Individual application paper Essay Example | Topics and Well Written Essays - 1250 words - 1

Individual application paper - Essay Example Which managerial ethics does he possess? On the other hand, I am the one with the problem. Alternatively, am I a perfectionist? All these questions do arise especially after Erick was elevated to that position of the general manager. Am not jealous of him but I think his actions are biased and unprofessional. This is because he usually hires his friends to work in the cafà ©, some of whom are not qualified. Furthermore, he no longer observes the training policies set down for the organization. Long before his appointment, we used to follow and respect the training policies of the organization. I think generally I don’t like Erick the manager. I do not know whether my dislike for Erick will create a negative attitude toward him or am just being biased. His style of management does not conform to the normal style of management which has been in existence since I joined Franklin group of companies. I do not welcome his tendency of hiring his friend to work in the restaurant because some are incompetent like Colleen. Take a scenario of an episode, which occurred last Saturday night, and you will agree with me. The policies of the restaurant stipulate that an employee cannot leave the cafà © at the end of the working period before being released by the manager. However, on the material Saturday, Colleen, one of the friends of Erick, the general manager, who was working in the restaurant as a waiter was to go home at 11.30 pm but was not yet released by the manager and she was still lingering in the dining room. Common sense dictates that as a worker in the restaurant and not yet released, you are entitled to work until the time the manager will officially release you. However, that was not the case with Colleen. To her, upon clocking 11.30 pm, she knew she was officially off. This clearly portrays how the training policies of the restaurants are no longer applied and the manager is not concerned even a little. Her behavior made me dislike her so much because

French Revolution Essay Example for Free

French Revolution Essay Modernity by itself is a very abstract concept which can be associated with all new experiences in history. It is largely temporal because what is modern today is the old or obsolete tomorrow. Modernity is said to be a logic of negation because it tends to give importance to the present over the past, and at the same time also frowns over the present with respect to the future. From a purely historical perspective however, the society which evolved in Europe after the French Revolution of 1789 can be termed as modern in so much so that there is a marked difference or break in the way of thinking, living and enterprise between the societies after and before the French Revolution. The evolution of the modern society was not a process that happened overnight. The roots of the modern society and its gradual evolution can be traced back to the beginning of the eighteenth century. In fact the period from that point in history to the French Revolution is termed as the period of intellectual Enlightenment when there was a radical change in philosophy, science, politics, arts and culture. It was on these new forms of knowledge that the foundation of the modern society or modernity was based. Defining the Traditional Many scholars have tried to analyze the basic or instinctive nature of human beings in attempts to track back how modernity could have affected the core individual. In his book Leviathan, Hobbes deduced that in an environment uninfluenced by artificial systems or in a ‘state of nature’ human beings would be war like and violent, and their lives would consequently be solitary, poor, brutish and short. Rousseau however contradicts Hobbes. He claims that humans are essentially benevolent by nature. He believed in the ‘noble savage’ or the concept that devoid of civilization human beings are essentially peaceful and egalitarian and live in harmony with the environment – an idea associated with Romanticism. Human beings have however lived in communities and formed societies since the very early ages. In what is now known as the ancient world or the world of classical pagan antiquity typical of the societies of Greece and Rome, the concept of the ‘new’ or ‘change’ was absent. Time, like the seasons, was supposed to move in cyclical order, repeating itself with regularity cycle after cycle with nothing new or changed to break away from the established order. The people were steeped in more superstitious and religious beliefs which ruled almost every aspect of their lives. Christianity brought about changes in the belief systems of the ancient world. Christianity postulated that time was linear, that it began from the birth of Jesus Christ and would end with the apocalypse and the second coming of Jesus. This was a linear concept of time that moved in a straight line and not in a cycle that kept coming back to the same point. The Foundations of Modernity It was during the Enlightenment period that the Christian concepts of time and history were secularized to give way to the modern approach to change and progress. There were many other basic changes during the Enlightenment. The key ideas which formed the basis of the enlightenment period were autonomy and emancipation, progress and the improvement of history and universalism. The development of scientific knowledge gave rise to religious skepticism. People were no longer willing to submit blindly to the dictates of ordained religion. In other words they attained emancipation from the shackles of religion that had governed almost all aspects of their lives. This emancipation led to autonomy of the individual. Individuals began to decide for themselves instead submitting to an external authority such as religion. The people now decided by themselves what kind of authority, rules and regulation would be good for them, and such authority must be natural and not supernatural. Enlightenment encouraged criticism. Enlightenment thinkers did not hold anything sacred and freely criticized, questioned, examined and challenged all dogmas and institutions in their search for betterment or progress. Thinkers such as Voltaire defended reason and rationalism against institutionalized superstition and tyranny. The belief that there could and should be a change for the better came to be a prominent characteristic of modernity. The critical attitude of enlightenment thinker to contemporary social and political institutions paved the way for scientific studies of political and social studies and subsequent evolution of better forms of such institutions. The scientific revolution during the period, culminating in the work of Isaac Newton, presented a very practical and objective view of the natural world to people at large, and science came to be regarded very highly. Scientific inquiry was gradually extended to cover new social, political and cultural areas. Such studies were oriented around the cause-and-effect approach of naturalism. Control of prejudice was also deemed to be essential to make them value free. Enlightenment thinking emphasized the importance of reason and rationality in organization and development of knowledge. The gradual development of the scientific temperament with a paradigm change from the qualitative to the quantitative is also very evident in Europe of the time. People came to believe that they could better their own lot through a more scientific and rational approach to everything. The concept of universalism which advocated that reason and science were applicable to all fields of study and that science laws, in particular, were universal, also grew roots during the period. People began to believe in change, development and progress – all basic tenets of modernity as we know it today. Autonomy to decide for their own good, gave the people the right to choose the form