Low Interest Rate Long Term Effect

Low Interest Rates Long Term Effect â€Å"The prolonged low-interest rate environment is transforming the banking industry from savings and loans to service and loans,† said Dan Geller, executive vice president of research firm Market Rates Insight in San Anselmo, Calif. (Fitzpatrick) Consumers may think that the continued low interest rates are a profound thing, but banks on the other hand think much differently. Consumers are refinancing their houses at rates as low as 2. 875%, while big banks like Hudson City Bancorp Inc. , a mortgage lender, are being forced to sell themselves to M&T Bank Corp.These super low interest rates are complicating the industry’s journey to a recovery from the financial crisis. In the article† Low Rates Pummel Banks†, from the Wall Street Journal, Dan Fitzpatrick further explains the negative effect of long term low interest rates. Fitzpatrick describes it as â€Å"Borrowers Benefit, but Industry Lending Profits Hit Lowest Leve l in Three Years†. (Fitzpatrick) Usually, we would believe it to be true that lower interest rates are a good thing, because they make it cheaper to borrow. Like so, there are those in support of the lower rates for example, the Fed and the consumers.For the past four years, since the 2008 financial crisis, the Federal Reserve Board had been trying to bounce back the US economy. The short term interest rates are extremely low and by purchasing more bonds they are reducing long-term rates. In all this has lowered the Ten-year U. S Treasury yields to 1. 43%, the lowest since World War II. (Fitzpatrick) The Feds see this as a positive because they believe the low rates increase the economic growth along with employment. They support their belief by stating that the low rates make it easier and cheaper for companies and individuals to borrow money.These low rates developed, in part due to the Fed, have sprung a rush in the mortgage refinancing industry. The growth in mortgage refi nancing has assisted fee revenue at two major companies, J. P. Morgan Chase & Co. and Wells Fargo & Co. , which control nearly half of the mortgage market. Wells Fargo decided to keep nearly $10 billion of residential mortgages, which they would normally sell to investors just in search of more yield. Fitzpatrick speaks of a woman in N. Y. , Katherine Karl, which was able to refinance her house at 2. 875%, who expresses that her desire to refinance was because of the istoric low of interest rates. Many others like Karl have also taken opportunities to refinance their homes. Although those companies have survived, and Karl lowered her rate by 2. 5 percentage points, not all are seeing such positive effects. In an article by Robin Sidel of the Wall Street Journal, â€Å"Regional Bank Lands Big-City Deal†, we can see the downside of these low interest rates. (Sidel) Hudson City, a mortgage lender based in Parmus, N. J. , has 135 branches, and has assets of $43. 6 billion, decide d to sell itself to M&T Bank Corp. , which is a regional bank.Hudson City’s loan portfolio was largely focused in mortgages, due to the drop in interest rates and the refinancing, the value of the portfolio dropped along with the interest rates. Once Hudson City had started to see a devalue of their portfolio, they had considered transforming themselves into a commercial lender. However, after much thought the Chief Executive Ronald Hermance decided this would take too long and increase their staff tremendously. (Sidel)This then led to the selling of Hudson City to M&T Bank Corp. If interest rates continue to remain low we can expect to see more mergers and smaller banks selling out.In Chapter 5 of the book, there is an application called â€Å"Explaining Low Japanese Interest Rates†, which can help better understand the negative effect of low interest rates. In the 1990s and early 2000s, Japanese interest rates became the lowest in the world, in November of 1998, the interest rate on Japanese six-month Treasury bills actually turned negative. In correlation with the extremely low interest rates was a prolonged recession, which was followed with deflation. As we learned in the book, the negative inflation causes an increase in the demand for bonds, because of the decrease in expected return on real assets.This in turn caused the demand curve to shift to the right. The negative inflation also raised the real interest rate, thereby causing the supply of bonds to adjust, moving the supply curve to the left. In the end this led to an increase in the bond price and a decrease of interest rates. In the book it explains to us that the interest rate is negatively related to the bond price. In other words, when the equilibrium bond price rises, the equilibrium interest rate falls and vise-versa. There are other factors which led to the down fall of interest rates in the Japanese market.For example, the lack of profitable investments opportunities in Japan , and the business cycle contraction and the decrease of wealth during the business cycle contractions. These all would lead to the increase in bond price and the decrease of interest rates. This application shows us that low interest rates are not a good thing. In Japan’s case, the low and negative interest rates were a sign that their economy was in trouble with falling prices and a contracting economy. The interest will only rise back to normal levels when their economy returns back to a better economy.Fitzpatrick goes on to explain that because of the low interest rates banks will have to consider new ways to make money like Hudson City considered, by offering other services. However, higher cost of those banking services could lead to losing customers in the financial world which would then in return have a negative effect. He predicts that â€Å"Over time, subdues bank profits are likely to accelerate a shakeout that has halved the number of insured institutions over t he past two decades†. (Fitzpatrick) He states this will happen by the pressure for smaller banks to take advantage of new technologies.The banks are suffering from the low interest rates in more ways than one. The low interest rates affect the bank’s benefit of holding depositors’ cash at the low rates. The problem with this is that many banks are stuck with a large increase in money to invest during which returns on securities are decreased. These deposit rates are at their lowest since the 50’s. (Fitzpatrick) Another way banks are suffering is due to the fact that they bet on higher-yielding mortgage bonds before rates fall. To counteract their losses banks are increasing loan prices.They are doing this in hopes of regaining their losses from the low interest rates, or refinancing of mortgages. In conclusion, although the low interest rates show a profit for some, the long term effect of low interest rates is bad for us. The low interest rates are a sign that are economy is in trouble, opposite of what the Fed is trying, just as in Japan. For our economy to return to a healthy economy, the interest rates will need to return to a normal level. Many banks will be forced to merger or sell out. Other banks will be forced to create new services. There will be an increased cost in the banking system, by increasing loan prices.The financial crisis and the Fed attempt to strengthen the economy have proven to be the derivative of the low interest rates which is driving the banking system, and mortgage lenders into chaos. Fitzpatrick describes it perfectly by quoting Mr. Lied saying Many smaller banks will â€Å"throw in the towel† and sell, as Hudson City did, if low rates persist, Mr. Lied said. â€Å"There are no magic bullets and there is no easy answer. † Works Cited Fitzpatrick, Dan. â€Å"Low Rates Pummel Banks. † Wall Street Journal 23 October 2012: A1. Sidel, Robin. â€Å"Regional Bank Lands Big-City Deal. â₠¬  Wall Street Journal 28 August 2012: C1.

How to Plan a Party Process Essay Essay

Parties are to commemorate special events and memorable occasions. However, what makes a party worthwhile and a happy occasion for both the host and his guests is perfect planning for such an event. Planning a surprise birthday party can be fun and exciting. The anticipation that the planner feels waiting for the reaction of the birthday person brings as much, if not more joy, than the actual birthday person’s acknowledgement of the party. Organization is a major key for things to run smoothly so when planning a party, there are many important details to be remembered: setting, theme and decorations, menu, guest list, entertainment plan and r.s.v.p The First step is to decide on the date, place, and time of the party. Most parties take place on the weekends for the convenience of working class; however, if permitted you can have a party scheduled during the week. Be sure that the party does not conflict with the birthday person’s schedule, because they have priority. Once you have picked a date and time check to make sure your location will be available. Try choosing a place that you know your guest of honor will love, such as a favorite park or familiar hang out spot or even a place that has special sentimental value for the person. After you have confirmed that the date, place, and time are all available, it is time to choose a theme you would like to have. The theme is  where you get ideas for your decorations, invitations, and even games. The theme is especially crucial when sending out invitations. Depending on what the invitation says it can tell your guest what type of party to expect, for example water party, s kate, costume, etc. So you want to be sure that both your theme and invitation match up. When choosing a theme be sure it is age appropriate and that everyone will feel neutral about. Once chosen, buy decorations to match. After choosing a theme it will be time to decide on a menu, which should be the easiest part of all. Finger foods are always a great route to go, because they are simple and you have a wide range to pick from. However if budget is an issue you can prepare simple platters such as fruit plates, sandwich trays, cheese and cracker trays, and vegetable trays. If you’re throwing a party for a younger age group chips and hot dogs are always a winner. This is also the time to order the cake. The cake should match the theme or be a symbol of the birthday person’s favorite character or hobby; also you should provide a variety of drinks. The next step is choosing a guest list. When choosing this list, it is crucial to invite only those who you are sure the birthday fellow will enjoy. By inviting people whose company is unwanted drama is likely to follow. Also keep in mind that you can never invite too many people, because more than likely half will not show up and those who do just might bring a friend along. To ensure your guests will have a jolly time, have great entertainment plan. DJ’s are generally a great choice where they allow guests to enjoy their favorite songs, but they can be costly. However, if you need entertainment that fits your budget better try planning games such as, pin the tail on the donkey, hide and seek, dominoes, spades, and pià ±ata. So use your imagination and be creative, also improvise whenever needed. Finally, send out your invites be sure to include an r.s.v.p with a deadline. Make sure the deadline is at least a week before the party. This will allow you time to make changes if necessary. Include an end note informing your guest that food and drinks will be provided. Once your r.s.v.p. deadline has come, you can decide if you need to order more or less food and party favors. To sum up, planning a birthday party is simple; it just requires time and dedication. Not only are they simple, but they can be quite inexpensive so long as you budget properly. If you follow these steps, your planning will go stress and hassle free. And as you run over a few last minute details and await the arrival of guest, relax and breathe; your party will have a great turn out and be the talk of the town.

