Trillion Dollar Bet Essay Example | Topics and Well Written Essays - 750 words

Trillion Dollar Bet - Essay Example Quantitative fund is as yet a gigantic piece of institutional contributing, yet notwithstanding that reality there are as yet those dealers who feel that it is utilized excessively. This at long last makes a specific measure of antagonistic vibe between the scientific geniuses or quants and the instinctive dealers who depend just negligibly on science. What is intriguing, and furthermore awful about this pressure, is that nobody has truly led an examination that would reveal insight into which approach is progressively ideal as far as bringing in cash for either singular speculators or monetary establishments. Such an examination would be captivating, and would give genuinely necessary and unfathomably significant data on exchanging procedures. The watcher is allowed the chance to learn of the endeavors that have been made to locate a scientific recipe for chance, which after certain times of exploration has at long last been accomplished by Myron Scholes and Fisher Black, with significant commitments also from Robert Merton. The 'Dark Scholes condition' is currently omnipresent in budgetary building, and as the program makes reference to, is enormously utilized in exchanging pits to assess the cost of an alternative. This piece of the program is in reality intriguing, for it talks about the authentic birthplaces of quantitative fu nd, in taking a gander at the postulation of Louis Bechalier. ... For instance, the elements which lead LTCM to go into liquidation are not quickly known. The watcher is likewise persuaded that the LTCM association, through its tremendous situating, exasperated the money related disturbance around then. With the obscure thinking behind a definitive liquidation, any such ends or proclamations initially ought to experience genuine examination before any official conclusion is made. No proof for this is given in the program, and furthermore a large number of the visitors mirror a specific predisposition against quantitative fund. Predisposition on any theme can prompt an appalling feeling of vital realities being possibly overlooked for agreeing with a mainstream idea(s). First off, one of the visitors on the program, Stan Jonas of FINAT Brothers, makes reference to an assortment of individuals who a purchaser would need to deal with their cash. In the end, who are these individuals and what legitimizes ascribing to them this uncommon capacity Also what is their reputation in speculation Do they reliably bring in cash, and is this consistency unquestionable to an outside eyewitness It is these inquiries which are genuinely significant, and is basic to ask so as to have a completely balanced comprehension of the topic that is being evaluated. Tragically, Jonas doesn't give any names or models shockingly, and his announcements do reflect to a previously referenced level of predisposition against the act of numerical displaying in money. Such a predisposition all by itself isn't really terrible, yet a peruser who is truly keen on considering the distinction in strong between exchanging techniques, for example possibly between those that abuse complex science and those that don't, won't gain anything from Jonas' announcements. Such

