissatisfaction with the church, and his eventual championing for the Protestant Church (Parker 91). Tears of the Fatherhood talks about the toll the thirty years of war had on Germany. It hurt the economy. Property was destroyed, lives lost, and cities ruined. Major roads were closed and for a long time Germany felt the effects of the war. Social amenities such as schools, hospitals and recreation centers were reduced to rubble. The war had excesses such as raping of young women and girls by the enemy soldiers (Parker p182). The poem uses poetic devices such as symbolism. Nature is used such as the blocked river; the river is blocked with corpses. The reader gets the picture and one is therefore able to understand how grave the effects of the war were. The title Tears of the Fatherhood depicts the mourning by the German citizens who start all over to revive the economy. However, the memories of the war will live with them, just as a father mourns the death of a child. In summary, the Communist Manifesto argued that capitalism lead to classification in the society that creates social conflicts. As such, they asserted that capitalism was unstable. The communists intended to stage a revolution and see equitable distribution of resources in the society.

Segmentation, Targeting and Positioning a comparison of strategies Essay

Segmentation, Targeting and Positioning a comparison of strategies employed by Nivea in the UK and in Thailand now and potential direction for the future - Essay Example Nivea has the ability to appeal to a wide range of consumers. Nivea marketers use market 'Segmentation Strategy' to communicate with consumers. Advertising and promotional activities target consumers' perceived needs. According to Superbrand(2006): "In the UK, four million people use a Nivea Skincare product everyday". Nivea users comprise about 6.8% of UK population. Mintel (2006) argued that the "Potential Consumers" of Nivea products comprise approximately 8% of the population. Mintel (2006) indicated that Nivea is likely to concentrate its marketing on large cities. This target population has a high potential to be loyal buyers of Nivea Skincare products and would most probably buy Nivea products over other products. For example, the major city of London has a population of seven million people and is measured to have 12.2% penetration of the Nivea brand. Nivea marketers target marketing communication generally focuses on women who purchase skincare products for themselves and their families. This target market segment would most probably be readers of advertisements and internet users. In addition, women who are loyal Nivea users would be more willing to try new products under the Nivea brand. Since Nivea launched several innovative new products they have recategorized some of its products. The nourishing, tanning and firming products have been moved into the new and rapidly growing gradual tanning segment. This coincided with the launch of "Nivea Body Sunkissed Skin", a daily moisturizer that helps firms the skin. (Superbrand, 2006) According to IRI sources (2006) "the fastest-growing segment is body care with an annual increase of 29%, mainly attributable to the new gradual tanning segment. Their interest is in the target market that consists of consumers who sun-bathe and those who enjoy adventure sports. It is believed that this target market segment is interested in trying new products related to sunbathing and adventure sports. Age Group & Gender Beiersdorf annual review (2005) indicated that Nivea skincare product users ranged in age between 18-35 years of age. This is about 12 million people in the UK. In 2006 Nivea launched a new sunscreen in the UK. The product advertising states that it provides "immediate protection for children in spray and lotion formulations, forming part of the new Nivea sunscreen for children SPF 50+" (Superbrand, 2006). Nivea has expanded significantly and provides products for younger consumers. They believe that by the time the consumers are over 30 years of age they have become a part of their premium brand consumer market. This transition takes place because this market segment has grown up believing that the Nivea premium brands will help keep their skin young and healthy looking. This market segment looks for products that will help their skin look and feel younger for a longer period of time. This group never stops looking for the best quality products suitable for their age and skin types. (Mintel, 2006) Most male consumers become loyal customers because they are not likely to change their products as often as women do. Income Group Resources indicate that Nivea consumers earn an income from 10K to 35 per month which rates on 'Starting and Basic' of taxable brands. In comparison to other skincare products marketed on the same shelf,

Phosphorus, Nitrogen & Microbiological based water pollution from Essay

Phosphorus, Nitrogen & Microbiological based water pollution from municipal sources - Essay Example Water pollution usually occurs when a water body gets contaminated by different materials which are usually not present in it and which are harmful in nature. So in such a situation the water body is no longer useful for its intended use and hence is termed as polluted. If we consider the case of pollutants, there are two variants of water pollution. They are called as point source and non point source. Point sources of pollution happen when harmful substances are emitted directly in the water body and non point sources are those which deliver pollutants indirectly usually through environmental effects. It is generally regarded that water pollution which arises from non point sources are usually difficult to deal and ironically these are the ones which account for a majority of the contaminants in water bodies like streams and lakes. In order to understand the whole scenario clearly lets give a brief introduction to causes of pollution. We all know that there are many elements which cause pollution. Some of the important ones are sewage and fertilizers. These are dangerous because they contain nutrients like nitrates and phosphates. The main problem is that these nutrients stimulate the growth of aquatic plants and excessive growth of these organisms clogs the waterways. They also block light to the deeper section of the water body and this affects fish and other living organisms.   Pollution is also caused when silt and other suspended solids, such as soil, construction and logging sites, urban areas, and eroded river banks when it rains. Normally, lakes, rivers, and other water bodies undergo Eutrophication, an aging process that slowly fills in the water body with sediment and organic matter.   When these sediments enter various bodies of water, fish respiration becomes impaired, plant productivity and water depth become

History of Pennsylvania Essay Example | Topics and Well Written Essays - 1500 words

History of Pennsylvania - Essay Example Prior to the entry of the Europeans into the new territories, the state was home to indigenous Indian tribes of Algonquian and Iroquoian linguistic origins like the Delawares, Shawnees, Susquehannocks, Eries and other unidentified tribes.2 During 1638-1655, it was the The Swedes who made settlements in Wilmington, Delaware area. The Dutch followed when they seized from the Swedes important trading posts in 1655. In 1664, the English assumed authority over the area gaining much control of the Delaware region in the name of the Duke of York.3 In the ensuing sections of the paper, the relevant periods in Pennsylvanian history would be discussed. The discourse will also focus on the founding of the State and how it shaped the future Pennsylvania. Pennsylvania, as mentioned earlier was the site of a major event in US history, the Declaration of Independence. In the months before the declaration, the state struggled with opponents to autonomy because gaining autonomy would mean the disruption of political and economic life as the Pennsylvanians knew and a death knell to the new State Constitution. Archeologists thought that the first inhabitants of the land that would later be known as Pennsylvania were inhabited by paleo-Indians who were nomadic and hunter-gatherers, and preferred to live in groups of twenty to thirty.4 Archeological evidences indicated that the early inhabitant used stone impediments. The Meadowcroft Rockshelter archeological site in Pennsylvania revealed that there were inhabitants in the area as early as 16,000 years ago.5 Before the first Europeans set foot on Pennsylvania, the Lenni Lenape or Delawares lived in the northern and southern parts of the Delaware Valley.6 On the west, the northern Susquehanna Valley was home to Iroquoian-speaking tribes.7 The Susquehannocks, on the other hand occupied the Lancaster Valley and conducted trade along the Great Minguas Path.8 By the time the Europeans arrived,

Team Analysis Paper Essay Example | Topics and Well Written Essays - 1000 words

Team Analysis Paper - Essay Example It was a new group and I think it was under a company’s program to hire university students during summer so that we will be enticed to join their company after graduation. There were only around three long time employees there and the rest were us, around 12 summer employees. Our team had a rough start. Mainly because we came from different background. There was an IT guy, an Accounting guy, african, asian, different university, etch.; basically the group is just very diverse that it was difficult to find a common ground for us to â€Å"break the ice† so to speak. We were dependent to Ahmed who graciously provided us the guidance and leadership we needed because the team were not talking to each other that much then. Our first project came and we were tasked to create a training module which will be recommended for approval. The first meeting was dreadful. Everybody was showing off that they are better than the next person. And I supposed that each of us felt slighted after that because each of our idea that was floated was countered, argued upon, no matter how sound it was. There was also a power struggle among us with most team members wanting to catch the attention of the manager as if they will be given a raise or promoted if they were able to do that. Ahmed, initially just let us do our thing and sensing that we are not going anywhere, took over and provided the direction. It was the only time that the team calmed down. Our succeding meetings are already calm albeit there are still subterfuge animosity among team members who do not like each other or felt better than the other. But as we go along, we were able to delineate expertise and identified whose idea mattered most depending on the subject matter. If its about networks, applications, then we refer it to our IT guy Mark. If it involves numbers, financial statements, our accounting guy Steve will take over. Our team’s animosity eventually subdued when we started going out on lunc hes together. Then the lunch meetings progressed to cafeshops and having fun through the weekend. There, we were able to know each member thoroughly and found that they are in fact interesting person. We spent hours and hours until early morning talking and did not even noticed it because we were so engrossed with our conversations. The team bonded and became really good friends. This new found friendship reflected in our work. Meetings which usually lasted for several hours due to arguments were cut short and we begin getting praises from our boss with the quality of our work. Also, we were enjoying ourselves at work that it was no longer a drag like our first two weeks. I believe that we were doing very well as a team because Ahmed, our manager had been getting praises from the upper management with our output. But sadly, we have to part ways. We already knew this from the first day we begun our work that once class has started, we have to go back to the university. The team membe rs were hugging each other as we bid our goodbye with some teary eyed and we cannot believe that we once hated each other during our first meetings. Analysing my experience with my previous team, I thought that the experience was only peculiar to us. But when I did research and stumbled on the work of Tuckman Model of team development, I found out that what happened to our

