Economics and Psychology Essay Example | Topics and Well Written Essays - 1250 words

Economics and Psychology - Essay Example Evidence also proved that offers rejected when they came from a person would be accepted if they were generated by a computer. The assumption of rationality is not completely true as people do not always make rational decisions. In economics, rationality is understood to be an approximation with hope that departures from rationality are rare. Some economists have argued that some deviations from rational do not matter (Akerlof & Yellen 1985). Psychology have challenged the assumption of rationality which is the basis of economic subjective utility. The concepts of bounded rationality was introduced in an attempt to formulate a theory of rational choice (Simon 1955). Economists predict the behavior of agents by assuming that they have stable, well-defined preferences and they make rational choices in consistence with preferences of the markets. Loewenstein & Thaler (1989) present a number of anomalies within empirical results which are difficult to rationalize. Economic theory makes exact prediction of the discount rate of money people should apply utilizing the after-tax market value of interest. High discount rates are experienced in some contexts and by some groups which raises questions concerning the rationality of consumers. Economic theories of individual behavior are vague and un-testable. Intertemporal decisions are related to the spread of costs and benefits over time. The rationality of many intertemporal decisions especially individual and self-control choices are challenged. Psychology of intertemporal choice complicated the question of selecting the proper social rate of discount. Standard computation of discount rate is determined by the standard rate of interest adjusted for tax distortions. Adjusting tax distortion is complicated by the internalization of capital markets. It is suggested to determine time preferences at the individual level to avoid these complications. The individual rate should be consistent across all individual belongings. Economists do not agree with the psychology of decision making. Evidence from psychological research proved that individuals did not follow rational choices. However, psychologists did not provide means to incorporate these findings in economic models. However, psychologists affect and benefits economic theories in a number of other cases. For example, in the case of wave profiling, psychology experimented and observed that people care about changes in wages in addition to absolute values of their wages. This could affect the profile of increasing wages in addition to the discount of the future. In this example, psychology suggested modification to the utility function of wage determination. Psychology provided testable assumptions which are supported by experimental evidence. Smith, V. (1991). Rational Choice: The contrast between Economics and Psychology, Journal of Political Economy, vol. 99. No. 4., University of Chicago Press. Smith (1991) examined the contest between economic theory and evidence from psychology with respect to experimental economics. He argued that rational choice is a combination of both rationalists from psychology and behavioralist from economics. Smith

Western Governor’s University Essay Example for Free

Western Governor’s University Essay A nurse can exert leadership without occupying a formal leadership position by taking a leadership stance. In the course, Becoming a Leader in Health Care, it describes leadership as an attitude and not just a position (Reinertsen, 2009, p. 2). Leaders take responsibility for problems and look for ways to solve them. The nurse on an interdisciplinary team serves as a leader by acting as a patient advocate and by coordinating with the other team members to work towards a common goal for the patient. The nurse is instrumental in directing the care and communicating the essential issues in the patient’s care to the whole team. Communication is an essential part to the healthcare team. The nurse communicates with all the members of the team the vital information and ensures follow up care is received. This coordination of care and effective communication leads to positive patient outcomes and increased patient satisfaction. Another way the nurse serves as a leader on the interdisciplinary team is by bringing forth process problems and asking for the teams input on how to solve a particular problem. For example, the nurse may identify a problem with a decrease in hand hygiene compliance. The nurse can solicit ideas on how to solve the problem. The nurse may also bring forward some of his or her own ideas to solve the problem like more dispensers outside of each room and visual reminders to staff to do hand hygiene that are not following the procedure to increase hand hygiene compliance. By doing this nurse is acting as a leader by taking responsibility for a problem. The leadership stance is a lets solve it attitude towards problem resolution. (Reinersten, 2009, p. 2). C. Active Involvement It is important for a nurse to be actively involved in the interdisciplinary team because teamwork is essential in effective patient care. One of the first ways a nurse plays a contributing role on the interdisciplinary team is by communication of relevant information. A structured communication tool called SBAR (Situation, Background, Assessment, and Recommendation) is used to relay relevant information between caregivers. An example would be a nurse communicating to a doctor regarding a patient with chest pain. Situation: â€Å"Mr. Clark is complaining of chest pain radiating down both arm.† Background: â€Å"He has a history of cardiovascular disease and has taken 3 sublingual Nitroglycerin without relief.† Assessment: â€Å"He is short of breath and diaphoretic.† Recommendation: â€Å"Can we institute the Acute Coronary Syndrome Orders until you get here? How long will it be till you arrive?† A second example of the way a nurse contributes to the interdisciplinary team is through the coordination of care. If the patient needs a bedside procedure such as a bronchoscopy the nurse needs to coordinate with the physician to provide informed consent and the equipment technician to set-up the equipment for the procedure. The nurse must coordinate with the pharmacist to obtain medications that will be needed for the procedure and the respiratory therapist to assist with the procedure. Lastly, the nurse must coordinate with the lab and radiology to do any post-procedure labs and x-rays. C1. Contributing Position The nurse can take an active contributing role with an interdisciplinary team by working with the other disciplines. The nurse collects data for the dietician such as height and weight, monitors fluid intake and output and diet intake. The nurse does a thorough assessment of the gastrointestinal system and monitors bowel movements. This information enables the dietician to better plan the nutritional needs of the patient. This collaboration leads to improved outcomes for the patient. A second way that the nurse can take a contributing role is by making sure core measures are done for specific diagnoses. These evidenced based measures guide the care and contribute to better outcomes for the patient. D. Culture of Safety The Institute of Healthcare Improvement defines the four characteristics of a culture of safety as psychological safety, active leadership, transparency and fairness (â€Å"Culture of Safety†, 2011). Psychological safety pertains to a safe environment where people feel comfortable in speaking up about a concern. For example, if site verification is done on an impending surgery and one member of the team feels there might be an error the person can feel safe to speak up and question without fear of being penalized or berated for speaking up. This promotes an environment where learning is increased and the risk of future harm to patients is decreased. Active leadership in a culture of safety is using effective leadership. Effective leaders set a positive tone in the environment, share information and invite others to share, call people by their names to create familiarity, and are approachable. An example of this would be surgeon who is about to perform surgery, he speaks to the team members using their first names, explains the case to the them, and asks the team to speak up if there is questions during the case. The surgeon maintains a positive attitude and the team feels that they can approach him with concerns. Transparency is the willingness of an organization to investigate errors that have occurred and share the information so that others can learn from the mistake. If transparency does not exist it can allow errors to continue to occur and risk patient safety. An example would be a wrong site surgery, if an important check was omitted and not reported the error could occur again. Transparency allows the organization to fix process problems that may have precipitated the error and help find solutions to prevent future errors. Lastly, fairness is another component to the culture of safety. Fairness relates to the fact that people are responsible for their behavior but the important distinction is the fact that some errors are made due to flawed systems and some errors are made due to poor decision-making. The three concepts of human behavior that need to be determined before accountability can be decided are human error where the nurse just inadvertently made a slip or lapse by forgetting to turn back on the tube feeding after giving medication. When the nurse creates a shortcut in a policy, such as running potassium faster than the recommended 10 meq/hr, is considered at risk behavior. Reckless behavior would be a nurse taking narcotic medication prescribed for a patient while on duty (â€Å"Culture of Safety†, 2011). Culture of safety is an important a spect to making patient care safer. References Reinertsen, J. (2009). Becoming a leader in health care. Retrieved from http://www.ihi.org/offerings/IHIOpenSchool/Courses/Pages/default.aspx PS 106: Introduction to the Culture of Safety. (2011). Retrieved from www.ihi.org/offerings/IHIOpenSchool/Courses/Pages/default.aspx

Priceline.com Essay -- Economics Case Study e-commerce, solution

Priceline.com Priceline.com is an Internet company that pioneered a unique type of e-commerce known as â€Å"demand collection system† that enables consumers to use the Internet to save money on a wide range of products and services while enabling sellers to generate incremental revenue. Using a simple and compelling consumer proposition of â€Å"name your price,† the consumer is in control of the product they wish to purchase. In the form of individual customer offers guaranteed by a credit card for a particular product or service at a price set by the customer and communicate that demand directly to the participating sellers or to their private databases. The company works by allowing the consumers to agree to hold their offers open for a specified period of time to enable priceline.com to fulfill their offers from inventory provided by participating sellers. Once fulfilled, offers generally cannot be canceled. By requiring consumers to be flexible with respect to brands, sellers and/or product features, the company enables sellers to generate incremental revenue without disrupting their existing distribution channels or retail pricing structures. The company is grounded on the assumption of â€Å"rational self-interest.† In other words, since individuals make rational decisions to achieve the greatest satisfaction or the maximum fulfillment of their goals, Priceline.com has now revolutionized the market industry. By their ‘name and lock your price† strategy, more and more consumers have been able to maximize their satisfaction on differentiated products. The consumers want to spend their incomes to get the greatest benefit from the goods and services they can afford. Priceline.com helps them to achieve their goals. Since the inception of this internet-based company, millions of consumers were able to afford more with less expenditure on their goods. In addition, rational behavior varies among every individual because individual preferences, circumstances, and available information differ. Priceline.com offers various or â€Å"differentiated goods and services† in a broad range of products to purch ase from. â€Å"E-Commerce Pioneer Priceline.com Sells 20,000 Leisure Airline Tickets In Six Weeks.† As ticket sales accelerated, priceline.com has become one of the nation’s top 10 most-visited commerce Web sites. In it’s first six weeks of operation, pricelin... ...e expected rate of return is far greater than the interest invested in producing advertisement. Moreover, they expect companies to support their business strategy so the other companies in return can generate greater revenue as well. Conclusively, Priceline.com has brought an exciting and provides other businesses with inspiration to follow their strategies. Many consumers have benefited from this Internet Company and as a result have saved money to spend on other wants. Now we have the option of choosing a price and giving countless vendors the chance to bid. For better or worse, this could transform the way we think of shopping, as well as the way in which we do it. Conceivably, it could alter the nature of balance and power between vendors and consumers. In addition, it restructures long-standing capitalistic business and sales traditions. This new business model appears to have the potential to give enormous new powers to people who want to buy things, since their price is being offered to many thousands, even millions, of possible sellers. The new business method venture is successful and it opens the doors for consumers who are tired of the fixed prices they have to pay.