Mixed-gender sports Term Paper Example | Topics and Well Written Essays - 1750 words

Mixed-gender sports - Term Paper Example In the past women had no opportunity or even a chance to improve and develop their bodies. It was not preferable for women. Now the situation has changed and women took part in the competitions, but the amount of them is much less than the amount of men. It would take much time to improve the situation (Bryant, 2003, 140). Feminist movements made many attempts in order to gain the same rights and conditions for women. Only at the end of the 20th century the world saw the results. The sport was not considered to be a male privilege and from that moment women received the opportunity to participate in almost every kind of sport. For sure we cannot say that the full equality has not been achieved and now feminists turned their attention to the problem of segregation (Bryson 350). At first sight in the world of sport the segregation does not provoke any disputes; it is just accepted by its participants. And there are a number of reasons for that. Due to the physical peculiarities, women have less opportunity to demonstrate their skills. The trouble is that sex segregation in sports seriously influences not only the issue of discrimination in sports circles, but also on the sexual hierarchy in the society in general. So, this issue is very important and worth-discussing as it refers not only to sport but to the everyday life as well. Mixed-gender sports could help defend the rights of women, so it must be introduced as much as it is possible. There is an opinion that the main aim of feminists concerning sport is to get rid of men, especially in those kinds of sports where women suffer from men’s athleticism. To say more such evidence as gender segregation in the team sport is accepted by both women and men. The basis for such statement is the myth that men have privileges over women, because they are stronger from the birth. So, gender segregation in the field of sport contributes to the common belief that women and men belong to the different worlds. Now man y scholars is concerned with the issue what role the gender plays in sport and how it influences the position of women in the modern world. In order to find the answer to this question it is enough to recall the participants of different kinds of sport. Just remember the Olympic Games, where women and men have different competitions. People can explain it due to different physical abilities and as a result women usually compete with women and men with men. An interesting thing was noticed during the opening ceremony of the Olympic Games. The German team had different colors of jackets for women and men and it looked like the indicators of gender that automatically demonstrated the differences between them (Bryant, 2003). And here the important question arises if such separation takes part in professional sport and if the professional sport tries to emphasize the differences between men and women. According to the official sources a great number of sports are gender-segregated at a p rofessional level. On the other hand, researches show that a great number of men already recognize that women as athletic as they are. Anderson came to the following conclusion in his research: â€Å"thus, in the sex-integrated sport of collegiate cheerleading, even once sexist and misogynistic men were able to witness the athleticism of women, befriend them in

Accounting Basics Assignment Example | Topics and Well Written Essays - 1250 words

Accounting Basics - Assignment Example 4. The incomes which are earned and not yet received are called accrued income. It will be shown in the credit side of Income Statement so bill invoice on 4th July, 17th July and 26th July (only 5000$ as 500$ was received cash) will be shown in the credit side of Income Statement and will be added to debtors account as it is credit invoice. 5. On 8th July, Amount received against above invoice adjustment will be as debtors are reduced by 3500 $ and cash will increase by the same amount. 6. As on 9th July, Advertising bill was produced but payment was made on 13th July so the amount of advertising expenses will be shown in debit side of Income Statement and will be deducted from cash account. 7. The office supplies were purchased on 14th July and payment was done 1 week later so the amount will be shown in office suppliers as it’s an assets and 21st July cash entry will be done against that. 8. The amount was withdraw on 20th July for personal use from bank, as no bank account statement is given the amount will be shown in liabilities side of balance sheet and will be deducted from drawings 9. The clock of 3800$ was sold at the price of 5500 $. So the profit on sale of clock will be credited in Income Statement. 10. The personal assistant was appointed on 14th July @ salary of 26000$ per annum and was paid fortnightly. The salary paid to him on 28th July will be debited in Income statement and will also be shown in Cash Account. 11. Following are the accounts: Cash account Date Particulars Amount Date Particulars Amount 1st July To balance B/fd 18500 9th July By Office supplier 750 2nd July To Capital A/c 150000 13th July By Advertising Exp 700 8th July To...The buyer who is willing to buy the business will always see that what the value of the assets in the market is? The seller will also see that he is getting worth amount or not. The elements of cost which are included in the fair valuation of assets are its purchase price, any costs to be incurred for the movement or transportation and costs of dismantling and removing the asset from its original location (Picker 2009). And then the amount will be the final/minimal amount that the owner wants from buyer. If the market value is more than the expected value the excess amount is considered as income of business and is distributed among owners. Thus, by using fair value method of valuation, Rick can have excess amount and will not run into losses as he plans to dissolve his business. On this ground, Fred’s suggestion to Rick is supported.

What are the pronciples that need to underpin the planning and Essay

What are the pronciples that need to underpin the planning and devlivery of Collective worship in a Catholic School - Essay Example But recently these concepts had been redefined under the 1988 Education Reform Act (ERA), which provided the legal framework behind the collective worship principle in schools in Great Britain today. This law is responsible for most of the reforms that took place in British schools in the past decades. In the context of collective worship, the ERA sought to modify the 1944 statute by mandating that collective worship is a â€Å"broadly Christian character if it reflects the broad traditions of Christian belief without being distinctive of any particular Christian denomination.† (Edge 2002, p. 305) According to the DFE religious education in schools should seek: to develop pupil’s knowledge, understanding and awareness of Christianity, as the predominant religion in Great Britain, and the other principal religions represented in the country; to encourage respect for those holding different beliefs; and to help pupils’ spiritual, moral, social and cultural developm ent. (cited in Wright and Brandom 2000, p. 15) And collective worship is an integral part of this initiative as it is believed that it will be able to achieve for students an understanding of how to live in the modern society. In addition, collective worship is seen as a tool that is available to teachers to complement educational purposes. Wright and Brandom summed up six key aims of collective worship in school: The first is a moral one because collective worship analyses contemporary issues affecting young people and presents varying responses to them; the second seeks to help students identify and think about themselves, of the mysterious universe in which their lives are set and of the strangeness of modern living; the third is about helping student develop their values further; the fourth focuses and celebrates the shared values manifested by respective school communities; the fifth pertains to the encouragement of community spirit, interaction and relationship

Common law Essay Example | Topics and Well Written Essays - 3750 words - 1

Common law - Essay Example ......................................8 5- Vicarious Liability...................................................................................................................9 6- Occupiers Liability................................................................................................................10 7- Strict Liability........................................................................................................................12 8- Negligence and Vicarious Liability.......................................................................................13 9- Bibliography.........................................................................................................................15 Total words: 3725. Task 1: 1-a: Formation of a contract This question is about contract, the problem in this question requires a discussion of offer, invitation to treat, counter-offer, acceptance and in particular the postal rule. Each of these elements will be discussed i n turn and an evaluation of the facts would be made thereafter. Contracts and its formation and giving legal effect to them is a matter which has been scrutinized critically by case law and statutes. The contract being formed is dependent upon an offer, which in turn requires an acceptance upon the conclusion of which question of consideration is concerned (Mackendrick, 2009). As per Professor Atiyah, the issue of offer and acceptance has been determined by courts in two ways, that is ‘reason forwards’ and ‘reason backwards’, the former is where existence of offer and acceptance are determined first and then the conclusion on the dispute is made; the latter is where the courts can reason from the appropriate solution back to the legal concepts of offer and acceptance (Atiyah et al, 2006). Offer has been defined as an intent of readiness on the part of one party who is called an offeror, so as to be bound by the terms that he states, subject to the fact that such an offer is accepted by the offeree (the person to whom the offer is made) unconcditionally. There has been a distinction drawn between an invitation to treat and offer and the former is said to be intent of readiness of a party so as to start negotiations and is therefore not unconditional (Fisher v Bell)1. The two main cases in this respect are Gibson v Manchester City Council2 and Storer v Manchester City Council3. In Gibson, the treasurer issued a letter to G whereby it was stated that the Council may sell the house to him, was construed to be an invitation to treat, this was affirmed by the situation that G was requested to have a formal application for purchase to be made.. The approach taken by the court was that they took the correspondence between the parties into consideration when determining the outcome. Contrary to that the courts, in Storer said there was a contract which was present as the matter had moved beyond the phase of negotiations. An offer should be dif ferentiated from a mere statement of price that is an enquiry as to the price (Harvey v. Facey)4 (Mackendrick, 2009). The courts have found advertisements to be an invitation to treat (Partridge v Crittenden)5, however, interpretation of courts has led to certain exceptions and the reasons cited for it are the intention to be bound and certainty (Carlill v Carbolic Smoke Ball Co.)6. Display of goods in shops are generally held to be invitation to treat (Fisher v. Bell) (Furmston et al. 2007). In respect of Doris placing the vase on her shop it would be held to be an invitat