Description of the Business Report Parts Assignment

Description of the Business Report Parts - Assignment Example This entails the problem that is going to be solved, how the problem will be solved, what exactly will be provided in solving the problem, whether the project can deliver the stipulated promises, the benefits of the project when it will be completed and the cost to be involved in the entire work. The sections that need to be included in a proposal for a student report include the problem identified in the problem, the feasibility, the audience the project targets, topics the project investigates, the method to be utilized, the resources and facilities available, the work schedule of the project and the action plan of the project proposal. Progress reports should essentially tell what you’ve done, why it’s important, and what the next steps are i.e. the chronology, task, and recommendation. They can also be used to enhance your image, float trial balloons and minimize potential problems. Make your progress report as positive as you honestly can. Using capitalization when searching for web pages is a major issue. It is always important to uncapitalize words when searching for information, use quotations marks for exact terms and use root words in finding variations of information. A survey is a study that is conducted on a large group of people referred to as subjects or respondents. A questionnaire is a list of questions that people fill and an interview is a structured conversation with someone who will be able to provide useful information for a study. In a random sample, each person in the population of the study theoretically has an equal chance of being chosen to take part in the study. Inconvenience sample only a group of respondents are targeted and will be easy to get. Judgmental sample entails a group of people whose views seem useful. The mean is the average figure you get when you add up all the numbers and then divide by the number of numbers. The median is the middle value in the list of numbers and

Lifting the Corporate Veil Coursework Example | Topics and Well Written Essays - 1500 words

Lifting the Corporate Veil - Coursework Example In addition, the Salomon decision entrenched the notion of advantageous benefits which are granted to shareholders in the form of limited liability. The dicta of Salomon has been endlessly restated and quoted in many cases; it appears to exist as an â€Å"unyielding rock†4; especially since it has now been incorporated into the Companies Act 20006. The courts have endlessly been faced with circumstances under which certain exceptions to the Salomon rule have been necessary and thus permitted. However, the courts have taken care to retain the power to ignore the Salomon principle in order that its flexibility be preserved and in most cases this has led to the preservation of the corporate veil. The narrow approach which is contained in the Companies Act embodies the view that the company’s rights, property and liabilities belong to the company only. The wider view claims that the company’s members are prohibited from having any effect on or being counted in relati on to the legal obligations and obligations of the company.5 The existing statutory exceptions to the lifting of the veil are rather difficult to determine with a great amount of certainty;6 the concept that Salomon is a fundamental principle results in it being set aside with difficulty and even some reluctance on the part of the courts.7 As Lord Diplock claims, the statutory basis of the corporate veil is preserved, so that â€Å"any Parliamentary intention to pierce the corporate veil would be expressed in clear and unequivocal language†, however the lack of such clear language could still have the potential to allow the courts to pierce the veil in specific circumstances by way of a â€Å"purposive construction’ of Parliament’s intention†.8 However, the case of Tunstall iterates that it is important to remember that the â€Å"purposive instruction† must be evident, because it is not readily implied (542). 9 Other additional statutory provisions also provide the opportunity to lift the veil under specific circumstances, such as the taxation of group companies. It is often argued that such provisions do not lift the veil exactly; they instead impose supplementary obligations on subsidiaries and are termed ‘piercing’ the veil rather than ‘lifting’ the veil. Alleged fraud additionally grants the justification to lift the veil – this is indeed understandable. The Insolvency Act 1986 operates to allocate personal liability to directors or shareholders if it appears that the company has been formed for fraudulent activities,10 if evidence of director misconduct is evident, or if the company directors have been negligent by not winding up the company if it has little or no prospect of carrying on. Such provisions contain the potential to be defined and applied broadly, yet the danger of this is arguably small under the circumstances. The existence of such statutory provisions emphasize the major t emptation and potential of company members abusing of the corporate veil, and the courts have appropriately recognised and established the need to eliminate as far as necessary this possibility, and thus temptation. In the decision of Merchandise Transport,11 the court declined to retain the corporate personality of the company separate from its members where it had been discovered that the subsidiary company had been formed as a mechanism to avoid specific formalities when acquiring a favourable licence. Additionally, a facade has been revealed where a company had

Technology in the Next 100 Years the Futurologist’s View Essay Example for Free

Technology in the Next 100 Years the Futurologist’s View Essay Futurologist Ian Pearson discussed technologies of the future to more than 200 IT, security and finance delegates on the Aurora cruise ship. He spoke of IT security threats from smart bacteria, gadgets which are installed in the skin, the soaring of tax rates precipitating the emigration of graduates to low-tax economies, oil at 30 dollars a barrel, and the reversal of globalization. Gadgets of the future Electronics in the human body will record holiday and other experiences bungee-jumping for example and replay them into your nervous system, or someone elses. They will be able to feel the same sensations you did on holiday. This would surpass showing holiday snaps to friends and family. Games headsets are already recording some simple thought processes. Pearson also referred to active skin. Tattoos would be applied to the skin to provide interactive, touchsensitive video displays. One drawback: hackers may try to access your nervous system, though this threat will not deter all. Pearson referred to the digital mirror in which you see yourself as you want to, not as you are. And you could use active makeup to change your look during the day. Smart bacteria the biggest IT security threat to mankind? Pearson said that smart bacteria could be the biggest security threat known to mankind by 2025. They may land on keyboards and work out passwords. Even before [your password] signals reach the PC and get decoded by the software, they [smart bacteria] are already taking money out of your bank account. He told anyone in the audience who is working in IT security and is less than say 40-years-old: change your career. He referred to bacteria linked via infrared that form sophisticated self-organising circuits. Robots will replace IT workers the human-machine convergence Pearson referred to an optical brain in a conscious computer a billion times more powerful than the brain with emotions and senses. The conscious computer could be fully sentient benign or malicious. He showed on a slide the stages of man from homo erectus and homo sapiens to what he called homo machinus and bacteria sapiens within 150 years. By 2018 there may be a robot as smart as you are. Robots may have a higher IQ than humans and take over many intellectual and IT jobs today. Today many people work as smart machines. Machines will become much smarter. Research is being funded into making computers thousands and even a million times smarter than humans, he said. Why humans will still be needed the female-dominated economy But humans will add value because of the need for compassion. A robot will never be able to sit beside a patient, give them a cuddle and make them feel better. A robot can clear up a bedpan and give an injection, 2/6/13 Technology in the next 100 years: the futurologist’s view prescribe drugs. Compassion needs humans. A PC will be able to do what a human does today in an intellectual capacity. But a human will add value because of emotion and compassion. He said that workplaces will be designed for meeting people. Pearson spoke of the male-dominated economy coming to an end. Everything I do I could do with a piece of software if I spent enough time writing it. What my wife does, dealing with other people, I cannot do that at all. So she will have a job in 2020 whereas my job will be automated. We are heading very rapidly towards a female-dominated economy. Globalization in reverse Globalization is increasing. But it will soon start reversing. You cannot shake hands with someone or give them a cuddle across a network. Globalization, he said, will start to reverse thanks to the refocus on the care economy over a 100 year period. Oil at 30 dollars a barrel by 2030 Pearson made a case for the wo rlds energy coming from the Sahara and other deserts within 22 years, and oil at less than 30 dollars a barrel. He said that solar power from the Sahara, even at 12% efficiency, could replace carbon-based fuels such as oil, petrol and diesel. The Sahara alone could supply 40 times more energy than we need for the whole planet. One barrel of oil is the equivalent in energy of a solar panel, which measures one square metre, working in the Sahara working for six months. He spoke of solar farms in the Sahara, and super-cables to transmit the energy. By 2030 you cannot sell a barrel of oil for more than 30 dollars. At some point the maximum obtainable price will fall below extraction cost and the rest will be left in the ground. Obsolescence is great for IT and the environment Pearson said that the faster that technology becomes obsolete the faster miniaturisation will happen, which will reduce the drain on the worlds resources. Eventually we get a total sustainable future where everyone has all the IT they can dream of and almost no environmental impact. He added, The faster the obsolescence the faster we get there. If anyone tells you obsolescence is a bad idea, ignore them or argue with them but do not believe them. Do not ever limit your obsolescence cycle. That will slow down progress and increase environmental impact. As an example miniaturisation will bring everyday IT down to lapel-pin size. Agility is more important than being best-in-class Business will change faster. You should not focus on being best-in-class. You need agility. Optimisation is only a good strategy in a stable environment. Security too much will kill your company You cannot have a watertight security policy you have to give enough freedom to employees to do their jobs. In an extreme, your security department can kill your company better than any hacker. He said that boards of directors should beware of setting extreme goals for their heads of IT security. How can you have sensible security while making sure your employees can do their jobs well? Most blue chips do www.computerweekly.com/opinion/Technology-in-the-next-100-years-the-futurologists-view?vgnextfmt=print 2/4 2/6/13 Technology in the next 100 years: the futurologist’s view not do that very well at all. They stop their employees from doing their job. He warned that employees will bypass the corporate systems and do their jobs on home PCs, where there will not be any security at all, and then they will have their ideas stolen. Or they [employees] will be so inefficient you will not have a company. Tax rates will soar sending graduates overseas Pearson said there is nowhere near enough money in the governments pension funds to cope with a population that is living much longer.