of authority that could lead them as a society or community towards a better future and progress. This opened the doors to the emergence of states with separate and legally defined spheres of jurisdiction. Thus we find that modernity represents a transformation – philosophical, scientific, social, political and cultural – at a definite time in history at a definite spatial location. This transformation also represents a continuum up to the present in so much so that its basic principles are inherent in the societies and nations of today. The period of enlightenment can be seen as one of transition from the ‘traditional’ to the ‘modern’ forms of society, from an age of blind beliefs to a new age of reason and rational. Different Perspectives on development of Modernity Different political and philosophical thinkers have however developed different, and sometimes contradicting, theories of the development of modernity. Friedrich Hegel and Karl Marx are two of the leading thinkers whose theories run counter to each other. For Hegel, the development of modernity was a dialectical process which was governed by the increasing self-consciousness of what he termed as the collective human ‘mind’ or ‘spirit’. According to Hegel, the dialectic process of development of the mind comprised three stages, with two initially contradicting positions synthesizing into a third reconciled position. Human beings live what Hegel called an ‘Ethical Life’ or in a social environment shaped by customs and traditions. This ethical life has three stages: the first is the family, which is dissolved in due course, the second is the ‘civil society’ that a person builds up as a result of his social interactions beyond the family and greater relations, and finally the third stage of the ‘state’ which Hegel defines as the highest form of social reason. For Hegel therefore, the formation of the modern state is the mark of modernity when human beings achieve the ultimate stage of social existence. Hegel believed as individuals or families, human beings are too selfish and self-centered co-exist in harmony and work for development. It is the state that is able to integrate the contradictions of different individuals, and not market forces. Since the state by itself is composed of political institutions, Hegel’s theory equates the development of the modern state or modern political institutions with modernity. Marx took a completely opposing view, when he asserted that material forces drive history. For him the state by itself is not an ideal entity for the integration of human beings into a cohesive whole for their development as a nation or a society. According to him it is the material forces comprising social and economic forces that drive history towards modernity. People engage in production for their means of subsistence, they bind together and form states for the sake of production. Different forms of productions create different class relations. It is to maximize production and gain the maximum benefits and advantages that people bond together in different classes in the form of the modern state. The different ways in which production is organized give rise to complex forms of social organization because a particular mode of production is an entire way of life for the people who are involved in it. For Marx social existence is not consciously determined by human beings, rather, it is the other way round: their social existence determines their consciousness. When there are contradictions between productive forces and the social relationships of production, class conflict arises. For Marx, therefore, modernity is defined by the state of social existence. Marx acknowledges that ‘capitalism has been the most productive mode of production, and it contains the most potential for the realization of human freedom’. This very dynamic characteristic of capitalism is born out of its destructiveness for all traditional social constraints such as religion, nation, family, sex, etc. But it is the same destructiveness and creativeness that creates the experience of modernity in Capitalism. This vital association between capitalism and modernity from none less that Marx himself establishes that the capitalism that evolved after the period of enlightenment in Europe has been acknowledged as the modern era of the period of modernity by Marx. Marx however states that capitalism is exploitative, and because it is exploitative, its full potential cannot be harnessed for the benefit of all. He therefore advocates communism which is a system of planned and conscious production by men and women of their won free will. This brings us to the question whether humanity has already passed through a stage of history that has been termed as modernity, and has moved on to the postmodern era (Mitchell, 2009). Another important point is regarding the placing of modernity. Modernity is understood to be a process that began and ended in Europe, and was later exported to other parts of the world. Thinkers like Marx tend to differ. He saw Capitalism emerge as a ‘rosy dawn’ not in England or the Netherlands but in the production trade and finance of the colonial system (Marx, 1967). Therefore, though the concept of modernity can be defined in various ways, it definitely refers to the process of evolution of the human mind and the society to a point where people were able to come together for their own advantage and benefit and work for unceasing development under a collectively formalized authority such as the nation state. It can also be state with a certain degree of assertiveness that the period from the beginning of the Eighteenth Century to the French Revolution in 1789 actually marked the period of active development of modernity in Europe. The concepts that were nurtured during the period bore fruit immediately afterwards in Europe and the West and later spread to the rest of the world. The world has continued since on very much the same basic principles but with far more advanced technologies and superior social, economic and political approaches. Influence of Modernity on Literature Modernity had a profound influence on literature. As people began to think differently, they also began to write differently. The modernist ideas of religious emancipation, autonomy, reliance on reason, rationality and science, and on development and progress began to find expression in the literature that developed even during the period of enlightenment and thereafter. This new form of literature came to be known as the Modernist Literature. Modernist literature tended to vent expression to the tendencies of modernity. Modernist literature, as also modernist art, took up cudgels against the old system of blind beliefs. Centering around the idea of individualism or the individual mind, modernist literature displayed mistrust of established institutions such as conventional forms of autocratic government and religion. It also tended not to believe in any absolute truths. Simmel (1903) gives an overview of the thematic concerns of Modernist Literature when he states that, â€Å"The deepest problems of modern life derive from the claim of the individual to preserve the autonomy and individuality of his existence in the face of overwhelming social forces, of historical heritage, of external culture, and of the technique of life. † Examples from two Greats A few examples of Modernist literature will serve to make its characteristics more clear. Rene Descartes (1596 – 1650) is considered to be one of the early enlightenment thinkers whose literary works opened the avenues to the modern era. Known as the founder of modern philosophy and the father of modern mathematics, Descartes was a French philosopher, mathematician and scientist whose influence has served to shape the beginnings of Modernist literature. In his famous work, The Discourse on Method, he presents the equally famous quotation ‘cogito ergo sum’ or ‘I think, therefore I am’, which about sums up