The Shays Rebellion and the Origins of Sound Governance in the US Essay

The Shays Rebellion and the Origins of Sound Governance in the US - Essay Example With the cash flow literally gagged, the continental war veterans who had earlier received land as part of their compensation in order to quell their growing discontent with the national government found their only source of livelihoods threatened. Their usual receipt of continental notes, which would have provided them with a reprieve, had lost substantial value that even the government of the day no longer accepted them in form of taxes. The compensation woes notwithstanding, the immediate sealing off of the British agricultural markets right after the war made the situation, even more, worse; large stock inventories piled up, prompting a merchants’ dilemma of the repayment of the hitherto advanced agricultural debts. Unable to settle the outstanding debt with the English creditors, merchants turned on small debtors seizing properties [including land] to service loans. The state’s and the Confederation’s immediate economic remedy of raising taxes to fund the wa r debts stretched the already worse state of affairs even further. With the economy largely reduced into the traditional barter system, farmers and rural artisans essentially owed creditors and the tax man cash that was literally nonexistent. Their [farmers] attempts to petition the Massachusetts legislature to revise the state’s constitution to enable fair taxation, equal representation, issue paper money and/or pass tender laws that would permit debtors to service their loans in goods and services alongside the hard currency bore no fruits.5 A legislature dominated by commercial interests, the proposed reforms never featured beyond the petition. Rather than being sympathetic enough to the protesters’ genuine public concern, assemblymen responded with contempt charging that: â€Å"They, the people, are luxurious in their diet, idle and profligate in their manners, encouragers of foreign manufacturers.†6 As the economy increasingly worsened, they [debtors/farmers] found themselves hauled up in losing court battles with quite a number of defaulters ending up in state prisons; an ultimate fate that was probably imminent for Daniel Shays,

Media analysis Research Paper Example | Topics and Well Written Essays - 1250 words

Media analysis - Research Paper Example The growth in international tourism and travel has led to the reliance on food experience as a way of marketing destinations. This extends gastronomy across all socio-economic societies. In recent years, gastronomy has changed a lot especially with the effects of media into the marketing strategies. There exist a lot of media forms through which information about food can be passed (Radin, 2006). Different types of food and beverage products have been advertised using various forms of media. Modern day marketing techniques target specific groups of people, and there is a need to identify the best channels to reach the target market. In Sydney, there are many food outlets offering different cuisine. These food outlets range from fast foods to restaurants selling meals containing several courses. These establishments differ in the way they choose their markets. The marketing strategies, however, seem the same. They use the same media approach to reach their targets in different ways. M cDonalds can be identified as one of the leading hotel chains within Australia. They tend to use advertising through television more than other outlets like donut king. Within the Richmond neighborhood of Sydney, these two chains each have an outlet. They tend to compete for the same clients who consume fast food (McGrath & Anderson 1986). Their target market comprises of mainly youthful city dwellers. This client target does not have the time to prepare meals in their homes. This reason makes the two outlets identify t is group as their target market. The organizations have each been able to cut a niche for itself within the same market (McIntosh et al, 1995). McDonalds specializes in American cuisines while donut king does not have a cuisine specialty. Thought they don’t deal with the same products, they deal with similar ones. It would be difficult for donut king to start selling American food to outshine McDonalds. The two establishments have been using television a lot t o advertise their products. They have also put up billboards in certain strategic positions to aid in advertising. McDonald runs special adverts aimed at creating awareness on the importance of having a snack in between meals. This aims at making the same individuals realize that the snack being recommended can be acquired at their out let easily. On the other hand, donut king uses the same media to promote the new products which they have (Warde 2009). The advertisements run by McDonalds can be classified as informatory. The restaurant already has an international recognition. It lacks the reason for engaging in product familiarization advertisement. Being an international brand, the McDonalds outlet in Richmond, needs to let its presence felt. The use of television has been most effective for these two establishments. The target market of youth spends a lot of their time glued to television sets. Advertising on TV ensures that the targeted client receives the information quickly a nd easily (Chen, 2004). These advertisements normally run on the cable networks due to the popularity of these networks with the youth. The use of television ensures information reaches the highest number of people in the shortest time possible. Most establishments put a lot of emphasis on advertising as a way of marketing their products. Though essential in the promotion of a product, advertising should not be the only way of marketing (Michael & George 2004). Introduction of unique products

Auscultation and Spirometry Lab Report Example | Topics and Well Written Essays - 250 words

Auscultation and Spirometry - Lab Report Example Therefore, it is necessary for the lab partner to expel as much air as feasible through this process in order to determine the exact expiratory volume. The tidal volume of an individual is the amount of air that an individual can move in the lungs during the breathing procedure (Marieb & Hoehn, 2010). According to the information, the tidal volume is approximately 500ml. Approximately 340ml reaches the alveoli while the rest of the air remains in the respiratory tract. However, this breathing procedure is heavily affected by factors such as exercise, weather conditions and medical conditions. In addition, there is a residual volume of air that keeps the respiratory system partly filled. COPD is an initial for the term chronic obstructive pulmonary disease (Marieb & Hoehn, 2010). As previously stipulated, the tidal volume usually represents the volume of gas that is exchanged during every single ventilated breath. However, individuals with COPD are not able to exhale all the air in a single breath. Therefore, the tidal volume in these patients depends on the lung condition of the patient. In normal cases, individuals have a tidal volume of 5 to 8 mL/kg. In a normal individual, approximately 70% of the forced vital capacity is expelled. However, individuals who suffer from COPD produce a less ratio (Marieb & Hoehn, 2010). The severity of the conditions vastly affects the vital capacity of the individual. This asserts that individuals with the COPD condition produce a lower percentage of vital capacity due to complications in the respiratory

Debate Research Paper Example | Topics and Well Written Essays - 500 words

Debate - Research Paper Example This amounts to a gross violation of the established Military Rules of engagement, UN conventions and the International Criminal Law. In that context it will be really practical to back such claims with available and authentic statistics. As per the statistics provided by B’Tselem, the Israeli Information Centre for Human Rights in the Occupied Territories, an organization, which is very careful and meticulous about the violation of human rights in the occupied territories, since September, 2000, Israeli security forces have killed almost 1,463 Palestinian children in the occupied territories (Online). A large proportion of these children were killed by the Israelis while pursuing normal day to day activities like while playing, going to school, being at home, etc. (B’Tselem: Online). Also, more than fifty percent of these Palestinian children got killed as a direct result of the Israeli air and ground offensives and owing to indiscriminate firing by the Israeli forces. Also as per B’Tselem, in the same time period, Israeli forces deployed in the occupied territories killed almost 6379 Palestinians, of which 6359 Palestinians were killed on their own land (Online). Most of these victims were no way directly engaged in conflict with the Israeli forces and were unarmed.

India Change over Time Essay Example for Free

India Change over Time Essay India is a country with a rich culture and many age-old traditions. Although some of these aspects of indian culture can still be seen today, India has changed greatly over the year. A major contributing factor to this change was British colonization of India in the early and mid-1700s; colonization had both short-term and long-term impacts on India. Prior to British colonization most of India lived in small villages and maintained a predominantly agricultural economy. In most regions of India there is a strong sense of family and community. There are many festivals and occasions for celebration, especially weddings. As each region of India has elements of unique culture, occasions and celebrations can vary widely. Before colonization, people lived in extended families. A son would not leave his parents home when he married. Instead, his new wife would live with her husbands family and work for and serve his household. Women had very few choices or rights. They were expected to obey their father until they married, then they would obey their husband. If their husband died, they would be expected to obey their father-in-law. Houses were built of wood, reeds, mud bricks and straw. People slept, ate and sat on the floor, and furniture in houses was not common prior to colonization. Jainism, Hinduism and Buddhism are the three religions that are believed to have shaped Indian thought; religions that are practices world-wide. Many motivations pushed Europeans towards colonizing foreign lands. Primarily, nations established colonies to gain economic profits. In addition to a desire for economic profit, nationalism also served as a reason for colonization. Europeans used the ideas of the White Mans Burden to help justify their colonization of foreign lands. The White Mans Burden was the idea that as supreme beings, it was the job of the white people to spread their superior ways of living to the inferior people of other places. Britain discovered the Indian sub-continent when it was looking to expand its vast empire. In the mid eighteenth century, India became one of Great Britains most important colonies. Great Britain relied heavily on India as a source of raw materials. Britain profited from Indias vast supply of tea and cotton. Beginning in 1757, the East India Company, which was overseen by the British government, ruled India. Britain did benefit from the situation; however, notwithstanding the obvious injustices associated with colonization, India also experienced positive impacts. While Great Britain felt that they were being very generous to the Indian people in colonizing and modernizing the nation, the Indians did not always agree with this. Under British rule, many new roads, railways, and harbors were built, and a telegraph system was created. While the Indians were forced to do much labor in the construction of these things, they were often kept from enjoying and benefiting from the finished products. In fact, the Indian people were treated as second class citizens in their own nation. They were banned from many government positions, and had little rights. They often received lower wages than Europeans working in the same job, and their educations did little for them. The Indians eventually came together to fight against the way that they were treated influenced by the same sense of nationalism that had prompted the British to colonize India more than a century before. After much hard work, India finally gained independence from Great Britain in August 1947; however, although India gained independence all ties with the British nation were not cut. One of the first impacts that colonization had in India was the development of unity. When Britain first acquired India as a colony the country was divided. The British imposed system impacted India by bringing more equality to the country as the caste system which outlined social hierarchy was adapted. It is also significant that Britain accepted all of the religions of India which also allowed unity to prosper. India has also experienced positive impacts from the institution established and then left behind by the colonizers. The institutions established by the British Raj and then inherited by India helped lead to democracy in modern day India. The assistance of these institutions assisted India in becoming the world’s largest democracy today. It is also of note that Britain first introduced India to early capitalism through colonization. Britain transformed India into an agricultural based capitalist economy and established forms of private ownership. These actions led India into creating free trade and competitive business. Today India is the largest provider of services in the world in large part due to colonization; however, it is uncertain if without colonization this would be possible. The Indian population is able to compete in the service sector due to the positive impact of the English language being left behind post British rule. When colonization was occurring in India schools were established which taught and offered instruction in English. It is also of note that the East India Company had a positive impact by establishing some services such as rail throughout the country. The culture of India was also greatly impacted. As the English language spread, indigenous languages were diminished, and the culture, as a whole, began to take on a more European style. Under colonial rule India often depended on Great Britian for such things as technological advances and manufactured goods. Once it became independent, India slowly fell behind the rest of the world, as it had to learn to depend less on other nations and more on itself. India, even today, is considered a third-world country. The nations that were once under colonial rule, such as India, are for the most part the nations that are currently undergoing industrial revolutions. In addition to colonization changing the culture of India, it also affected that of the mother country, Great Britain. Colonization led to an increased diversity of culture in Great Britain. This was because many people from India began to move to Great Britain. Today, Great Britain is still home to many Indian people. The impacts of British colonization were huge and the changes made to India as a nation were great. However, not all of that rich culture was lost. Many of those original religions such as Jainism, Hinduism and Buddhism are still practiced world-wide. Also, even though English is common in education and business, the official language of India today is Hindi. Indians continue to be proud of their culture and traditional Indian buildings, attire, and customs can still be seen throughout the country.