Walmart Comparitive Strategy Essay Example for Free

Walmart Comparitive Strategy Essay This paper looks at Wal-Mart Stores as the subject of study. This large United States based organization is recognized as the world’s leading retailer and has extensive global operational influence. Wal-Mart has been the object of much research, both by economists, trade organizations and scholars. This company has evolved from very humble beginnings to establishing itself as an ‘economic power’ in its own right. Wal-Mart opened its first store in 1962, in Rogers, Arkansas, based on its founder, Sam Waltons experience in the retailing sector during the 1950s, and a study he conducted prior to opening his first store. In 1972, the Wal-Mart stock was offered on the New York Stock Exchange which led to significant capitalization and growth. During the 1980s, Wal-Mart experienced rapid growth opening Sam’s Club members-warehouse stores and later Supercentres. A recent corporate press release sums up its current status, Today, 10,185 stores and club locations in 27 countries employ 2.2 million associates, serving more than 176 million customers a year† (Wal-Mart Corporate, 2012, p. 1). Understanding the Wal-Mart business model Wal-Mart’s position as the world’s No. 1 retailer inevitably invites strong competition worldwide. This in turn has strengthened this organization’s resolve to maintain their position by utilizing multiple strategies in order to maintain competitive advantage. One of their strategies has incorporated the ability to form relationships or partnerships not only in the United States, but also within the international environment. In order to implement its overseas representation, Wal-Mart has embarked on an expansion program, seeking to maintain both growth and profitability. Its primary methodology in securing partnerships with large overseas retail operations has been primarily by the acquisition of majority shareholdings. Much research has been conducted regarding the viability of acquisition and potential problems inherent within this corporate growth strategy. Effort is directed within this study to ascertain the long term viability of Wal-Mart’s implementation of modern economic principles. This analysis is conducted regarding opinions derived from researched sources either favoring the implementation of trade and comparative advantage utilizing the acquisition mechanism or perhaps the employment of less opportunistic methods. Moreover, the issue of costs and profit maximization will be evaluated relating to the Wal-Mart model in order to establish strategies that can be utilized in order to achieve optimal efficiency. However, there are conflicting viewpoints regarding the best methodology needed to enable such efficiency. Finally, attention is directed at the consumers’ choice, and how it is directed and influenced by strategies implemented within the Wal-Mart corporate business mod el. Competing viewpoints In evaluating trade and comparative advantage via the acquisition trail, Hayward (2002) suggests that multinationals tend to invest in overseas start-ups rather than acquiring existing overseas operations. His argument is based on the premise that for an organization’s planned entry into a foreign market, expertise derived from a multinational’s existing operational and marketing experience is more relevant to overseas market entry than the benefits derived from acquisition. However, he concedes that expansion by acquisition can be enabled by investing in existing overseas operations which have a similar corporate product and management function, or by acquiring a more diverse though related business model, which will allow for market changes to be factored into any risk analysis. Hayward and other sources are accessed, so as to provide a balanced viewpoint of an organization such as Wal-Mart; regarding its choice of acquisition strategy and its effectiveness in achievi ng growth and profitability. Costs and profit maximization is also looked at by enabling research into previously conducted studies. Wal-Mart has exploited costs and profit strategies by utilizing and capitalizing on its ability to offer products at rock bottom prices due to its enormous buying power and also committing suppliers worldwide contractually to price and cost control agreements. This has enabled this organization to take advantage of the economic environment in the U.S. and elsewhere within countries in which it has operations. This advantage leverages its buying power, allowing it to offer the ‘best deal’ by focusing on product costs and potential higher volume of sales; thereby maximizing its ability to impact global retail markets. Jones and Hill (1988, p. 160) maintain that a transaction requiring cost can be more effectively enabled if facilitated within the organization’s corporate infrastructure or â€Å"internalizing†, rather than by enabling such transactions within the marketplace. This paper looks at how Wal-Mart internalized its ability to control costs by facilitating a diversity of acquisitions within overseas markets. Apposing Jones and Hill’s (1988) findings, Denis, Denis and Sarin (1997, p. 135) point to studies which suggest that the â€Å"cost of diversification outweigh the benefits†. This paper seeks to establish more definitively the viability of costs and profit maximization via the acquisition methodology within the Wal-Mart corporate business model. Further attention will also be directed at ‘consumer choice’ and how it is impacted by costs and profit strategies incorporated within Wal-Mart’s operational function. Key to this organization’s diversification strategy has been its ability to supply and meet consumer expectations worldwide. According to research conducted in 1985, it was noted that consumers’ choice was driven by three variable buying habits (Quigley, 1985). Firstly, the consumer tends to select one choice when looking at a product even when offered many alternatives. Secondly, products on offer to the consumer are endowed with a large range of options and variety. Finally, the issue of price is a consideration that needs to be factored into the consumers’ expectations. Countering Quigley (1985), another source points to evidence suggesting that consumer participation is achieved not only by ‘price information’, but also by providing â€Å"non-price information† (Degeratu, Rangaswamy Wu, 1999, p. 8). Here their hypothesis maintains that allowing the consumer too much choice can compromise the consumer’s long term participation as a loyal customer. This tends to counter Quigley’s point of view, from which in part he suggests that the consumer is motivated by a ‘large range’ or variety of choice. Furthermore, Degeratu et al. (1999) argues that establishing consumers’ personal preferences enable choice to be restricted and issues such as price to be focused on specific product choices. This in turn allows the ability to negate competitors’ influence by diverting the consumers’ attention from a wide choice to a product personalized to include aspects such as price and brand. One of Wal -Mart’s key marketing strategies is to attract the consumer by the offering of ‘rock-bottom’ priced consumables. This paper endeavors to establish what really drives and captures consumer choice, with further attention allocated to further research sources in order to establish why Wal-Mart focus so much marketing attention on product price . Anticipated Evidence This study acknowledges that evidence from research offers numerous validated opinions related to the abovementioned trade and comparative advantage, costs and profit maximization and consumer choice. Based on evidence obtained relating to Wal-Mart’s growth and profitability, effort will be focused on accessing credible information from further sources that validates this organization’s decision to implement acquisition strategies that are both strategically sound and beneficial to both the supplier and consumer alike. Moreover, attention will be directed towards obtaining information and data that promotes Wal-Mart’s costs and profit maximization via strategies including the combining and internalizing of available resources. Customer choice will be further investigated so as to establish how this organization was enabled to achieve marketplace leadership by focusing on primarily on consumers’ expectations of price, whilst factoring in important considerations relating to brand and quality. While directing effort into the sourcing process, recognition will be given to the diversity of sources available, with viewpoints garnered from those sources perhaps not directly connected with economics or the retail industry. Additional Information Due to the significance of Wal-Mart’s dominant position within the international retail industry, consideration will be directed at additional factors that may be relevant to its growth and profitability. One factor that perhaps deserves some further researched evidence relates to overall management of costs, not only directly related to products (for resale), but also concerning the cost control of issues such as money transfer, exchange rate mechanisms and entry into overseas markets that is exposed to risks presented by cultural diversity and local traditions. Accessing these and other (perhaps secondary factors), may indeed shed light on this paper’s primary objective which is to establish how trade and comparative advantage, costs and profit maximization and customer choice impact and influence Wal-Mart, based on the variety of information and opinion sourced. Discussion Overview: Three Economic Strategies. Attention is now directed to ascertaining the importance of establishing factors that influence the economic viability of the Wal-Mart business model; whilst acknowledging its consistent historical growth pattern enabling it to become the world’s leading retailer. As briefly mentioned earlier, this study looked at various factors contributing to its critical competitive advantages, leveraged in part by its ability to set up overseas operations by investing in acquisitions. Utilizing the acquisition methodology of growth has raised concerns by previous research regarding if acquisition is the preferred or most efficient way to facilitate growth objectives on an international scale. Moreover, mentioned was allocated earlier to Hayward’s (2002) claim, in which a multinational’s accumulated operational and marketing track record is more influential to successful overseas entry than by enabling the acquisition of another business operation. Further attention will be given later in this study regarding the viability of international growth via acquisition. This study has also verified the implementation of ‘costs and profit maximization’ by the Wal-Mart management structure; thereby allowing this organization to utilize growing financial resources in order to maintain its dominant position within the international retail marketplace. Such dominance was facilitated in part by leveraging its enormous organizational buying power on a global basis in order to extract the lowest product cost from suppliers; thereby increasing the possibility of a higher profit margin. In turn, creating the lowest possible cost retail product range for resale purposes, has allowed effort to be directed to ‘consumer choice’, as without the vital component of consumer participation, no business can enjoy financial longevity or long term sustainability. Perhaps it is important to understand that within the law of economics, comparative advantage is enabled by one competitor retaining the ability to produce a product and service at a lower cost than other competitors; thereby creating an ‘inequality’ of competitiveness. It may be argued that comparative advantage can be further exploited by acquiring competitors rather than engaging in an environment of conflict. This raises the question whether the investment needed to effect acquisition is more financially viable than by directing