Changes in Teacher Ideologies

Changes in Teacher Ideologies Sum up talk about: Sullivan, K. (1997). Theyve opened Pandoras Box: Educational change, the new right and educators belief systems. ln M. Olssen K. Morris Matthews. (Eds.), Education approach in New Zealand (pp. 254-261). Palmerston North, New Zealand: Dunmore Press. (removes) From page 254: Education Reform and Competing Ideologies Inside the concentrate under scrutiny, Sullivan is building a case to legitimize his hypothesis that Teachers major proficient and ideological principals and goals are similarly as significant as what and how they instruct. So as to explain his point he gives a model to characterizing what precisely the idea of a philosophy in segregation includes and with regards to instructive speculations. In his contention he convinces the peruser to acknowledge that a philosophy is a pre-imagined thought of what people and in this setting specifically educators are modified to think about fitting and outstanding; that a philosophy is an individual conviction framework which can change strategically yet not really truly. During the time this piece was composed various instructive changes were occurring in New Zealand and teacher’s jobs were adjusting in like manner, with the school specialists and loads up of trustees demanding more prominent authority over them as representatives. Subsequently losing them a lot of opportunity inside their instructing positions. The concentrate being talked about recommends that the conventional belief system embraced by most instructors is a humanist way to deal with life an d working with youngsters and grown-ups in a learning limit. That this humanist perfect is basic to their character and instinctual obligation as an instructor, or as Sullivan passes on ‘their philosophy is to a great extent natural and inferred, in view of some significant yet generally implicit assumptions’. He at that point proceeds to list these presumptions in detail and proposes the thought that they have profound established understandings of how their own job capacities under the sponsorship of the administration and the conventional comprehension of what they have consistently intended to mean instruction in its unique setting. The basis for introducing this comprehension is comparable to the writer’s more extensive contention identifying with the New Right development in New Zealand governmental issues which has executed new instructive changes in direct opposite to this humanist belief system. Comprehensively Sullivan’s by and large understandin g and assessment of how instructors are adjusting is by method of building themselves another belief system which stays humanist but at the same time is applying an opposition and fortified technique for working practice because of the government’s new line and enactment. Anyway Sullivan’s speculations are not just an individual perception, the results of his decisions have risen up out of exact information that he gathered from interviews embraced with fifty essential and transitional teachers utilized in the Greater Wellington region of New Zealand. The new Education framework in New Zealand sticks to a philosophy which is basically hostile to humanist and the article is composed when the nation had been ruled by New Right belief systems. These were as a glaring difference to the humanist and liberal thoughts that ruled Education in the prior decades. The article cites the dynamic Educational pioneer John Dewey. He clung to the supposition that solitary steady great is change for the great. Dewey didn't gauge levels of accomplishment dependent on norms, rather against human motivation and enthusiasm (Tiles, 1990). Furthermore, it is these proportions of principles that Sullivan is condemning of in his paper. This is accentuated further in Sullivan’s study Teachers Standards and Professionalism where he recommends that educators have become pawns in the development to execute conservative philosophy the nation over, reprimanding the new administration way to deal with realizing which seems to work more as a business endeavor. How educators have lost their position to guardians who direct the manner by which they presently work. The cutting edge theory of the New Right can be credited to the breakdown of the first goals of the Welfare State, reflected in New Zealand as well as in numerous nations around the globe who embraced these standards during and following the results of the Second World War. Specifically with the English Government during the 1980’s and the new Conservative driven Education Reform Act of 1988. (Lingard et al, 1993) This new degenerated framework in New Zealand moved from a brought together game plan to a structure whereby schools currently assume liability for their own administration and the executives. The country’s Ministry of instruction which was set up under the 1989 Education Act takes forward the accompanying points and targets: gives instruction arrangement exhortation to the Minister of Education and the Government; buys benefits in the interest of the Crown; apportions subsidizing and assets to schools and youth instruction suppliers; administers the execution of endorsed instruction approaches; oversees custom curriculum administrations; gathers and procedures instruction insights and data; also, screens the adequacy of the training framework all in all with ‘Separate instruction organizations hav(ing) national obligations regarding capabilities and quality assurance’. Also most training suppliers work autonomously from Government and are somewhat constrained by sheets of trustees or chose boards. Sourced from: http://www.minedu.govt.nz/educationSectors/InternationalEducation/ForInternationalStudentsAndParents/NewZealandEducationSystemAnOverview/Central_Agencies_and_Providers_A_Devolved_System.aspx, Date got to 16/10/08 Instructors have subsequently expected to adjust and locate another situation for themselves as fundamental hands on working study hall educators in a non-equitable condition. As such this has constrained them to construct new connections and partnerships with Boards of Trustees and among common society. (Gordon, 1992) To talk about the setting of this new change in intuition across New Zealand it has not only acted in light of the UK government yet has principally followed up on the issues that happened during the 1970’s and 80’s when the nation was observer to huge issues identifying with exchange, business, the level of influence and a lessening economy. It was these worries that made ready for changes to the training framework as a methods for improving the national measures of the workforce and business openings. (Perris, 1998) The New Right way of thinking carries with it a total rundown of standards that incorporate the need to execute request, reestablish conventional qualities, social chain of importance and family duty. (Dale and Ozga, taken from Lingard et al, 1993) What's more there is a solid accentuation on the connection among force and information, including a lot of instructive benchmarks to accomplish forward New Right reasoning. These transcendently include: That instruction ought to be organized in a manner that empowers parental impact to prevail over quality Training ought to be given inside an assorted scope of establishments, to which confirmation depends on choice Arrangement of Education ought to be responsible to the guardians, by method of the examination of educators and through the incessant testing of understudies and instructors, with the privilege of distribution of these outcomes. (Chime and Gilbert,1996) Before this New Right pattern vision which looked to improve schools based on poor economies, holes in the workforce and sick readiness of youngsters for the work environment, all educational program advancement was represented by the Curriculum Division of the Department of Education and was assessed consistently with ‘input from subject boards of trustees, the Department of Education, instructor gatherings, preparing universities and autonomous schools. Later included college teachers†¦.’ This way of thinking carried on into the 1950’s with an educational plan which was created and conveyed by instructors who were considered the most definitive to do as such. (Davis, 2007) This was in accordance with the conventional ideas set up during the 1877 Act which clung to the National Public School framework, with local New Zealand schools falling heavily influenced by the Department of Education and Public Schools served by Education Boards. In this manner from 1879 there were two frameworks of state schools running nearby one another. It was the expectation at that point to in the long run coordinate the instructing of local and ‘new’ occupants to the nation, despite the fact that this was rarely effectively accomplished. The state assumed responsibility for Education in New Zealand in 1877, embracing an arrangement which embodied impartiality. Indeed, even the educating of religion was denied. (Chime and Gilbert, 1996). Another Education Act was taken forward in 1914 which looked for fundamentally to solidify each one of those methodologies of the 1877 enactment and to make further improvements to profit Secondary Education and organization. Th is was caught up with 43 further changes until A Commission on Education was directed in 1962 prescribing enhancements to showing pay rates, educational program improvement, educator preparing and the need to decrease class sizes. The procedure 1964 Education Act flopped anyway to actualize any of these suggested changes and just strengthened the past rules. (McClaren, 1974) The Curriculum Division which had been so dynamic after the Second World War and into the 1950’s shut in 1989, with the governmental issues of the New Right presently ruling the future for instructive change the nation over. Quite a bit of what had been built up during the 1877 Act ‘An Act to make arrangement for the further Education of the individuals of New Zealand’ (McClaren,1974) was destroyed in 1989 and fortified with an Education Amendment Act in 1990 and four further changes the next year. Curiously in

Blog Archive Wharton Team-Based Discussion 2020 What to Expect and How to Prepare

Blog Archive Wharton Team-Based Discussion 2020 What to Expect and How to Prepare The Wharton School at the University of Pennsylvania plans to send out Round 2 interview invitations on February 13,   and once again, the school is using its team-based discussion format rather than a traditional admissions interview to evaluate its candidates. Understandably, Wharton applicants get anxious about this atypical interview because the approach creates a very different dynamic from what one usually encounters in a one-on-one meetingâ€"and with other applicants also in the room, one cannot help but feel less in control of the content and direction of the conversation. Yet despite the uncertainty, here are a few things that interviewees can expect: You will need to arrive at the interview with an ideaâ€"a response to a challenge that will be presented in your interview invitation. Having the best idea is much less important than how you interact with others in the group and communicate your thoughts. So while you should prepare an idea ahead of time, that is only part of what you will be evaluated on. Your peers will have prepared their ideas as well. Chances are that ideas will be raised that you know little or nothing about. Do not worry! The admissions committee members are not measuring your topical expertise. Instead, they want to see how you add to the collective output of the team. After the team-based discussion, you will have a short one-on-one session with someone representing Wharton’s admissions team. More than likely, you will be asked to reflect on how the team-based discussion went for you; this will require self-awareness on your part. To give candidates the opportunity to undergo a realistic test run before experiencing the actual event, we created our Wharton Team-Based Discussion Simulation. Via this simulation, applicants participate anonymously with three to five other MBA candidates in an online conversation, which is moderated by two of our experienced Senior Consultants familiar with Wharton’s format and approach. All participants then receive feedback on their performance, with special focus on their interpersonal skills and communication abilities. The simulation builds confidence by highlighting your role in a team, examining how you communicate your ideas toâ€"and withinâ€"a group of (equally talented) peers and discovering how you react when you are thrown “into the deep end” and have to swim. Our Wharton Team-Based Discussion Simulation allows you to test the experience so you are ready for the real thing. The 2019 Wharton Team-Based Discussion Simulation Round 2 schedule is as follows: Group A: Sunday, February 16 at 12:00 p.m. ET Group B: Monday, February 17 at 3:00 p.m. ET   Group C: Tuesday, February 18   at 6:00 p.m. ET   Group D:   Wednesday, February 19 at 9:00 p.m. ET   Group E: Thursday, February 20   at 9:00 p.m. ET   Group F: Friday, February 21 at 3:00 p.m. ET   Group G: Friday, February 21 at 6:00 p.m. ET   Group H: Saturday, February 22   at 12:00 p.m. ET   Group I:   Saturday, February 22   at 3:00 p.m. ET   Group J: Sunday, February 23 at 3:00 p.m. ET   Group K: Sunday, February 23 at 6:00 p.m. ET   Group L: Monday, February 24 at 6:00 p.m. ET   Group M: Tuesday, February 25 at 9:00 p.m. ET   To learn more or sign up for a session, visit our Wharton Team-Based Discussion Simulation page. Share ThisTweet Application Tips Business School Interviews Managing the MBA Interview University of Pennsylvania (Wharton)