the very principle of the basis of the modern era. â€Å"I observed that, whilst I thus wished to think that all was false, it was absolutely necessary that I, who thus thought, should be somewhat; and as I observed that this truth, I think, therefore I am (COGITO ERGO SUM), was so certain and of such evidence that no ground of doubt, however extravagant, could be alleged by the sceptics capable of shaking it, I concluded that I might, without scruple, accept it as the first principle of the philosophy of which I was in search† (Descartes, 1637). In this work, Descartes drew on ancients such as Sextus Emiricus to revive the idea of skepticism, and reached a truth that he found to be undeniable. â€Å"Descartes started his line of reasoning by doubting everything, so as to assess the world from a fresh perspective, clear of any preconceived notions. In other words, he rejected man’s reliance on God’s revealed word, placing his own intellect on a higher plain† (McCarter, 2006). David Hume (1711 – 1776) was a philosopher, economist and historian from Scotland, and was considered a notable personality both in western philosophy and of the Scottish Enlightenment movement. In his works, he had a way of projecting the errors of scepticism and naturalism, thus carving out a way for secular humanism. In his most famous work, ‘An Enquiry concerning Human Understanding’, Hume asserts that all human knowledge is imbibed through our senses. He argues that unless the source from which the impression of a certain entity is conveyed to our senses is identified, that entity cannot exist. The logic would nullify the existence of God, a soul or a self. â€Å"By the term impression, then, I mean all our more lively perceptions, when we hear, or see, or feel, or love, or hate, or desire, or will. And impressions are distinguished from ideas, which are the less lively perceptions, of which we are conscious, when we reflect on any of those sensations or movements above mentioned †¦It seems a proposition, which will not admit of much dispute, that all our ideas are nothing but copies of our impressions, or, in other words, that it is impossible for us to think of anything, which we have not antecedently felt, either by our external or internal senses†¦Ã¢â‚¬  (Dover Philosophical Classics, 2004) In the same work Hume also postulates two kinds of human reasoning – Relation of Ideas and Matters of Fact. The former involves abstract concepts such as of mathematics where deductive faculty is required, and the later is about empirical experiences which are inductive in nature. This postulate has come to be known as Hume’s Fork. Hume, along with his contemporaries of the Scottish Enlightenment, also proposed that the basis for principles of morals is to be sought in the utility that they tend to serve. This shows the questioning nature of modernist literature not only of religious but also of moral and social norms and values. A very visible influence of modernity is therefore seen in the works of Hume. Present-day Modernist Literature If modernity influenced literature, it also used literature to shift from a philosophical and theoretical domain into the practical lives of people. Modernity could infiltrate into the lives of people through literary works that defined and reiterated the legitimate new modes of classification. Old literary forms with traditional meanings attached to them were reworked, allowing readers to modify or contravene the older meanings. â€Å"This opening-up process allowed readers to glean new meanings that modified or contravened the older ones. In the course of these changes, words, forms, and institutions altered their meaning in British life: they, and the practices they comprised, referred differently†¦. modifying ‘reference potential’ in literature fed back into how readers responded to changes in life†¦Ã¢â‚¬  (Rothstein, 2007) In art and literature, many critics view ‘modernism’ as a new trend in the field of art and literature, defined basically by stylistic and structural variations. They would not accept the fact that ‘modernism’, it is basic approach, was the principles of modernity rendered plausible in literature and art. Modernity has always tried to hold up the world in new perspectives. Similarly, modernist literature opens up the world in all its forms – theoretical, philosophical, aesthetical and political – for fresh scrutiny. Even in its present form, modernist literature attempts to break the objective world of the realist. â€Å"Modernist writing †¦ takes the reader into a world of unfamiliarity, a deep introspection, a cognitive thought-provoking experience, skepticism of religion, and openness to culture, technology, and innovation† (Melton, 2010). Modernist literature exhibits a fascination with the workings of the mind, and how reality is reflected by the mind. The questioning of life, with or without the presence of God, is another trademark of the philosophical and theoretical moorings of modernist literature. Charles Darwin’s work challenges God as the Creator and presents the process of natural selection in the survival of life. This led to modernist literature of time travel, of questioning the existence of individuals and the purpose of the universe. Modernism brought about a new openness in the areas of feminism, bisexuality, the family, and the mind. In the world of today, modernist literature still display much of the characteristics of the times in which it first took shape. A very important theme of modernist literature today is a feeling of being alone in the world – a feeling stemming from estrangement or alienation. Characters are often presented as being depressed or angry. A second common trait is that of being in doubt. â€Å"It may be disbelief in religion, in happiness, or simply a lack of purpose and doubt in the value of human life. Finally, a third theme that is prevalent is a search for the truth† (Foster, 2010). Then there is a third theme in which the alienated character is always in the search for truth and seeks answers to a plethora of questions relating to human subjectivity. In all these characteristics are to be found the same questioning nature, the same denouncement of blind beliefs and the same dependence on reason and rationality that the Eighteenth Century enlightenment thinkers had pursued. The character is alienated and estranged because he or she questions all that is deemed not right by his or her own mind; the character questions the beliefs of religion and other institutions which are not based on reasoning; and finally the character seeks answers and the truth. â€Å"Modernist literature encompasses the thematic fingerprints of a rebellious, questioning, disbelieving, meditative, and confident type of form, which was conceived out of a change in the belief of humanity, the mind, a God, and the self brought on by the shift from capitalism to an ever-increasing society of revolutionary changes† (Melton, 2010). References Descartes, R. , 1637, The Discourse on Methods. Dover Philosophical Classics, 2004, David Hume, An Enquiry concerning Human Understanding, Dover Publications Inc. Foster, J. , 2010, Modernism in Literature and History, Available: http://www. helium. com/items/743749-modernism-in-literature-and-history Karl Marx, 1967, Capital: A Critique of Political Economy, 3 vols. , New York: International Publishers, 1:703. McCarter, J. , P. , 2006, Literature of the Modern Era, The Puritans’ Home School Curriculum. Melton, L. , 2010, Modernism in Literature and History, Available: http://www. helium. com/items/809291-modernism-in-literature-and-history Mitchell, T. , 2000, The Stage of Modernity, Available: http://www. ram-wan. net/restrepo/modernidad/the%20stage%20of%20modernity-mitchell. pdf Rothstein, E. , 2007, Gleaning Modernity, Earlier Eighteenth Century Literature and the Modernizing Process, Rosemont Publishing and Printing Corp. , Associated University Presses. Simmel, G. , 1093, The Metropolis and Mental Life.