financial resources to combating potential competitors. Another consideration propagating the argument towards favoring an acquisition suggests that this corporate strategy enables the utilization of resources from a base of existing suppliers and consumers; whereas starting from scratch in an overseas marketplace requires significant resources being allocated to catching up to existing retailers’ marketplace penetration. Strategy based on the latter option may result not only in ‘over-investment’ or excessive capital expenditure, but also necessitating additional time to be allocated to effecting a market entry strategy. As has already been noted, previous research has varying viewpoints regarding which route is more financially effective and sustainable. Therefore, the thesis of this study will be to establish that acquisition, effective costs and profit maximization and targeted consumer choice are invariably linked and are perhaps the most effective economic way to enable growth and profitability, especially pertaining to a large corporate infrastructure such as Wal-Mart. This idea will be demonstrated utilizing the Wal-Mart operational business model, both from a historical point of view and also from its current operational function. Implementation Viability: Three Economic Strategies. As previously noted, this U.S. organization has exploited these three strategies by utilizing the existing infrastructure, consumer base, experience and local knowledge of the acquired company. This has been achieved whilst capitalizing on its own ability to introduce sophisticated management and operating systems, derived and developed both in the U.S. and via a number of worldwide partnerships enabling the procurement of products at rock-bottom prices. In addition, significant investment into hardware and software technology has enabled this organization access accurate data and information quickly and efficiently. Perhaps one of its greatest business strategies in developing comparative advantages was the planned penetration of overseas markets, which may not have been so exposed to such a high level of expertise as their Western counterparts. This expertise has been derived from exposure to the ongoing development of business systems and comprehensive utilization of human resources. Their expertise also incorporated a company and management culture that encouraged the promotion of talent, including enabling the availability of both in-house and external based training. Furthermore, another strategic development facilitating their competitive advantage was the penetration of the Asian marketplace, an area of the world which had not been impacted so severely as in Western markets since the onset of the global economic recession in 2008. Furthermore, due to Asia’s lesser exposure to debt and systemically faulted credit mechanisms, Wal-Mart was able to exploit its penetration of Asian markets due to a higher consumer demand; thereby leveraging their enormous internal buying power by trading with economies such as China and India, in order to facilitate growth and profitability. Overall its penetration of international markets has enjoyed remarkable success and is endowed with multiple opportunities. This fact is verified by a recent analysis of the Wal-Mart business model, â€Å"Over time, the international segment probably has the greatest opportunity to improve sales and operating margin† (Forbes.com, 2012, p. 1). Their strategy of sourcing cheap products by utilizing their enormous purchasing power has enabled this organization to pass on the benefits directly to the consumer, thus facilitating their ability as a leading international retail competitor to compete effectively against more established overseas retail chains. Therefore, due to a severe competitive environment in the United States, Wal-Mart will no doubt continue to take advantage of overseas markets, which may allow it to further utilize their sophisticated management and monetary control systems within an easier and less competitive operating environment. To date, this organization has implemented this advantage by employing a corporate culture incorporating in part, international expansion and penetration by means of acquisition. Furthermore, Wal-Mart further developed their advantage over competitors by employing sophisticated exchange control mechanisms that reduced their risk exposure to fluctuations of foreign currency. Th ey achieved this in part, by pricing their revenues and costs utilizing a strategy of securing a fixed or more stable exchange rate on which to base their costings and revenue forecasts. Whilst acknowledging their obvious success which was enabled in part by their strategic management planning gaining access into global markets, further study from previous research is now directed to the critical evaluation of alternative overseas market penetration strategies. In addition, focus into the feasibility and effectiveness of costs reduction and profit optimization is also included within this investigation. Inevitably this study will also factor in the enhanced ability of the consumer to enjoy options that allow both choice of product, and increased purchasing power due to rock-bottom product pricing. According to a study conducted into organizational fit and acquisition performance, it is argued that acquisitions are known to â€Å"have a high failure rate—nearly half of all acquisitions are rated as being unsatisfactory by managers of acquiring firms† (Datta, 1991, p. 281). It is also surprising to note that companies and organizations targeted by acquiring companies have an above average chance (over 50%) of experiencing a fall in profitability. According to Datta (1991), challenges posed by the corporate targets of acquisition include implementing and combining the operational functions of both the acquirer and the acquired. This is indeed challenging in overseas markets where cultural differences and corporate practices are perhaps significantly diverse in nature. However, balanced against this argument, Datta (1991) did not constructively conclude that the same profit related challenges are faced by acquiring companies. It can possibly be inferred from Datta’s (1991) study that the benefit of acquisition may be more weighted in favor of the company conducting an acquisition. Assuming that this company assumes a majority control over the acquired company’s infrastructure and operational function including an existing consumer base and marketplace penetration, further suggests that the trade and comparative advantage lies with an incoming organization such as Wal-Mart. Supporting this thesis in part, Dussauge, Garrette Mitchell (2000, p. 100) claim â€Å"that no one business can create all resources needed to prosper and grow†, however they continue to maintain that â€Å"collaboration† (p. 100) between competing companies allows each company to possess and leverage â€Å"complementary resources† (p. 100); thereby enabling the exploitation by both participating companies of opportunities within the marketplace. Dussauge et al. (2000, p. 100) further adds that such collaboration facilitates the ability to ensure â€Å"survival and growth†. However, this paper cautions that based on Datta’s (1991) research, such exploitation may be more beneficial to the incoming acquiring company. Attention is now focused on the economic aspects regarding the maximization of profits and minimizing costs. Wal-Marts exposure to exchange risk is significant due to capital investment into overseas markets from which it is assumed that subsequent returns of investment (ROI) will in part be transferred back to the United States. Furthermore, issues such as incurring debt and ongoing initial overseas expenditure including legal costs are also budgeted necessities that require the enactment of currency control mechanisms. Also assuming the implementation of a larger and more diverse product range made available within the newly acquired overseas marketplace, accumulating procurement expenditure for resale products from overseas suppliers and business ‘partners’ will be to be factored into the ‘costs analysis’. To reduce its risk exposure to fluctuations of foreign currency, Wal-Mart has priced their revenues and costs by securing a fixed or more stable exchange rate on which to base their costings and revenue forecasts. The methodology employed to reduce exchange rate risks was by utilizing interest rate swaps; as a report studying Cash flow instruments points out, â€Å"The Company [Wal-Mart] was party to a cross-currency interest rate swap to hedge the foreign   currency risk of certain foreign-denominated debt. The swap was designated as a cash flow hedge of foreign currency exchange risk† (Wikinvest 2008, p. 1). This factor incorporating the leveraging of exchange rate mechanisms has continually facilitated maximized profitability and minimized costs. However, on a cautionary note, exchange rate mechanisms are by no means guaranteed to remove potential exchange rate losses, but can be seen to perhaps ‘dilute’ or lower the risk of foreign currency and exchange rate losses. Furthermore, due to Wal-Mart’s enormous purchasing power and ability to source the lowest priced products and services from cheaper overseas suppliers, minimal costs are achieved whilst also subsequently allowing the maximization of profits to be realized. Moreover, the benefits attributed by optimizing costs and profits, facilitates passing on to the consumer, both choice and low prices. However, revenue based on price and choice is not necessarily conducive and conclusive to enabling long term consumer loyalty. This was noted earlier in a study conducted by Degeratu et al. (1999), in which they argue that giving a consumer too much choice creates an environment in which competitors can compete on a level footing, whereas by personalizing the marketing away from price and a wider choice negates in part the threat from competitors. Conclusion Based on the aforementioned sourced evidence, this study suggests that enabling trade and comparative advantage is indeed viable by implementing expansion and growth via a strategy of acquisition. Despite evidence some pointing to the high failure rate of acquisitions and the possibility of achieving growth by internalizing expansion, such evidence does not disprove that the proven success already demonstrated by corporate organizations such as Wal-  Mart, cannot be continued to be planned and implemented. Perhaps the primary factor allowing this positive viewpoint of acquisition is regarding the significant time needed to build and develop market share in a new overseas market. According to Singh and Montgomery (1987, p. 378), internal development into a new market can take up to eight years in which to achieve â€Å"accrual of returns†. Further supporting acquisition, Singh and Montgomery (1987, p. 379). maintain that such markets may be â€Å"characterized by substantial barriers to entry†, further justifying Wal-Mart’s strategy of comparative advantage by acquisition. Accepting the relative initial high investment of acquisition, as compared to that of internalized growth, creating mechanisms to allow costs efficiency is of vital necessity in order to create positive cash flow and sustainable growth. These findings have showed that the combination of ‘purchasing power’ and mechanisms lowering the risk of exchange rate losses, have in part led to the success of one of the world’s largest companies. Additionally, acquiring existing overseas operational structures provides a company such as Wal-Mart the opportunity to offer the consumer the ‘best deal’ due to the collaboration, ‘expertise’ and infrastructure of two related corporate entities. However, this study would be remiss by not cautioning against the possibility of future areas of conflict between corporate collaborators, in the event of inequality of opportunity between collaborators as highlighted earlier in this paper by Dassa, (1991, p. 13).

