Credit crunch Essay

The credit crunch which is also known as a credit crisis, finance crunch or credit squeeze is best described as a condition that makes investment capital hard or difficult to obtain. It is the sudden reduction in the availability of credit and loans or the abrupt tightening of loan borrowing conditions by financial institutions. Therefore credit crunch is generally associated with reduced credit availability although it might be independent of interest rates increase. During this period investors and lenders seek investments that they consider to be less risky and make flight to quality. This is usually at the expense and disadvantage of medium and small sized business enterprises. The price of liability and debt products is therefore driven up by the wariness of the banks and investors to lend money to corporations. The credit crunch condition is usually considered as a product or an extension of recessions. What causes credit crunch  The sudden wariness of banks and other investors to lend to corporations may be the result of a variety of reasons. First and foremost the slow lending activity could be as a consequence of the central government imposing or forcing direct credit controls on banks and the banking system in general. It could also be the product of banks anticipation decline with regard to the collateral value used they used to secure their loans. Additionally it could be a result of an unexpected raise in reserve requirements or other monetary conditions by the central bank. Moreover perceived increase in risks concerning the solvency of lending institutions within the system of banking could also cause a slow down in lending activity. Credit crunches could also be the effect of sustained periods of careless lending that consequently leads to losses and huge bad debts for investors. The institutions are then forced to react by raising interest rates and decreasing credits that can be made available for lending purposes. Because of the losses that these institutions and investors had earlier incurred it becomes hard for them to lend further than the fixed levels even if they wished to do so. The crunch can also be generally as a result of a decline in the prices or value of assets that had been previously over inflated. The price collapse then substantially leads to a financial crisis. Consequently new entrepreneurs or investors in the market may be forced to foreclosure or bankruptcy as the values of the assets that had been previously inflated go down. In the event of credit crunch especially if the capital available will not be sufficient to survive the credit cycle businesses may prefer to go into liquidation, sell or mark to market. Credit crunch occurs in cycles. During its upward phase assets can experience leverage bidding and induced inflation in prices. Effects of credit crunch on the economy. Generally the crunch has acted to decrease economic growth by disabling major industries and key factors of production which are important to ensure a thriving economy. The credit crunch has not only affected the financial markets in the country but it has gone ahead to affect the ordinary customer and consumer who usually support and also benefit from a booming economy. The credit crunch in the United Kingdom has basically meant that customers are experiencing an increase in the rates and fees charged to them by banks and other financial institutions. For the customer more security is required in cases where the individuals want to take new loans or make overdrafts. For suppliers the situation remains the same with equipment loans getting even harder to acquire and overdrafts being called in or basically being reduced. The rates offered by the financial institutions have soared way past most suppliers’ capabilities and guarantees and debentures have become the order of the day (OL 2007, 2-4). The increased lending rates have resulted to restricted people spending and have also left individuals at a loss not knowing from which other sources to tap their finances. Additionally the economy’s supply capacity has been dramatically affected. The economy’s potential output has been reduced leading to a shortage of goods and services. This also means that the ability to produce innovative goods and services has also been deterred as this also depends on lending services provided by financial institutions that are incapable of lending out enough at the moment. Lack of profitability as a result of reduced innovation has thus become a norm leading to a further economic slowdown. The economy has been deeply affected also because investor confidence and trust in the financial markets has gone down. This means profitable business has ceased and that making losses has become the norm for the economy the implication being deficits in the government budget. More so as a consequence the public sector has gone into deficits (BBC News 2008, 3-5). This is a devastating situation for the economy after enjoying not less than fifteen years of economic growth. Big financial firms have been forced to closure or have had to be rescued with massive damage having been experienced on their banks balance sheets. Investment banks have recorded major losses in their financial books and further aggravated by the decline of structured credit values. Money markets short term