How to format a hard drive :: essays research papers

How to Format Your Hard Drive You had a long day at work; the traffic is bumper to bumper on the freeway. You are almost home and you get pulled over and cited a speeding ticket. You finally get home and get on your computer to research some lawyers to get out of that speeding ticket and your computer seems to be not acting right. Well it is time to format the hard drive. If you are like most computer owners, you understand how frustrating and expensive a computer can be. Taking your computer to the repair shop and paying high technician fees can be a thing of the past. Follow my directions and you will not ever have to worry about keeping your computer running again. Before you begin, you need to have a computer and a basic understanding of how it operates. You will need a few 3.5-inch floppy disks, a startup disk, and an operating system disk. The startup disk is a disk that was made especially for your computer. It tells the computer what hardware it has and which type of operating system is going to be installed. The operating system disk is, for most personal home computers, Microsoft Windows. Today the Windows versions would most likely be Windows 95, Windows 98, Windows 98 S.E., Windows ME, Windows 2000, or Windows X.P. If you have the floppy disks, the startup disk and the operating system disk then you are ready for the next step. Now, you need to decide which (if any) information you do not want erased. This information will be saved on a 3.5-inch floppy. To save on a 3.5-inch floppy you need to insert the disk into the skinny hole on your tower making sure to keep the shiny side down. The drive that you inserted the disk into is called the A-drive. After your disk is inserted into the A-drive open the file you wish to save. Click on the word file and a drop down menu appears. On the drop down menu you will see a list of options. Click on save as. Another window will open and ask you where you would like to save the file and what you would like to name it. Type the name of the file and click on A-drive 3.5 floppy. Do this with everything that you do not want to lose. When you have finished saving, take a deep breath.

Business strategy: A guide to Effective Decision making Essay

Strategies decisions depends highly on perceptions, people’s attitudes and assumptions, therefore they are rarely straightforward or simple. Strategic decisions determine the direction as well as success of an organization, which is why it is essential for decision-makers to understand the decision-making process in order to make the right decisions. Chapter 2, 3, and 4 focus on introducing forces which will form a decision, including ideas, developments and potential pitfalls. In chapter 4, a practical and useful framework is also created to guide step by step in a decision-making process. Chapter 8 outlines insights and techniques for implementing and improving decisions in order to have a competitive strategy. Chapter 12 introduces forces which will have affection in sales, marketing and brand management decisions. It is necessary to understand the decision-making process and other involved factors to be able to create a practical and competitive strategy. Right decisions will make a huge impact on company’s directions as well as success in the future. Chapter 2: Ideas at Work Setting a strategy has always been complex due to the changes that company has to face over time. There are several factors that will affect the decision making process. Decision-making approaches The classical administrator The classical administrator, which was founded by Henri Fayol, has become the most traditional model of the decision-makers or strategists. A set of common activities and principles of managements was developed and divided into five sections: planning, organizing, commanding, coordinating and controlling. Planning involves setting the goals of the organization and developing an action plan for future success. Organizing involves structuring the organization and using necessary resources to achieve these aims. Commanding makes sure the optimum return from people, which is usually considered the most expensive component of a business. Coordinating involves focusing on people’s effort to achieve the goals. Control makes sure that everything is going according to plan, making adjustment when necessary to ensure success. The design planner When the strategy is planned, the techniques of the classical administrator would be used to implement the strategy. Design planning will help the implementation process and it requires expertise in two areas: Analyzing and anticipating the future environment, techniques and models. Be aware of the external opportunities and threats; internal strengths and weaknesses. The role player The role player involves in the strategic decision-maker’s job as a reflective and analyzing planner and controller, to make sure the plan is realistic and practical. The competitive positioner It is crucial for competitive positioner to understand the power of the external environment in order to achieve competitive advantage. Customers and suppliers, substitute products, present and potential competitors are considered competitive forces. The competitive positioned should be able to eliminate barriers to enter its market, set a competitive prices, reduce operating costs and be aware of its rivals. The visionary transformer Vision is one of the fundamental tools to make a strategic decision, and it should focus on answering the following questions: Where in the market should the organization position itself? Brand positioning? How should the organization achieve its goal? However, visions should be achievable and visionary transformers should be able to ensure that they are achieved. The self-organizer The self-organizer needs the ability to network, innovate and collaborate with people to achieve the organization’s goal. The turnaround strategist The turnaround strategist focuses on turning around the performance of an organization once a visionary leader has failed. It is important to adapt new control systems quickly, find out the reasons for failing and be able to reverse them. Financial issues There are three financial issues that influence strategic decisions, they are: cash management, risk management and budgeting. It is important for company to be able to manage its cash flow and have an effective financial control while implementing strategic decisions. Controlling costs Controlling costs, by saving money, making cost-cutting is one way to boost profits and reduce losses. Managing for value: implementing the balanced scorecard The balances scorecard takes into account four important perspective of activity, they are: financial perspective, customers, internal processes, innovation and learning perspective. The main stages of implementing the balanced scorecard include: Preparing and defining the strategy, deciding what to measure, finalizing and implementing the plan, publicizing a d using the results, reviewing and revising the system. The rise of technology and the impact on technology on decision-making The rise of technology has opened up a multiple ways to add value, increase sales, reduce costs and manage more efficiently, therefore technology has made a huge and diverse impact on business decisions. Factors that affect a business and decision-making such as: adding value, understanding customer needs, competitive advantage and assessing costs can be done much faster and more efficient with the help of technology. That is why it is definitely important to use and manage information systems properly to take the best out of it. Chapter 3: Pitfalls In this chapter, several types of failure may be encountered in decision-making process, such as: thinking flaws, leadership flaws and cultural flaws. Behavioral flaws In order to avoid traps made by human brain while making decisions, common traps should be recognized and understood which ones are likely to influence decision-maker’s thinking. Some common traps which were mentioned in this chapter were: the anchoring trap, the status quo trap, the sunk-cost trap, the confirming-evidence trap, the overconfidence trap, the framing trap, the recent event trap, and the prudence trap. Leadership flaws Leadership flaws can also affect strategic decisions. One of them is failure of understanding, when the leader does not properly understand a problem. Another common flaw is rationalistic planning, when everybody assumes that there is only one effective choice, therefore, leads to only one conclusion. Decision-making pitfalls Cultural flaws The culture of an organization can make a negative effect on strategic decision, and fragmentation occurs when people are in disagreement. In the other hand, groupthink is when an idea is given because it is supposed to harmony with the majority. Such behaviors are common and therefore, decisions may be affected by the cultural of an organization. Failure to respond to change It is important to sense when to change before the business goes down and gets bankrupt. Responding to the need to change may be not easy, due to other external factors, but changing in the right way and at the right time is crucial to remain the business in the market. Overcoming decision-making problems It is usually much more difficult to over problems than just pointing them out. When looking for a solution, two main factors should be considered seriously: the ability of the decision maker and the importance of testing and perfecting decisions. Some other ways to overcome problems and aim to effective decision-making are: being aware (and raising awareness among others), avoiding subjective or irrational analysis, being sensitive, establishing clear priorities and objectives, fostering creativity and innovation, understanding substantive issues and last but not least, focusing on the relevance and potency of the business idea. Organizational learning and scenarios Two popular approaches that can be used to avoid the pitfalls of strategic thinking are adaptive organizational learning and scenario thinking. Adaptive organizational learning means continuing the process by adapting new changes to suit the organizational environment and to improve performance. Scenario thinking is a process which is divided into two parts: a formal element designed by managers, and an informal part, characterized by casual conversations. Chapter 4: Rational or intuitive? Frameworks for decision-making The rational approach Assessing the situation Assessing the situation is the first step of rational decision-making process. It starts by asking whether the decision relates to a permanent issue or it is the result of an isolated event, therefore the decision-maker may have some idea of what to do in the next step. Defining the critical issues When considering a decision, all aspects should be taken into account, and funneling is a useful and rational technique to be used. The method involves collecting information, then prioritizes and eliminates issues that aroused based on the data that were collected and analyzed. Specifying the decision This step defines what the decision must achieve. By defining the minimum set of goals, this helps to ensure focus and smooth implementation. Making the decision Compromise is usually involved in the decision-making process. In this stage of the process, embracing with creativity and innovation may ensure the strategic decision will be implemented successfully. Implementing the decision After defining the decision, executing it is usually the most critical and time-consuming phase. These following factors are involved: planning how it will be implemented, assigning the tasks clearly and specifically, communicating, motivating and rewarding, managing resources to ensure that people carrying out the decision have the necessary equipment to complete their task. Monitoring and making adjustments It is very important to monitor the implementation so that everything is going according to plan and adjustments can be made in time. Decision-making is a cycle, from the last step comes back to the first step again, therefore the assessment of the next decisions should start will the monitoring of current ones. The intuitive approach

5 Examples of Extraneous Hyphens

5 Examples of Extraneous Hyphens 5 Examples of Extraneous Hyphens 5 Examples of Extraneous Hyphens By Mark Nichol Hyphens are helpful little things that aid in reader comprehension. Although confusion is not at great risk in phrases like â€Å"sharp-dressed man† (though the omission of the hyphen suggests that the passage literally refers to a dressed man who is sharp) others, such as â€Å"small-business owner,† can at the very least conjure distracting imagery if they omit the hyphen. And such hyphenated word strings as â€Å"song-and-dance man† and â€Å"customer-relationship-management software† help keep the reader focused, though judiciously relaxing a phrase is often a welcome solution: The former phrase isn’t exhausting to read, but how about â€Å"software for customer-relationship management† in lieu of the latter? On the other hand, sins of commission regarding hyphenation are as endemic as those of omission. Here are examples of superfluous usage: 1. â€Å"Mergers and acquisitions ground to a near-halt in 2001.† â€Å"Near-halt† and its cousins â€Å"near-disaster† and â€Å"near-miss† are results of a misunderstanding: When near modifies another adjective, it should be hyphenated to its teammate (â€Å"near-fatal accident†), but a hyphen serves no use in linking near in isolation directly to a noun. 2. â€Å"The recently-launched firm survived by limiting itself to modestly-scaled projects.† Adverbs ending in -ly never are never hyphenated, though suffix-free adverbs are: â€Å"longer-lasting freshness.† 3. â€Å"The mostly flat paved trail is an inline-skater’s dream.† There was a time when compound nouns that are now open or closed, such as â€Å"income tax† or â€Å"taskmaster,† were likely to be hyphenated. That usage, however, is now considered archaic (with some puzzling exceptions such as mind-set and life-form). Safely assume that just about any such linkage you see is incorrect though, to be safe, I offer the inverse of a piece of all-purpose advice: Distrust, but verify. 4. â€Å"She realized that the police department was less-than-dedicated to assisting her.† Step back and ponder what benefit of comprehension accrues from creating the wagon train of â€Å"less-than-dedicated,† then excise the offending hyphens. 5. â€Å"The starting center is seven-feet tall.† The necessity of hyphenating physical dimensions in phrasal adjectives (â€Å"the seven-foot-tall center†) confuses many writers into believing that any phrasing having to do with size or weight or distance must be linked. â€Å"Seven-foot-tall center† is hyphenated so as not to suggest that the tall center has seven feet, but no such ambiguity attends â€Å"seven feet tall.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Punctuation category, check our popular posts, or choose a related post below:Avoid Beginning a Sentence with â€Å"With†What is the Difference Between Metaphor and Simile?Prepositions to Die With