The Maintainability of the Current Financial Market

The Maintainability of the Current Financial Market Introduction To argue that we are not currently in the midst of a global financial crisis is simply on maintainable, given the saturation that the issue has had in the mainstream media. There is no secret that there is a global liquidity shortage in the financial sector, mortgage assets declining in value and subsequently limiting the ability of financial institutions service their lending and interest payment requirements to investors. As a result many governments have taken proactive measures to increase liquidity in the financial sector and stave off inflation and other negative factors. It is the purpose of this paper to critically analyse the current financial crisis, in conjunction with the sub-prime mortgage issue which rose to prominence in late 2007. In light of the current economic climate this paper will discuss whether implementing a financial safety net will serve to address the pressures that are being placed on financial institutions in terms of their liquid assets and overall econ omic viability. It will also present the main ingredients of a sound financial safety net, and it is important to note that all of these factors must generally be present in order for a financial safety net to function effectively in correcting the economic imbalance which the global economy is currently experiencing. The Current Financial Climate The financial situation at present around the world is not one of economic prosperity and stability. In the last 12 months the world has had to resist the financial crisis of 2007-2008 sparked by the pressures placed on financial institutions as a result of the sub-prime mortgage crisis. Most recently, beginning in September 2008, is a global financial and liquidity crisis which has led to a number of American and European banks collapsing due to insufficient liquid assets to service its obligations to its customers. Essentially the most recent crisis began with the United States government takeover of Fannie Mae and Freddie Mac, which were to government-sponsored enterprises servicing the United States home loan industry. This, among other factors, consequently sparked a rapid decline in the value of global stock market indexes and currency indicators, such as the Dow Jones (United States), FTSE 500 (United Kingdom) and the ASX 200 (Australia) to name a few. This saw a rapid decline in the value of assets held by mortgage related entities, leaving them with significantly less equity and liquidity to service their lending and interest payment obligations. Response to the crisis the central banks of many countries took measures to inject capital into the cash flow of the financial services industry. For example, the reserve bank of Australia injected AU$1.5 billion (approximately 3 times more than the estimated need), Indias Reserve Bank pumped in approximately US$1.32 billion and the Reserve Bank of China provided a stimulus package of approximately 4 trillion yuan (US$585 billion).[1] In the United States the Emergency Economic Stabilisation Act of 2008 was passed by Congress and gave the Bush administration the authority to purchase up to US$700 billion of unserviceable mortgage assets in an attempt to maximise liquidity.[2] In the United Kingdom, on 8 October 2008, UK government announced a  £500 billion rescue package. All these measures were in an attempt to increase liquidity in the financial services industry, and were often accompanied by reductions in the national cash interest rates as determined by the central banks. In light of the fragility of the current global economic situation, is important to consider the effect of the financial services industry safety net as a mechanism of consumer protection. As this paper will uncover in forthcoming chapters, the safety net often comprises a number of key elements in order to maximise its scope of application and effect. A number of jurisdictions have sought to implement deposit guarantees and similar protection schemes, and the effectiveness and risks associated with these schemes will be discussed more thoroughly in due course. However it is important to note in passing that the current economic crisis plays a significant role in the ability of a financial safety net to function effectively, due to the extraneous pressures which are placed on the economic system as a result of a shortage of liquidity in the global financial industry. This affects every global financial institution from major banks right down to small time debenture businesses. An Overview of the Financial Sector Safety Net It is difficult to confine the financial sector safety net into one concise and succinct definition. Rather one must consider the safety net in light of its many factors. As the World Bank itself points out, are significant difficulties experienced with implementing a safety net, which are appropriately defined in the following passage: Bank safety nets are difficult to design and administer, because they have the conflicting objectives of protecting bank customers and reducing banks incentives to engage in risky activities. In several countries including the U.S., the financial safety net, structured to reduce the vulnerability of the financial system, appears to have had quite the opposite result. Indeed, Kane (1989) identifies the U.S. financial safety net, and notably fixed-rate deposit insurance and belated bank closures, as the single most important factor in explaining the catastrophic Savings and Loan crisis of the 1980s. Similarly, Demirguc-Kunt and Detragiache (1998) find international evidence that the existence of an explicit deposit insurance scheme has contributed to banking system fragility. To restrain bank risk taking, financial safety nets generally rely on two mechanisms: (i) market discipline, and (ii) bank regulation. Bank creditors can exert market discipline by withdrawing their funds, or demanding higher interest rates from riskier banks. In case of publicly traded banks, equity holders can also effect discipline.[3] The above passage demonstrates that safety nets are not effective on their own; rather they require cooperation between all the different classes of parties involved in the financial industry in order to maintain a healthy financial market. However implementing a safety net is not without its risks and, as the above passage indicates, sometimes the mechanisms employed by a safety net programme of them contribute to the fragility of the financial system is not implemented properly and in consideration of the context in which they are to apply. In light of the above this brief has presented a basic overview of the rationale of the safety net in the financial industry and the aims it sets out to achieve. This brief will now go on to explore the fundamental elements of a safety net system, as it is important to consider the effect of each of these individual mechanisms in appropriate detail in order to draw an appropriate conclusion as to whether or not consideration should be given to a safety net scheme to be implemented in a broad manner across global jurisdictions in light of the current financial crisis. Elements of the Safety Net Frameworks for Liquidity Support For most banks and financial institutions the need to maintain a certain amount of rigid liquidity to service lending and interest payment obligations is essential to ensure the long-term viability of the institution, and also to ensure that the bank or institution can continue providing a service to its customers and therefore generate further revenue. Most of these institutions have certain cash reserves available to meet these obligations in the event that the institution becomes temporarily illiquid, however it is important to consider the strength of these measures given the current economic climate and also whether other measures exist in the event that the liquidity reserves of the institution are unable to service its obligations to its customers. Therefore it is important to distinguish between the liquidity reserves which are available to financial institutions during normal operating times and those which are to be relied upon in a time of crisis, and there is a need for a financial institution to consider the efficiency of both of these measures. A common form of day today liquidity reserves banks rely upon is the lender of last resort (LOLR) function, where central banks in most developed jurisdictions around the world have the authority to provide credit support in the event of a bank becoming temporarily illiquid, however still remaining solvent.[4] LOLR actions do not guarantee against banks from failing, but rather serve to protect liquidity shortages in flowing from one bank to another. As the World Bank puts it: This kind of support can provide an important buffer against temporary disturbances in financial markets. LOLR actions may help to prevent liquidity shortage in one bank from being transmitted to other financial institutions, for example, through the payment system. LOLR actions are not intended to prevent bank failures but, rather, to prevent spillovers associated with liquidity shortages particularly in money and interbank markets from interrupting the normal intermediation function of financial institutions and markets.[5] Therefore the purpose of LOLR is to ensure the overall integrity of the financial market, through containing any liquidity shortages to one bank and attempting to prevent it from reaching other institutions. In a time of crisis a financial institution may need to seek liquidity resources from the central bank over and above those that would normally be available to them for day-to-day activities. These emergency lending procedures need to be considered in the strongest possible manner, and the International Monetary Fund has outlined a number of guidelines which should be taken into account in this regard: resources should be made available only to banks that are considered solvent but are coping with liquidity problems that might endanger the entire system (e.g. ‘too big to fail’ cases); lending should take place speedily; lending should be short-term; even then, it should be provided conservatively because of the situation of the bank might deteriorate quickly; lending should not take place at subsidised rates, but the rate should also not be penal because it might then deteriorate the banks position; the loan should be fully collateralised, and collateral should be valued conservatively. However, at times of severe crisis, it might be necessary for the central bank to relax this criterion or to organise a government guarantees or to arrange government credit, even if the loan is executed from the central banks balance sheet; Central bank supervisory authorities and the Ministry of Finance should be in close contact and should monitor the situation of the bank; supervisory sanctions or remedial actions should be attached to the emergency lending.[6] Therefore it is important to the above factors in emergency lending in order to ensure that the overall integrity of the financial system is not placed under threat through a central bank advancing credit to an illiquid financial institution. Deposit Insurance or Guarantees It is one of the simple principles of banking that, in order for a financial institution to profit from lending products, it must have the liquidity resources to advance to the borrowers. These generally come from term deposits, everyday accounts and other consumer-based banking products, not to mention larger institutional banking deposits. In order for these customers to be able to bank with confidence with a particular institution, it may be necessary for the government to introduce a type of deposit insurance which serves to protect the deposits of customers in the event of a failed investment by the bank. It could be argued that by having all deposits protected by a deposit insurance scheme, a financial institution is effectively promoting excessive risk-taking given that the particular customer may feel they have nothing to lose and all to gain by allowing the customer to gamble with what is essentially free money. Therefore it is important to consider whether large deposits sh ould be protected by such a scheme as, in the event of a payout being required, the deposit insurance scheme may be unable to meet its obligations in a timely and efficient manner, which is said to be a key requirement in order for such a scheme to function effectively.