lending has become way too expensive and the medium period unsecured lending and securitization which were among the key sources of funds for financial have dried up. Most companies have additionally been forced to direct their income towards debts servicing. The effects have been contracted earnings and increased unemployment rates as companies struggle to cut costs. So far the largest job cuts and unemployment rates have been recorded in the housing and financing sector. In fact towards the end of this year the rates are expected to shoot to five percent which is double the figure that was previously recorded during the end of 2007. The labor market has since been weakened as the result of the crunch as more people get out of working capacities. The housing market is among the worst hit and has continued to weaken as the crunch proceeds. The prices in this market have fallen to devastating levels leading to a further decline of employment rates and real income. Obviously the investments in this sector have gone to a record low. Mortgage rates have also increased, its lending decreased and thus pushing the house prices down. The housing sector is in fact expected to experience a 24 percent drop this year (Pritchard 2009, 3-6). What Is Being Done? Over the last months the economy of the country has declined by a figure not less than 0. 8% making it even harder for the government to map out the way to recovery (Channel 4 News 2009, 1-5). Despite the governments efforts to revive and redeem the people and economy from the disastrous effects of the credit crunch most citizens are not yet satisfied and they are in fact of the opinion that very little is being done to fix the situation. The general feeling is that politicians have been merely throwing words at each other and therefore failing to turn their words into significant action. The government despite these feeling from the public is trying all it can to undo the damage, for example the Prime minister has been caught encouraging people to strive to pay their debts instead of overspending on some household commodities like food. The government is therefore trying to encourage its citizens to ensure that they have enough funds in store to clear or pay their debts and loans. This is for the reason that the more people are able to clear the amounts of money they owe as loans the easier it will be for the credit crunch to fade away after some time. Additionally people are being encouraged to take loans that have rates that they will be able to afford. This is because if people keep up the habit of borrowing loans with high rates and therefore unaffordable to them, the worse the credit crunch situation is going to be. Taking up loans with higher interest rates only create greater debts for lenders because people eventually end up struggling to pay or not paying at all, the effect will then be a prolonged credit crunch (Gillepse 2009, 5-7) Additionally the government opted to increase guarantee on savings in order to discourage or stop mass withdrawals of financial institutions. The implication is that savers have their first not less than 35,000 pounds guaranteed in full unlike the previous years where only savings of not more than 2000 pounds would be guaranteed in full. The government in addition made various attempts to maintain interest rates and keep them on hold for a while due to the turmoil in the economy. They have also severally in the past year cut the rates with the aim of easing the situation, trying to bring it under control and to assist borrowers. The government has moreover tried to persuade its citizens to stay clear of overvalued assets which are all hostage within the credit cycle such quartet resources include for example those in the travel, chemicals and construction industries. The government has also tried to carry out systemic injections in an effort to help fix the crisis. It has furthermore tried to come up with various rescue packages for the financial sector to add to their numerous efforts to restore investor confidence. But until the investor trust in the markets is restored it seems there is little that the government can do as at now to ease the crisis. The government has as well sort the help of the globe to fix this situation for the reason the country is also highly dependent on banking flows that cross the county’s borders. Question marks and eye brows have been raised about the banking systems fiscal policy, regulation and general governance and their ability to guard the system form excessive risk taking. In conclusion recession is a condition that has devastating effects on the economy of any country. Especially in this decade the market forces operate in such a way that it has become very hard for economists to precisely predict any looming crisis to ensure that governments take preventive measures early enough. Market forces have served to increase the cost of living not only in the country but also globally. Wealth distribution has consequently become uneven with the margin between the rich and the poor becoming even wider. All the governments’ have left is to institute the right regulations and policies that will especially work to enhance the operations of our financial systems and then hope that when the markets recover from this crunch that will be the end of financial crises.