Law of One Price and Purchasing Power Parity | Analysis

Law of One Price and Purchasing Power Parity | Analysis Introduction The gradual emergence of globalisation in businesses has contributed towards a significant rise in international trade. Consequently, trading across countries has been prominent among businesses in order to seek higher growth opportunities available in the international markets (Michie, 2011). â€Å"Our willingness to pay a certain price for foreign money must ultimately and essentially be due to the fact that this money possesses a purchasing power as against commodities and services in that country† (Gustav Gassel, 1922). The applications and conversions of currencies have become vitally important in international businesses in order to obtain or forecast the substantial costs and revenues for the purpose of financial information. The concept of Purchasing Power Parity (PPP) enables one to forecast the exchange rate of two different countries based on the assumption of similar purchasing power under law of one price of two countries’ currencies. However, various cruci al obstacles have been encountered in real life despite the concreteness of the proposed theories and one of the projected main concerns is to determine the price for a similar product across different markets and continents (Wang, 2009). According to the theory of Purchasing Power Parity (PPP), one currency should be able to buy the same amount of products which can be purchased from other currencies. This concept suggests that the currencies should be valued in a way that it allows consumers to buy similar quantity of goods irrespective of the currencies that they utilise in making purchases (Manzur, 2008). According to the Law of One Price (LOP), consumers should be able to purchase similar or same kind of goods at the same price despite the utilisation of different currencies. Nevertheless, the application of LOP is considerably difficult and would not prevail in certain predicaments across different economies and countries despite the supportive underlying theories (Mezzera, 19 90). Conceptual Understanding of Law of One Price and Purchasing Power Parity Law of One Price and Purchasing Power Parity play a crucial role in determining the international trade mechanism. The concept of LOP indicates that the price for homogenous goods and services should be the same despite all locations. The theory behind LOP is established through the equilibrium pricing of a product. The equilibrium market price of a product is achieved when market participants realise the different pricing for an identical product in different locations, (assuming no transaction costs and other trade restrictions) and take advantage of the arbitrage opportunities. The principle of LOP is highly justified because differences in the price of the same products in two different markets would create the perfect opportunity for arbitragers to benefit by purchasing products in a lower priced markets and selling them in markets where there are sold at a higher price. The transactions among market participants create pressure through demand and supply effect in the two locati ons and would substantially eliminate such opportunities and hence create an equal and transparent price. As a result, the price for the same commodity traded in two different markets should be same if they are converted into a common currency (Ignatiuk, 2009). The concept of LOP asserts that if same goods enter each country’s market basket, the PPP exchange rate should prevail between the two countries to maintain the principle of one price despite the difference in currencies (Eicher, Mutti and Turnovsky, 2009). The Law of One Price (LOP): Pd=S*Pf Pd is price of the good in the domestic economy whereas Pf is the price of the good in a foreign economy and S* is the nominal exchange rate between the two economies. The concept of Purchasing Power Parity (PPP) implies that the nominal exchange rate between two currencies should be equal to the ratio of aggregate price levels between two countries. This will create the similar purchasing power of one currency as compared to that of another. Therefore, according to PPP, exchange rates need to be adjusted between countries so that the exchange can be made equivalent to each currency’s purchasing power. The question arises immediate as there are two possible ways that PPP would hold to create the perfect equilibrium. Absolute purchasing power parity relates to the circumstances when the purchasing power of a unit currency is converted into foreign currency at the exchange rate in market, it is directly equal in the domestic and foreign economy (Taylor and Taylor, 2004). However , it is relatively hard to estimate the amount of identical goods in the baskets of the two different countries. Hence, it is more occurring to test relative PPP, which implies that the percentage change in the exchange rate over a given period just offsets the difference in inflation rates in the different countries over the time horizon (Taylor and Taylor, 2004). Therefore, if absolute PPP holds, then relative PPP must also hold, but if relative PPP holds, there is a probability that relative PPP might not hold as it is possible that at different levels of purchasing power of the two currencies, there are changes in the nominal exchange rates possibly due to the transactions costs (Isard, 1977). To consider whether the theory of perfect commodity arbitrage applies in the real world to create the law of one price, consider Figure 1 and Figure 2 which illustrate the notion of absolute PPP and relative PPP. For the relative data demonstrated in both the figures, it is evidently clear that neither absolute nor relative PPP seems to hold reasonably in the short run, thus does this imply that PPP does not hold in real life? According to the perfect commodity theory, equilibrium will appear and restore the differences between the relative prices which is clearly proposed by the principle of LOP by adjusting the exchange rates for the two locations. Hence, as far as this is concerned, perfect commodity arbitrage guarantees that each good is uniformly priced even with the initial difference of transaction costs between similar products in different locations, thus within a period of time in the long run,, the prices are adjusted to establish the perfect equilibrium of LOP, ensuring the same purchasing power in terms of currencies under the influence of PPP (Isard, 1977). Nonetheless, where does all the disputation arise concerning the practicality of LOP and PPP in reality? Analysis of the Proposition â€Å"In the assumed absence of transport costs and trade restrictions, perfect commodity arbitrage insures that each good is uniformly priced (in common currency units) throughout the world – the â€Å"law of one price† prevails’. In reality the law of one price is fragrantly and systematically violated by empirical data† (Isard, 1977). It is undeniably true that in the presence of perfect commodity arbitrage, each good will be substantially priced accordingly to demand and supply pressure in the assumed absence of transactions costs. However, the immediate response to this is that how practical and realistic is the assumption of transactions costs applicable to the principle LOP in order to create the exchange rate in PPP? The concept of LOP indicates that the prices for the identical products are the same across two countries, but this has not been the case in actual situation proposed by numerous scholars and researchers. The principle of LOP has been violated in actual practice and this has been supported by explanation that the transaction costs make it difficult to ensure same price for the identical products in two markets by creating a restriction in the equilibrium flow of the commodities known as the â€Å"border effect† (Rogoff, 1996). The transactions costs consist mainly of tariffs, taxes, duties and non-tariff barriers costs. For instance, the commodity that is priced lower in one market would involve transaction and transportation costs for participants to trade them in another market, and this will constitute to the additional costs of the commodity (Bumas, 1999). The volatility in the price differential would be progressively higher if the difference between the two countries is large. In addition, the transportation costs will increase due to the driving supply of arbitragers participating to transfer the commodity from one location with lower price to another with higher price, and the resulting impact would be differences in price disrupting the adjustment of arbitrage equilibrium (Clark, 2002). The study by Engel and Rogers (1996) have indicated that the price differential is greater in case of greater distance between the cities concerned, and it leads to substantial increase in the prices when they are compared in different countries proceeding to different continents. Furthermore, single or identical consumption of goods common to everyone is highly unrealistic because different consumers from different locations will have different preferences and choices, and it is always very difficult to have the same proportion of commodity identified in the comparing countries’ consumption basket (Clark, 2002). There is no guarantee that all commodities are traded between international economies and relatively to domestic economies, there are always substitutes in products if level of competitions is high but most of the cases, more differentiated goods are available compared to the product substitutes (Kim and Ogaki, 2004). Hence, when all these circumstances applied, the proportion of consumption from different locations concerning identical commodities in aggregate price indices will vary across countries. In sum, trading goods are more accurate drivers for the estimation of PPP compared to non-trading goods. This is because non-trading goods circulate within the domestic economy of that country and does not cross the barrier beyond international trade which involves additional transactions costs. Non-trading goods are more confined within the domestic economy compared to trading goods which are more expressed in exchange rates term when they are traded elsewhere around the world contributing towards the credibility of PPP. Hence, it is more useful to test with producer price index rather to use the consumer price index as suggested by the graphs in Figure 1 above. There is shorter deviation of PPP in producer price index compared to consumer price index in the short run from both the graphs. Hence, it often suggested that the PPP theory of exchange rates will hold at least approximately because of the possibility of international goods arbitrage. However, in real life, the practicalit y of PPP is disclosed to a visible amount of subjectivity and uncertainty as to which product is categorized as trading or non-trading goods, if identified, will it be the same around the world for the comparison of prices? Non-trading goods in UK might not necessarily be identical in US where that particular product might be a trading good for US instead and will this affect the producer price index, what about the LOP? To conclude the theory of PPP, there are definitely dreadful amount of assumptions underlying it to support its application and reliability. In real life, do all these assumptions prevail? Let’s examine and explore the credibility of the assumptions mentioned above by analyzing the Big Mac Index created by The Economists in 1986. As far as we know, Big Mac is a hamburger available from Macdonald’s Restaurant, the world largest fast food chain. What happens is that the price for a Big Mac in one country is divided by the price of a Big Mac in another country (both in domestic price) to obtain the Big Mac PPP exchange rate. This value is then compared and analyzed with the actual exchange rate in the market. The aim of this discussion is to determine the practicality of Big Mac index in real world in relate to the assumptions of PPP. The limitations are closely related to the assumptions mentioned above: †¢It is not possible to have the same price of a Big Mac from all around the world (results from the diagram below) due to different government tax policies, levels of competition and different transaction costs such as rental for different locations not just within particular area of a city, as well as different countries and continents. This will certainly add up to the costs of a burger and disrupt the notion of LOP. †¢Being the world’s largest chain of hamburger fast food restaurants, certain products need to be imported or exported by franchises all around the world to maintain the uniformity and the quality of the world’s prominent restaurant and this will certainly contribute to the different costs of the product disrupting the free movement of goods across borders. Source: Big Mac Index, The Economists 2013. Available at: http://www.economist.com/content/big-mac-index Furthermore, the assumption of single consumption is not possible in many countries, for instance, eating in McDonald’s Restaurant in some countries is relatively expensive compared to others and consumers would prefer eating in local fast food restaurants instead as a close substitute at a lower price. In addition, the demand for the consumption of Big Mac varies across different countries and this will not create an equal proportion of commodities in different countries’ basket. For example, buying Big Mac in China is not as