Ethnic Diversity Essay Example for Free

Ethnic Diversity Essay Answer each question in 50 to 150 words. Provide citations for all the sources you use. 1. What is diversity? Why is diversity valued? Diversity is the combination of different races of people, religions, and culture. Diversity is important to constantly grow and learn new ideas that will help our society become a better environment to live in. Diversity is value because it allows us to learn different things that may help up us in life, that our own culture does teach, or provide. 2. What is ethnocentrism? In what ways can ethnocentrism be detrimental to a society? Ethnocentrism is a term that is used to describe the tendency that someone will believe his or her own customs and traditions are better than anyone else’s. It is determined that no culture is perfect, and closing society from the great custom of other cultures does not allow one a chance to solve all problems, and learn what others know that we are custom to disbelieve in. 3. Define emigration and immigration. Emigration is a person leaving a country, and Immigration is a person entering a country. E in Emigration can mean exit, and I in immigration can mean in. Many get these to word mixed up, mainly in ones English or History class as a student. For example the United States are prompt with immigrants with an I, and Mexico are accounted for emigrants with an E. 4. What are some of the ways groups of people are identified? Some ways groups of people are identified are by race or creed, gender, religion, raised by one or both parents, or raised outside of their original family. In addition, American cultural group people by age, until you reach 18, one is considered an adolescent, and when one reaches 21, they are considered an adult. 5. Why do people label and group other people? People label and group other people as a barrier to not be taken by surprise. If a certain Copyright  © 2012 by University of Phoenix. All rights reserved. Diversity Worksheet ETH/125 Version 8 2 person done something wrong, and we see more people like that person doing the same, we now label that entire race of people to be the same. The labeling part works as a defense mechanism to not allow someone that we think is bad or good, take advantage of us or we lock out someone we think can be a good friend. 6. Define culture. Is culture limited to racial and ethnic backgrounds? Explain. Culture is the customs of a group of people, by race, religion, beliefs, and tradition. Culture is not limited to racial and ethnic backgrounds. Because there are many different races that have the same religious culture and traditions. For example Indians, Blacks, Iranians, and I am sure there are others that believe in the Islamic religion, and have the same beliefs and follow the same religion traditions. Copyright  © 2012 by University of Phoenix. All rights reserved.