[7] A fine balance therefore needs to be struck between protecting the interests of customers while also ensuring that the deposit insurance scheme is in a position to meet its obligations in the event that it is called upon, and it would therefore need to be well funded. Investor and/or Policyholder Protection Schemes Another key element of an appropriate financial sector safety net is the need for customers who engage in investing through that institution to be afforded some sort of insurance protection, which would otherwise be unavailable under a deposit protection scheme. These schemes would be limited in their application, as they would generally exclude losses arising from a customers poor investment decision-making in the like unless a causal link can be established between the decision and advice obtained from the financial institution in question. The World Bank and International Monetary Fund fully describe the function of such a scheme: Investor compensation schemes generally cover customer accounts in which a range of investment activities defined in the respective licensing laws and broader regulatory regimes take place. Compensation schemes generally do not cover losses on the part of the investor as a result of poor investment advice or management by member firms, although in some schemes, compensation may be available where a causal relationship is established between the poor investment advice or management and the inability of the firm to meet claims by clients. In most jurisdictions, the compensation scheme is statutory in nature†¦[8] therefore a member institution cannot simply wash its hands purveying financial loss sustained by a customer who invest through the institution, unless it can be proven that the poor decision made by the investor was not induced (either whole or in part) by the institution itself. An investor should be afforded some protection in relation to investment, but should still be in a position to accept liability should they not heed appropriate financial advice. Crisis Management The final appropriate element of an effective financial sector safety net is the building of both an institution and the responsible government to manage a crisis if and when it occurs. For example, high-profile policy committees and consultants should be in place to establish the framework mentioned in the preceding three chapters of this paper, and to ensure that it is implemented in such a way that is effective in that institutions particular context. Financial institutions also need to ensure they have the appropriate resources, both financial and in personnel, to address is particularly important area of policy especially given the current financial climate and the strange places on banks to provide some form of protection to its customers while also attempting to remain prosperous and loyal to its shareholders. The International Experience The financial sector safety net has been met with mixed reviews in various jurisdictions around the world in response to the current economic crisis. This is due to the fact that central banks and governments have encountered a number of problems when seeking to implement features of the financial sector safety net. For example the United States, given the current Wall Street crisis, and sought to implement a safety net measure, however Reserve Bank Chairman Alan Greenspan has stated: The safety net, along with our improved understanding of how to use monetary and fiscal policies, has played a critical role in this country in eliminating bank runs, in assuaging financial crises, and arguably in reducing the number and amplitude of economic contractions in the past sixty years. Deposit insurance, the discount window, and access to Fedwire and daylight overdrafts provide depository institutions and financial market participants with safety, liquidity, and solvency unheard of in previous years. These benefits, however, have come with a cost: distortions in the price signals that are used to allocate resources, induced excessive risk-taking, and, to limit the resultant moral hazard, greater government supervision and regulation. Clearly, the latter carries with it attendant inefficiencies and limits on innovation.[9] Mr Greenspan has eloquently highlighted one of the key deficiencies with the financial safety net, particularly in relation to government and regulatory supervision of banks during its operation. By increasing government supervision on the financial sector, it severely limits the ability for banks to become innovators in their field and seek to implement new ideas to better service the industry. By implementing rigid supervisory guidelines, the government would be forcing financial institutions to conform to set principles which would effectively make all institutions the same, and limit the ability of these institutions to be granted the autonomy required to be innovative in this industry. Therefore one needs to consider whether the benefits of the financial safety net outweigh the costs associated with it. Mr Greenspan also highlights the increase in costs the taxpayer in the event of the safety net taking effect: The usual suggested premiums for deposit insurance are, of course, far from those that would fully eliminate the subsidy that insurance provides to depository institutions and their borrowers and depositors, especially at times of financial crisis. Indeed, to eliminate the subsidy in deposit insurance, the FDIC insurance premium would have to be set high enough to cover the extreme-loss tail of the distribution of possible outcomes and thus the perceived costs of systemic risk. Since so high a rate appears politically infeasible, the subsidy in deposit insurance cannot be fully eliminated. Moreover, no private insurer will be able to match the actual FDIC premium and cover its risk from the extreme-loss tail. Obviously, if premiums were fully priced, the level of insured deposits would be significantly lower.[10] The above passage demonstrates that it is difficult to lower the deposit insurance premiums associated with a safety net programme, while also ensuring that the deposit insurance fund is still adequately funded to meet its obligations in the event is called upon. By lowering deposit insurance premiums, a financial institution would place a significant strain on itself to be able to cover potential loss associated with the extreme-loss tail which Mr Greenspan discusses and recognises as a serious threat. American newspapers have also highlighted the risks associated with deposit insurance: It has long been known that this feature of the safety net induces moral hazard. Because of the reality and perception that bank deposits are fully protected, banks are willing to engage in riskier activities, insured depositors are less willing and able to monitor the activities of banks, and creditors are less sensitive to the risks incurred by banks. Therefore, it is imperative to develop a system that appropriately prices this insurance and the risks associated with providing it.[11] I fully protecting deposits, the government is inviting banks to be far less accountable for losses incurred as a result of mismanagement of depositors and investors funds, and therefore the deposit insurance scheme needs to be appropriately justified and risk assess for can have any significant practical effect in granting customers peace of mind that there investments are protected, given the current fragile economic climate. Other countries such as Australia have moved to guarantee bank deposits in light of the current financial situation around the globe. Particularly, the Australian government has guaranteed deposits up to an amount of $20,000,[12] despite previously stating that moves by other foreign governments to guarantee deposits were uncoordinated.[13] Interestingly, it has been said that the legal and regulatory framework in place in Serbia and Montenegro sufficient to encourage a deposit protection insurance scheme which would serve to appropriately protect banking customers and the financial industry therein.[14] therefore the results encountered the international arena in relation to the financial safety net are mixed, with some systems acknowledging that certain reforms need to occur before the safety net will function effectively, and others seeking to implement the safety net within their jurisdiction. Conclusion In conclusion, and in consideration of the discussions throughout this brief, would be appropriate to conclude that a financial safety net scheme may be appropriate in certain circumstances in order to provide banking customers with peace of mind in relation to their investments. However it is important to note that a safety net scheme does not bring with it guaranteed success, and one must consider the risks associated with implementing such a scheme and their possible contribution to the dire financial situation which is currently being experienced throughout the world. While the rationale of the safety net may have good intentions, it is clear that deposit guarantees and poor crisis management can have adverse effects on the financial market and therefore affect consumers in a negative way when the intentions are all positive. The international experience with financial safety nets is inconclusive. It is primarily due to the fact that underlying financial pressures in particular jurisdictions can have adverse effects on the effectiveness of the financial safety net, and make it difficult for the safety net to be effective in correcting these imbalances. In the case of the United States cost of deposit and investment insurance is simply too high to justify, whereas in say Australia or Japan the benefit outweighs the cost based on sound financial infrastructure and crisis management techniques. Therefore it is significantly easier to implement a safety net system in these jurisdictions, given the sturdy financial history of the Asian markets. The United States present difficult challenge, with the major financial institutions having capital tied up in high risk investment portfolios, such as what was experienced with the sub-prime mortgage crisis beginning in mid-to late 2007. In short, the question must be asked whether a safety net would increase the liquidity resources of financial institutions, which is universally accepted to be the significant cause of the current financial crisis. The short answer is yes, given that deposit and investment insurance should effectively encourage customers to invest with a particular bank given that their money is effectively insured for a certain amount. However this insurance policy is not worth the paper its written on the insurance fund does not itself have the liquidity service obligations should be called upon to do so. This is a problematic situation, and cannot be effectively answered in a simple form. Only time will tell whether the financial crisis eases as a result of governments purchasing bad mortgage debts from financial institutions, and whether the liquidity shortage ends as a result. Bibliography Arner, D.W., Financial Stability, Economic Growth and the Role of Law (2007), London: Cambridge Australian Broadcasting Corporation, ‘Government considers upping bank deposit safety net’ (2008) http://www.abc.net.au/news/stories/2008/10/12/2388583.htm> at 14 December 2008 Australian Broadcasting Corporation, ‘No need for Government guarantee on bank deposits: Rudd’ (2008) http://www.abc.net.au/news/stories/2008/10/10/2387244.htm> at 14 December 2008 Demirguc-Kunt, A., and Detragiache, E., ‘The determinants of banking crises in developed and developing countries’ (1998), IMF Staff Papers 45, 81-109 Demirguc-Kunt, A., and Huizinga, H., ‘Market Discipline and Financial Safety Net Design’ (1999), World Bank Policy Research Paper WPS2183 Gerda, O., Brewer III, E., and Evanoff, D.D., ‘The Financial Safety Net: costs, benefits and implications’ (2001) The Chicago Fed Letter http://findarticles.com/p/articles/mi_qa3631/is_200111/ai_n8986952> at 14 December 2008 Greenspan, A., Former Federal Reserve Chairman, ‘Speech – The Financial Safety Net’, 10 May 2001, http://www.federalreserve.gov/Boarddocs/Speeches/2001/20010510/default.htm> at 14 December 2008 Herzsenhorn, D.M., ‘Administration is seeking $700 billion for Wall Street’ (2008), New York Times, 20 September 2008 IMF – Monetary and Financial System Department, Operational Paper OP/00/01, Emergency Liquidity Support Facilities Kane, E.J., The SL Insurance Mess: How Did it Happen? (1987), Lanham, MD: University Press of America Marinkovic, S.T., ‘Designing an Incentive-Compatible Safety Net in a Financial System in Transition: The Case of Serbia’ (2004), Centre for the Study of Global Governance, Discussion Paper 35, http://se1.isn.ch/serviceengine/FileContent?serviceID=ISNfileid=07ECE3C0-79BF-BEF2-62FF-A5CF5F97D730lng=en> at 14 December 2008 Reuters, ‘Asian central banks spend billions to prevent crash’ (2008), International Herald Tribune, 16 September 2008 World Bank and International Monetary Fund, Financial Sector Assessment: A Handbook (2005) Footnotes [1] Reuters, ‘Asian central banks spend billions to prevent crash’ (2008), International Herald Tribune, 16 September 2008. [2] David M. Herzsenhorn, ‘Administration is seeking $700 billion for Wall Street’ (2008), New York Times, 20 September 2008. [3] Asl Demirguc-Kunt and Harry Huizinga, ‘Market Discipline and Financial Safety Net Design’ (1999), World Bank Policy Research Paper WPS2183, 2-3; citing Asl Demirguc-Kunt, and E. Detragiache, ‘The determinants of banking crises in developed and developing countries’ (1998), IMF Staff Papers 45, 81-109 and Edward J. Kane, The SL insurance Mess: How Did it Happen? (1987). [4] See also Douglas W. Arner, Financial Stability, Economic Growth and the Role of Law (2007), 139-140. [5] World Bank and International Monetary Fund, Financial Sector Assessment: A Handbook (2005), 105. [6] Ibid, 105-6. See also IMF – Monetary and Financial System Department, Operational Paper OP/00/01, Emergency Liquidity Support Facilities. [7] Ibid, 106. [8] Ibid, 107. [9] Federal Reserve Bank Chairman Alan Greenspan, ‘Speech – The Financial Safety Net’, 10 May 2001, http://www.federalreserve.gov/Boarddocs/Speeches/2001/20010510/default.htm> at 14 December 2008. [10] Ibid. [11] Oscar Gerda, Elijah Brewer III, and Douglas D. Evanoff, ‘The Financial Safety Net: costs, benefits and implications’ (2001) The Chicago Fed Letter http://findarticles.com/p/articles/mi_qa3631/is_200111/ai_n8986952> at 14 December 2008. [12] Australian Broadcasting Corporation, ‘Government considers upping bank deposit safety net’ (2008) http://www.abc.net.au/news/stories/2008/10/12/2388583.htm> at 14 December 2008. [13] Australian Broadcasting Corporation, ‘No need for Government guarantee on bank deposits: Rudd’ (2008) http://www.abc.net.au/news/stories/2008/10/10/2387244.htm> at 14 December 2008. [14] See, generally, Srdjan T. Marinkovic, ‘Designing an Incentive-Compatible Safety Net in a Financial System in Transition: The Case of Serbia’ (2004), Centre for the Study of Global Governance, Discussion Paper 35, http://se1.isn.ch/serviceengine/FileContent?serviceID=ISNfileid=07ECE3C0-79BF-BEF2-62FF-A5CF5F97D730lng=en> at 14 December 2008, 17.