8 Questioning Techniques for Teachers to Get Students to Analyze

The Beginning Of The Revolutionary War - 1019 Words

From the basis of the colonies beginning with the founding of Jamestown until the beginning of the Revolutionary War, different areas of the eastern coast had different traditional values. Once established, the thirteen British colonies could be separated into three physical areas: New England, Middle, and Southern. Each of these had specific economic, social, and political growths that were distinctive to the territories. European nations came to the Americas to boost their wealth and expand their influence over world affairs. The first enduring British colony was established in Jamestown in the Chesapeake Bay region by the Virginia Company. To honor the memory of Elizabeth I, the never married â€Å"Virgin Queen† the company’s directors named the region Virginia. (pg.41) The Jamestown colonist had a tough time of it. They were so occupied looking for gold and other exportable assets that they could barely feed themselves. It wasn’t until 1616, that Virginia settlers learned how to farm tobacco. It became Virginia’s main source of revenue and helped the colony survive. The first African slaves appeared in Virginia in 1619. Many of the people who put down roots in the New World came to escape religious discrimination. The Pilgrims, founders of the Plymouth, Massachusetts, turn up in 1620. In both Virginia and Massachusetts, the settler flourished with some help from the Native Americans. The stream of migrants created an all-out conflict with the neighboring Indians. TheShow MoreRelatedThe Beginning Of The Revolutionary War1013 Words   |  5 PagesFrom the foundation of the colonies beginning with the founding of Jamestown until the beginning of the Revolutionary War, different regions of the eastern coast had different characteristics. Once established, the thirteen British colonies could be divided into three geographic areas: New England, Middle, and Southern. Each of these had specific economic, social, and political developments that were unique to the regions. European nations came to the Americas to increase their wealth and broadenRead MoreAnalysis Of Revolutionary Mothers1693 Words   |  7 Pages Revolutionary Mothers Revolutionary Mothers: Women in the Struggle for America’s Independence. By Carol Berkin. 2005. P. 194. As we study the Revolutionary War we tend to think of the men that revolted, fought, and petitioned, but have we ever thought about what the women did during the war? In Revolutionary Mothers: Women in the Struggle for America’s Independence, we get a chance to see the women’s side of the war and what they did during this troubling time. Carol Berkin shows us what each raceRead MoreTerror in the French Revolution Essay1039 Words   |  5 Pageshard, the church had already been abolished and its funds taken to resolve the spiralling debt problems. A lot of groups had been set up to fight the revolutionary committee including the Monarchiens and the Noirs. The main opposition came from the #233;migr#233;s set up by Louis xvi younger brother in Turin. He had hoped that his counter revolutionary committee would attract other high European monarchs as he posed the argument that what was happening in France threatened the whole political orderRead MoreThe Effect of Amercan W ars on the Societal Views of Women965 Words   |  4 PagesUnited States, and the wars that followed, the female population finally gained the confidence to voice their thoughts of their roles in society. The impact of the Revolutionary War, the Civil War, and the Progressive Era impacted the roles that women played in society in momentous ways because all three of these events were times of partial chaos with which came the more confident voices of women voicing their concerns about society’s views of them. The Revolutionary War was a time when thoughtsRead MoreAnalysis Of George Orwell s The Road 1301 Words   |  6 Pagesconceives it as desirable but actively wishes—to see tyranny overthrown† (Orwell, The Road 76). One senses here that the point is not the ultimate triumph of a particular doctrine or party, but the triumph of human dignity. This triumph can be achieved by war and revolution. Orwell wrote to Cyril Connolly, telling him: â€Å"I have seen wonderful things and at last really believe in Socialism, which I never did before† (Orwell, Collected Essays 269). Although it was clear that he was at least intellectuallyRead MoreThe American Revolutionary War796 Words   |  3 PagesThe American Revolutionary War was a long hard fought war that lasted about 8 years. Many Countries were involved in the war, such as The United States, France, Great Britain, Spain, and The Dutch Republic. Not all countries actually fought but they provided either side with weapons and supplies to help them have a greater chance of winning the war. More than 70,000 people were killed during the great American Revolutionary War. The Americans were tired of the loyalist British taking advantage ofRead MoreThe Revolution Of The Soviet Revolution1371 Words   |  6 Pagesmotivating revolutionaries in the history of the world. Once Lenin became a statesman he lost focus on how to run a country, and he lacked a plan. Lenin’s greatest achievements were in fact during the struggle for power in Russia, and not during his time as leader of the USSR. His leadership in the revolutionary Bolshevik party served as an important model for later revolutionary leaders of the 20th century. 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Formal agreements between Great Britain and America c.) Treaty of Paris [ The Treaty of Paris, The ending of the Revolutionary War ] In 1763, the treaty of Paris ended the French and Indian War between Great Britain andRead MoreThomas Gage And His Impact On The Revolutionary War Essay1608 Words   |  7 PagesThomas Gage and His Impact on the Revolutionary War Matt Thompson Mountain View High School â€Æ' Back in 1774 Thomas Gage had a job that no one would envy. He would be tasked with stemming the tide of a rebellion in the colonies of North America. Many considered him the protagonist of the English cause in the Revolutionary war. Tensions were rising and Gage had just been appointed Military Governor of Massachusetts. With this title, he would effectively be the most powerful British official in