The Shrm Can Support The Competitiveness Management Essay

The Shrm Can Support The Competitiveness Management Essay In 20th century, globalization as a set of belief or ideologies becomes infectious. An ideologies -concerned primary with maximization economics that give prominence to the roles of market forces along with the deregulation and privatization would lead the sustain economic growth, it defines as the process has speeded up dramatically in the last two decade as technological advance make it easier for people for people travel communicate and do business internationality. (Investor word, 2005) The issue generate some change to the world, first, The globalization has is increase the competitive rivalry from the domestic to the global, as over past 25 year the number of MNC(multinational Company) has increase eight fold and the foreign direct investment stock has increase twelve fold. The economic indicator reflects the reshuffling of the total business investment away from domestic to foreign largely through merger and acquisition (Cooke, 2005, p.283). Second, the firm are increasingly s eek to leverage the HRM to compete in global market, academic and practitioner alike has increasingly to explore international potential of SHRM (Bratton and Gold, 2007). Therefore, HR today is playing a lead role along with business function in creating necessary momentum and internal capability. This is arguing by the resources based theory of (Barney, 1991) it hold that as a firm resources are key determinant of its competitive advantage. The resources must be creating value and competitor difficult to imitate. (Refer appendix A) A model of related to the resources and competence, it shown that the capability for the competitive advantage requires Core competence and unique resources. It identify resource has 4 type, physical, financial, human resources, and intellectual capital and define the core competence as the ability of management to deploy their resources effectively which cannot be imitate by competitor. (Johnson, Scholes, Whittington, 2008). In order to manage employee for competitive advantage human resource management must possess competence relevant for effective implementing SHRM practise (Barney Wright, 1988). Is that so human resources policies and practices may be an especially important sources of sustaining the competitive advantage (Jackson Schuler,1995). The Emergent SHRM Strategy From the introduction, we already explain HRM can be identify as a tool to sustain competitive advantage But, how to it sustain the competitiveness, it can be explain by the Strategy Human resource Management, it is a process of linking the human resources function with the strategic objective of the organization in order to improve performance (Bratton and Gold, 2007). Snell et al (1996, p.62) defined it as an outcome as organization design to achieve sustainable competitive advantage through people .The growing interest in SHRM has develop primarily because many of the traditional sources of competitive strategy have been rely on, such as patent, economic of scale, access to capital and market expansion are being eroded by the market based competition (Nolan, 2002). Is that so, the Human resources approaches, how to recruit, sustain, motivate and integrate the staff toward the organization objective and how it adopt change environment has become an important issue on generating the competitive advantage of the company. It has been argue by the Guest (1997) model of HRM (refer Appendix B), there is a close link between HR strategy and general business strategy, Cost leadership, Focus, Cost reduction, through implement the suitable Human resources practise, which may generate the HRM outcome, Commitment, Quality, And Flexibility to the staff, and he believe after achieving the following policy goal, superior performance outcome will be provided (Bratton Gold, 2007). Harvard model (Beer et al,1984) also argue that the Human resources practise must keep in view on the stakeholder and business environment concerns, and achieve the employee Commitment, competence, congruence and cost effectiveness, which may generate the long term consequences result , individual will being afford, organization effectiveness. There are 2 approaches on developing the human resources strategy. Best fit approach, which argue that HR strategy will be more proficient when it is integrated properly with its specific organization and environment contract (Boxall Purcell, 2000), Baird and Meshoulam (1988) argue that the HR practise must fit the organization stage of development they describe as external fit or vertical fit. However, the most significant best-fit model has been one in which external fit is determined by the organizations competitive strategy, rather than its stage of development (Boxall and Purcell, 2000). Best practise approach, which is based on the belief that is a set of superior human resources practices which, If adopted will lead better organization (). Definitions of best practice are always drawn from research on the four preferred sub functions of undergraduate personnel psychology: selection, training, appraisal and pay (Boxall and Purcell, 2000). This means the Human resources strategy must involve the whole management structure or process, instead on just HR approaches Ideal Types Human resource strategy Bamberger and Meshoulam (2000), integrate the two main models of HR strategy, one is approaches focusing on the strategys underlying logic of Managerial control, the other one focusing on reward -effort exchange, arguing that neither of the two dichotomous approaches (Control and resources based) provide a framework able to encompass the ebb and flow of the intensity and direction of HR strategy. (refer Appendix C) The implication of globalization in Tourism industry, and the role of SHRM in Sustainable tourism development. As globalization also means increase in international division of labour, achieve through the international fragmentation of production as well as the political trend toward a more liberal economic order (Vesna,1999). Many company going to global, as company can gain competitive advantages by focusing on marketing and distributing while turning to foreign producer for manufacturing of their product. (Bourgeois et al ,1999). Tourism industries are not an exception, tourism is a phenomena base on travel pattern of people, technology and cultural value is a major vehicle or operative in effecting globalization process. (E,Wanda,Georges, 2002). But it face some challenge as development of foreign country may affect the local community and local business, Clark and Arbel (1993) cite several challenge such as communication difficulty, little control over regulatory legal, political decision ,political instability, different labour pattern cost ,product supplier ,religion custom work ,ethni c, language ,lack of code and standard. Rapid growths of tourism possess a threat to environment social and international relation. (Klancnik, 2003). Many of the NGO has aware of this issue, so they come out with global tourism development theory, Sustainable tourism development. UNWTO (2012) define it as tourism that take full account of its current and future economic, social and environment impact, addressing the need of visitor, the industry, the environment and the host community. UNEP and UNWTO (2005) encourage all country make sure their policy and action for its development and management fully embrace the principle of sustainability. Government also play an important role on it, it has many tools that can use for make a different such as the power to make regulation and offer economic incentive and the resources and institution to promote decimate goal practise. (UNEP UNWTO, 2005). Furthermore, The sustainable tourism is not just focus on the environment conservation issue, UNEP UNWTO (2005) define that are three element, economic sustainability, social sustainability, economic sustainability, where social sustainability is focus on respecting human right and equal opportunity recognizes and respecting different cultural and avoiding any form of exploitation. Therefore ,the global policy like human right, fairness in the work environment are become vital issue that organization need to pay attention, in the other hand David Ulrich and Brockbank (2005) argue that the role of employee champion in SHRM, we has to see the word through employee eye and all of their representation while the same time looking customer, shareholder and manager eye and communicate to employee what is require for through them to be success and creating value. Guest also argue that High employee commitment as a critical HR outcome, concern with the goals of binding employees to the organization and obtaining the behavioural outcome increase effort, cooperation and organization citizenship.(Bratton Gold, 2007) This shown that sustainable development require coordination of SHRM. In national level In 1995, international labour market conference state that tourism industry facing or acute shortage of skilled manpower and there are many obstacles as far as HR resources in tourism industry (Srivastave, 2008).In Malaysia, Ministry of Tourism and Ministry of Human resource are in charge of sustainable tourism development , where MOTOUR focusing on eco-tourism and ensuring the quality and sustainability product (NEAC, 2011), MOHR in charge of social sustainability where they promote equal opportunity in work place (MOHR, 2001). Tourism industry is the important contributor to Economy which generating RM 360 Billion in GNI (ETP, 2010). The government face a lot of difficulty when implementing the sustainable tourism development. First, the constrains on man power shortage of training opportunity and inadequate opportunity to learn and the appreciate the specific requirement for tourist (NEAC, 2011). Second ,high turnover, Globally the turnover rate is estimated range 60-300% annually which is far away than the 34.7% annual turn overrate in manufacturing industry.(Walker Miller, 2010).Third, the replacement of foreign worker and the confusing of Y generation to enter the industry, a survey of MOHR show that the gap for hotel are especially for worker in food and beverage segment front line as well as housekeeping staff are filled with foreign worker, (ETP, 2010) local graduate from Bachelors of degree in hotel management hardly guarantee the attainment of management position ,and some more they need to compe te with the local SPM low skill labour, this is different from other country. This situation has demotivate the local employee to enter the industry as Pendergast (2009) state that mentoring model that focus on individual development use the time span of 5 year career planning are one of the suggest strategy in Y generation value and motivator. Fourth low salary, average salary for tourism industry is RM 1084 per month, which is relative lower compare with other large industry in Malaysia (ETP, 2010), in result the local choose to enter the hospitality industry enticed by income prospect in market such as Singapore Macau or Hong Kong. (ETP, 2010). From the analyst above, I give out a hypothesis, how to enhance the sustainable tourism planning and sustain the competitive advantage of the Tourism and Hospitality industry, it fall back to, how the company or country adopt the Strategy human resource management by implement best human resources practises. The human resources practises Recruitment and selection, is a process where the organization attract and selected the right staff to the organization, an effective approach of recruitment and selection can help organization maximize the competitive advantage by choosing the best pool of candidate quickly and cost efficiency. (Kleiman, 2005). Training and development, in SHRM it is not just a process to develop the skill capability of the staff, but also provide learning environment and the employee own career and future development. There is a growing emphasis on viewing organization as a total learning system and finding its core competence which reveal its collective learning (Prahalad Hamel, 1990). Performance appraisal, it is a process to measuring and evaluate the performance and contribution of the staff, Tznier, et. al., (2000) suggest that organizations generally use performance appraisal for two broad purposes. First performance appraisals are used in administrative decisions such as promotions, salary allocations, and assignments. And second, performance appraisals are used as a tool for employee development processes such as offering feedback, critiquing performance, and setting goals for improvement. Effective human resources development may enhance the company competitive advantages. Employee involvement and relations are the complex set of human resources practices and organization culture that seek to secure commitment and compliance with organization goals and standard through effective communications employee involvement, employee right and managerial disciplinary action (Bratton Gold, 2007). Reward, it is the process to recognize the contribution of the staff, proper reward strategy may motivate and retain the employee, eventually enhance the performance of the employee to the organization. Motivation is an important HRM function to join and stay talented worker and performance better and do extra to the organization, is one of the most important part for organization to focus on develop and sustaining competitive advantage.(Ahmad Khalaf, 2009). How company adopt SHRM by implement human resources practise are shown below. In tourism Industry The recruitment and selection play an important role on an organization, especially in the human based tourism and hospitality industry, and it place an important role on SHRM strategy planning as well as the best practise and best fit approaches, as employee replacement cost are high, make finding the right person to an organization imperative form both cultural and financial standpoint (Credit union Management, 2012). Therefore it is important for an organization to take full attention in the need of generate interest to employee apply the job, and the people who apply are capable to fulfilling the role in the employment (Bratton and Gold, 2007), as bad hiring practise can hurt your business (Lawson, 2012). evidence are shown in the tourism industry Malaysia, Small travel agency in Malaysia didnt provide the proper job specification, and fail on applying the best practise on Recruitment and selection policy, from the detail above, their employee are feel threatened by the entry of low qualification foreigner worker, low salary, and no clear career pathway provided, therefore they are unwillingness to enter the local market, in result cause high turn-over, lack of professionalism, High turn-over rate may lead to erosion of the company implicit knowledge base (Coff, 1997) affect company competitive advantage. (Delery Dotty, 1996). Unlike the Tourism Industry in US, Walt Disney, their SHRM practice pursue Commitment HRM strategy Bamberger and Meshoulam (2000) they not just provide attractive salary, they also care about the employee future career, until they retired .The salary provided is negotiable based on where employee stay, they introduce save for 2 morrow programmes to secure when retired employee, they provide more than 10,000 online reference materials and resources, instructor-led classes, performance support systems, and education reimbursement for job-related degree programs to develop employee future, the reward are based on performance recognize e mployee contribution, (Disney, 2012), the purpose of organization is to generate a innovated and creative learning culture of the organization which the employee may share the knowledge in meeting (Bratton Gold, 2007), it may enhance the organization competitive advantage ,as knowledge is intangible and difficult to imitate, Grant (1996) suggested that knowledge is the significant competitive asset that the firms possess . Barney (1991) also argue that it hold that as a firm resources are key determinant of its competitive advantage, and the resources must be creating value and competitor difficult to imitate. In Airlines, Multinational company Air-Asia pursue commitment HR strategy with locus control by outcome of the staff and focus on the internal development of the staff(Bamberger Meshoulam, 2000) to support its no frills strategy ,although it average salary is low for the reason of cost redundancy , but the staff may be retained , whereby it conduct pilot training programme for the Cabin crew to train as the first class officer (AirAsia, 2006), it set up an one stop Airasia academy to train the multitask staff(AirAsia, 2006), it promote knowledge environment , and everyone is in the same height regardless of your position , they adopt fresh new ideas (Airasia, 2012).it promote, The Next Generation Leaders programme looking for intelligent, young professionals, who lead active lifestyles and who breathes passion into all endeavours (Airasia, 2012). it provide performances related bonus ,recognize the contribution of the staff, and it provide work-life balance, where the staff only need to work 5 d ays a week (Airasia, 2012), as result commitment, quality and flexible staff may improve the productivity of the organization, and which fix the leanest cost structure business level strategy of Air-Asia (Airasia, 2012b), it has been prove by Guest (1989,1997), only when a coherent strategy directed toward the 4 policy goals fully integrated into business strategy and fully sponsored by the line management at all level is applied will high productivity and related outcomes sought by industry be achieved (1990, p.378).There is why now Air-Asia develop so rapidly and can become a leader of Low cost carrier Airline in the world . In Food and beverage industry Marry brown in Malaysia make use of traditional SHRM strategy as it mission was to improve the standard growth of the organization and maximize the sale and profit through its structured franchise system. (Marrybrown,2007a),The training they provide are focus on service quality, improve productivity (Marrybrown, 2007b),in India they tend to recruit external staff to maintain their service quality, the minimum requirement for a customer service crew is diploma, by using the attractive based salary and benefit reward examples, meals allowance, to attract and retain employee(Marybrown, 2012), in control system, the franchisor will make a regular visit on business review, market development and general business coordination (Marry brown 2007b).The purpose of this strategy was aim to process based control , in which close monitoring by supervisor and efficiency wages ensure adequate work effort. (MacDuffie, 1995).The traditional HR strategy or Best fit strategy has enhance the company gro wth rapidly, Marrybrown is now the largest home-grown QSR chain with over 300 restaurants in Malaysia, Azerbaijan, China, Bahrain, India, Indonesia, Iran, Kuwait, Maldives, Qatar, Saudi Arabia, Sri Lanka, Syria, Tanzania and the United Arab Emirate(Zazali Musa, 2012). Macdonald make use of resourced based model HRM strategy to sustain it mission customers favourite place and way to eat, which focus on 5 area, product prices, place people and promotion .(Macdonald, 2012a). The Manager had seen Human resources as an asset rather than a cost (Bratton Gold, 2007). In recruitment and selection process, the company make use of Macdonald Green Select, which consist of proven psychological profiling and behavioural assessment , which is Myes Briggs type indicator, Emotional intelligence prevue and the work personal index, aim to meet the candidate with enough competence to fix organization objective. (Mcdonald Green Human Resources, 2010), in employee involvement and relation, it promote manager mobility programme where the manager has the opportunity to work in any outlet of the world .(Mcdonald, 2012), Lashley(1994) commence with a survey of various claims made for employee empowerment as a means of winning commitment of frontline staff to delight cust omer with excellent and hence maximizing the profit of the business. In training and development the company promote lifelong learning , where the employee may has the opportunity to join the leadership programme, even-though has the opportunity to train in Hamburger university to enhance their career development, in the internal development programme mentoring are provided, program incorporates the latest technology features of both informal and formal mentoring approaches, providing a virtual environment to encourage Career Engagements. (Mcdonald, 2012), Payne and Huffman (2005) suggest that mentoring can enhance positive commitment and reduce labour turnover. in result the afford of SHRM approaches has successful benefit the company on reaching their business objective. According to the report, 20 % of the franchiser is start as a crew, 70 % of the work proud to work at the company (Hand, 2008). From the detail above, we may aware, different industry and different organization may use different SHRM practise, and it is varies on their business objective, like Airasia, because of the no fills strategy, the company choose to pursue the commitment strategy to improve productivity and reduce turn over, Walt Disney tend to achieve their innovative and creative business objective develop immitigable competitive advantage, so its focus on knowledge management, all of them has successful develop their own competitive advantages, so it prove that , my hypothesis is correct, where the SHRM play an important role in sustain the company competitive advantage , and sustainable tourism development, as they care of employee future development. The limitation of SHRM Since we know the SHRM can enhance and sustain the company competitive advantages but it meets some limitation, first lack of consideration of Culture in global market. As Strategic international human resource management has increasingly consider a key differencing factor between loser and winner in the Multinational Company (MNC) since 1990. (Schuler et al , 1993). Strategic international human resources management is a step further than SHRM, recognize that is a need to differentiate HRM across country culture ,an area there is increasingly being recognize as a course of business success or failure (Deresky,2008). Second, the SHRM may focus on the competitive strategy implementing, disregard the internal development, example like Traditional HR strategy may be adopted by management when there is certainty over how inputs are transformed into outcomes and/or when employee performance can be closely monitored or appraised(Bamberger Meshoulam, 2000), it is argue that at contingency analysis relies on external marketing strategy , and disregard the internal operation strategy that influence HR practise and performance. (Purcell, 1999). Third ,lack of HR expertise, David Ulrich (2005a) the HR guru once argue there are key role require in HR, business partnership, administrative expert, change agents , employee champion. According to the CIPD HR survey report (2003), among 1200 HR survey respondent, third of practitioners see their primary role as business partner ,slight fewer see themselves as change agent, 4 per cent seen them as the administrative expert, finally is the employee champion. this situation may pollute the SHRM strength on sustain the competitive advantage, as the employee champion seen to take grant one of the central nostrums of normative models of HRM, that employee well-being and organization goal can always be align (Tyson, 1995). Fourth the optimistic of HR manager, we cant avoid that that is a potential due to the personnel role of the decision maker, may affect the effectively of the SHRM strategy implementation. it is argue by Legge (1978) identify 2 strategy , the conformist innovator and the deviant innovator, the conformist manager attempts to fulfil the requirement of the senior management , the deviant innovator subscribe to a quit different set of norms, gaining credibility ,and support the ideas driven by social value rather than strict economic criteria (Marchington Wilkinson, 2005). Conclusion Although there are some limitation, but I conclude that, the SHRM still remain as the important tools for generating the competitive advantage , as we may aware ,that the traditional competitive strategy by Porter(1980) cost leadership , differentiation , and Focus has become common and being eroded by the competitive market(Nolan, 2002), and the unique characteristic of SHRM are effectively for sustaining the competitive advantage nowadays, it can be explain by the resources based approach (Appendix D) , where there are 4 element to sustain competitive advantage, rare, value, inimitability, non-substitutability. The human resources can create value to the organization , where specific skill and capability each employee held will provide more and less value depend on the market in which the organization operate (Johnson,2009). The human resources can be rare, like the management style, the leadership and close relationship, and the unique human resources practice. An organization that employed people with higher cognitive ability compared to their competitor will be more likely to gain competitive advantage through their rare resources (Wright et al, 1994). The human resource can be immitigability, and non-substitutability, example like the knowledge and the know-how skill develop, the competitor may find difficult to imitate. Amit and Shoesmake (1993) emphasis the strategic important of managers identify, ex ante and marshalling a set of complementary and specialized resources and capability which are scare, durable, not easily trade and difficult to imitate. Furthermore I suggest, if a company are tend to extract the global market, they should more concern about the international strategic human resources management , when implementing the human resources practise, as culture and the legal perspective of country may be varies. Schuler et al (1993) once argue that, there four component we has to consider when apply the SIHRM, the exogenous factor, the endogenous factors SIHRM practices, the goals of the multinational company, the exogenous are related to the industry and the domestic characteristic (culture ), the endogenous is regarding the MNC internal own capability and culture, SIHRM issue, is regarding the issue of tendency of coordination, local or global responsiveness, and the goal of the MNC is regarding the profitability and the shareholder interest, as last I reemphasis, the SHRM is the essential tools for sustain the competitive advantage, therefore the manager must integrating the SHRM on the business level or corporate level strategy planning as we has proved that SHRM are the driver for the sustainable and developing of the competitive advantage. Referencing Ahmand, A. R., Khalaf, T. (2009) Achieve competitive advantage through job motivator, Accounting and Business Department, 20(2), pp.105-107. AirAsia. (2006) Airasia Annual report 2006. Malaysia. Available at: https://www.airasia.com/iwov-resources/my/common/pdf/AirAsia/IR/AA%20Corporate%2006.pdf (Accessed: 19 April 2012). Airasia. (2012) We are Hiring. Malaysia. Available at: http://www.airasia.com/my/en/corporate/careers_10reasons.page (Accessed: 20 April 2012). Airasia. (2012b) Investor Relations. Malaysia. Available at: http://www.airasia.com/my/en/corporate/irstrategy.page (Accessed: 20 April 2012). Amit, R., Shoemaker, P. J. H. (1993) Strategic assets and organization rent, Strategic Management Journal, 14, pp33-46. Baird, L., Meshoulam, I. (1988) Managing two fit of strategic human resource management, Academic of Management Review, 13(1), pp.116-128 Bamberger, P., Meshoulam I. (2000) Human resource Management Strategy. CA: Sage. Barney, J. B. (1991) Firms resources and sustained competitive advantage, Journal of Management, 17(1), pp. 99-120. Barney, J. B., Wright, P. M. (1988) On becoming a strategic partner: the role of human resources in gaining competitive advantage, Human Resources Management, 37(1), pp. 31-46. Beer, M., Spector, B., Lawrence, P. R., Quin, M. D., Walton, R. E. (1984). Managing Human Asset. New York: Free Press. Bourgeois, L. J., Duhaime, I. M., Stimpert, J. L. (1999) A Managerial Perspective 2nd. Fort Worth: The Dryden Press. Boxall, P., Purcell, J. (2000) Strategic human resources management: where have we go from where we are going, International Journal of Management Review, 2(2), pp. 183-203. [Online]. Available at: (Accessed: 20 April 2012). Bratton, J., Gold, J. (2007) Human resources management. London: Palgrave Macmillan. CIPD HR survey report (2003) Where we are, where we are heading [Online]. Available at: (Accessed:22 April 2012). Coff, R. W. (1997) Human resources assets and management dilemmas : coping with hazards on the road to resources based theory, Academy of Management Review, 22, pp. 374-402. Cooke, W. N. (2005) Exiting power in a prisoners dilemma: transnational collective bargaining in an era of corporate globalization, Industry Relation Journal, 36(4), pp. 283-302. Delery, J. E., Dotty, D. H. (1996) Modes of theorizing in strategic human resources management : test of universalistic , contingency, and configurationally performances predictions, Academic of management Journal, 39, pp. 802-835. Deresky, H. (2008) International Management. New Jersey: Person education Inc. E. Wanda George. (2002) Tourism, globalization and sustainable development : Are these contravening concepts. Canada: Lifestyle Information Network . Available at: http://lin.ca/Uploads/cclr10/CCLR10-34.pdf (Accessed: 15 Mar 2012). Economic Transformation Programmes . (2010) Revving up the tourism industry. 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A Comparison Between Charlotte Brontës Jane Eyre and John :: English Literature