Locke And Hobbes Essays - Libertarian Theory, John Locke

Locke And Hobbes Essays - Libertarian Theory, John Locke Locke And Hobbes Hobbes point of view on human nature and how a government should be run is a more realistic way of looking at things than John Lockes theory. Both Hobbes and Locke see human nature differently, Hobbes sees people as being run by selfishness whereas Locke says that people are naturally kind. In our state of nature, Hobbes says we have no rights but Locke suggests that we have natural rights, God-given rights. Using reason, people decide to enter into a social contract with a ruler or a form of government, which would make a trade that, would help both of the parties. They both argue that the ruler can go too far or not fulfill their part of the contract, giving the people the right to revolt. Hobbes shows that humans are naturally evil that lays down the groundwork for his form of government. Hobbes and Lockes theories differ greatly beginning with their views of human nature. Hobbes suggests that people are naturally, solitary, poor, nasty, and brutish. He also says that without authority mankind is selfish and egotistical. John Locke, on the other hand, sees people as being peaceful in their nature state. These different points of show how they formed their theory of the state of nature. Without a government people are put into their state of nature, Hobbes and Locke both picture a different scene when they express human state of nature. Hobbes states that the condition of people before government was short, solitary, poor, brutish, and disorderly. But John Locke shows a different point of view, he notes three rights that are God-given and inalienable, these three are life, liberty, and property. Knowing what people do and don't have the right to relates to how the government should rule their subjects. A social contract is an agreement between the people and the government in order to preserve order. Hobbes sees the government or ruler as a powerful sovereign. He named it Leviathan, which is the name of a giant sea serpent in the Old Testament that supposedly battled Yahweh. The people must trade their rights, power, and their desire to dominate in order to receive protection. This special type of protection punishes those who break the contract. Under Lockes theory, the ruler must protect the peoples natural rights and the people must give up their power to rule each other. The governments job is to keep the people happy by not overstepping their boundary. Hobbes and Locke both agree on the fact that there is a point in time that it is not only the right but also the responsibility of the people to overthrow the government. The government must be stable in order to follow through on their side of the contract or they are bringing a revolt upon themselves. Hobbes says that the Leviathan must be taken out of power when he fails to fulfill his side of the contract. Under Lockes rules, the government must be overthrown when any of the peoples three God-given rights are taken away or lost. After viewing why a government should or would be overthrown we can look at Hobbes and Lockes theorys overall. Hobbes theory is a pessimistic look at human being and the way they act around each other but Lockes theory suggests that people are more easy-going and peaceful towards each other. As we see in the news daily, people are often cruel and inhumane, and we also see kinder people in everyday life. We see people who give up their own personal pleasure so they can serve others. But these people are far and few between, it becomes quickly obvious that humans are drawn towards self-happiness. A morally pure person would look at their neighbor and think, what can I do to help him? whereas the more realistic perspective would be, what would make me happy right now? Hobbes form of government uses the natural state of man to create a way of living that would help everyone, so you can feel safe in a usually non-safe environment. Bibliography none needed, sorry

Biomes and Biodiversity Essays

Biomes and Biodiversity Essays Biomes and Biodiversity Paper Biomes and Biodiversity Paper Preserving a representative sample of the biomes or aquatic zones can be considered if certain issues are kept in mind.   Often these species are functionally active, require a lot of space, are diverse, and contain vulnerable sections of the population. An experiment was conducted byBeazley et al (2003) to determine the effect of protecting small representative samples in the forests of Maine and Nova of North America.   Some species such as the wolves, river otters, wood turtles, Atlantic salmon, etc were able to multiply, whereas others were unable to do so extensively.   Each species being developed would have individual issues which need to be determined through a quantitative analysis and examination, and addressed through effective interventions.   Only if humans are aware of these individual problems should they strive to protect a greater representative population (Beazley, 2004). The rate of extinction of various species is very high currently.   It is being said that extinction of species is occurring in a similar manner as that occurred during the Cretaceous and the Tertiary ages (about 65 million years ago), when the dinosaurs and several other species perished.   The loss of species and diversity can adversely affect man. The global ecological changes that are occurring currently are irreversible.   Whenever a small area in the world is being deforested and converted into human settlements, there are huge chances that significant numbers of several species are lost.   In the Amazon, huge amount of forests are converted into settlements, resulting in loss of several animal and insect species.   Insect are being lost at thousand times the rate they would have in nature (Stanford University, 1997). Birds are also getting extinct at a fast rate.   Usually, with no human intervention, about one bird species would be lost every century.   However with human activity, about 500 species of birds are lost over the last 500 years, and especially in the 21st century, about 10 species of birds would be lost every year. Humans are more concerned about bird species and hence intense studies are being conducted to determine the manner in which bird species are becoming extinct.   Birds are currently undergoing extinction 100 times more quickly than would have otherwise occurred in nature.   There is a huge probability that other groups of species may be undergoing faster extinction compared to birds.   Some of the common other causes that would result in extinction of species includes selective hunting, introduction of alien species, global warming, mining and extensive fishing, habitat destruction, etc (Duke University, 2005). References: Beazley, K. (2004). A systematic approach for selecting focal species for conservation in the forests of Nova Scotia and Maine, Environmental Conservation, 31(2):91-101. http://journals.cambridge.org/action/displayAbstract?fromPage=onlineaid=236317 Duke University – News Communications (2005). Birds Going Extinct Faster Due to Human Activities, Retrieved June 5, 2009, from Web site: dukenews.duke.edu/2006/07/nobirds._print.ht University of Stanford (1997). Biodiversity and Extinction Rates, Retrieved June 5, 2009, from Web site: http://www-formal.stanford.edu/jmc/progress/biodiversity.html

Customer relationship management Essay Example | Topics and Well Written Essays - 3000 words

Customer relationship management - Essay Example means that businesses need to reorganize their focus by implanting a strategy geared toward success factors of process, technology, people, and environment. Management process will need to be examined and reviewed in order to make sure that wonderful and effective customer service is being provided (Jones, 2002, p. 11). Businesses can gain an edge nowadays if they are able to form management that focuses on good customer relationship skills. This is often referred to as customer relationship management, or CRM. The notion with CRM is to make sure the focus of the organization is the customer (Denton, 1992, p. 34). Therefore, in order to make the company more customer-centered, it is important to ensure that all employees in the business contribute to the customer in the end. Businesses that have been able to use this concept with success bring together the processes of people and technology. Making this happen requires the company to have a dedicated and focused management process that focuses its end goal on the customer. (Jones, 2002, p. 12). Effective customer relationship management requires much more from the business than paying attention to customer satisfaction. Satisfaction is really just a moderate goal for a business. In order to make customers happy and impressed with the business, they want to feel that the businesses realizes that their individual business is important to the business. In order to do this, the business will need to constantly review their customers’ needs in regards to customer relationship management (Denton, 1992, p. 54). If this is done correctly, the business can retain its customers, and also build up an excellent customer-centered reputation (Kennedy, 1995, p. 78). A good example of this type of strategy is Amazon.com, which uses an individual type feature for each customer’s account, suggesting different books or other items that customers might be interested in. This shows that the company is taking the

Television is the most important source of news for young people Essay

Television is the most important source of news for young people today.to what extent do you agree - Essay Example By the year 2011, Dahlgren (2013) reports that internet was the number one source of news among young people in the world. For many years, television held this position. However, technological growth and development has shifted young people towards computers, mobile phones, and other digital platforms. The importance of television as the source of news, therefore, exhibits a declining trend. Young people have increasingly become socially interactive. On internet platforms, these young generations can engage with persons from around the world. The possibility and ease of interacting with global communities makes internet a better choice for the young people. Most importantly, internet news does not require access to televisions. Many different devices that support internet make it easier to access news and information without necessarily being at home. This provision makes internet news way easier, effective, and convenience to people moving from one place to another. Differences between television and internet functionalities are critical to account for as far as news is concerned. For many years, changes and developments in the television industry have not been as rapid as the emergence and growth of internet use. A significant magnitude of television broadcasting practices remains traditional, while internet and computer-based practices keep changing from tine to time. These changes consequently create alternatives that young people are swift to exploit. High television consumption among young people is still common across the globe. Critical to note, however, is that television use among young people encompasses more than just watching news. Creativity and innovation among the young people has diversified television use to encompass business and entertainment. The downside of this move is that television viewing is increasingly becoming a practice that takes place after a busy day’s work. Amid such observations, young people still

Leadership Profile Essay Example | Topics and Well Written Essays - 1000 words

Leadership Profile - Essay Example Later in 1978 he received a doctorate degree in criminal justice from Sam Houston State University Texas. Worked in the Royal Thai Police Department for 14 years and retired as a Lieutenant Colonel in 1987. His last position was Deputy Superintendent of the Policy and Planning Sub-division, General Staff Division, Metropolitan Police Bureau. After resigning from Royal Thai Police and with several failed business ventures in 1987 Mr. Thaksin started his own business Shinawatra Computer and Communications Group. Mr. Thaksin later resigned from the post of Chairman of the Board of Directors, Shinawatra Computer and Communications Public Company Limited Thaksin entered politics in late 1994 under the invitation of Chamlong Srimuang, the leader of Palang Dharma Party and in 1995 he became the leader of Palang Dharma. Mr. Thaksin held the position of deputy prime minister twice; being appointed Deputy Prime Minister in charge of Bangkok traffic in 1995 and again in 1997 Deputy Prime Minister under Prime Minister Chavalit Yongchaiyudh. It was in 1998 that he founded the Thai Rak Thai Party and became the party leader. Received the "Outstanding Criminal Justice Alumnus Award" from the Criminal Justice Center, Sam Houston State University and, later on October 25, 1996, the "Distinguished Alumni Award" from the same University As it stands Mr. Received the Honorary Award from the Mass Media Photographer Association of Thailand (MPA) as the Outstanding Politician who has contributed significantly to the society As it stands Mr. Thaksin was an extremely popular political leader. His dynamic entrepreneurial vision allowed him to establish a huge transnational business conglomerate and in ten years become one of the wealthiest individuals in Southeast Asia and the world. He twice won landslide elections - in 2001 and 2005 - with his party performing better than any in history. In fact, he is the only Thai prime minister to have completed a full four-year term after an election. Thaksin's distinctive economic, public health, education, energy, drugs and international relations policies made him the first elected Prime Minister in Thai history to complete his term in office, and helped him win a landslide re-election in 2005. (New York Times, 2006) After the creation of Thai Rak Thai, it was his enormous financial resources that allowed him to attract many accomplished and popular local politicians to his party. With a belief of populism and a strong emphasis on directing more funds to rural areas and communities, Thai Rak Thai developed a strong rural base in Thailand. The populist economic policy which was also termed "Thaksinomics." included novel programs such as "One Tambol, One Product," a highly successful program aimed to encourage each sub-district to develop a product in which it had a singular competitive advantage and