Red Clouds Revenge Essay -- English Literature Essays

Red Cloud's Revenge Red Cloud’s Revenge is a historical novel about the grim recollection of detailed events and days/months before the showdown between the US Cavalry & Sioux Indians on the northern plains of 1867. Fetterman, Brown & Grummond rode out ahead of seventy-eight soldiers that day on December 21st 1866. In hopes of driving out some Sioux Indians and bring some scalps home. Many soldiers’ guard was down when Fetterman’s entire force disappeared over Trail Lodge Ridge. None of them were ever seen alive again. Seven months after the tragic bloodshed of the Fetterman Massacre by a band of Lakota; Sargent Seamus Donegan was stationed near Fort Phil Kearney recovering from the horror and bloodbath in which he participated. Several Sergeants searching for him after the Fetterman Massacre directed orders in expectation of Donegan. Traveling along the Bighorn River/Mountains to Fort C.F. Smith, two thirds away from his destination Seamus along with the small camp he stopped at was attacked by a band of Lakota Indians. Narrowly escaping with his life, Donegan set off again to Fort C.F. Smith and fatefully stumbled upon James W. Thompson’s path. Private Thompson told Donegan that Chief Iron Bull requested his presence at sundown. After his encounter with the Crow Indians and discussions of peace/alliance with Chief Iron Bull, Thompson then took Seamus to Fort C.F. Smith by horseback. Several silent days following Donegan’s arrival, his long time frie...