A Comparison Between Charlotte Brontà «'s Jane Eyre and John Steinbeck's Of Mice And Men looking closely at the themes of Friendship, Loyalty and Integrity I have recently read Charlotte Brontà «s 'Jane Eyre' and John Steinbeck's 'Of Mice And Men' novels. They are both clearly different novels. First are both set in different time spans, the settings are different, Jane Eyre was set in rural Victorian England countryside, in comparison, Of Mice And Men was set in the Agricultural side of the U.S.A. Finally both genders of each novel are the same i.e. Charlotte Brontà « and Jane Eyre to John Steinbeck and George Milton and Lennie Small. I will be looking closely at the three themes and similarities between the two novels; these are Friendship, Loyalty and Integrity. I shall also be looking in detail at the differences between the two novels. Both these novels have many differences, The first main difference is the time and settings between the two novels, first of all Jane Eyre was set in 1847 in the rural Victorian countryside placed in England during the nineteenth century. Then the main character Jane Eyre and then the writer Charlotte Brontà «. This novel has been written in a first person narrative point of view, this attempts the readers to focus on the style of writing and emotions that occurred through the novel. This style of writing will enable the readers to get up close to the characters and the details given by them. " I don't know, I asked Aunt Reed once, and she said possibly I might have some poor low relations called Eyre, but she knew nothing about them". This shows how Charlotte Brontà « decided to write the novel in the first person narrative, this will again enable the readers to get up close and personnel, this will also get the readers some of her life as they were with her as it happened. This is one of the advantages of writing in the first person narrative. However a disadvantage of this style of writing is that us the readers our only able to read one point of view, but to me this is also another advantage because this novel suits the style of a first person narrative, Charlotte Brontà « has done this deliberately, so the reader can focus more on Jane Eyre and her life. In comparison John Steinbeck's 'Of Mice And Men' was set in the agricultural side, in the heart of the 1937 U.S.A. Also John Steinbeck wrote the novel during the great depression. John Steinbeck made the two main characters 'George Milton and Lennie Small'. This is another difference form Jane Eyre as the gender is all male however the main