My Dream Job For Nike - 1256 Words

What do you want to be when you grow up? That’s a question I’ve been asked religiously since I was about five years old. As I grew older the answer to the question changed and for many reasons you could imagine. Often times I learned about new profession and knew that’s what I wanted to do, other time I simply realized I wasn’t interested in certain jobs anymore. Often times in our society we are taught that you can be whatever you want but your also taught to choose it early. With that being said while the professions I planned to go into often changed the core interest never did. When looking for my dream career I often thought about those core interest. After simmering for the while and searching the internet at this time I believe†¦show more content†¦As a Merchandising Manager focusing on global strategic initiatives my main focus is to create product plans, initiative, etc. that transcend across the world but are still focused on consumer ne eds and not too broad. As a manager I am responsible for delivering different marketing strategies as well as using these marketing strategies to engage Nike consumers everywhere. I also will partner with merchants as well as Nike direct and the product presentation department to make sure the image Nike wants you to see illustrated across the board. My overall purpose is to think outside that box to cultivate the customer experience and make it remember able for all consumers across the world. Looking through requirements and responsibilities is a very important part of knowing you’ve found your dream job, as well as the ability to be able to weigh options and decide which responsibilities will make or break your decision to work there. As I look through the job requirements my only problem with the position is the amount of collaborating that has to be done, this is not because I am closed minded but because sometimes working in groups can get dangerous. While I do know tha t working in groups can get messy I also do understand that workplace problems are inevitable to avoid, especially working for highly diverse companies trying to target an even more diverse target audience like Nike, this is why I am more than willing to still work with Nike. The most interestingShow MoreRelatedMy Dream Job At The Nike Outlet1266 Words   |  6 Pagespart-time job as i was interested in the aspect of money. My â€Å"dream job† since I was about 8 was to work at the Nike outlet in Centralia, Washington. So long story short, I applied and applied over and over and eventually got the call during August 2015. Even though working an already busy schedule was a definite struggle, I really enjoyed my time and experiences I gained through Nike. The job, eventually gave me a better understanding of what I would pursue as a career. Even though my experiencesRead MorePersonal Statement : The Sports Marketing Field795 Words   |  4 Pages focused, and competitive. I c ompleted my major in Communication Studies with a double minor in history and marketing. I complete my undergraduate degree in three years, all while playing soccer at the D1 collegiate level. I am currently enrolled in the Master of Business Administration (MBA) program at Arkansas State University. My passion lies in promotion and marketing. I am particularly interested in social media marketing. I am scheduled to complete my degree in the spring of 2017. As graduationRead MoreMy Goals At A Division One University885 Words   |  4 PagesMy Goals In Life With the great advances in technology, anyone who is interested in a career can look at their dream job at the tip of their fingers. Companies such as Google and Youtube have so much information that almost any job is most likely able to be accessible. My main goals in life are to play baseball at a division one university, play professionally, and to earn large amounts of money. Ever since I was four years old, I knew that I wanted to make a living by playing baseball. I mainlyRead MoreMy Career Goals For Nike1951 Words   |  8 PagesGrowing up was a weird time for me, I was overweight and socially awkward. When I was ten years old my mom insisted that I should join a swim team, so that I lose weight and learn to make friends. Over time, I joined multiple sports during all my years in school and fitness became my personal escape for everything. I acquired different skill sets and knowledge from my experience with different sports teams such as boxing, cross country, swimming, t aekwondo, tennis, and track. As I got older, I knewRead MoreAdvantages Of Sweatshops Essay1064 Words   |  5 Pagesconsumer goods sold in developed countries. So, in a way they keep the cost of the goods low. The average pay at a Nike factory close to Ho Chi Minh is $54 a month, almost three times the minimum wage for a state-owned enterprise (article 1 ; The Noble Feat of Nike). This might not be the best advantages, but something is better than nothing. It may look like Vietnamese are paid less by Nike but the fact is that, they are paid more than the average in their country. Consumers in the united states andRead MoreAthletic Shoe and Nike4456 Words   |  18 PagesNIKE 1 Nike has always remained on the preference list of athletes and  athletic  footwear  was indeed the first category of products launched by the company more than 30 years ago. Today, you can see the craze for its products, not only among athletes, but also among golfers and other sportspeople. Apart from that,  Nike  shoes  and other accessories have also become the favorite  fashion  products for teenagers. Thus, fashion, elegance and achievements are some of the associated attributes of NikeRead MoreExploring How Nike Influences the Environments in Which It Operates1916 Words   |  8 PagesExploring How Nike Influences the Environments in Which It Operates Introduction: The main objective of this essay is to answer the question to what extent does Nike influence the shape of the environments in which it operates? To reach this objective, I will first talk a little bit about the components of this question, which are Nike and Environments. There is a tiny difference between a global and multinational company, but in general they are companiesRead MoreThe Life Of Kanye West1714 Words   |  7 PagesThis stint was also short lived and at age 20 Kanye West officially dropped out of college (Carpenter). This decision disappointed his mother obviously since she was a professor at Chicago State, but Kanye decided to follow his dreams of becoming a musician, and his dream soon became a reality (Carpenter). Early on in Kanye West’s career he wasn’t known for his vocals, but rather for his producing skills. He received his first producing credits in 1996 when he was just 19 years old on an albumRead MoreThe Common Misconception of International Outsourcing Essay4052 Words   |  17 Pages Among the American society there is a controversy over the rising popularity of corporations internationally outsourcing American jobs. You may be asking yourself what is international outsourcing? It can be defined as a strategy corporations use to send jobs within their company overseas. These jobs originated in the corporations’ country prior to being outsourced to other countries. The reason for such actions can many times be attributed to the cheaper labor or for strategic business reasonsRead MoreEssay about Nike: The Power of Exploitation1782 Words   |  8 PagesNike: The Power of Exploitation Outline I. INTRODUCTION Paragraph No. A. Nike Described + Thesis: Many people can prove that Nike is a company 1 that continues to push the boundaries of design and performance, promoting freedom and choice, but these same people leave out the obvious facts that show how this company exploits third world countries by using cheap labor.