Myself and My Course Essay

Lets talk about myself, my name is Mark Vincent Y. Teodocio. I’m 17 years old. I was born on a warm, sunny day in September. I live at Cecilio Blanco Cmpd. Villamayor st. Brgy Pag-asa Binangonan Rizal. I am studying at WCC Antipolo. I live with my mom Edith, and my little brother johnly. My father died when I was in 2nd year high school. So my mom survived us alone. I have one sister namely Gladys. My sister has her own family now that’s why me and my little brother are the only one left to live with my mom. I started school when I was 4 years old. I went to kindergarten through 3rd year at Colegio De San Clemente Angono, Rizal. Then I attended Angono Private High School for my 4th year high school. I am now a first year college student at World Citi Colleges & currently aiming to graduate my bachelor degree in Business administration in the near future. My favorite sports is Volleyball. I love surfing the internet if I have free time, opening my mails, visit my facebook account and chat with my friends so I stay connected with them anytime and anywhere. I’m not used to play computer games like others do. Spend the whole day in front of the computer. My favorite colors are red, blue and black. My friend sees me as a kind, sweet, funny and friendly person. Life to me means friends and family. Who you can trust and who trust you. I am pretty much on the bright side of life. But like all teens do. I do have my days of sadness or depression. I have some few friends who looks out for me during those days or when I’m having a bad days. I have someone here at school to talk to. I make my school days go by thinking of either the next hour or what I will do when I get home or on the weekend. Now, lets talk about my course. As I said in the beginning I’m a freshmen student. Taking up Bachelor of science in business administration major in marketing/management. And if you ask me why others should take my course. For me, business administration offers many advantages. Including vast amount of career opportunities in a variety of job sectors, and well paying jobs or high salary jobs. You will have the education to plan your financial and business future. Year 2016 will be the time I will graduate from college. In a few years i see myself as a successful Business man. Managing people with abilities and knowledge of what they are doing. The Boss of my own Company. And my name is known not only locally but internationally. At that time, i think I will probably be still living here at Angono, Rizal with my mom and my little brother. As I said in the beginning, I was born here in Angono, Rizal. And I’ve live here my whole life. I would like to see more of the philippines but unfortunately, I don’t have money to leave Angono, Rizal. to go anywhere right now. I hope you have enjoyed reading my life story as much I have enjoyed making it for you. Here’s a tip for you to live or try to live by: Hardwork will give you Power, being lazy will make you slave.