George Orwell and Animal Farm and 1984 Essay -- comparison compare con

George Orwell and Animal Farm and 1984 George Orwell is only a pen name. The man behind the classics Animal Farm and 1984 was named Eric Arthur Blair and was born to a middle class family living in Bengal in 1903. Eric Blair got his first taste of class prejudice at a young age when his mother forced him to abandon his playmates, which were plumber's children (Crick 9). He could then play only with the other children in the family, all of whom were at least five years older or younger than Eric (Crick 12). This created in him a sense of alienation that plagued him all his life and seems to be reflected in the bitter decay and loneliness he later expressed in his novel 1984. As he moved around unsuccessfully from job to job, he never really developed a sense of self-worth. His childhood self-esteem had already been scarred by his bed wetting habit, of which Orwell Biographer Jeffrey Meyers writes that it "was only the first of endless episodes that made Orwell feel guilty: he was poor, he was lazy and a failure, ungrateful and unhealthy, disgusting and dirty minded, weak, ugly, cowardly" (23). His writings, under the name of George Orwell, and specifically his two major novels, mentioned above, contain themes warning readers of the dangers present in modern society, a world he saw as bleak and repressive through the filter of his unhappy childhood and two world wars. Despite their sometimes dark settings, his works are very accessible, which has made him popular among those not usually comfortable with more intellectual fiction. But his works do discuss serious themes and contain a specific focus, making them valid pieces of literature and not just popular fiction. Animal Farm is Orwell's... ...is rule. 1984 shows the tendency of the dictator to want to control every aspect of a people's actions, feelings, and thoughts. A single man, with absolute power over a country's military, government, and minds, inevitably produces a lower standard of living, a constant fear of being arrested, and a trend of state sanctioned murders in order to establish and uphold the regime. This modern danger, along with Orwell's expression of his own personal alienation, is what is depicted through the dark humor of Animal Farm and the poverty and paranoia of 1984. Works Cited Crick, Bernard. George Orwell: A Life. Boston: Little, Brown, 1980. Meyers, Jeffrey. A Reader's Guide to George Orwell. Ottowa: Rowman and Allanheld, 1975. Orwell, George. 1984. New York: The New American Library, 1961. Orwell, George. Animal Farm. New York: Penguin Books, 1946.

anthem :: essays research papers

In the end of "Anthem", Prometheus comes to the realization that his society's teachings and ideas were not helpful in advancement to the society. Ideas like individuality, that the society tried to squash out of its people, is beneficial to the society as a whole because men are meant to think for themselves. In the book Prometheus made the light bulb back when he was in the society, but once he showed it to the World Council, they but him in jail. After this incidence he realized that no matter what brilliant things he invents, it will never be something that particular society can use. At first he is confused, but realizing that he was acting like an individual made him see that maybe society is the evil one and he is the good one. All of this made him realize that maybe he is not meant for this, and he is thrown out into the uncharted territory. He learns that men are meant to think for themselves, and that if they do society will become more advanced and they wil l be able to move forward instead of staying at the same spot forever. This is how he realizes his "sins" were actually good and that men are supposed to think for themselves. In Prometheus's society, being an individual is considered a "sin", but as events occur Prometheus begins to comprehend that being an individual is the way men are supposed to think. In the beginning of the book, he has a name like everyone else, and like everyone else he is living in a world that thrives off fear. Everyone is afraid to think, act, or be different from the rest, because as society has taught them being different and an individual is a "sin". As he began to grow up, he noticed that he was somewhat different from the rest of the people. He disliked many things such as the way society made people mate because he thought this was despicable and grotesque. The more he began to grow up he was becoming more of an individual and this scared him, he even began to see himself as an evil person. When he started to play around with science and began inventing things like the light bulb, this scared him but then he reasoned that maybe even though he was a cting as an individual the council would let it go because it was such a remarkable invention. anthem :: essays research papers In the end of "Anthem", Prometheus comes to the realization that his society's teachings and ideas were not helpful in advancement to the society. Ideas like individuality, that the society tried to squash out of its people, is beneficial to the society as a whole because men are meant to think for themselves. In the book Prometheus made the light bulb back when he was in the society, but once he showed it to the World Council, they but him in jail. After this incidence he realized that no matter what brilliant things he invents, it will never be something that particular society can use. At first he is confused, but realizing that he was acting like an individual made him see that maybe society is the evil one and he is the good one. All of this made him realize that maybe he is not meant for this, and he is thrown out into the uncharted territory. He learns that men are meant to think for themselves, and that if they do society will become more advanced and they wil l be able to move forward instead of staying at the same spot forever. This is how he realizes his "sins" were actually good and that men are supposed to think for themselves. In Prometheus's society, being an individual is considered a "sin", but as events occur Prometheus begins to comprehend that being an individual is the way men are supposed to think. In the beginning of the book, he has a name like everyone else, and like everyone else he is living in a world that thrives off fear. Everyone is afraid to think, act, or be different from the rest, because as society has taught them being different and an individual is a "sin". As he began to grow up, he noticed that he was somewhat different from the rest of the people. He disliked many things such as the way society made people mate because he thought this was despicable and grotesque. The more he began to grow up he was becoming more of an individual and this scared him, he even began to see himself as an evil person. When he started to play around with science and began inventing things like the light bulb, this scared him but then he reasoned that maybe even though he was a cting as an individual the council would let it go because it was such a remarkable invention.