high demand as buying Big Mac in the United States. The assumption made by PPP is highly unrealistic due to the disruption theory of LOP as it is not possible to have one common currency price for the same product demonstrated using the study of Big Mac Index. A similar investigation has been conducted by Haskel and Wolf (2001), they explored the deviations from the LOP by making use of the retail transaction costs in IKEA, a multinational Swedish furniture company. In performing the case study, samples were gathered comprising of 100 identical goods sold by IKEA in 25 countries. The outcome of the study indicated that there are significant common currency price divergences across countries for a given product. Conclusion In conclusion, according to PPP theory, the exchange rates should be adjusted in a manner where equal purchasing power is established with respect to a commodity in two markets. In the real world, this is highly unachievable and it is rather unrealistic to the extent that there is always difference in prices of the same goods. However, this scenario might contradict with the results and findings from Figure 1 and figure 2 as both the figures proposed that in the short run, PPP does not hold, whereas in the long run, the law of one price will prevail and PPP is therefore determinable. In practical applications this seems rather convincing as due to the matter of time, equilibrium will kick in and adjust the prices accordingly to the LOP. Nonetheless, one question still remains unanswered, how far can the LOP brings us towards the validity of PPP and determining the exchange rate between two countries? How certain are the assumptions of PPP on the data and findings by researchers and s cholars influence the outcome of the actual results obtained? As mentioned by Keynes (1923), â€Å"At first sight this theory appears to be one of great practical utility. In practical applications of the doctrine there are, however, two further difficulties, which we have allowed so far to escape our attention†. According to Keynes, the first difficulty is to make allowance for transport costs, imports and export taxes. The second difficult refers to the treatment on purchasing power of goods and services which do not enter into international level of trade. In sum, the theory of PPP derived from LOP is useful in theory for product pricing and the determination of exchange rate currencies, but as far as the limitations mentioned above is concerned, it should sensibly be considered as a guidance only rather than a direct application in real world. References: Apreda, R. and Pelzer, L.Z. 2005. Focus on Macroeconomics Research. Nova Publishers. Abildtrup, J. 1999. Modern Time Series Analysis in Forest Products Markets. Springer. Bumas, L.O. 1999. Intermediate Microeconomics: Neoclassical and Factually-oriented Models. M.E. Sharpe. Clark, E. 2002. International Finance. Cengage Learning EMEA. Engel, C. and Rogers, J.H. 1999. ‘Violating the Law of One Price: Should We Make a Federal Case Out of It?. Board of Governors of the Federal Reserve System. Eicher, T., Mutti, J.H. and Turnovsky, M.H. 2009. International Economics. Routledge. Haskel, J. and Wolf, H.C. 1999. Why Does the law of One Price Fail?: A Case Study. Centre for Economic Policy Research. Isard, P., 1977. How Far Can we Push the â€Å"Law of One Price†?. American Economic Review, 67 (5), 942-948. Ignatiuk, A. 2009. The Principle, Practise and Problems of Purchasing Power Parity Theory. GRIN Verlag. Jonsson, G. 1999. Inflation, Money Demand, and Purchasing Power Parity in South Africa. International Monetary Fund. Michie, J. 2011. The Handbook of Globalisation, Second Edition. Edward Elgar Publishing. Manzur, M. 2008. Purchasing Power Parity. Edward Elgar Publishing, Incorporated. Mezzera, J. 1990. Monopoly Profits and the Law of One Price: The Cost of Misapplied Theory, Volume 146. Helen Kellogg Institute for International Studies, University of Notre Dame. Rogoff, K. 1996. The Purchasing Power Parity Puzzle. Journal of Economic Literature, Vol. 34 (2), 647-668. Ricci, L.A. and MacDonald, R. 2002. Purchasing Power Parity and New Trade Theory. International Monetary Fund. Silver, M. 2010. Imf Applications of Purchasing Power Parity Estimates. International Monetary Fund. Taylor, A.M. and Taylor, M.P. 2004. The Purchasing Power Parity Debate. Journal of Economic Perspectives, Vol. 18 (4), pp. 135-158. Wang, P. 2009. The Economics of Foreign Exchange and Global Finance. Springer.

AbOrT :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Abortion   Ã‚  Ã‚  Ã‚  Ã‚  Abortion has been and always will be a major, controversial topic in the United States. The controversy is whether to allow a woman to have an abortion or outlaw abortions. The Unites States Supreme Court was supposedly going to make a final decision on the abortion controversy. Instead, the Supreme Court put the burden of deciding on the government of each state. This seems unfair because a woman should have that choice. A woman should have the choice to have her baby aborted in cases involving rape, because of the expensive cost of raising a baby, and in a situation where the woman is just a teenager.   Ã‚  Ã‚  Ã‚  Ã‚  One reason why women should be given the choice to abort a baby involves cases of rape. Statistics say that rape happens to women many times each day in the United States. When a woman is raped and possibly becomes pregnant, she is not at fault. She may even become traumatized. It should not be her responsibility to take care of the baby for the rest of her life and possibly on her own. To have an abortion would be the only choice.   Ã‚  Ã‚  Ã‚  Ã‚  Another reason why women should have the choice of having an abortion would be the cost of raising a baby. A woman needs to take into consideration the high cast of raising a child. It is necessary to feed the baby well so that he or she will grow healthy and strong. A baby also needs to be well clothed. Furthermore, there is the fact that a child may need medical attention, which can be extremely expensive. To have an abortion would be the only choice.   Ã‚  Ã‚  Ã‚  Ã‚  The final reason why women should have the choice to abort a child is when she is just a teenager. This could devastate the rest of her and her boyfriend’s life. Teenage women may not be emotionally ready for raising a baby. Getting a good education may be forgotten. If she has an abortion, she can concentrate of her education. Also, the girl and boy will learn a lesson never to â€Å"fool around.† This would encourage them to do exceptionally well in school. Again, to have an abortion would be the only choice for a teenager.   Ã‚  Ã‚  Ã‚  Ã‚  If abortion was outlawed, a raped woman would more that likely feel helpless and insecure.