Discuss ‘sensibility’ in the poetry of Felicia Hemans: The Grave of a Poetess

In this essay I will define the meaning of ‘sensibility' in the poetry that I have encountered in this course. Then, I will discuss the gender writing, women's poetry and whether ‘sensibility' is a characteristic of women's poetry alone. In poetry, sensibility could be defined as a mental responsiveness and awareness, which refine sensitivity to pleasurable or painful impressions. It also, considered as a cult of feeling, which arose in the eighteenth century in response to philosophical theories. Those theories investigate the power of feeling to communicate directly between people. In the eighteenth century, sensibility celebrated the man feeling, presented with the feelings of sympathy and pity in response to the suffering of others. Sensibility takes us into an internal world of psychology. Curran argues that the link is a crucial one to understanding Romanticism when he writes that the ‘poetry of sensibility is at base a literature of psychological exploration, and it is the foundation on which Romanticism was reread' (Romantic Writing, p. 113). The images of woman on the eighteenth century, was one source of the figure of the domestic woman. Within the culture of the Romantic period, the main role for woman was taking care of children, house and husband. Literature in that era, was influenced by sensibility, and seems to celebrate feeling and femininity. Although sensibility appears among males' poems, most of them refuse sensibility and consider it as a type of feminine. Many of Wordsworth's poems return to the literature of sensibility, such as the distress suffered by a young woman and meeting an old man on the roadside. Wordsworth accepted sensibility as a male sensibility, but Blake refuse completely the sensibility, which represented in his perspective woman femininity. Sensibility meaning was different in the point of view of some women writers. Some of them take their literary identity from it, such as Williams. Whereas, others consider it as an aspect of femininity at best, and at worst, as a means to celebrate all that is most false and decadent in the contemporary emergence of male romantic poetry. No one can deny that romanticism periods' writers, such as Wordsworth, Coleridge, Keats, Byron and Shelley, had borrowed significantly from female authors and feminine types of literature. Hence, we have to admit that there is a shared culture between men and women throughout the period of romanticism. Wollstonecraft argues that to deny women the opportunities of education and an active role in society is to transform them into domestic slaves. What connects women and slaves, for Wollstonecraft, is that they are both seen and treated as commodities. The revolutionary period gave fresh movement to debate and concern about femininity and women's role in society. James Fordyce's Sermons to Young Women (1765) was One of the most frequently republished volumes. In that volume, writer expresses strong views on the dangers to women of too much novel reading. According to Fordyce, female intellect is limited, whereas, most of life activities which need human intelligence such as ‘war, commerce, politics, exercises of strength and dexterity, abstract philosophy, and all the abstruser sciences, are more properly the province of men. In thinking about the relation between gender and writing in the romantic period, we should note the Polwhele claims an inherited masculine perspective, locating his contemporary readers in the context of their fathers' experience. According to Polwhele, women's writing is an affront to God-given, ‘natural' gender roles. In this masculine way of seeing, women are objects of the male gaze, they are defined by their appearance and behaviour. It follows that if women engage in certain types of writing, this will involve the loss of the ‘softer charms' that are bound up with these ideals of femininity. (Romantic Writing, p. 180). Nevertheless There were influential poets in the beginning of the nineteenth century, such as Anna Barbauld, Anna Seward, Charlotte Smith and Mary Robinson. The work of those women writers were going through many editions, but they have subsequently been erased from literary history or pushed to its margins. Women writers were very popular, and women readers gained a new economic visibility through the rise of fashionable magazine.. the beginning of women entrance to literary marketplace was in significant numbers during the 18th and 19th centuries, but in the historical context in which they wrote, they could not easily claim to speak with authority. To write as a woman was to be transgressive: entering the literary marketplace and competing with male authors for readership challenged conventional gender boundaries. As a result, many women authors adopted authorial personae that fit, rather than challenged, conventional gender definitions. Since women were generally understood to be emotional rather than rational, women authors often wrote about feelings, emotions, and, especially, love. They often adopted styles that fit their subject matter: to seem more feminine, they employed highly emotional language. By so doing, they could find an audience yet not risk being perceived as excessively ambitious. But this created a double-bind: to speak as a woman was to play the part of an emotionally sensitive and irrational human being. And whereas male authors could cite an infinite number of literary ancestors to establish their authority, female authors had just a handful of literary antecedents. Male poets were increasingly forced to respond to women writers such as Joanna Baillie, a Scottish poet and successful dramatist, who published a 72 page polemic arguing for naturalness in poetic language two years before Wordsworth wrote his ‘Preface† to the second edition of Lyrical Ballads, in which he makes the same plea. Women Poets such as Baillie and other preceded Wordsworth and brought the vigour of common life and language to their writings. Many of the most popular poets, such as Letitia Elizabeth Landon (L.E.L), published their poems in annuals and ornamental giftbooks, which