Free Hamlet Essays: Imagery in Hamlet :: GCSE English Literature Coursework

Imagery in Hamlet  Ã‚   The imagery in the play of Hamlet is composed of disease, poison, and decay this adds to the overall atmosphere of horror and tragedy. First, hamlet uses images of disease to show the state of the country of Denmark and his mother. Second, the imagery of poison is used to describe his father’s death. Lastly, Hamlet describes his feelings toward himself and Claudius and his feelings toward his mother by using images of decay. In Hamlet, as in all literature, imagery adds to reader’s ability to imagine the feeling of the story. In the first act of Hamlet, Hamlet uses imagery of disease to describe the state of Denmark. He is unhappy with what has happened with the country. "There is something rotten in the state of Denmark." He is describing how disgusted he is with his mother and how she is sleeping with his uncle using images of disease. "It will but skin and film the ulcerous place / Whiles rank corruption, mining all within, infects unseen." The imagery of disease is a main factor in this story and is used in large amounts. It shows a feeling of disgust that Hamlet has with the surrounding situation in the play and his life. Imagery of poison is used when the ghost describes the death of Hamlets father in a way to disgust Hamlet and goad hi into revenge. "†¦/ thy uncle stole / with juice of cursed hebona in a vile, / And in the porches of my ears did pour / The leperous distilment, whose effect / Holds such an enmity with blood of man / †¦ / And curd, like eager droppings into milk, / †¦ / with vile and loathsome crust / All my smooth body." The imagery of poison is used to express and induce a feeling of horror into the reader. Hamlet is obsessed with suicide and wants his skin to melt off because he is disgusted with himself. "O that this too too sullied flesh would melt, / Thaw, and resolve itself into a dew†¦" This adds a felling that hamlet is disturbed and growing worse. He then wants the king to die like a beggar and rip out his guts. "Nothing but to show you how a king may go a progress / through the guts of a beggar." This shows an effect that hamlet is angry and disturbed by adding a felling of horror.

Pathos in MLK Jr.s Letter from Birmingham Jail Essay -- Letter from B

Pathos in MLK, Jr.'s Letter from Birmingham Jail    In his "Letter," Martin Luther King Jr.'s ability to effectively use pathos, or to appeal to the emotions of his audiences, is evident in a variety of places. More particularly in paragraph fourteen, King demonstrates his ability to inspire his fellow civil rights activists, invoke empathy in the hearts of white moderates, and create compassion in the minds of the eight clergyman to which the "Letter" is directed. In response to the clergyman's claim that his use of direct action was "untimely," King states, "We have waited for more than 340 years for our constitutional and God-given rights." As you can see, this statement is in direct relation to the clergyman's "untimely" notion, but one would do good to realize his underlying audience. The "we" in this statement refers to his "black brothers and sisters" taking an active role in the civil rights movement. So what this statement does in terms of pathos is to light the fire of inspiration under his black brothers and sisters and have them realize that 340 yea...

Chartism: Working Class and National Political Movement

TMA 02 Task 1 In the history block, you learned about three explanations for Chartism’s support – a reaction to economic pressure, national political movement and an inclusive cultural community. What evidence is there in the extract above of three explanations for Chartism’s support that you learned about in the history chapter of Y180, and which, if any, is stressed most strongly by the speaker? Part 1 In no more than 200 words, write a plan for this essay Introduction: 1. Explain the background and context of the extract 2.This essay will consider the evidence for Chartism’s support in terms of economic pressure, popular radicalism, and cultural inclusiveness 3. It will argue all three factors contributed to Chartism’s support but political focus is dominant Economic pressure: 1. 1837-42 were periods of economic downturn, Chartism attracted support by addressing economic circumstances – mention class legislations 2. Manufacturing populatio n under-represented in the electoral system 3. Mention Asa Briggs, secondary source 1, who highlights the significance of economic circumstances A national political movement: 1.Indicate how Chartism was built on pre-existing support for electoral reform 2. State the popular proposed class legislation changes 3. Use primary source 6 to show the heritage of popular radicalism and the public’s want for reform 4. Mention the use and importance of political language 5. Back up this view with Stedman Jones, secondary source 2 Cultural incisiveness: 1. Chartism welcomed those that were excluded from power in every other way – the working class 2. Mention Ellen Yeo, secondary source 3 to support this 3. Ideal of power to the people Conclusion: 1. Evidence for all 3 factors 2.Final reflection – political movement is most stressed 200 words Part 2 Write the essay, using no more than 800 words. In this essay I shall consider how all three explanations contributed to Chart ism’s support and which factor can be seen as the most dominant. The speech made by an unknown speaker in 1839 is a primary source of information from the Northern Star newspaper, the ‘main voice in print’ (P. 107) of Chartism, and therefore we cannot be sure of its reliability. The motive exists to exaggerate the audiences’ size and enthusiasm, numbers of ‘between 5,000 and 12,000’ (Background) and comments such as ‘loud cheering’ (L. 2) could have been fabricated. The report was published in Chartism’s early years, a time of economic recession and social tension when the Whig party held power. The extract highlights the audiences’ economic circumstances making some references to inclusivity, however I believe political focus is the key theme. To begin with I shall consider economic pressure. Paragraph four of the extract focuses on this factor, the speaker makes several remarks which relate to and evidences the aud ience’s poverty such as ‘ragged clothing’, ‘insufficiency of food’, and ‘insufferable despair’.Chartism attracted support by instilling hopefulness that if democracy was put into practice, people’s economic anguish would lessen, namely that the Poor Law of 1834 would be discarded and taxes reduced. Chartism became an established movement due to a structural transfer in the economy from agriculture to manufacturing; the working classes in these industrial areas were under-represented. Manufacturing industries were prevalent in York and the surrounding areas therefore these economic factors would be close to the audience’s hearts.Briggs, secondary source 1, supports this view by arguing manufacturing communities displayed the strongest support whilst rural areas showed considerably less. The explanation of Chartism being a national political movement is strongly evidenced in the extract. The speaker expresses many political i deas, talking of an end to the established church, as well as addressing class legislations such as opposition to the Poor Law. The speaker states, ‘abolish the army, dash the navy’ (L. 48) ‘crush the church by law established, obliterate the debt from the national ledger, restore republicanism, establish equality’ (L. 50–L. 51).These are long established ideals of popular radicalism which evidences the movement’s political diversity and shows Chartism was able to draw on pre-existing radical support for democratic reform. An account from the Morning Chronicle, primary source 6, shows a flag used during the procession which carried the National Petition to Parliament sporting the phrase ‘we require justice before charity’ (p125). This proposes demonstrators would not be happy with an ‘economic hand-out’ (p126) instead wanting acknowledgment of their political rights; this paper was pro-Whigs so has reason to downplay anti-government protests so may be reliable.Chartist’s had their own political language and this is strong evidence for Chartism being a political movement, the extract uses such language to encourage listeners support, for example, ‘these evils chiefly of a political and social cast arise from one source – class legislation’ (L. 20-L. 21). Steadman Jones, secondary source 2, supports this notion by stating ‘the growth and decline of Chartism was a function of its capacity to persuade its constituency to interpret distress or discontent within the terms of its political language’ (p. 37).Evidence for Chartism been an inclusive cultural community also exists in the extract. The movement did not adhere to the times’ hierarchical style of society as it allowed anybody to join, the speaker demonstrates the movement’s inclusiveness by addressing women who were often excluded from politics, ‘I am glad to meet the brave men and fa ir women of York’ (L. 10). Chartism was all-embracing of the working classes; six working men were deliberated included on the committee that discussed the People’s Charter. The speaker addresses this group several times with ‘Working men’ (L. ), ‘Honourable gentlemen, I mean by this name the working class only’ (L. 17), and ‘the labouring class, are regarded as a cipher in importance’ (L. 22-L. 23). Ellen Yeo, secondary source 3, states the working classes were quite capable of creating their own politics just as they were proficient manufacturers in the economy. Chartism’s ideal of giving power to the people already occurred within the movement as it gave people a political voice, the National Petition’s allowed people whose opinion was rarely consulted by Parliament to put down their signature with a feeling of power and pride.Evidence for all three explanations for Chartism’s support exists in the extract. However I personally conclude that the main focus and draw of support was the movement’s political goals as the speech uses political language to acquire agitators and fight for electoral reform. Many political issues are also addressed not just male suffrage, evidence for economic and cultural factors are present too. I believe that economic slumps increased support as protestors could voice their resentment of suffering, and inclusiveness helped to provide this voice, yet it was the political focus that gave hope for change. 00 words Task 2 Write no more than 150 words for this task. Part 1 Briefly write down two or three pieces of feedback from your tutor on TMA 01. My tutor’s feedback on TMA01 included encouraging remarks regarding the structure and format of my work; I also received good comments on my referencing skills. However it was felt that I only just achieved the learning outcome of producing a relevant, reasoned answer. How have you used that feedback in preparing for TMA 02?Positive feedback showed that my work has a good structure with a clear introduction, main body and conclusion; I have therefore ensured that I did the same for TMA02. I also made sure to reference and use quotation marks around the phrases I included from the materials. In order to avoid unclear sentences in the essay I have studied material on both the Y180 and the BBC, ‘Skillswise' website. This helped improve my sentence construction, grammar and punctuation, and ultimately the flow of my writing. Feedback proved helpful as it meant I made a conscious effort to keep my sentences short so they remain crisp in meaning.