Arbitration Case Study Example | Topics and Well Written Essays - 750 words

Arbitration - Case Study Example Instead the allegations made against him were presented at that time. It would be interesting to determine who crossed his name out - assuming that this occurred - and why. If the claimant's allegations are proven to be true then it would appear that there has been a conspiracy to remove him from the company. How high up the conspiracy would go is not clear, but on the face of things would appear to involve the manager on duty that day since the work schedule has been defaced, and this has not been queried (at least not as far as one can tell, based upon the article). Since the article does not give the company's side of the dispute it is difficult to gauge the veracity of the claimant's account. However, clearly they feel there is a case to be answered since they are prepared to go to arbitration. The greatest difficulty the manager has in this situation is obtaining a truthful account of what happened. The claimant did not seek his line manager's advice at the time that he alleges he saw his name crossed out. Nor would it appear that until matters had reached a head did the claimant make any allegations of discrimination or unfair treatment from his colleagues. Assuming that I was aware of the tensions brewing in the kitchen my first priority would have been to prevent an escalation of the matter. Clearly there is at least one person in the organisation who does not respect other members of staff, namely the person who the claimant alleges swore at him. Had I been made aware of this I would have given the offender a verbal warning, and made it clear that no-one comes to work to have their self-esteem undermined. Depending on how wide spread such behaviour appeared to be I would also initiate a round of anti-discrimination continuing professional development classes, focusing particularly upon the issues in our specific workplace. Also it would appear that there is a shortage of staff in the kitchen or at least under employment of some members of staff and over employment of others - namely the claimant. This suggests that a time and motion study needs to be undertaken to ensure that there are sufficient hands on deck, and that employees are able to complete the tasks in order to keep the business functioning. 3. this is a union situation and has moved to arbitration. recognizing your chracteristics, what method of dispute resolution would you take yo could agree it should go to arbitration or should have been dealt with differantly. you may choose which ever way you want. however you must explain why you choose this method of resolution from teh union and why or why not, what would be the worst method Although arbitration is less expensive than a full industrial tribunal, I would opt for an in-house resolution, the primary reason being to reduce negative publicity. Not only is there a grievance matter here, there may also be a disciplinary issue. I would be tempted to return to the drawing board and exhaust our internal systems prior to handing it over to

Jordanian Economic System History to Modern day Term Paper

Jordanian Economic System History to Modern day - Term Paper Example This research will begin with the economical history of Jordan. Jordan gained independence in the year 1946 when the United Nations declared the nation Independent from the rule of the British. If we delve into the economic history of Jordan, it becomes clear that Jordan since its independence in 1946 and its takeover by the West Bank has managed to position itself in a prominent place in world economy. Soon after the annexation, Jordan experienced a great level of economic growth in different areas as a result of availability of large arable lands and a large amount of supply of water from West Bank. It is to be noted that it is one of the most flourishing periods in the economy of Jordan. The annexation opened up the doors for economic prosperity for the nation as it now stood to gain an upper hand in agriculture. The country however experienced a slump period in its economy since Israel defeated and took over West Bank and sent the people of Jordan back from West Bank. Jordan suff ered a major set back due to this as it experienced a great deal of loss in terms of resources and materials. The Black September Civil war, that Jordan fought in September of 1970, to quash the Palestine military served to create a major set back for the economic growth of the region. The Black September civil war put a stop to the economical prosperity that the nation faced after the annexation. Soon after recovering from the civil war, the country again got back to its full form and had a stable growth until 1980s.    A Short Lived Boon in 1980    In the 1980s the country had a  considerable  boon in the economy due to the nation's  capitalization on the oil economy. Oil market is one of the biggest commodities in the world today and is mandatory to move industries and promote

Arbitration Case Study Example | Topics and Well Written Essays - 750 words

Arbitration - Case Study Example Instead the allegations made against him were presented at that time. It would be interesting to determine who crossed his name out - assuming that this occurred - and why. If the claimant's allegations are proven to be true then it would appear that there has been a conspiracy to remove him from the company. How high up the conspiracy would go is not clear, but on the face of things would appear to involve the manager on duty that day since the work schedule has been defaced, and this has not been queried (at least not as far as one can tell, based upon the article). Since the article does not give the company's side of the dispute it is difficult to gauge the veracity of the claimant's account. However, clearly they feel there is a case to be answered since they are prepared to go to arbitration. The greatest difficulty the manager has in this situation is obtaining a truthful account of what happened. The claimant did not seek his line manager's advice at the time that he alleges he saw his name crossed out. Nor would it appear that until matters had reached a head did the claimant make any allegations of discrimination or unfair treatment from his colleagues. Assuming that I was aware of the tensions brewing in the kitchen my first priority would have been to prevent an escalation of the matter. Clearly there is at least one person in the organisation who does not respect other members of staff, namely the person who the claimant alleges swore at him. Had I been made aware of this I would have given the offender a verbal warning, and made it clear that no-one comes to work to have their self-esteem undermined. Depending on how wide spread such behaviour appeared to be I would also initiate a round of anti-discrimination continuing professional development classes, focusing particularly upon the issues in our specific workplace. Also it would appear that there is a shortage of staff in the kitchen or at least under employment of some members of staff and over employment of others - namely the claimant. This suggests that a time and motion study needs to be undertaken to ensure that there are sufficient hands on deck, and that employees are able to complete the tasks in order to keep the business functioning. 3. this is a union situation and has moved to arbitration. recognizing your chracteristics, what method of dispute resolution would you take yo could agree it should go to arbitration or should have been dealt with differantly. you may choose which ever way you want. however you must explain why you choose this method of resolution from teh union and why or why not, what would be the worst method Although arbitration is less expensive than a full industrial tribunal, I would opt for an in-house resolution, the primary reason being to reduce negative publicity. Not only is there a grievance matter here, there may also be a disciplinary issue. I would be tempted to return to the drawing board and exhaust our internal systems prior to handing it over to

History Essay Example | Topics and Well Written Essays - 250 words - 3

History - Essay Example Many of the progressive programs he implemented are still alive and well today. Progressivism began in the late 1800s as people began to feel that large corporations had too much power over people’s lives. The first progressives also felt that the government was corrupt and that the corrupt people needed to be removed from office. When Theodore Roosevelt was president, he targeted corporations that he felt were monopolistic and had too much power. He also advocated labor unions (â€Å"Theodore Roosevelt†). Additionally, progressives like Roosevelt felt that science and technology were the solution to humanity’s problems. Woodrow Wilson shared many of Roosevelt’s progressive views and also believed that the checks and balances created by the founders to limit power were a mistake and should be done away with (â€Å"Woodrow Wilson†). Franklin D. Roosevelt was also a progressive who advocated labor unions, increased taxes, and extensive government prog rams. Today’s progressives believe similarly that government intervention and government programs greatly benefit society. Most progressives are liberal democrats. They believe that the government is responsible for making people’s lives better.