were directed towards a largely female readership. L.E.L. edited and wrote most of Health's Book of Beauty, and contributed to countless other. They promoted, particularly through their illustrations, an ideology of feminine beauty, providing models for women to emulate and confirming that the ideal woman was the object, not the subject, of the gaze. In this sense, we will represent Felicia Hemans: â€Å"The Grave of a Poetess†. Sensibility is appear obviously in this poem which succeed in transferring the human suffer among its verses. In such a poem which written by woman, the death seems strangely bound up with expression, and it show how might this bundling affect the poem's agenda. In the final stanza of The Grave of a Poetess, Felicia Hemans completes the turn of her poem from one of melancholy lament at the passing of fellow poet Mary Tighe to one instead celebrating the apparent freedom of expression that follows a poet's earthly death. In closing, Hemans writes to Tighe, â€Å"Where couldst thou fix on mortal ground / Thy tender thoughts and high? / Now peace the woman's heart hath found, / And joy the poet's eye†. The Grave of a Poetess, ends up carrying a fair amount of dramatic potency, as it both points to repression of the female voice, and implies the loss this creates for all of humanity. An effective tension is thus lent to Hemans poem through the direct and indirect of injection of her frustrated Romantic yearnings for the attainment of full expression for her and her fellow poetesses, the denial of which leads her to resort to the Christian-like notion of a vindicating afterlife seen in this poem. Charlotte Smith was born in London. Her mother Anne died when she was only three, and at the age of six Charlotte was sent by her Aunt to a school in Chichester and later a school in Kingston. At the age of sixteen she was the subject of an arranged marriage to Benjamin Smith, with whom she was to have twelve children. There life together was far from straightforward, and the couple had many financial difficulties which led to her husband being imprisoned in debtors prison for seven months. Despite all her problems she was however a talented translator, and prolific writer of prose, plays and poetry. Including the Elegaic Sonnets in 1784 of which the Glow Worm was sonnet 58. She died in 1806 and is buried in Stoke. In Charlotte Smith's sonnet, she showed a high power of sensibility and she used a power of nature to represent her feeling among the sonnet. â€Å"I love to listen to the hollow sighs/ Through the half-leafless wood that breathes the gale;/ for at such hours the shadowy phantom pale†: in these lines she express her sadness and feelings through the use of nature elements. She used the expression â€Å"half-leafless† to show that the leaves had fallen down. Also she use the expression â€Å"shadowy phantom† to show that it is as a shadow, and this expression is a kind of mystery. Dorothy Wordsworth: â€Å"Floating Island† is another example of woman poetry, which represent sensibility among her writing. Dorothy start her poem with a force of nature: â€Å"Harmonious Powers with Nature work/ on sky, earth, river, lake, and sea:/ Sunshine and storm, whirlwind and breeze/ All in one duteous task agree†. In this poem the poet employed the nature to express the feeling of security in the preface of the poem. Although common poets refused to accept feminine sensibility, their work was influenced by sensibility in getting to the mind of human feeling and describing suffering and emotion. Wordsworth show sensibility in his famous poems, such as â€Å"Lucy†. In that poem, Wordsworth describe a story of a woman and express her beauty and shy. Then he ended his poem by telling his audience that Lucy had dead and no one know where she had lived: â€Å"She lived unknown, and few could know/ But she is in her grave, and oh†. All these emotions considered as a type of sensibility. In contrasting with William Blake: â€Å"The Chimney Sweeper†, we find that the poet interest in showing a political and social suffering among his poem. In this poem the Blake is suggesting that it is a state of affairs which cannot be changed, and all we could do would be to accept our earthly fate and expect our reward in the afterlife: â€Å"And so Tome awoke, and we rose in the dark,/ So if all do their duty they need not fear harm†. Although men such as Wordsworth, Blake, Keats and Shelley refused to admit that they use sensibility in their poems, no one can deny that there is a considerable amount of shared culture between men and women throughout the period of romanticism. In comparing with women sensibility, Wordsworth, Blake, Keats and Shelley express their sensibility among their poems in their poetry, and mainly they concern in human existence and the political situation. Sensibility was appeared more in Blake poems, as he was more sensitive and involved in human and political suffering and he was considered as a radical member during the revolution. On the other hand women sensibility interest in domestic matters and social and family sadness and women suffering. Further more they interest in the story of love and families and they use gothic elements in their poetry. In conclusion, we defined sensibility as a matter of sensitivity and expression of emotions which arose in eighteenth century poetry. Both of men and women used sensibility in their poetry, but each of them employ it in a different way. The work of Wordsworth and Coleridge, Keats Byron and Shelley borrows significantly from female authors and ‘feminine' types of literature, such as sensibility, even though it seeks to mark its own works as masculine and to sever the association with female writers and readers. Sensibility arose in men's poetry as a matter of expressing the refusal to the political situation and the social suffering. Whereas, it arose in women sensibility among their awareness of domestic needs and women suffering. In men's perspective the woman is a poem not a poet, and that was what we notice in Wordsworth poem â€Å"Lucy† as he used Lucy as a passive character, he interest in describing her beauty, but there were no considered to her intelligence.