Evaluation of Canon’s Strategies

Evaluation of Canon’ Strategies The first part of this investigation involves an evaluation of the strategies used by Canon and the key factors for success. In order to being this review, it is first necessary to consider how the company has performed in recent years. Table 1 provided below provides an overall review of the organization’s performance in recent years. The data clearly suggests that Canon has made notable progress toward developing market share, revenues and profitability. In addition to reducing its debt to asset ratio in 2008, the organization also increased its stockholder equity to assert ratio.Table 1: Key Performance Indicators for Canon, 2004-2008 [pic] Data courtesy of: http://www. canon. com/ir/annual/2008/report2008. pdf Other indicators of Canon’s success are provided in Figures 1 and 2 below. These illustrations provide a review of net sales and ROE/ROA for 2003-2007. Figure 1: Net Sales for CanonFigure 2: ROE/ROA for Canon Data courtes y of: http://www. canon. com/ir/annual/2007/report2007. pdf With the realization that Canon has performed so well in recent years, it is pertinent to consider the specific areas which have promulgated success for the organization.A crucial review of the case information provided on the organization suggests that there are a number of pertinent strategy elements which have been pertinent to the success of the organization. In particular the organization has worked to develop a mission and vision which it has incorporated on all levels of its operations. The development of a guiding mission for the organization is essential for success (Henry 2007). Missions provide the foundation for the development of actionable processes which can be used for moving the organization toward specific goals (Johnson, Scholes & Whittington, 2008).In addition to developing a mission and vision which provided the organization with a directive for action, Canon also developed a firm strategy focused on at tainable goals for operations. Specifically, the organization set the specific goal of obtaining 30 percent of the world market by the 1980s. Research regarding the current state of achieving this objective suggests that even though Canon has not been able to maintain a 30 percent market share in the industry, it has overcome competitor Xerox to become second only to Hewlett Packard.Figure 3 below provides a review of global market share for companies competing in Canon’s industry. Figure 3: Global Market Share for Canon and Competitors [pic] (Data courtesy of â€Å"Office electronics industry profile,† 2008, p. 12) The focus on a specific goal for the organization has clearly had an impact on outcomes for operations. By using this specific goal for development, Canon has been able to set clear, measurable objectives which can be evaluated by the organization to determine outcomes. Setting measurable goals is an important component of developing a strategic plan for th e organization (Huang, 2009).Measurable goals are viewed as essential to the successful implementation of a strategic plan which provides significant results for the ongoing development of the organization. Another issue which appears to have had notable implications for the successful development of Canon is the use of specific core competencies to ensure the outcomes of operations. In addition to developing a strategic plan which provided clear and measurable objectives, the organization delineated specific core competencies which it has been able to optimize in order to coordinate its strategic objective and achieve its goals.A review of what has been noted regarding the use of core competencies suggests that core competencies can provide the organization with the ability to focus development in particular areas (Zook, 2007). This process, in turn, sets the stage for the development of management practice and shapes how the organization approaches the market and its competitors. Collis and Montgomery (2008) provide a more integral review of core competencies noting the importance of review intended core competencies in the context of the external environment in which an organization competes.As reported by these authors, organizations need to consider the external environment and competitors in developing core competencies. While it is evident that core competencies must meet the internal demands and capabilities of the organization, Collis and Montgomery assert that improper alignment of core competencies in light of competitors and the larger industry in which the organization operates will result in failure of core competencies to be effective. In developing its core competencies, Canon appears to have taken these issues into consideration.The specific outcomes in this area are witnessed by the fact that in the 1970s, Xerox held a majority market share, which it has subsequently lost to Canon. In the 1970s, Canon recognized that the formula for success b eing used by Xerox was not the same formula which it wanted to pursue in the development of its organization. In this context, Canon chose to pursue a different pathway for competitive development; one which enabled the company to synthesize its internal capabilities with the market environment to create a unique competitive advantage against its largest rival.Because of this process of developing particular core competencies for operations, Canon was able to maximize its internal capabilities and use this as a strategic advantage in the marketplace. In summarizing the overall approach used by Canon to develop its strategic plan and subsequent management processes, it seems reasonable to argue that Canon did more than just place words on paper to establish a foundation for the organization. Rather, the organization developed a comprehensive plan for vision, strategy and development which were implemented on every level of the organization’s operations.In addition to delineati ng the larger objectives for the organization, Canon developed all of the intermediate steps that would be needed to achieve these objectives. In doing so, the organization aligned all of its activities toward the achievement of the organization’s overall strategy. The development of strategy in this manner is commensurate with what scholars note about the strategic planning and management processes. Kaplan and Norton (2008) assert that the strategy planning and development processes for the organization often end in failure because of the inability of the organization to effectively execute its strategy.Further, these authors assert that strategy failure is common because of implementation problems which manifest as organizations attempt to make critical connections between strategy objectives and specific outcomes which will be achieved to ensure that objectives are reached. Placing this information into the case of Canon, it becomes evident that these issues did not arise. Rather than struggling to implement, the organization developed to tools and resources needed to effectively ensure that it built a foundation which would enable success.It is this specific process which has enabled the success of Cannon. When strategy development is formulated as more than just specific words on paper the end result is the development of a strategic plan which provides concrete action steps for the organization to take. With these action steps in place, the organization is better poised to control the development of the strategic plan and its implementation (Neilson, Martin & Powers, 2008). This element of control in the strategic planning process has been noted to be an important contributor to the success of strategic implementation.When control is established in the strategic planning process, the organization is able to dictate the specific changes which will occur and respond to outcomes in a manner that is commensurate with the capabilities of the company an d responsive to the specific external environment which will impact the outcomes of operations. What Other Companies Can Learn With a basic review of the success of Canon in the development of its strategy provided, it is now possible to consider what, if anything, can be learned by other companies from this case.In examining the development and outcomes of Canon, it becomes evident that the specific protocols and practices which have been used by the organization to achieve success should not be mimicked by other companies. Even though Canon has been quite successful in its efforts to develop its products and services, the reality is that other companies cannot expect to use the same formula for success and to achieve the same outcomes achieved by Canon. Other companies have attempted to use this approach in the past—i. . Circuit City, K-Mart, etc. Even though mimicking another organization may provide some benefits in the short-term, the reality is that the outcomes achieve d will not provide an organization with a long-term foundation for