Accounting and Financial Management for HIH Group - myassignmenthelp

Question: Discuss about theAccounting and Financial Management for HIH Group. Answer: Introduction HIH group was the second largest general insurer in Australia with 217 subsidiaries. The company was established in the year 1968 as MW Payne Liability Agencies Pty Ltd as an underwriting insurance business in Australia. The mission of the company is to capture a large market share in the general insurance industry of Australia and to adopt different channels for distributing its products. The company has acquired different businesses in insurance industry. The collapsed of HIH insurance is the largest failure in the history of Australian business. One. Tel was a telecommunication company established in 1995 by Brad Keeling and Jodee Rich in Australia. The company is expanding its business operations in USA and Europe by the adoption of customer driven approach and low pricing strategy (Fleckner and Hopt, 2013). One.Tel company is one of the fastest growing companies in Australia and got the second highest ranking in the industry. The shareholders of the company has made substantial investment in the company for the purpose of overcoming cash crisis and resulted in ceasing its trading in 2001. It was the fourth largest telecommunication company in Australia. It had two million customers and operations in eight countries (Fleckner and Hopt, 2013). ABC Learning center was established in the year 1988 in Brisbane Australia. It is considered as the dominant player in Australian long day care. The company has adopted a franchise model and expanded the learning centers in different regions of Australia. In addition to this, ABC Learning has become a leader due to which other companies in the industry follow the company which results in the formation of corporate care provided by those companies whose shares are traded on Australian stock exchange. Along with this, the child care centers in Australia were not for profit organizations which are supported by government subsidies. The company has managed 18 child care centers and considered as a major player in private childcare sector of Australia. For the promotion and growth of the sector, the government has provided subsidy to families through direct payments (Margret, 2011). The company has expanded its business operations in different regions of Australia by acquiring properties in prime locations and single day care centers and child care groups. The company has listed on Australian stock exchange in the year 2001 which results in provision of the capital for further growth. The company owned 2238 centers in Australia, US, New Zealand and UK in the year 2008. There is a growth in the market capitalization of Aus $ 2.5 billion in the year 2006. Besides this, in the year 2007, the after tax profit of A$ 143.1 million and revenues of Aus $ 1.7 billion. In the year 2008, the ABC Learning centers have collapsed and went into liquidation (Huang, 2009). Reasons for Collapse The main reasons behind the collapse of the HIH Insurance is the presence of debts of Aus$ 5.3 billion. The company has liquidated in the year 2001. There was a decline in the share prices of the company to Aus$ 0.175 in the year 2001 from Aus $ 1 in 2000. It has a direct negative impact on the stakeholders of the company that were interested in taking protection from unforeseen calamities. Besides this, the main reasons for the occurrence of collapse include improper pricing of past claims on the policies and inadequate provisions for insurance claims. There was an occurrence of the mismanagement of the core operations of the business. Besides the other reason behind the collapse of HIH insurance was the self indulgence and corporate expenditure which raised concern for risk management and corporate governance in the company. The company failed to provide transparent information and disclosure of the deteriorating position of the financial statements (Mirshekary, Yaftian and Cross, 2005). The main reasons for collapse of the telecommunication company named One.Tel include failure of performance of the duties by the directors and management, lack of internal controls and absence of independence in the audit function. Besides this, other reasons for the occurrence of collapse of One.Tel company include strategic mistakes, unbridled growth, failed expectations and wrong pricing policy. There is a presence of lack of involvement of directors and management in the operations of the business (Jones, 2011). The company has adopted management by crisis approach in place of forward planning. The company has misstated its profits and cash flows generated from different activities to meet its obligations. Along with this, the directors of the company failed to establish strong agency relationship with the shareholders and get the approval of excessive loans for the expansion of the business without implementing an appropriate system of audit and control. They have violated diffe rent sections of Corporation Act 2001 i.e. 180, 181, 182 and 183 (Sievers, 2009). Besides this, the actions of the directors are not in the good faith and best interests of the company. In addition to this, the management and financial personnel has failed to exercise their duties with diligence and due care because there is a lack of their involvement in day to day operations of the company. Besides this, the company has failed to state the true financial position to its shareholders due to which the company has collapsed and unable to recover from it. Along with this, the financial statements of the company were audited by two different accounting firms i.e. BDO and Ernst Young. The auditing firms have not fulfilled their roles and responsibilities in an effective manner (Campbell and Houghton, 2005). BDO has issued unqualified reports which leads in material misstatement. The company has purchased lot of non-audit services from its auditors which created conflict of interest between individuals within the auditing firms. Out of five ethical principles which are followed by auditors i.e. objectivity, due care, professional competence, integrity and confidentiality, the auditors have breeched some of the ethical values i.e. integrity, professional behavior, and objectivity. The auditors did not comply with different laws and regulations which result in the breach of professional behavior (Kirby and Drury, 2012). There is also a presence of some inherent risk such as increased outlays beyond the financial capacity of the firm. In addition to this, the company is offering telecom services to subscribers at low prices than the payments made by the company. Along with this, the billing system of the company has failed as it lacks in providing the bills to customers in quick manner and take receipts from them on time due to increase in the number of customer base of the company (Gaylord, 2001). The main reasons for the collapse of ABC Learning include debt repayments, weak operating cash flow, business model, capital expenditure and accounting. In order to repay the debt, the company has