Congress and The Presidency Essay Example | Topics and Well Written Essays - 1000 words

Congress and The Presidency - Essay Example While the House and the Senate enjoy equal status in most matters, there are some special powers granted to one chamber only. Here, it is interresting to note that for matters pertaining to the confirmation of presidential nominations to high-level executive and judicial positions, and for the ratification of treaties, there is a requirement for the Senate's advice and consent. On the other hand, it is important for bills in lieu of raising revenue to originate in the House of Representatives, apart from any proceedings that have to do with the process of impeachment. Before proceeding, it is important to point out that from 1952 to 1994, there was a lull in the any activity from the Republican side where the Congress was concerned. But after the Republicans made a sweep with the 1994 mid term elections by capturing a whooping 54 seats in the House of Representatives and eight seats in the Senate , the Congressional corridors were dominated basically by the Republicans who have made various changes in the Congress for the last twelve years before the Democrats took over. In this regard, the first aspect we will study in this paper is that of policy making as regards the power of the institutional heads in the Republican quarters. Here, the Republicans are vastly different from their Democrat counterparts in the sense that the typical Republican is a staunch believer of the fact that law making is an activity that occurs strictly in the legislative and judicial province where the judges are the end all and be all as far as law making and asserting the same is concerned. This began to show in the Congress with a strict segregation of law and policy making practices followed by the Senate and the House. With the adevnt of the Republican, both wings now had seperatist attitudes towards the activities and tasks that were to be carried out by them.This was a major change launched by the Republican majoirty. With further Republican contact, there were changes that took place where the power of campiagn contributors were concerned as well. With different groups having their own varied interests, it was seen that the pattern of campaign contributors changed to open invitations for all kinds of people instead of being restricted to the most righteous as it was in the Democratic past. Fruther, if one is take a closer look at the policy making process as far as ignoring the national interest to pay more attention to the character of local interest was concerned, it will be clearly seen that the Iraq war was one such instance where the natinal interest was hardly paid heed to. In the name of "democracy", the Bush government went all out to satisfy the instigations of a personal set of Republican lobbyists. If instead of the theoretical pretense of "democracy" (as in "exporting democracy to Iraq"), one were to closely examine the actually existing practice of "democracy," it would have been more accurate to say that what we have today is oligarchical rule by and large for a plutocracy -- so-called "conservatism" in theory (small government, fiscal conservatism, isolationist foreign policy) boils down in practice to no-holds-barred greed - pursued where possible in an authoritarian manner. As far as influencing

Augustine and Aquinas Essay Example | Topics and Well Written Essays - 500 words

Augustine and Aquinas - Essay Example Considering the ethical theory of St. Augustine, the action of the office worker was doing bad as his action was causing others to suffer, an evil consequence. According to Augustine evil can be referred as the lack of goodness but people are allowed to do evil in order to achieve what has been destined by God. So those who are being burdened by the evil of the office worker should not focus on the evil deed but have faith that it is what god wants to happen. But Augustine does not refer that each action should be penalized but at least such actions need some ultimatums to be corrected. While Aquinas theory predicts that since the office worker was doing evil, it was by his own will. So he should have been penalized to learn what his duty is and let others not be burdened and de-motivated by the evil of a careless worker. Analyzing the act of Rhonda, it is well established that back-biting about others is a bad act while she was gossiping about others including her friends. This act can’t be justified to be good in either Augustine’s philosophy or following the theory of Aquinas. As both believe that evil is something that lack goodness, either of them differs in the way that evil is caused. Aquinas believe that evil is not determined by the outcomes but by the intent of individual committing that deed, while Augustine believes that one chooses to be evil as it is destined by god. Utilizing Aquinas belief it can be justified that since Rhonda does not attempt to hurt others intentionally but to have good time so this intention might make her act to be good but the other side of it can’t be ignored as this is against the laws of god to enjoy by hurting others. So the act of Rhonda may be considered evil as it was intentional and done by the her own will and not forced, as defined by the Aquinas’s philosophy while it was leading to an