Understanding Society - Classical Liberalism Essay Example for Free

Understanding Society Classical Liberalism Essay The individualism that Durkheim sees and defends as the ethic of our time is an ethic not just of the individual hut of the individual as man. This is an absolutely fundamental point, and not as obvious and straightforward as, at first sight, it might seem. It involves a dualism, in which an ideal of individuality is part of the ideal of humanity (Miller, 1996 96). The dualism’s Durkheimian explanation concerns the development of the division of labor, such that there are increasingly only two fundamental identities we can have, the identity of the distinct â€Å"individual† and the identity in common of â€Å"man† (Hamilton, 1995 136). However, it also concerns the development of modern society such that it demands a Universalist ethic of â€Å"the person†. This means, amongst other things, insistence on every individual’s same basic moral status and rights to respect and regard. Indeed, an ethic of the person is the only way to extend this status to every individual, and to oppose reactionary individualisms that withhold it. The modern individualist ideal is and has to be, for Durkheim, humanist and republican, its aspirations find expression in 1789’s â€Å"liberty, equality, fraternity† (Miller, 1996 97). â€Å"Liberalism is neither a vague Zeitgeist nor the outlook of modern man, but clearly identifiable set of principles and institutional choices endorsed by specific politicians, publicists, and popular movements. The early history of liberalism cannot be detached from the political history, in the seventeenth and eighteenth centuries, of England and Scotland, the Netherlands, the United States, and France† (Berkowitz, 1999 256). As for the main character of the discussion, liberalism for Durkheim remains part of the egoistic nature of man towards his environment. Discussion Durkheim published a response entitled, Individualism and the Intellectuals, wherein he discussed â€Å"the argument, always refuted and always renewed,† that â€Å"Intellectual and moral anarchy would be the inevitable result of liberalism. † Some varieties of liberalism, Durkheim conceded, are egoistic and threaten the common good of societies by encouraging the individual to become excessively preoccupied with self-interest. However, there is a strand of liberalism, Durkheim argued, that is moral and social. This form Durkheim called â€Å"moral Individualism† and he claimed that â€Å"not only is moral individualism not anarchical, but it henceforth is the only system of beliefs that can ensure the moral unity of the country. † In industrial, democratic nations such as France, moral virtue and unity are promoted by the liberal practices and ideals of moral individualism. France’s modern moral traditions are largely constituted by liberal institutions and values (Hamilton, 1995 124). Durkheim asserted chat â€Å"all communal life is impossible without the existence of interests superior to those of the individual. † From the outset of his career, Durkheim insisted that in modern Industrial society’s happiness and freedom are achieved in the context of moral beliefs and practice, embedded in vital traditions and institutions. Durkheim sees in the modern ideal â€Å"all the values to which he adheres most: equality, liberty, justice, fraternity†. Moreover, it is important to emphasize, he sees them as coming together in an inseparable package. It will not do to insist on a definition of freedom that in effect writes off other modern ideals, and that camouflages, behind a lot of philosophical talk, a recipe for a minimalist police state and an anemic and oppressive class-divided society (Berkowitz, 1999 257). It is a recipe for such things if only because the other ideals, which the libertarian state has to trample on, will not go away but are part of the modern world (Miller, 1996 97). Similarly, it will not do to insist on conceptions of equality and community that in effect write off freedom, in a recipe for a â€Å"despotic socialism†. Durkheim’s project is a commitment to a continuing, developing search to work and rework the human ideal’s different aspirations, which, whatever the tensions between them, must combine into a whole. It is bound to be a dispute-filled search, if only because of the nature of the human ideal, with its commitment to individualism and free thought, but also, in Durkheim’s account, because of the nature of modern individuality itself. However, his appeal to the division of labor as a basic source of our individuality can at the same time obscure the point about individuality itself as a source of differences and disputes (Miller, 1996 98). Critics of liberalism tend to be the more aggressive, eager to portray Hobbes as a paradigmatic liberal theorist whose geometric method, materialist metaphysics, mechanistic psychology, and atomistic vision of society exemplify the poverty of the liberal spirit (Tucker, 2001 68). Meanwhile, when confronted with the image of Hobbes as one of their own, liberals often react sharply; pointing to Hobbes’s theory of indivisible and inseparable sovereign power and insistence on state supervision of university curriculum and church teaching, they emphatically declare that Hobbes cannot be understood to be a liberal in any meaningful sense (Hamilton, 1995 138). As often happens when passions flare and partisans draw sharp lines in the sand, the truth in its complexity and fine-grained texture becomes the first casualty, in the debate over Hobbes’s relation to liberalism, each side errs not so much in what it points to as in what it fails to acknowledge in Hobbes’s political theory (Berkowitz, 1999 257). In their efforts to present Hobbes as liberalism’s torchbearer, liberalism’s critics abstract from the fact that Hobbes’s political science does little to insure the protection of traditional liberal freedoms and rejects the need, made thematic by the liberal tradition, to limit government power through careful institutional design (Pickering 2001 196). At the same time, liberals who wish to deny any relation whatsoever to Hobbes overlook the fact that Hobbes’s doctrine of absolute sovereignty is explicitly established for the limited purpose of securing and maintaining peace, while subjects’ obligation to obey the civil law is limited, according to Hobbes’s theory, by the natural and inalienable right to self-preservation (Hamilton, 1995 139). Hobbes argued that human beings are fundamentally equal and endowed with certain natural and in-alienable rights, defended the idea of a state based on the rule of law: maintained a basic distinction between the public and the private; envisaged a sovereign who respected personal freedom by permitting his subjects the liberty of commerce and contract, as well as the choice of profession, where to live, and how to raise their children: held that a primary task of a good government was to secure a rudimentary welfare for all citizens; affirmed that civil laws govern actions, not inner faith or conscience, insisted on the utility of toleration (Berkowitz, 1999 258). Adam Smith, on the other hand, introduced two forms of liberalism, specifically economic liberalism and social liberalism. Economic liberalism is primarily about efficiency, whereas social liberalism is primarily about freedom. In modern politics, they often appeal to quite different people (McLean, 2006 314). Economic liber als are often social conservatives, and vise versa. People who believe that the state should get out of the market often believe strongly that the state should police morals (Hamilton, 1995 141). The individualization of altruism thus connects with all the emphasis on how we each become an â€Å"autonomous source of action† and a centre of thought in which â€Å"the very materials of consciousness have a personal character† (McLean, 2006 315). It increasingly involves, around this â€Å"common faith†, ways of thinking and feeling that are â€Å"very general and indefinite† and that let in â€Å"a growing multitude of individual disagreements (McLean, 2006 323). Dissidences, even if including the differences of organic cohesion, must also refer to the conflicts involved in pluralism, factionalism and the freedom in which we each have our own â€Å"opinions, beliefs, aspirations† (Miller, 1996 99). Moral individualism, wrote Durkheim, is â€Å"the individualism of Kant, Rousseau, of the spiritualities — the one that the Declaration of the Rights of Man attempted, more or less happily, to formulate and that is currently taught in our schools and has become the basis of our moral character (Pickering 2001 194). This type of individualism is â€Å"profoundly different† from the egoistic type. Far from making personal interest the object of conduct, this one sees in all personal motives the very source of evil (Tucker, 2001 68). According to Kant, the individual is only certain of acting properly if the motives that influence the person relate, not to the particular circumstance in which the person is placed, but to the equality as a man in abstract (Holmes, 1995 89). On the other hand, Rousseau’s concept of the general will is an authentic expression of justice insofar as it is constituted not by personal interest, but by public goods and concerns (McLean, 2006 326). Durkheim concluded, thus, for both these men, the only moral ways of acting are those that can be applied to all men indiscriminately, which are implied in the notion of man in general duty consists in disregarding all that concerns us personally in order to seek out fellowmen (Pickering 2001 195). It is perhaps more accurate to say that Durkheim’s moral individualism invented this tradition as much as It belongs to it (Holmes, 1995 86). Durkheim attempted to piece together his own â€Å"communitarian† account of his favorite varieties of liberalism (Hamilton, 1995 142). A set of liberal, democratic traditions already existed; however, Durkheim was well aware of competing communitarian traditions, such as those of the Royalists and the conservative Roman Catholics, as well as of competing liberal traditions, such as those of the classical economists and utilitarians (McLean, 2006 320). Durkheim attempted to show that in the vocabulary of moral individualism there is no fundamental opposition between individual rights and the common good. He first advanced what he considered to be the necessary communal, social Interpretation of the Kantian autonomous Individual (Pickering 2001 193). Conclusion Egoism is equated with individualism wherein Durkheim defines it in terms of â€Å"sentiments and representations which are exclusively personal†, and indeed just talks of it as â€Å"individuality†. This does not sound as if it can just be a matter of organic diversity, of differences that are complementary and cohesive rather than conflicting nor is it. The crucial passage comes earlier on, when Durkheim discusses the nature of the modern conscience collective and of the human ideal at its core. From the perspectives of other liberal philosophers of Adam Smith, liberalism is in the aspects of economic and social strengths wherein the society and industry are in continuous interplays of identities; Hobbes emphasized the universal right to personally convene a decision as the basic form of individuality. Rousseau and Kant exemplified liberalism in the form of rights of man to achieve utmost happiness as the form of individuality. Bibliography Berkowitz, P. (1999). Virtue and the Making of Modern Liberalism. Princeton University Press. Hamilton, P. (1995). Emile Durkheim: Critical Assessments. Routledge. Holmes, S. H. (1995). Passions and Constraint: On the Theory of Liberal Democracy. University of Chicago Press. McLean, L. (2006). Adam Smith, Radical and Egalitarian: Radical and Egalitarian. Edinburgh University Press. MIller, W. W. (1996). Durkheim, Morals and Modernity. McGill-Queens Press. Pickering, W. F. (2001). Emile Durkheim: Critical Assessments of Leading Sociologists. Routledge. Tucker, K. H. (2001). Classical Social Theory: A Contemporary Approach. Blackwell Publishing.