sold 60% of its US subsidiary due to which there is a decline in the share price from Aus $ 8.62 to Aus $ 0.54. This is the reason that it has been delisted from Australian stock exchange. In addition to this, in the financial statements of the company, there is a large amount of intangible assets such as goodwill and childcare licenses as it has recognized large number of licenses for operating the childcare centers (Kruger, 2011). The company has shown increased amount of licenses and goodwill in the year 2007-2008 to Aus $2.4 billion and Aus $ 271 million in a respective manner from Aus $647.6 million and Aus $37.4 million respectively. Along with this, there was also an impairment charges for such intangible assets amount to Aus $ 2 million and Aus $ 8.4 million for goodwill and childcare licenses in a respective manner for two years. Besides this, these intangible assets become worthless in the year 2008 when a company faces crisis. Besides this, there is also a presence of inherent risk related to valuation of the assets (Garvis and Manning, 2017). In addition to this, the company has appointed three auditors namely KPMG, Ernst Young and Pitcher Partners who had provided unqualified opinions to the company. The company has total liabilities of Aus $1.1 billion which has reclassified the current liabilities to non-current liabilities. The main reason behind it is the refinancing of the funds. In the year 2007-2008, the profit for the company has fell to 42% due to covenants for debt and one off charges. Along with this, the company has not generated enough cash flow from operating activities for the purpose of payment of salaries, interest, dividends and suppliers (Garvis and Manning, 2017). Consequences of collapse of One.Tel, HIH insurance and ABC Learning Centers There is a need for the senior managers to have a knowledge regarding the difference existed between managing and directing. It is essential for the manager or director in board of directors to act in the best interests of the company. There is a need to clearly communicate and delegate roles and responsibilities to every member of the organization. This helps in effective management and increased productivity of the organization. In addition to this, there is a need to frame code of conduct which takes into consideration management and legal guidelines such as culture, risk management programs and monitoring and review of the operational, project and strategic activities (Cheng and Seeger, 2012). There is also a requirement of understanding of the activities carried out by the organization by directors which facilitates in the monitoring in a regular manner the attendance at board of directors meetings and familiarity with the financial status of the company. Besides this, it is also found out that it is ineffective to increase the customer base if it not result in an increase in the profitability of the company (Clarke, 2017). There is also a need to establish and implement strong internal controls, effective management scrutiny, financial reporting quality and full disclosure of company affairs to its stakeholders (Caliyurt and Crowther, 2008). It is also requisite for non executive members should interact with middle and lower level management to provide transparency of the operations carried out by the firms. Besides this, the investors who have large share in the company should take active participation in the management of the firm. The board of directors should control the agenda and monitor the behavior of the management in an effective manner (Ferran and Ho, 2014). Conclusion It can be concluded that the collapse of HIH Insurance, One.Tel and ABC Learning are the largest corporate scandals in Australia. It can also be concluded that HIH Insurance was established in the year 1968 and considered as a largest general insurer company in Australia. Besides this, One.Tel was the fourth largest telecommunication company established in the year 1995. ABC Learning centers was the company that provides child care services in Australia and established in the year 1988. It can also be summarized that One.Tel company has collapsed in the year 2001. Along with this, HIH insurance has also liquidated in the year 2001. In addition to this, ABC Learning centers has liquidated in the year 2008. The main reasons behind the collapse of these companies include presence of large amount of liabilities which the companies were unable to pay, improper pricing of previous claims, weak operating cash flows, misrepresentation of the financial statements by auditors and so on. To avo id liquidation, there is a requirement for the companies to clear communicate and delegate roles and responsibilities to members of the organization. Along with this, it is also required by the non executive directors to communicate with the middle and low level management in order to bring transparency in the operations of the business. References Caliyurt, K.T. and Crowther, D. (2008) Globalization and Social Responsibility. USA: Cambridge Scholars Publishing. Campbell, T. and Houghton, K.A. (2005) Ethics and Auditing. USA: ANU E Press. Cheng, S.S. and Seeger, M.W. (2012) Lessons Learned from Organizational Crisis: Business Ethics and Corporate Communication. International Journal of Business and Management 7(12), pp. 74-86. Clarke, T. (2017) International Corporate Governance: A Comparative Approach. USA: Taylor Francis. Ferran, E. and Ho, L.C. (2014) Principles of Corporate Finance Law. UK: OUP Oxford. Fleckner, A.M. and Hopt, K.J. (2013) Comparative Corporate Governance: A Functional and International Analysis. USA: Cambridge University Press. Garvis, S. and Manning, M. (2017) An Interdisciplinary Approach to Early Childhood Education and Care: Perspectives from Australia. USA: Taylor Francis. Garvis, S. and Manning, M. (2017) An Interdisciplinary Approach to Early Childhood Education and Care: Perspectives from Australia. USA: Taylor Francis. Gaylord, B. (2001) Liquidation of One. Tel of Australia is outlined. [Online]. Available at: https://www.nytimes.com/2001/06/06/business/liquidation-of-onetel-of-australia-is-outlined.html [Accessed on: 5 September 2017]. Huang, P. (2009) The Australian Dream and $1 Properties. USA: Interactive Publications. Jones, M.J. (2011) Creative Accounting, Fraud and International Accounting Scandals. USA: John Wiley Sons. Kirby, J. and Drury, B. (2012) Investing For Dummies. USA: John Wiley Sons. Kruger, C. (2011) Numbers finally start to add up as operators go back to basics. [Online]. Available at: https://www.smh.com.au/business/numbers-finally-start-to-add-up-as-operators-go-back-to-basics-20110121-19zy6.html [Accessed on: 5 September 2017]. Margret, J.E. (2011) Solvency in Financial Accounting. UK: Routledge. Mirshekary, S., Yaftian, A.M. and Cross, D. (2005) Australian corporate collapse: The case of HIH Insurance. Journal of Financial Services Marketing 9(3), pp. 249-258. Sievers, B. (2009) Psychoanalytic Studies of Organizations: Contributions from the International Society for the Psychoanalytic Study of Organizations (ISPSO). London: Karnac Books.