development. Even though companies examining the case of Canon may not be able to use the same specific tactics employed by the organization, Canon did employ a number of general models for strategic planning and development which could be considered by other organizations.In particular, the development of core competencies for operations is an important tool which other companies could consider for success. An examination of models for the development of core competencies in the organization suggests that companies need to begin with a core strategy for the development of their operations. Once this core strategy has been delineated, it is then possible to articulate specific areas of organizational development by attaching them directly to the core strategy.Figure 4 on the following page provides a generic model of how core competency development for the organization has been conceptualized in for translation of co re competencies into organizational practice. The application of this model to the development of core competency planning for the organization would serve as the foundation for the development of the basic ideas which could then be used for the further development of the organization. Based on the specific core competencies decided upon by the organization, a formal strategic plan for organizational development could be implemented.This plan would need to reflect the development of measurable goals to ensure the overall success of achieving core competencies. Figure 4: Generic Model for Core Competency Planning [pic] Image courtesy of: http://www. ulv. edu/cbpm/business/img/mba_exp_graphic. jpg Once the core competencies for the organization have been delineated, it will then be possible for companies to consider the development of a strategic plan. Examining the specific steps used by Canon, it becomes evident that solid advice for planning and development in this area are provide d in the case.In addition to developing a driving vision and mission, the organization also implemented critical success factors which enabled the organization to formulate goals. The goals were codified in the context of action steps which provided a concrete foundation for the organization to achieve success. All of these issues were supported by the core competencies established by the organization. Figure 4 below provides a review of this process and demonstrates how other organizations could effectively adopt this process to generate success in their strategic planning and management processes.Figure 5: General Strategic Planning Processes [pic] Figure courtesy of: http://www. bottomlineresultsonline. com/images/uploads/StrategicPlan-Graphic_t humb. jpg In the end, the most pertinent lessons that organizations can learn from the Canon case are those related to the development and execution of strategy. Although Canon’s success is due in part to the specific choices that it made, the development and implementation of strategy on every level of the organization’s operations clearly had implications for the success of the company.Other organizations seeking to capitalize on this success should consider the development of core competencies, the evolution of an integrated strategic plan and the development of clearly defined goals for execution which can be measured to ensure progress and outcomes. By following these basic processes, other organizations should be able to create notable success in strategic planning and development. Reference List Canon Annual Report (2007). Canon. Accessed April 19, 2009 at: http://www. canon. om/ir/annual/2007/report2007. pdf. Canon Annual Report (2008). Canon. Accessed April 19, 2009 at: http://www. canon. com/ir/annual/2008/report2008. pdf. Collis, D. J. , & Montgomery, C. A. (2008). Competing on resources. Harvard Business Review, 86(7/8), 140-150. Henry, A. (2007). Understanding Strategic Management. Oxford: Oxford University Press. Huang, H. C. (2009). Design a knowledge-based system for strategic planning: A balanced scorecard perspective. Expert Systems with Applications, 36(1), 209-218. Johnson, G. Scholes, K. , & Whittington, R. (2005). Exploring Corporate Strategy. Upper Saddle River, NJ: Prentice Hall. Kaplan, R. S. , & Norton, P. (2008). Mastering the management system. Harvard Business Review, 86(1), 62-77. Neilson, G. L. , Martin, K. L. , & Powers, E. (2008). The secrets to successful strategy execution. Harvard Business Review, 86(6), 60-70. Office electronics industry profile: Global. (2009, March). Datamonitor, 1-32. Zook, C. (2007). Finding your next core business. Harvard Business Review, 85(4), 66-75.

Dbq Red Three

Red Three: Notes for the Strict/Broad Construction With respect to the federal Constitution, the Jeffersonian Republicans are usually characterized as strict constructionists who were opposed to the broad constructionism of the Federalists. To what extent was this characterization of the two parties accurate during the presidencies of Jefferson and Madison? Document A: Identify who and when: Jefferson, 1800 What does this tell you? Strict constructionist, during Adams’ presidency What outside information/events does this refer to?Constitution gives states’ power, anything that goes to the states, independence – states. What is this event about? Election of 1800. Democratic Republicans to keep majority in legislative branch: What does this document say? Relies on the Constitution as the best structure of the government. Strict Document B: Identify who and when Jefferson to Miller (a minister) 1808 What does this tell you? End of Jefferson 2nd term, Madison to be p resident What outside information/events does this refer to? Separation of church and state.What is this event about? The presidents before him had asked people to fast for a day, this precedence is over What does this document say? The president is not allowed to make any decisions that require the government to make religious choices for the people. Document C: Identify who and when Anderson cartoon, 1808 What does this tell you? Embargo Act 1807 (Ograbme backwards) What outside information/events does this refer to? Signed by Jefferson – stopped all trade between America and all countries.Goal was to get France and GB to restricting US trade, eliminate GB’s higher quality of production so that the US would have more power. Drew GB and US into War. What is this event about? What does this document say? Turtle is the Embargo Act (stepping on the act), person is trying to trade Superfine tobacco with GB. By biting him in the butt, holding him back. Document D: Identify who and when Daniel Webster, New Hampshire Federalist – Conscription Bill a draft for soldiers (1814) What does this tell you? What outside information/events does this refer to?A draft What is this event about? Recruiting soldiers for the War of 1812 What does this document say? Madison – was loose in interpretation because he found this necessary. Loose Document E: Identify who and when Hartford Convention, 1814 What does this tell you? New Englanders who were looking to amend the Constitution to give congress less power and states more power. What outside information/events does this refer to? end of the War of 1812. What is this event about? What does this document say? States to adopt these changes to the constitution. 2: No new state can be added, #3: Congress can’t lay an embargo, #4: Congress can’t regulated trade without 2/3 of Congress. Were these passed, yes, by the Hartford Convention. Added to the Constitution, no. Document F: Identify who a nd when, John Randolph, 1816, proposed tariff a. What does this tell you? D/R Madison is president, is turning into old Federalism – Federalists are generally in NE What outside information/events does this refer to? manufacturers are in NE and house the factories that the south depend on.Now that the Hartford Convention has threatened to secede from the nation, Madison must keep the country together. To do so, he offers an incentive. What is this event about? What does this document say? Loose! Document G: Identify who and when, Jefferson, 186 (way after his presidency) What does this tell you? While he is not in power, he reflects on the current political state. What outside information/events does this refer to? What is this event about? What does this document say? Government must change with the changing times. Therefore a strict reading of the constitution is not always the best idea.Loose Document H: Identify who and when, Madison, 1817, final year of his 2nd term What does this tell you? What outside information/events does this refer to? Madison has just used his executive privilege of veto. He vetoed an internal improvement bill (to make roads and bridges better between states) What is this event about? While bridges and roads that connect states may be important, it is not directly written into the Constitution, therefore left to the states to deal with. It is because of this that he cannot sign the bill. VERY Strict!