Black Economic Empowerment and Corporate Governance in Zimbabwe Essay

Indigenous Zimbabwean as defined in the National indigenisation and Economic Empowerment Act refers to anyone who, before independence in April 1980, â€Å"was subjected to unfair discrimination [presumably in Zimbabwe] on the grounds of their race, and includes a descendant of such a person†. Thus indigenous Zimbabwean means any person who before 18 April 1980, was disadvantaged by unfair discrimination on the grounds of his or her race , and any descendant of such person, and includes any company association, syndicate/ partnership of which indigenous Zimbabweans form the majority of the members or hold the controlling interest. National indigenisation and Economic Empowerment Act, defined indigenisation as a deliberate involvement of indigenous Zimbabweans in the economic activities of the country, to which hitherto they had no access, so as to ensure the equitable ownership of the nations resources. Empowerment means the creation of an environment which enhances the performance of the economic activities of indigenous Zimbabweans into which they would have been introduced or involved through indigenisation. The locus of control shifts from managers to workers so that the workers become responsible for their actions but managers do not lose their involvement. Workers are considered as strategic business partners so that participation and involvement of workers is enhanced. Workers who participate in programs designed for learning are encouraged, recognised and utilised. Empowerment brings element of commitment and identity that is we are citizens of Zimbabwe. Corporate governance is a term derived from a Latin word gubanare which means to steer. It is the manner of directing and controlling the actions and affairs of an entity. Reduced to basics, it is the exercise of powers and actions to achieve goals of an organisational entity. Core concepts of corporate governance include†¦ accountability, responsibility, fairness, transparency, sustainability, good board practices, control environment, board commitment, openness, reputation, stakeholder interface, ubuntu. Background to Indigenisation and Economic Empowerment Despite reports that the Zimbabwean government is mulling over accelerating the implementation of the Indigenisation and Economic Empowerment Act passed in 2008, many foreign firms continue to operate their businesses. Lured by the ever increasing attraction of the Zimbabwean economy, which has been propped up by the economic stability brought about by the unity government, foreign economic players are making inroads into the Zimbabwean market. For example, the British American Tobacco company under its Zimbabwean subsidiary, BAT Zimbabwe, last year purchased 15 million kilograms of tobacco. The company will consumed just 10% of the crop and exported the rest to other BAT operations worldwide. Mining company, Zimplats, which is owned by South Africa’s Impala Platinum also recorded impressive gains and is reportedly seeking to increase platinum mining in the country and production at some of its mines. A report by the Confederation of Zimbabwe Industries (CZI) shows that factory-capacity utilisation in the country is up to 57% from less than 10% before the unity government, which is an encouraging sign for investors. Dr E.  Bloch warned that South Africa, Zimbabwe’s largest trading partner in the region, will be watching the empowerment issue closely, especially since they have several interests in the country. â€Å"Zimbabwe must be wary of scaring off investment. Empowerment must be acceptable to SA as well. Our version of their Black Economic Empowerment initiative must not scare them off,† he said. In Zimbabwe today, industry and commerce is predominantly the domain of big conglomerates, who own most businesses in all sectors. The levels of black people’s participation in industry and commerce and business entrepreneurship continues to be unacceptably low. As it stands, blacks who suffered discrimination due to their race have not really enjoyed the benefits of the Indigenisation Act. The indigenisation process therefore runs the risk of appearing to have been designed for the exclusive benefit of a certain class and in turn loosing the very credibility and broad based support that it requires to be a success. The Indigenisation and Economic Empowerment Act is not merely a moral initiative designed to redress the wrongs of the past, it instead serves as a pragmatic growth strategy designed to realise the nation’s full economic potential. However, neither the pasts wrongs nor future’s promise can be addressed without prioritising indigenous people’s economic empowerment. Officials are not acting in good faith regarding the implementation of the Indigenisation Act. They are looking the other way when foreigners continue to hog the retail business space and other secondary sectors. One only needs to look at how foreign nationals, particularly the Chinese have crowded out emergent black businesspeople from the retail trade to appreciate the concern. This is a sector that ought to remain exclusively indigenous. While Zimbabwe direly needs investment to create jobs enough to absorb a growing legion of jobless locals, there is absolutely no need to give the Chinese or any other foreign nationals the advantage to crowd out indigenous people from sectors that require nominal capital to start. Indigenous people have been crowded out of the lucrative diamond mining business by foreign companies. Government should also encourage firms to meet indigenisation targets by creating Employee Share Ownership Plans (ESOP) for groups of black employees. An ESOP is a means through which employees can own a share of the company they work for and employee ownership increases production and profitability, and improves employees’ dedication and sense of ownership. The government should not scuttle business ambitions of emerging indigenous entrepreneurs instead its major role should be to facilitate and create a business atmosphere that assists those with business acumen and pedigree to develop their enterprises for the betterment of a majority of the people. The Shabanie and Mashaba Mines saga is a case in point. It is an enduring lesson of how government should never, ever flex muscles in a sector which it is clueless about. The consequences are evident for all to see and do little to convince even those that the empowerment programmes are meant to benefit. Indigenous people who have the acumen to run a particular business should be given the chance to do so without government interference. It remains a sad reminder to national goals for economic emancipation when locals are squeezed out of the business and when these locals see opportunities they have identified being whittled away simply because of petty bureaucracy. Regulations of the Zimbabwe Indigenization Policy Regulations to implement the 2008 Indigenization and Economic Empowerment Act requiring local control of foreign firms doing business in Zimbabwe took effect amid rising concern the program would dash any interest investors might have in the country. The regulations require companies with a value of more than US$500,000, to report on the distribution of new shareholdings. The Indigenization and Economic Empowerment Act proposes for a 51 % transfer of shares in foreign companies to indigenous black citizens. The Zimbabwe Congress of Trade Unions criticized the drive to establish black majority control of foreign companies, saying indigenization will benefit just a few blacks who will replace minority whites. Businesswoman Marah Hativagone, director of the food processing ingredients company CodChem and a former president of the National Chamber of Commerce, said indigenization is desirable but added that the current initiative is poorly timed as it comes just as the economy is recovering its footing. Under Sections 3 and 4 of the Act, overseas-owned firms with an asset value of more than $500,000 (? 332,000) will have five years to sell a 51% stake to indigenous Zimbabweans. Failure to do so attracts a jail sentence. The foreign-owned firms have 45 days from the day of implementation of the Act to inform the government how they will achieve majority indigenous shareholding within five years. The regulations apply to â€Å"companies, associations, syndicates and partnerships whose object is the acquisition of gain; effectively this covers everything other than literary and charitable associations†. Under Section 4 of the regulations, all businesses with an asset value of more than US $500 000 must send the Minister a form [which is set out in the regulations] showing the extent to which they are indigenised and, if they are not majority-owned by indigenous Zimbabweans, their plans for indigenisation; these plans must conform with guidelines provided in the form. Existing businesses must submit the form to the Minister by the 45th day from the day of implementation but it is not a criminal offence to fail to submit the form — if a business fails to do so. The Minister can send it a form and order the business to complete it; only if the business fails to comply with the Minister’s order will it commit an offence [Section 4(4)]. Having received a form from a business, the Minister has 45 days within which either to approve the business’s indigenisation plans or to make his approval dependent on the plans’ conformity with a notice which the Minister published in the Gazette before the 1st March 2011. If a person or company that controls a business whose asset value exceeds US $500 000 relinquishes control over the business, the transaction will have to be approved by the Minister, and the approval will be conditional on the transaction conforming to indigenisation targets set out in an approved indigenisation plan [Section 8]. Under section 9, anyone who â€Å"projects or proposes an investment for which an investment licence is required in terms of the Zimbabwe Investment Authority Act† will have to obtain the Minister’s approval before obtaining such a licence, and â€Å"any investor requiring a licence in terms of the Zimbabwe Investment Authority Act† will have to obtain the Minister’s approval before investing in sectors of the economy which are listed in the Third Schedule. These sectors include agriculture, transport, â€Å"wholesale or retail trade†, barber shops, advertising agencies and milk processing. If goods or services are obtained from a supplier under the Procurement Act and the supplier is not controlled by indigenous Zimbabweans, the supplier must subcontract to competent indigenous businesses — but only if the supplier â€Å"is required by the Act to subcontract to businesses whose controlling interests are held by indigenous Zimbabweans. † Businesses will have to satisfy the Minister annually that they are indigenising in accordance with the law. Under Section 15 the Minister will establish a database of people who want indigenous Zimbabweans to acquire an interest in their businesses, and of indigenous Zimbabweans who wish to â€Å"partner† those people. The role of the Indigenisation Policy to the Economy Zimbabwe’s much publicised indigenization and economic empowerment program must aim at creating new wealth . The real solution is to grow the economy and in the process generate new wealth which in the process creates jobs and brings national prosperity. Zimbabwe’s broad based black economic empowerment must not merely focus on correcting historical wrongs. It should be refined and become a pragmatic growth strategy that aims to realise the country’s full economic potential while helping to bring the black majority into the economic mainstream which further creates a market for enterprises. The program must clearly identify individuals with potential who can be supported to build enterprises and businesses from scratch and create new wealth and jobs. The over focus on re-distributing current wealth only serves to bring disrepute to an otherwise very noble and necessary program. There are several practical steps which need to be developed and followed to ensure the program becomes a resounding success which include skills development and access to Entrepreneurial infrastructure. The ownership, management, socioeconomic development and preferential procurement are critical areas of broad based economic empowerment program which need to be clarified and developed to ensure the program’s success without disrupting established businesses which are already employing thousands of people and contributing to the Treasury through corporate and income tax. The rules of engagement of the Broad based Economic empowerment program must be well laid out in advance for all investors to understand. If done haphazardly the economy shrinks and more people go hungry because investors flee and the skills that we need also flee, we see that what we have inherited has turned to ash. A credible empowerment program must be aimed to ensure broader and meaningful participation in the economy by indigenous people to achieve sustainable development and national economic security. In light of Globalization and dominance of Foreign Direct Investment and Sovereign Wealth Funds in distribution of capital it is imperative for the economic empowerment to be done within the confines of the law. Admittedly Zimbabwe has several attractive features such as mineral resources, educated labour force, excellent weather etc but investors have multiple other potential investment destinations. This means Zimbabwe still has to be competitive in attracting FDI and the economic empowerment program implementation needs to take into account international trends and internationally acceptable practices on dealing with empowerment matters. Zimbabwe and Zimbabweans should shun being associated with grabbing other peoples businesses or assets but should rather develop a reputation as being welcoming to investors who will help in creation of new wealth. The focus should be on creating wealth and not grabbing, seizing or looting. It has been correctly noted that direct intervention in the distribution of assets and opportunities was needed to resolve the economic disparities created by historical colonial policies which had favoured white business owners and citizens at the expense of everyone else regardless of their education, skills or ambition. The World over BEE is intended to transform the economy to be representative of the demographics, specifically race demographics of the country in particular its racial make-up must be reflected reasonably in the ownership of resources and access to opportunities. There is need to avoid victimizing one section on the population even though it may have been a beneficiary of past ill-thought out and discriminatory policies of the past. It has been observed and universally accepted that â€Å"Societies characterised by entrenched gender inequality or racially or ethnically defined wealth disparities are not likely to be socially and politically stable, particularly as economic growth can easily exacerbate these inequalities. Thus broad based economic empowerment initiative is a necessary and critical program which should be carried out in a transparent and accountable manner for the benefit of broad sections of society which were previously systematically excluded from the Economy. The role of the Indigenisation Policy to Corporate Governance C. R. Baker and B. P. Quere contend that most theories on corporate governance do not acknowledge the importance of the state in bringing about good corporate governance practices but tend to focus instead on relationships between boards of directors, managing directors, shareholders and other stakeholders. This approach would leave the government abdicating its responsibilities to the citizens in the country because ultimately business practices impact on the general populace. Here the Enron saga is a case in point. Instead governments have tended to take the role policing the aftereffects of bad corporate governance practices. A pragmatic shift should be taken in the case of Zimbabwe. A proactive stance that anticipates the foregoing implementation of the indigenous economic empowerment strategies on corporate governance as we know it in industry and commerce today should be formulated. Conclusion Thus there is need for government and industry to realise that if boards of directors are to remain legitimate their constitution will have to change to reflect the new shareholding structure. Braudel, 1985, as quoted by C. R. Baker and B. P. Quere points out that it is the responsibility of government to put in place rules and regulations that specify to a very fine degree, the operations of businesses in the economy. Indeed, the advent of the global financial crisis has show that governments have been wanting by leaving firms with inadequate corporate governance that has precipitated the recurrent global crises. Despite the inadequacy of company law and the newly gazetted and revolutionary indigenization law, it is interesting that the government makes no mention of good corporate governance needs in its mid-term economic policy framework, when the global financial crises put forward a compelling case for government intervention in establishing good corporate governance practices. Thus, on one hand, company laws have been preoccupied with the formation and dissolution of business entities, while on the other hand indigenization law has been concerned with the redistribution of shareholding in firms, but both fall short of the modern responsiveness to the laying down of good corporate governance practices. As the government puts in place the new shareholding structures, it is imperative that codes of best practice for corporate governance are instituted so that empowerment of indigenous people does not lead to an economic downturn as happened with the land redistribution programme at the turn of the century.