Concepts of Bill Clinton

Ray Bradbury biography essays

Ray Bradbury biography essays U.S. author, born in Waukegan, Ill., on Aug. 22, 1920. In his stories, Bradbury wove together the intrigue of changing technology with insightful social commentary. One of his best-known works was 'The Martian Chronicles; a collection of interrelated stories concerning colonization of the planet Mars those attracted readers both young and old. In it, Bradbury portrayed the strengths and weaknesses of human beings as they encountered a new world. Ray Bradbury grew up in Waukegan and in Los Angeles, where he founded a magazine called Futuria Fantasia while in high school. He sold his first short story when he was 21 years old. His early stories were published in pulp magazines, but Bradbury later published stories in such mainstream magazines as The New Yorker, Mademoiselle, and the Saturday Evening Post. His science fiction and fantasy short-story collections included 'The Martian Chronicles', 'The Illustrated Man', and 'Dinosaur Tales'. Bradbury's 1980 collection, 'The Stories of Ray Bradbury', covers a wide range of topics, none of which is truly science fiction. His novels included 'Fahrenheit 451', Dandelion Wine, and 'Something Wicked This Way Comes'. 'Fahrenheit 451' was made into a motion picture in 1966, and 'The Martian Chronicles' later appeared both as a motion picture and a television miniseries. In 1954 Bradbury was honored with an award from the National Institute of Arts and Letters for his contribution to American literature. In 1956 he collaborated with John Huston to create the screenplay for 'Moby Dick'. In addition to fiction Bradbury wrote 'Zen and the Art of Writing' and also published such dramas as 'The Anthem Sprinters, 'The Wonderful Ice Cream Suit, The Pedestrian, and volumes of poetry including 'When Elephants Last in the Dooryard Bloomed', 'Where Robot Mice ...

Social Problem Essay Example | Topics and Well Written Essays - 500 words

Social Problem - Essay Example During the latest news reports appear to point out that Odessa has slightly controlled its fervor for football moreover has commenced to re-evaluate its main concern. The volume's advantage lies within the reality that, even as it features the excesses which occur inside Odessa because of the city's fascination through the Permian Panthers, the booklovers appreciates the authentic fervor the township, the coaches, as well as the team participants have intended for the sport. Although it is terrible to read regarding the city's disgust of Hispanics along with African Americans also its nearly complete derision for anything which interferes with football, Bissinger did well in moving us to root for the squad and interpret with bated breathing the narration of the team's victory on the sports ground. Midland has been pretty much the dead contrary of Odessa. Odessa has been considered as a working rank, affluent in boom together with dirt-poor into bust, filled with shotgun abodes and combating mean.

DP-2 Coursework Example | Topics and Well Written Essays - 500 words

DP-2 - Coursework Example During the next few days I would reiterate my opinion that according to the video I saw and my view the police definitely used excessive force and fired unnecessarily when the suspect was attempting to flee. It did not appear he had a weapon and at no time faced the Officers as if to threaten them. 3. I observed the police cars stop at which time the suspect was shown running away from the Officers with what appeared to be his pants in a low position, the Officer then began firing on the suspect as his back was turned and he was attempting to flee. 1. After a short chase by the police Officers the suspect appears to stop in front of a store front at which time Officer’s attempt to manually subdue him without weapons and he is resistant and continues to struggle to escape. Two officers were unable to bring him down and it looked as though he may have pointed a weapon with the position of his arms. When he continued to not stop for the Officers shots were fired at him. The suspect at one point faced his arms and hands towards the Officers as if he may have had a weapon that he intended to use, this was the look of the stance he assumed in the video, at this time shots were fired. 2. To allegations of police conduct I would have to say that it could not be immediately determined because it looked from this view that it is possible the suspect had a weapon and actually pointed towards the officers with the position and stance he took during the altercation. He also turned to face them once more with arms as though in a position that may have been going to use a weapon before he was fired upon. 3. In testifying before a grand jury my statement would be similar, from my view it was impossible to tell for certain if the suspect had a weapon and that from my view point it looked as though this was possible as he also turned towards the Officers with arms out towards them as though he may be a threat and assuming the stance of using a weapon. Officer’s initially

Ecological Footprint Essay Example for Free

Ecological Footprint Essay Like all animals, humans require a certain amount of space to support their needs. We can think of the space that provides these materials as an individual’s ‘ecological footprint. ’ Not all humans have the same ecological footprint, as the way we live our lives—our lifestyles—determines the impact we have on the environment. 1. How did your ecological footprint break down? Fill in the percentage column. Category % Food 18% Mobility 14% Shelter 9% Good 23% Services 35% 2. How many global acres does it take to support your lifestyle? It would 22. 4 global acres of Earth’s productive area to support my lifestyle. 3. If everyone lived like you do, we would need   planets to provide resources. If everyone lived like me, we would need 5 planet Earths to provide resources. 4. What could you do to lessen your Ecological Footprint? After taking the Ecological Footprint calculator I found out that my lifestyle consumed a big part of Earth’s resources. The ecological footprint calculator helped me to reduce my lifestyle by 1. 3 planets. It suggested that I should eat fewer animal based products and start eating naturally produce crops. I also should purchase products which used less packaging or packaging materials that are made from recycled products. I am planning to use energy from renewable resources by switching to solar panels for my home. I also plan to stop using our car and start to use public transportation as my mode of travel. I usually go for a vacation every year. My family and I need to fly to our destination. To be able to lessen our ecological footprints, I will suggest that we prefer local trips rather flying. If I can do all of this, I can reduce my lifestyle of 5 planet Earths to just only 3. 8 planet Earths. I know that this is not enough but it can be a good start. Reference Global Footprint Network. (2009). Footprint Calculator. Retrieved February 26, 2009, from http://www. footprintnetwork. org/en/index. php/GFN/page/calculators/