Oscar Chess v Williams, the facts, reasoning and appeal

Oscar Chess v Williams, the facts, reasoning and appeal Oscar Chess Ltd v Williams [1957] 1 ALL ER 325 What were the material facts of the case and the legal issues on which the appeal was based? In June 1955, the defendant sold to the plaintiff, who were motor dealers, a second-hand Morris motor car for  £290, this sum being credited to the defendant on the purchase of a new car through the dealers. The car sold to the dealers had been obtained by the defendant’s mother in 1954 under a hire-purchase contract, and was shown in the registration book to have been first registered in 1948. There had been five changes of ownership between 1948 and 1954. The defendant, who honestly believed that the car was a 1948 model, described it as such to the salesman who acted for the plaintiffs in the matter and showed the salesman the registration book. The salesman, who had frequently been given lifts in the car, also believed that it was a 1948 model, and the purchase price of  £290 was calculated on this basis. In January 1956, the plaintiffs sent the chassis and engine numbers of the car to the manufacturers and were informed by them that the car was a 1939 model. If the pl aintiffs had known at the time of the purchase that the car was a 1939 model, they would have paid only  £175 for it. In an action brought by them against the defendant eight months after the sale the plaintiffs claimed the sum of  £115 as damages for breach of warranty, either on the basis that it had been a condition,[1] i.e. an essential term, of the contract that the car was a 1948 model or that there had been a collateral warranty that it was. The judge at trial awarded the plaintiffs  £115 in damages based on his finding that the defendant had breached an essential term of the contract, i.e. a condition, that the Morris car was a 1948 model. Consequently, the trial judge did not go on to consider the alternative claim on a warranty. Upon appeal by the defendant, the crucial issue for the Court of Appeal was whether the defendant’s statement that the car was a 1948 model was a binding promise (i.e. a contractual term) or only an innocent misrepresentation. If it was an innocent misrepresentation, the respondent would not be entitled to any remedy. What was the reasoning behind the trial judge’s decision to award damages to the plaintiffs? At trial, the plaintiffs claimed the sum of  £115 in damages from the defendant, representing the difference in value between a 1939 Morris car and a 1948 Morris car. The evidence submitted at trial to determine whether the defendant gave a binding promise to the salesman that the car was made in 1948 was limited. During examination-in-chief, the salesman stated: â€Å"He offered me a 1948 10 hp Morris in part exchange. He produced the registration book.† In cross-examination, he said: â€Å"I had often had lifts in the defendant’s car. I thought it looked like a 1948 model. I checked up in the registration book.† The salesman’s evidence was accepted, aided by the fact that the defendant did not go into the witness-box to contradict it. On those facts alone, counsel for the plaintiffs submitted that the defendant’s representation that the car was a 1948 model was an essential term of the contract, i.e. a condition. The trial judge agreed with this and stated that defendant had promised that the car was a 1948 car and that there was a breach of this promise. He said that the allowance of  £290 was made by the salesman â€Å"on the assumption that the Morris was a 1948 model†, and that â€Å"†¦this assumption was fundamental to the contract, a condition which, if not satisfied, would have caused him to rescind the contract if he had known it to be unsatisfied before the property in the Morris car passed to his principles.† In short, one of the terms of the deal was that the car was guaranteed to be a 1948 model. Breach of this promise would entitle the dealer to damages. Based on this finding, the trial judge awarded  £115 in damages to the plaintiffs. Why did the Court of Appeal overrule the trial judge’s decision and what was the difference in approach adopted by the Court of Appeal? The Court of Appeal refused to get bogged down in a technical differential analysis of the legal definitions of â€Å"condition† and â€Å"warranty†, as the trial judge had done, because it was far too late for the buyer to reject the car. He could only claim damages at best. Indeed, in the Court’s leading judgment, Denning LJ stated that the trial judge was so concerned with the legal definitions of â€Å"condition† and â€Å"warranty† that he failed to address the crucial issue of whether the defendant’s statement was a term of the contract at all. To get damages, it was necessary to show that the description of the car was a promise or term of the contract. Denning LJ used slightly different language. He used the word warranty but he explained that he was not using the word in its technical legal sense but, instead, was using it in its popular sense as one word to describe a promise. As he pointed out, the crucial question in this case was : was it a binding promise [i.e. a term of the contract] or only an innocent misrepresentation? If it was only an innocent misrepresentation, then the dealer would not be entitled to any remedy in the circumstances of this case. This then leads to the question: how do you know if it was a promise? Denning LJ stated that whether the appellant’s statement was intended to be a promise (i.e. a contractual term) could only be addressed by taking into account all the evidence of the case and the conduct of the parties throughout their dealings.[2] He went on to state that the objective test for determining a promise is by applying the standard of the ‘intelligent bystander’ and, based on this test, he concluded that the statement by the appellant as to the age of the car was not intended as a promise. After all, given that the appellant only became the owner after several changes in ownership, he must have been relying on what was stated in the registration book. It is unlikely that such a person would warrant the year of manufacture. The most that he would do would be to state his belief, and then produce the registration book in verification of it. In these circumstances, according to Lord De nning, the intelligent bystander would say that the seller did not intend to bind himself so as to warrant that the car was a 1948 model. The most he would do would be to state his belief. What did the Court of Appeal say about the trial judge’s application of the earlier decisions in Heilbut2 and Routledge[3]to the present case? In finding in favour of the appellant, Denning LJ made reference to the case of Heilbut in which the House of Lords used the word â€Å"warranty† in its ordinary meaning of a binding promise. He stressed that, in Heilbut, Lord Moulton made it clear that â€Å"The intention of the parties can only be deduced from the totality of the evidence†¦Ã¢â‚¬  In other words, to determine whether a statement was intended as a contractual warranty, it is necessary to evaluate the overall conduct of the parties, not just their thoughts. However, the trial judge did not adopt this approach and distinguished Heilbut and Routledge on the basis that, in those cases, there was a written memorandum of the contract, before which words were used by one party inducing the other party to enter into the contract. Denning LJ stated that there was no need to distinguish between written and oral statements in the present case because the purchase was not recorded in writing at all but, instead, it was necessary to look at the overall conduct of the parties in order to ascertain intention. Hodson LJ, in accordance with Denning LJ, felt that the Routledge decision should not be distinguished from the present case because, in his opinion, the court in the Routledge case did not base its decision on the distinction between words used before the conclusion of the contract and words used at the time of the contract. He felt that this distinction was a fine point and had no bearing in the current case. Instead, Hodson LJ concurred with Denning LJ and stated that it was necessary to follow the principle in Heilbut and assess the overall conduct of the parties in order to ascertain contractual intention. Morris LJ (dissenting), on the other hand, supported the reasoning of the trial judge and felt that the judge was correct to distinguish Routledge from the current case. He specified three grounds for the distinction: (i) in the present case there was a statement made at the time of the transaction; (ii) there was no written contract; and (iii) although there was no contract, there was an invoice addressed to the appellant which expressly described the car as a â€Å"1948 Morris 10 Saloon†. He felt that the fact that the invoice specifically referred to the year 1948 was sufficient evidence that it was intended to be a contractual term. What is the significance of the respective parties’ special knowledge of the subject-matter of the contract? How has this been applied in this and subsequent cases? Another influential factor in this case was that the person making the statement (i.e. the appellant) was a non-expert when compared with the dealer who was the recipient of the statement and, presumably, an expert. According to Denning LJ, the respondents, rather than simply relying on the year stated in the log-book, could quite easily have checked it at the time of sale by taking the engine number and chassis number and writing to the manufacturers. They only did so eight months after the sale. Given that the respondents were experts, Denning LJ felt that this delay in making the check could not be excused, particularly because the innocent appellant produced to them all the evidence which he had (namely, the registration book). The appellant, as a private seller, had no special knowledge and had relied on the car’s registration book for his belief. The respondents, as experts, were in a position to discover the truth of the statement prior to contract. Hodson LJ agreed wit h this point and stated that the appellant was stating an opinion on a matter of which he had no special knowledge, whereas the respondent could have been expected to have an opinion and to exercise its judgment. This tends to support the view that the non-expert would be unlikely to be promising something which was in the other partys area of expertise, and therefore strengthens the proposition that the appellant’s statement was indeed a representation and not a contractual term. The significance of a parties â€Å"special knowledge† was considered by the Court of Appeal in the subsequent case of Dick Bentley Productions and Another v Harold Smith (Motors) Ltd.[4] In that case, a car dealer stated that a car had an engine which had done only 20,000 miles. This was in fact untrue. The buyer sought damages alleging breach of contract. However, in that instance, the statement was treated as a term of the contract. The apparent distinction between the Dick Bentley case and the Oscar Chess case is the status of the person making the statement. A private seller did not have the special knowledge which indicated an intention that the statement be treated as a contractually binding promise, but a car dealer did. This distinction led Lord Denning MR to suggest in Dick Bentley that the presence of fault was the basis for the distinction. However, it seems wrong to suggest that fault is the only test, and arguably what Lord Denning was stating was simply that the obligation broken was an obligation to exercise reasonable care and skill. The true test ought therefore to be that the dealer was in a better position to discover the truth and therefore impliedly took personal responsibility for the truth of statements made. Why did dissenting Judge Morris LJ disagree with the conclusion of the majority of the Court of Appeal? Morris LJ disagreed with the findings of Denning LJ and Hodson LJ and felt that the appellant’s statement that the car was a 1948 model was a fundamental term of the contract, i.e. a contractual condition. What persuaded Lord Morris was that the car was described in the invoice specifically as a 1948 Morris. The dealer did not get any such thing and so, according to Lord Morris, there was a breach. He arrived at this conclusion based on his assertion that the respondent’s promise to pay the appellant  £290 for the car (a figure arrived at by reference to the value of 1948 cars) was the consequence (i.e. a counterpart) of a term of the contract that the particular car was a 1948 model. Thus, Morris LJ felt that the application of the so-called ‘importance attached’ test rendered the appellant’s statement a term of the contract for sale as opposed to a mere representation. In other words, Morris LJ believed that the appellant’s statement relat ed to a vitally important matter: it described the subject-matter of the contract then being made, and directed the parties to, and was the basis of, their agreement as to the price to be paid or credited to the respondent. He made reference to the words used by Scott LJ in Couchman v Hill[5] and stated that, in his opinion, the appellant’s statement was â€Å"an item in [the] description† of what was being sold and that it constituted a substantial ingredient in the identity of the thing sold. Whereas Denning LJ felt that the trial judge was unnecessarily bogged down with the technical legal translation of â€Å"condition† and â€Å"warranty†, Morris LJ stressed that he saw no need to depart from the original verdict because he could not see that the trial judge in any way misdirected himself or misapplied any principle of law. Bibliography Cases Consulted Oscar Chess Ltd v Williams [1957] 1 ALL ER 325 (CA); Dick Bentley Productions and Another v Harold Smith (Motors) Ltd [1965] 2 All ER 65 (CA); Couchman v Hill [1947] 1 All ER 103 (KB); Heilbut, Symons Co v Buckleton [1913] AC 30 (HL); Routledge v McKay [1954] 1 All ER 855 (CA). Legislation Consulted Sale of Goods Act 1893 (22 Halsbury’s Statutes (2nd Edition) 991). Text Consulted Poole, J. – Textbook on Contract Law (6th Edition), Blackstone Press (2001), pp155-6; Poole, J. – Casebook on Contract (4th Edition), Blackstone Press (1999), pp249 and 252-4. 1 Footnotes [1] Under section 11 of the Sale of Goods Act 1893 (22 Halsbury’s Statutes (2nd Edition) 991), the plaintiffs would have been entitled to treat such a condition as a contractual warranty, breach of which would give rise to an action for damages. [2] Heilbut, Symons Co v Buckleton [1913] AC 30 (HL). [3] [1954] 1 All ER 855 (CA). [4] [1965] 2 All ER 65 (CA). [5] [1947] 1 All ER 103 (KB).

Essay example --

Oscar E. Aguado AMULAC ID# 2166 Western Civilization II DS Prof. Baxa July 30, 2013 Bismarck: Genius or lucky Bismarck was one of the most dominant and significant statesmen of the nineteenth century. A political intellect who achieved the apparently impossible undertaking of unifying Germany without a political party to support him, despite an unsympathetic parliament and with no direct control over any army. His—Bismark— only arsenals were the utter force of his personality and his crafty ability to influence Emperor Wilhelm I. Jonathan Steinberg’s biography takes a new look at this witty, slightly hysterical despot using the diaries and letters of his friends, colleagues and enemies and he paints a portrait of a man full of contradictions. He had grand political visions that were created with subtle strategies of political genius but his pettiness and vindictiveness were never far behind. Bismarck adored conflict and he had a palate for being offensive. His â€Å"slap in the face† method to political manipulation was a tactic in itself that led him more often that not to get his own way. In the modern era minds, Bismarck is clasped together with a mix of Churchill and Pinochet. He was anything but consistent though. His conception of Realpolitik meant that anything that allowed him to get his own way was acceptable: whether or not that meant joining an Evangelical Christian sect as he did as a young man giving him a start in politics or cosying up to the Liberal party when it served his purpose. He even went so far as turn the Prussian political landscape upside-down by adopting full male suffrage much to the chagrin of his fellow conservatives. The Austrian Foreign Minister Baron Rechberg summed up Bismarck’s protean nature, when h... ...ck, through hard work and determination. He spent his life fighting liberalism and found natural allies in Russia and Austria, with their authoritarian and anti-democratic traditions but he was fighting a losing battle. The reactionary absolutism that he championed had had its day by the time he left the political stage. The great man acted as a bulwark against liberal and democratic principles while he could but when Bismarck was brushed aside, those principles flooded the political arena. So where did Bismarck’s genius lie exactly? He was the father of â€Å"Realpolitik† which meant â€Å"constantly shuffling sets of alternatives and playing off one against the other.† His real genius lay in his guile, cunning and sense of political timing – but above all in his willingness to take risks and be shockingly aggressive. Never has the force of personality alone achieved so much

Key Events in the Civil Rights Movement Essay -- Civil Rights Equality

The Civil Rights Movement started with The Montgomery Bus Boycott. The Boycott officially started on December 1, 1955. Rosa Parks was an Educated women and she attended the laboratory school at Alabama State College. Even with that kind of education she decided to become a seamstress because of the fact that she could not find a job to suit her skills. Rosa Parks was arrested December 1955. Rosa Parks Entered a bus with three other blacks and sat on the fifth row. The fifth row was the first row the black could occupy. After a few stops later the rows in front of them where filled with whites. According to the law at the time blacks and whites could not occupy the same row. There had been one white man left with out a seat. The bus driver had told the four to move so the white man had a place to sit. The other three that was with Rosa Parks had moved. Rosa Parks however did not. She refused and was arrested. E.D. Nixon post bond for Rosa Parks. He told her that with her permission they could break segregation from buses with her case. Jo Ann Robinson made flyers and distributed them with her students. The flyers urged people to stay off the buses on Monday the day Rosa Parks case was due. Martin Luther King, Jr. a minister thought that if they could 60 percent of the blacks to stay off the buses the boycott would be a success. Martin Luther King Jr. thought he saw a miracle when he saw bus after bus pass his house with no blacks in them. That night they had called a meeting him and other ministers and blacks of the community which they called there self (MIA) Montgomery Improvement Association. They elected King the president of the group. They had a decision to make whether or not to continue with boycott or not. Then E.D. Nixon rose to speak: ?What's the matter with you people? Here you have been living off the sweat of these washerwomen all these years and you have never done anything for them. Now you have a chance to pay them back, and you're too damn scared to stand on your feet and be counted! The time has come when you men is going to have to learn to be grown men or scared boys.? The MIA had then decided to let the people vote on whether or not to let the boycott continue or not. They held a mass meeting and it was obvious to see that they decided to continue with the boycott. When the boycott began no one had expected for it to ... ...a return to Montgomery, where the civil rights movement had started ten years earlier with the Montgomery Bus Boycott. A few months later, blacks had reason to rejoice again. It was truly a day for celebration. On August 6, 1965, President Johnson signed the Voting Rights Act into law. By 1969, 61% of voting-age blacks in America were registered to vote, compared to 23% in 1964. The Selma to Montgomery march clearly showed both how far American blacks had come and how far they still had to go. Ten years ago blacks could barley do anything and now they are equally treated how they are suppose to be. During the movement mainly great people died. The sacrifices they made help make America what it is today. The movement was from 1955-1965, those years where some of the hardest years for America. We overcome our differences and now everyone is equal. This report was based on The Civil Rights Movement. Websites http://www.mecca.org/~crights/cyber.html http://www.cr.nps.gov/nr/travel/civilrights/ http://www.infoplease.com/spot/civilrightstimeline1.html Books Voices of Freedom: An Oral History of the Civil Rights Movement The Origins of the Civil Rights Movement