Alexander the Great Essay Example | Topics and Well Written Essays - 1250 words

Alexander the Great - Essay Example Alexander the great became King of the Macedon after the death of a father, Philip II at the age of 20. Alexander engaged in a journey of the conquest of around 11 years and fought more than 70 battles. Alexander the great had able to conquer the half of the world from India to Egypt in 32 years. Alexander created an empire which was so vast that it covered two million square miles and it stretched across the three continents. The integration of dream and great achievement distinguished Alexander as one of the greatest leaders of all-time. During the 12 years of the campaign, Alexander had defeated armies that were five times of own army, leading own armies of Macedonians in freezing weather and across deserts. Alexander faced tremendous hardships to unite and bring together the known world under a one single common unified vision. The main success of Alexander the great as a leader was the ability and passion for inspiring and encouraging all the men to think great things to think big and later achieve them with great commitment, passion, and enthusiasm. Alexander’s main motive and the dream was to unite Asia and Europe. Alexander called unity of Europe and Asia as â€Å"The Brotherhood of Man†. According to Alexander, brotherhood would help to unite and bring together the different culture of different societies into one unit which would be governed by the spread of Hellenism. Alexander’s dream of brotherhood was attained at different aspects (Fox 82). Even after the empire of Alexander the great Greek was a common language. ... Alexander called unite of Europe and Asia as â€Å"The Brotherhood of Man†. According to Alexander, brotherhood would help to unite and bring together different culture of different societies in to one unit which would be governed by spread of Hellenism. Alexander’s dream of brotherhood was attained at different aspects (Fox 82). Even after the empire of Alexander the great Greek was a common language. Due to the fact gospels were written in Greek it helped to reach large audience as it helped them to understand. The Alexander the great and the visionary leadership style is the classic combination of leaderships which is taught nowadays in military and business schools. Research done on the visionary leadership style of Alexander and it clearly shows that leadership style used by Alexander helps to communicate extensively with the people and resonate with their feelings and hearts. The strong case on business for the visionary style of leadership can be done by noticing at the pride in organization, retention of employees and shared sense of purpose and goals. Ronald Reagan’s speech of â€Å"Berlin Wall† and Martin Luther King’s speech on â€Å"I Have a Dream† are various examples of visionary leadership style which is same as Alexander the great. Visionary leaders used to have a clear picture on their minds and are able to go inside into the dreams and hopes of the people and would help to create destination. Creating destination among the people not only helps people to inspire but also would help them to challenge to be better (Martin and Blackwell 186). The effective visionary leadership strategy used by Alexander would help to stretch people’s gullibility just at the right moment of time. Felling the

How have existing fiscal mechanisms (rules and practices) tried to Essay

How have existing fiscal mechanisms (rules and practices) tried to overcome or alleviate a "tragedy of the commons" dilemma - Essay Example Practically, though, it is not easy to ascertain whether the most favorable size of government has been achieved. Although, the provision of services and public goods can promote growth, revenue-raising mechanisms and inefficient provision of services and goods can impede growth (Schick 1998, p18). Evidence from Central Asia and Europe lists factors such as fiscal consolidation and budget deficits, size of government, quality governance, and composition of taxes and expenditure as some factors that affect fiscal growth. In this regard, public fiscal systems play a huge role in economic growth of any country. Enacting a stable fiscal position need a sustainable fiscal consolidation. In most cases, these have to be recurrent. Indeed, they are largely considered as a basic characteristic of the evolution of the market. Such consolidations are undertaken across Central Asia and Europe, albeit with relative degrees of success (Berthà ©lemy & Varoudakis 1996, p72). Fiscal growth for any country would require successful financial adjustment. On the other hand, unsustainable financial consolidation is counterproductive and can sometimes discourage investor confidence since they fail to establish sound financial position for the government (Scartascini 2004, P37). Sustainable government adjustments are required to create long-lasting financial space for expenses that propagate growth. Indeed, evidence from financial bodies such as the Organization of Economic Co-operation and development suggest that make-up of financial adjustment is paramount for fiscal sustainability (Berthà ©lemy & Varoudakis 1996, p12). Consolidations, which heavily rely on, tax cuts and increases in public ventures have been unsustainable while consolidations with structural reforms in their public expenditure reforms have lasting effects and financial growth by extension. Perhaps this is

Is Clausewitz's unfinished work On War still worth reading and Essay

Is Clausewitz's unfinished work On War still worth reading and studying in the 21st century - Essay Example Military generals and war diplomats of modern period continue to depend on Clausewitz for better war strategies. This paper takes a brief look at his famous book, On War, translated by J.J.Graham. Clausewitz, could not complete his book during his lifetime. Whatever is left behind by him in the form of On War has been sufficient for the future war scholars and military officers to understand war as a subject of study. The fact that the book was written before the modern war- weapons were invented, and that the book is interesting even in this nuclear age itself speak volumes about the greatness of the work. The book is not altogether without criticism or negative qualities, but its acceptance as a source for the war specialists is stronger than its negative aspects. It is being taught in the military schools and many debates and critical analyses based on the book have continued to take place. On War is divided into eight sections, with each section having several chapters. A wide ranging topics related to war are defined and discussed by the writer with apt examples from history. It is very difficult to give here the exact content of the book in the condensed form due to the enormity of the various aspects of war dealt by Clausewitz. At the same time, any discussion of a topic like war demands that all its aspects are taken into consideration. Hence, the attempt here is to embrace as many facts given by the author as possible. Book I, chapter 1, gives clear a definition of war. According to Clausewitz, â€Å" war is nothing but a duel on an extensive scale†(Clausewitz, 1873). He says that it is an act of violence. This is a clear confession. He stresses that in war there is no sprit of benevolence or any kind of moderation . After rejecting such absurd views, he goes on to highlight that, even in a civilized society, passionate hatred of each other is the basic instinct for waging war. It is not an