Management and Union Relationships in an Organization

In today’s business environment, the relationship between management and union can play a vital role in the success of an organization. My research of the roles of unions and management will enable me to present concrete information of how these two entities perform in an organization. The Role of Management in an Organization â€Å"Management is the process of working with people and resources to accomplish organizational goals† (Bateman & Snell, 2007). In an organization, management has the responsibility of performing four major functions.These functions consist of planning, organizing, leading, and controlling. According to (Carter McNamara, n. d. ), â€Å"As planners, management identifies goals, objectives, methods, resources needed to carry out methods, as well as, responsibilities and dates for completion of tasks. As organizers, management organizes resources needed to achieve the goals in an optimum fashion. Examples are organizing new departments, human reso urces, office and file systems, re-organizing businesses, etc.As leaders? management set direction for the organization, groups and individuals and influence people to follow that direction. Examples are establishing strategic direction (vision, values, mission and / or goals) and championing methods of organizational performance management to pursue that direction, and as controllers, management coordinates the organization's systems, processes and structures to reach effectively and efficiently reach goals and objectives.This includes ongoing collection of feedback, and monitoring and adjustment of systems, processes and structures accordingly. Examples include use of financial controls, policies and procedures, performance management processes, measures to avoid risks etc† (Free Management Library, n. d. ). The Role of Unions in an Organization Unions are associations that represent the collective interests of their employee-members in bargaining and negotiating with organi zations. Trade unions generally seek to obtain higher wages, reduced working hours, and improved working conditions for employees.The also seek to improve workplace safety and obtain increased benefits, such as health insurance, pensions, and disability insurance, for employees. Unions work to protect the employment security of their members by negotiating the implementation of seniority rules and to eliminate â€Å"at-will† employment contracts which has subjected non-union employees to dismissal without cause. Although trade unions did not obtain legal recognition until the 1930s, laborers began organizing to bargain collectively with employers long before obtaining such recognition (Encyclopedia. om, 2011). Unions also help the organization by supporting the productivity of the workers. According to (OrganizationLabor. com, 2008), â€Å"They help in organizing training workshops so as to enhance their workers’ skills at the workplace. Also, they hold forums to sens itize workers on changes going on in the market as well as educate them on pertinent matters that would benefit them in general.Further support, which may differ, may be given at personal levels. A member might get legal representation in case of litigation where an employer is involved. Unions when conflict arises between employees and employers conduct meetings and hold talks with relevant policy and decision makers. This ensures quality talks from both sides and decisions of resolve that benefit the employer as well as employee. The Management and Union Relationship In today’s business environment, labor and management relations have been put on hold while organizational changes and transformations take place. There are some who believe that labor-management relations are a relic of an era when rising standards of living and stable markets seemed to be predictable.According to the text (Creative union-management relations, 1995), â€Å"Discounting the importance of labor- management relations is an extraordinary misunderstanding of the power and possibility of labor and management to catalyze organizational and human change. A union-management relation is not about playing out a Noh dance of ritualized motions or technical legalisms–it is an intensely human connection that affects the lives of managers and unionists alike. And as a very human connection, it arries with it the seeds of creativity and innovation† (Cohen-Rosenthal & Alfandre, 1995). During the 1950’s labor contracts renewed every three years. Each contract term was seen as progress to a better way of life. Unions and management who still believe in this idea are losing benefits accumulated over time. The predictable foundations of those benefits and collective bargaining seem to not work in this day and time. Collective bargaining has produced innovations and progress within organizations.According to (Cohen-Rosenthal ; Alfandre, 1995), â€Å"Numerous advances, such as new forms of employee participation in the workplace were first introduced at the bargaining table: New benefit packages, new types of working hours, new investment funds, new learning arrangements, and family friendly policies, etc. † When developing a labor-management partnership, one must understand and honor the significant differences between the traditional union and management workplace cultures. Both sides will have their own assumptions, values, and way of doing business.If the differences are not properly managed, they could get in the way of the partnership. According to (M. Scott Mulinski, 1998), â€Å"What looks easy for management to accomplish maybe difficult for the union. When a labor-management team comes up with a solution to a problem, management's normal reaction is to immediately implement it because it makes sense and affects the operation's bottom line. However, the union may be wary of implementing the proposal before it has been thoroughly discus sed at the union meeting(s) and the membership supports the concept.Management's insistence to act immediately may cause the union to back off or implement without support from its membership. Failure to recognize the union's â€Å"way of doing business† places unnecessary strain on the relationship and can result in a breakdown of the trust level between the parties, and possibly create political problems for the union leadership (which could spell an end to the entire partnership). † A labor-management partnership is built upon the philosophy of teamwork, cultural change, trust, free flow of information, removal of organizational barriers, and development of a high-performance workplace.There should be no venture into a work area that does not accept the partnership philosophy or whose agenda is different from those set by the labor-management partnership. This partnership can run into problems if demands exceed resources. A level of trust must be gained within the pa rtnership. If trust issues are addressed, effective, honest communication will develop alleviating fears of retaliation for speaking out. This also produces a higher level of respect and less conflict. An effective labor-management relationship will increase the availability of appropriate training and skill development programs. According to (M.Scott Milinski, 1998), â€Å"in Fort Lauderdale, Fla. a labor-management committee was established to address staffing and overtime problems in the city's 911 Telecommunications Center. The committee decided that it needed to better understand how the city's pay system operated before it could address staffing issues. At that point the committee received training on the city's budget and classification plan. Now the committee was prepared to design a new classification, conduct a professional pay study, recommend the appropriate pay range for the new classification, and estimate cost savings through reduced overtime† (Milinski, 1998). Although conflicts will remain, there must continue to be acknowledgements of changing roles and control issues. Management within unionized organizations have always been told to enforce contractual rules and their rights to make decisions, however in a labor-management partnership management roles must change from controller to team member. The key to a successful labor-management partnership lies in the fact that, â€Å"although everyone's role changes, the supervisor and middle manager must adjust more than anyone else. The supervisor's primary role is changed from controller to coach.Middle managers need to understand that their responsibility to the new partnership is to support the effort by helping remove organizational barriers to performance. Middle managers, like many others, must see the employees and supervisors as primary customers† (Milinski, 1998). Organization and Union Strategies for a Conducive, Working Relationship Organization Strategies/Actions: 1. Behav e in ways that demonstrate their respect for the institution of organized labor and their respect for the legitimate role union leaders play within both the union and management organizations. 2. Show concern for the issues that are important to the union.For example, the source of power and income for unions is its membership. 3. Stop seeing the contract as the union's contract. 4. Maintain communication about all business issues Union Strategies/Actions: 1. Publicly acknowledge the importance of effective management. 2. Accept and help their members understand that companies employee people in order to get specific work done in order for the company to success and that employment is not an entitlement and that businesses are not social welfare organizations. 3. Convince the union membership of the need for change and the need for cooperation.The commitment of management and unions to implementing the above strategies will enable the development of an effective partnership. Conclus ion My review of the roles of management and unions has assisted me in concluding that management and unions can form an effective partnership. In a unionized organization, management’s role is to secure resources needed to ensure that the organization reaches its goal. This includes the hiring of a qualified labor force. The role of a union is to ensure that the organization provide its labor force with appropriate wages, benefits, safe work environment, accessible training, and skills development. If management and unions would be more respectful of their roles and positions in helping an organization to maintain success, a lasting relationship can be developed which will benefit all involved.ReferencesBateman, T. S. , ; Snell, S. A. (2007). Management: Leading and collaborating in a competitive world. McGraw-Hill Cohen-Rosenthal, Edward, ; Alfandre, Catherine. (1995). Creative union-management relations. The Journal for Quality and Participation, 18(3), 16. Retrieved March 20, 2011, from ABI/INFORM Global. (Document ID: 6682141). Encyclopedia. com. (2011). Trade Unions.Retrieved on March 14, 2011 from http://www. encyclopedia. com/topic/Trade_Unions. aspx M Scott Milinski. (1998). Obstacles to sustaining a labor-management partnership: A management perspective. Public Personnel Management, 27(1), 11-21. Retrieved March 20, 2011, from ABI/INFORM Global. (Document ID: 28486826). McNamara, C. (n. d. ). Free Management Library: All About Management. Retrieve on March 14, 2011 from http://www. managementhelp. org/mgmnt/skills. htm#anchor165831. OrganizationLabor. com. (2008). Trade Unions. Retrieved on March 15, 2011 from http://www. organizationlabor. com/