Auditing failures and quantitative measurement of materiality Essay

Auditing failures and quantitative measurement of materiality judgement - Essay Example This may be resulting due to the intentional or unintentional involvement of the auditor in accepting serious misstatements from the company professionals. Large number of factors can be defined as the causes of the audit failure. However, broadly following four categories engulf almost all aspects of audit failure. First and foremost is the failure on the part of the auditor to ensure the compliance of reporting financial statement with the Generally Accepted Accounting Principles (GAAP) or standards of audit. An evidence in the survey reported that nearly 49% of the audit failure resulted due to inability of the auditor to fully comply with the GAAP and GAAS rules. For example, Ernst & Young in USA has recent been charged to pay around USD two million for violating PCAAOB rules of auditing in the audit of its client Medicis Pharmaceutical Corporation (Public Company Accounting Oversight Board, 2012). In the referred case, E&Y remained the external auditor of the company for nearly 20 years and financial statement of 2008 is found to have clear distortion from GAAP rules. The second reason that results in the failure of audit include the due involvement of the auditor. This results when auditor issues due report that warrants compliance of the financial statement with the set standards and principles. ... d penalizes the auditor for the reason that failure ultimately results due to the lacking on the auditor’s part (Peursem, Zhou, Flood, and Buttimore, 2007). It is evident that auditors’ firms usually end up paying the penalty without agreeing or denying the charges (Peursem, Zhou, Flood, and Buttimore, 2007; United States Securities and Exchange Commission, 2013). The third aspect of the audit failure results when an auditor intentionally or intentionally ignores the investigation requiring component of the financial statement due to having some financial interest in the organization. In almost all cases of the audit fraud, the auditors are investigated for supporting fraud in lieu of having direct and indirect financial interest in the organization or negligence. According to the Peursem, Zhou, Flood, and Buttimore, (2007) with respect to the case of Adelphia, Deloitte had a financial interest in the company as it was largest and long terms standing in the clientele li st of the Pittsburgh office of Deloitte. The case of GTGI also faced this issue when auditor relied heavily on the information provision by the management representatives. Auditor in this case ignored the need of giving exploratory assessment to the revenue and other related components of the financial statement. Finally, the most common aspect of effect is having some personal relationship with the client or entity for which the auditor is providing a service. Such relationships result in impacting the audit activity than having normal business relationship in independency. For instance, Peursem, Zhou, Flood, and Buttimore, (2007) have reported the case of Adelphia also claimed that many partners of the audit firm had a relationship with Adelphia and the family member of the management of the

Art21 Blog Post Essay Example | Topics and Well Written Essays - 250 words

Art21 Blog Post - Essay Example She uses her painting to educate others on gender and social, political condition in her country. She plots her work in advance and takes long in her paintings making sure that they are produced to perfection. She also includes different characters in her paintings based on materials and color. Viewers should learn various principles from her line of work. Foremost, she does not take advantage of her job to strive economically but instead has an emotional connection to her paintings. She takes her time while preparing paintings since there are hidden messages in her paintings. She also promotes American cultural history through her paintings on American folk-art traditions Viewers can easily recognize the artist due to her work. Information can be gathered from her painting where she has been featured in the power category of artists. She uses her work to provide knowledge and increase awareness to her viewers. She claims that one has to let the portraits come up automatically without forcing anything. Consequently, her work has been featured in various museums in the U.S providing her viewers with breathtaking scenes in her