Money: Bank and Funds

â€Å"Money† is a fascinating object. The process of creating money and using money has always generated enthusiasm amongst mankind for over thousands of years. The main reasons for such enthusiasm are built around the dynamics of the above process. Even more fascinating is the fact, that this process is perhaps the only subject that is foxing both the pundits and the commoners alike. Such being the importance of money, any narration regarding the process shall always provide enough excitement. Keeping this in view, the role and importance of financial intermediaries is being featured for the benefit of readers. A glimpse of this coverage is provided in the following pages to lead them to a wider canvas. Financial Intermediaries Financial intermediaries play a vital role in building economies. World over, in different economies it is typical to find that the sources of funds and the uses of funds are not one and the same. This process is also so complexly structured that while individual contributions comprise the major source of funds to the market, the utilization of funds is done by different sectors in the economy. Capital formation comprising of Savings and Investment holds the key to this process. In this causal sequence, Savings play the role of the initiator. The ability of an economy to generate savings depends on the combined abilities of the general public and the government. It is here that the financial system comes into play by converting the savings into productive results. Significance of Financial Intermediation The savings process is facilitated by the financial Intermediaries. In simple terms, financial intermediaries perform the function of facilitating supply of funds to the user of funds, by obtaining the same from the depositors or savers of funds. The term ‘financial intermediaries’ includes different institutions like Banks, Insurance companies, Investment companies, Developmental Financial Institutions, Non-banking Finance Companies, Mutual funds, Pension funds etc. While the role of above institutions is singular with respect to financial intermediation, the functions that are performed by each one of them are different. In a nutshell, these types of intermediation revolve around liquidity position of funds, risks in loans, and pooling of risks to take advantage of economies of scale. To sum up, the function of financial intermediation has arisen out of the need on the part of savers to reach the investors and the inability of investors to find savers. Developed economic systems may not require the need of full-fledged financial intermediaries, unlike the developing systems. This is due to the fact that the gap between the saver and the investor is absolutely minimal. This is referred to as â€Å"financial disintermediation†. The process of financial disintermediation is best achieved by reducing the cost of funds thereby facilitating direct capital formation, which spurs economic growth. The greatest advantage in this process is the fact that it reduces the time gap between saving of money and utilization. The process of financial intermediation is always fraught with risks. Risks both for the givers of funds and the takers of funds, besides the risks for financial intermediaries themselves. The risk factor arises in the first place out of the need for the availability of information and in the second place the need for players to be aware of the available information. Consequently, the need for regulations and the role for a regulator are felt. Financial Intermediation in Indian context In India, without exception, a single type of intermediary does not perform the task of financial intermediation. Different types of financial intermediaries exist and their functions are discussed below. Banks: Banks comprise the oldest form of financial intermediaries in India. The Indian financial scene is dotted with a number of banking institutions. All these banks are segregated into various categories. This segregation has been done on the basis of their incorporation and the businesses performed by them. Consequently, we have various kinds of banking institutions. These are: i. Commercial banks, ii. Regional Rural Banks, iii. Local Area Banks, iv. Co-operative banks. The above classification suggests that banks have been divided under various types depending on the need to achieve the different economic objectives. While making the above classification, geographical factors, need for sectoral deployment of funds involving allocation of funds for Agriculture, Industry, and Service sector etc. have been taken into consideration. However, gradually, the needs of industrial sector have become so huge and complex that separate institutions have been set up for farming the industrial sector. Development Financial Institutions (DFIs): Deployment of funds in the Industrial sector is a major challenge. Industry’s requirements vary depending upon their short-term and long-term needs. The activities of short-term lending and long-term lending are separate and specialized functions. After understanding this finer aspect, the Government of India took initiative to set up specialized institutions for this purpose. For this reason, we find that most of the DFIs – such as the Industrial Development Bank of India (IDBI), are statutorily formed. These institutions provide finances for most of the greenfield projects in the Indian economy and have made a significant contribution by way of financing long –term projects. It is significant to note here that DFIs have been influenced by the changes in the Indian banking scenario to such an extent that these institutions are conlemplating to become universal banks. Insurance Companies: The path of reformation in the Banking industry has also caught up with the other intermediaries as well. In this respect, Insurance industry is witnessing path-breaking changes. In fact, in many countries Insurance companies perform a leading role as financial intermediaries. In India, Life Insurance Corporation of India (LIC) continues to play a very vital role in mobilizing savings and delivering Insurance, though the industry is experiencing the competition from players both Indian and Foreign. With the entry of banks into the arena of insurance business it is interesting to find the beneficial impact of convergence of banking and insurance business. Non-Banking Finance Companies (NBFC): The process of Intermediation virtually begins at home, with the household sector. This sector is the basic source of funds for the intermediaries. Such being the important role of the households, NBFCs as independent institutions, have come into existence to meet their financial requirements. The services offered by the NBFCs cater to the whole gamut of needs of the household sector in particular and savers in general. * Emerging Disintermediation in India** With a rapid growth in the intermediation process, the need for financial disintermediation at some stage cannot be overlooked. Realizing fully well that developed systems find lesser need for financial intermediation, in the Indian context the policy reforms aimed at encouraging free market institutions have been moving the financial markets towards disintermediation. The onset of the process of economic liberalization in 1991 has brought about a sea change in the financial markets. The abolition of the office of Controller of Capital Issues (CCI) and the establishment of Securities and Exchange Board of India (SEBI) in 1992 was done essentially with a view to giving an impetus to the capital markets. The market happenings in 1992-94, did strike a hard blow to this mechanism. During the past three years the process of consolidation has begun. Though a reduction in the number of IPOs does suggest to a slackening of the Capital markets, there is also a brighter side of investors becoming more suave. Sources of Funds A discussion on financial intermediaries has to begin with the ‘raw material’ for this activity, i. e. funds. Financial intermediaries are required to raise funds in order to fulfill the needs of both fund-based and non fund-based activities. Considering the various sources and choices available, the financial intermediary considers the following variables in deciding about the ways and means of raising funds. These are: Maturity, Cost of funds, Tax implications, Regulatory framework and Market conditions. Maturity is vital since the intermediary has to plan for the repayment of debt. Since investors look for returns as against the intermediary looking for good spread and income, Cost of funds turns out to be crucial. Tax treatment on returns on some of the instruments could be different – with certain exemptions Thus, Tax implications are useful for tax planning for both the intermediary and the saver. The instruments have to fulfill a plethora of rules and regulations which require the knowledge of Regulatory framework. For designing a particular type of instrument knowledge of Market conditions is essential. Different Sources of Funds In addition to providing low-cost funds, the shareholder route is a popular and easy way for the common public to become ‘owners’ of companies. As the name suggests, the money belongs to the shareholders. Financial institutions have been innovating different methods for raising money from the prospective shareholders. ‘Reserves’ is another source of funds. Incidentally, it is to be known that some of the Reserves are created statutorily. Borrowing by a company is another source of funds for the company, which are repayable with interest. Unlike equity, the funds raised by way of loans are to be repaid. ** **Sources of Funds unique to a Bank The previous classification of sources of funds does not fully explain the avenues for Banks. By virtue of being one of the earliest financial intermediaries, and possibly the most prudent as well, banks have a privileged access to a few more instruments. Considering the fact that different types of financial intermediaries have accessibility to varied types of funds at different rates of interest, it has become necessary for the RBI to lay down norms in this regard. Financial Intermediaries look towards liquidity in the market for enhancing their scope of operations. However, liquidity is a double-edged knife. Excess liquidity or lack of liquidity affects the financial system resulting in either a reduction or an increase in the rate of interest. The cyclical effect is felt by the economy. For controlling liquidity levels in the economy, RBI exercises control through the mechanisms of CRR and SLR. CRR is the reserve to be maintained by banks with the RBI. SLR is the reserve that is maintained by banks for investment in cash, gold or unencumbered approved securities. Deposits The customers’ confidence level reflects the strength of a bank. There is no better way of reflecting the same by any other indicator than Deposits. In the wake of globalization, the avenues for banks for raising funds in the capital market have increased, both in the national and international markets. In terms of value to the Banking system, banks that have a greater deposit base have more value than the banks with a poor deposit base. Banks accept deposits in different ways. Such acceptance could be different in terms of the period, amount, rate of interest and the type of depositor. All the deposit accounts could be classified under Transaction accounts and Non-transaction accounts. The types of accounts that a customer – individually, jointly or corporate can have, are varied. Having said that Deposits are an important source of funds for the banks, a banker is wary about the types of deposits. A term deposit is a dependable source, but the cost is higher than Demand deposits that are low cost funds for the banks. Consequently, the composition of deposits has a direct impact on the profitability of the bank. Application of Funds The real challenge for the financial intermediaries begins at the very end of the first stage i. e. after mobilization of deposits. The meter virtually starts ticking from that time onwards since the deposits are to be repaid by the bank to the customer after a certain period with interest. In order to honor this commitment, financial intermediaries use their funds in different ways. Broadly, the purposes under which they are used can be classified under: i. loans and advances, ii. investments, iii. fixed assets. Loans â€Å"Loan† is a distinct activity wherein funds are taken from the saver and given to the investor. By nationalizing major banks in 1969 and 1980 Government of India sought to direct the utilization of bank funds for socially disired, objectives reflected in priority sector lending. Priority sector lending includes Agriculture and Small Scale Industry as focus areas that would promote equitable development of regions and promote employment avenues. Loans can be classified as secured loans and unsecured loans based on the availability of security or otherwise. Investments The best way to earn attractive return on money is by following an Investment strategy. Since banks have to service their borrowings and deposits at a reasonably good rate and put the funds into more profitable use, Investments in securities offer an option, though in many instances, this is a statutory requirement. There are three main reasons for the Banks to invest in government securities. These are: (i) in case need arises; government securities meet the liquidity requirements of a bank; (ii) it forms a second line of security, for emergency borrowing from RBI, and (iii) for meeting statutory SLR requirements, aimed at protecting the interests of depositor. Banks are also selectively restricted from investing in equity shares. Investments are made in equity shares either through primary issue or by secondary market. Investment initiatives in equity by banks are expected to boost a sagging capital market. Apart from the primary functions of deposit collection and lending, banks also perform treasury operations. The necessity arises out of liquidity compulsions in operations. Banks invest in bonds and debentures as a part of their regular treasury operations and also on behalf of customers. Fixed assets however, constitute a very small amount of investment by banks. The Management of Financial institutions revolves around two basic functions: i. the ability of the intermediary to raise funds, and ii. to deploy them. These two activities determine the sustenance as well as profitability of the intermediaries. Lending Function Apart from the fact that Lending constitutes the major source of income for the bank, the process of lending also depends on the bankers’ appraisal skills. The banks’ funds can be applied in two major areas i. e. investments in securities and credit accommodation. In the process, banks essentially look to balance the ‘spreads’. Apart from the necessity of complying with the regulatory prescriptions, requirement of profitability virtually forces banks to develop an organized credit deployment mechanism. The credit policy of banks is determined by the demand and supply of loanable funds of banks. Firstly, on the demand side of the economy there are the consumers of goods and services. Secondly, the need for credit comes from the corporate sector in the manufacturing, trading and services sectors. Credit management is a specialized area. This is due to the fact that there are different types of credit, and each type of credit is characterized by certain unique factors. Loan is a broad term used to explain the different types of credit facilities – short/medium term extended in the credit market. The selection of the type of loan by a borrower depends on three factors namely, need for credit, cost factor, and cash flow requirements. Since a loan has a demand side and supply side as well, loans can be classified accordingly. Demand side loans will be individual loans while Supply side loans can be classified as commercial loans. As in the case of a borrower, for the bank, providing the loans depends on three factors, namely the nature of credit, the type of security and the purpose of loan. Based on these parameters, further classification of the banks’ advances is done. Loans are also further classified under secured and unsecured loans. Banks have been providing advances to different sectors of the economy and at the same time providing loans to the needy sectors. The sectoral classification of bank loans is made as under: i. priority sector, ii. public sector, iii. banking sector, and iv. others. Loan Appraisal and Disbursal Preliminary appraisal involves an analysis of the market, technology, financial, and managerial skills of borrowing. Once the bank decides to finance, other critical issues are the decisions relating to the mode of financing. Finance is given for land, site development, building, plant and machinery and also for working capital. Banks arrive at the amount of Maximum Permissible Bank Finance (MPBF) through various appraisal methods. **Non-fund Based Services* Non-fund based Services Non-fund based advances in the form of: Letters of Credit and Guarantees offer a very attractive proposition to the banker. Since funds disbursement arises only on default or the happening or non-happening of an event, bank holds only contingent liability. Payments and clearing operations Clearing and remittences constitute important services under ancillary services. The major role of a bank involves mobilizing savings and channelizing them into investments. Complementing these activities are ancillary services of the banks which facilitate the entire payment and settlement system of financial transactions