The Myth of the American Dream :: ESL Essays

  Ã‚  Ã‚  Ã‚   Striving for success nobody thinks that he follows somebody’s well planned way. A single person or a small group does not create the notion of success, but it is created by our whole society. The myth of instant wealth is one of the most popular myths society uses. In fact society uses the hope of instant wealth to make people work harder. The fact that they do not have a real chance of obtaining that wealth by competing in the economic system stays invisible to the most of people.     Ã‚  Ã‚  Ã‚   When we imagine a successful person, we see a person, who is working on some company and is busy working all the time. This person has a nice car and beautiful apartment or house, where he does not spend much time because he is so busy. We get this impression since we were born. Movies, magazines, and news – everything supports this notion of a successful person.     Ã‚  Ã‚  Ã‚   Interesting thing is that notion of success did not change very much since the beginning of last century. There happened some variations but the idea stayed the same: working hard will bring you to the top of the society circle. This idea became very popular in the end of eighteen hundreds thanks to the stories, written by Horatio Alger. In spite of similarity of all his books, his works had an edition of hundred thousand copies. Simple idea of getting into upper class circles starting from the very down, was accepted by society as a model of success achievement. People have believed that if they will work hard than they can achieve success.     Ã‚  Ã‚  Ã‚   Richard Hunter, main character of the book â€Å"Ragged Dick† has been a typical example of American notion of success. According to this book everybody can became well recognized and financially prosperous if they would work hard and show their merit. Dick, â€Å"a young gentleman on the way to fame and fortune,† as his friend Fosdick from the story â€Å"Ragged Dick† describes him in the end of the story, climbs on the social ladder, starting from the very bottom. Being absolutely illiterate and having no money in the beginning, Dick gets into business circle of people, by working hard and showing his merit. Why did this story become so popular in the end of eighteenth century? People always need hope and this story gave hope to everyone. If person from the lowest class of society could get into the high class then everyone else was able to do the same.

Role of Commercial Banks in Development

Role of commercial banks in development. INTRODUCTION A commercial bank is something with which every one of us is well known. However different bankers and economists have defined it in a different way:   According to Kent: â€Å"An organization whose principal operations are concerned with the accumulation of the temporarily idle money of the general public for the purpose of advancing to others for expenditure. † According to Banking Companies Ordinance 1962: Banking means the accepting for the purpose of lending or investing of deposits of money from the public repayable in demand or otherwise and withdraw-able by cheque, draft order or otherwise. † Various economists have different views about the role of commercial banks in economic development. Schumpeter says,  Ã¢â‚¬Å"It is the banking system which serves as a key agent along with the entrepreneur in the process of economic development†. According to  Prof. Cameron  in his â€Å"Banking and Economi c Development†, â€Å"a banking system may make a positive contribution to economic growth and development. Evolution of Commercial Banks The foundation for building a broad base of agricultural credit structure was laid by the Report of the All-India Rural Credit Survey (AIRCS) of 1954. The provision of cultivator credit in 1951-52 was less than 1% for commercial banks. In the report it was observed that agricultural credit fell short of the right quantity, was not of the right type, did not fit the right purpose and often failed to go to the right people.With a view to give an impetus to commercial banks, particularly, in the sphere of investment credit, the nationalization of the Imperial Bank of India and its re-designation as the State Bank of India (SBI) was recommended. Growth in Outreach 1951-91 From the position prevalent in 1951-52, commercial banks came a long way with a substantial spread of 32,224 branches in rural and semi-urban areas comprising 68% of their tot al outlets as on 31 March 1991. The outstanding deposits of such branches at Rs. 7,855 crores as on the same date constituted around 35% of their total deposits, while loans outstanding at Rs. 43,797 crore comprised 36% of outstanding credit. The agricultural advances of the commercial banking system aggregated Rs. 16,687 crore and constituted 14% of total advances in March 1991. The rural and semi-urban branches of commercial banks covered 17. 6 crore deposit accounts while the number of loan accounts serviced aggregated 3. 7 crore. Growth during 1991-92 to 2003-04 The period since 1991-92 has seen a fairly rapid expansion of credit to agriculture.Available data indicate that the flow of credit to agriculture by commercial banks and RRBs taken together increased to Rs. 60,022 crore in 2003-04. This implies a compounded annual growth rate of 22. 2%. In fact, as compared with commercial banks (including RRBs), the flow of credit from the cooperative sector was much slower through thi s period. The compounded annual growth rate of credit for agriculture from cooperative institutions was only 13. 7%. Further, the proportion of agriculture credit to total credit came down because of the rapid growth in non agriculture credit.The Government took some major initiatives during the period to boost agriculture production and productivity through enhanced credit flow and by way of building agricultural infrastructure, particularly irrigation and connectivity in rural areas. Special Agricultural Credit Plan (SACP) was introduced by RBI for Public Sector Commercial Banks in 1994-95. Credit growth for agriculture and allied sectors under this caption reflected a CAGR of 36. 45% during 2001-02 to 2005-06. SACP has since been extended to Private Sector Commercial Banks from 2005-06.The SHG – Bank Linkage Programme was started as a pilot project by NABARD in 1992. It led to the evolution of a set of RBI approved guidelines to banks to enable SHGs to transact with banks. Initially there was slow progress in the programme up to 1999 as only 32,995 groups were credit linked during the period 1992 to 1999. Since then the programme has been growing rapidly and the cumulative number of SHGs financed increased from 4. 61 lakhs on 31 March 2002 to 10. 73 lakhs on 31 March 2004 and further to 29. 25 lakh groups as on 31 March 2007.Rural Infrastructure Development Fund (RIDF) was set-up in NABARD by GoI during 1995-96 with an initial corpus of Rs. 2000 crore, to accelerate the 47 completion of on-going projects of rural infrastructure. Banks which did not fulfill the priority sector credit requirement and agriculture credit mandate were required to contribute to this Fund. The fund has been strengthened every year with additional allocations in the Union Budget. A large number of irrigation and rural connectivity projects could get completed under RIDF. RBI scaled down its contribution to the Rural Credit funds with NABARD to a token amount of Rs. crore per annum since 1993-94. However to enable NABARD to have reasonably strong leverage for accessing market funds, the share capital of NABARD was strengthened and increased to Rs. 2000 crore (paid up) from Rs. 100 crore at the time of its formation in 1982. Contributions to enhanced share capital have come from GoI and RBI. By prudent funds management, the institution has also built a strong base of reserves and has been using it in its business operations judiciously to keep lending rates to rural financial institutions at significantly lower than market costs. Developments – Post 2003-04Since 2003-04, there has been a substantial increase in the flow of credit to agriculture through commercial banks. Disbursements have increased from Rs. 52,441 crore in 2003-04 to Rs. 1,16,447 crore in 2005-06, reaching an annual growth of 43% each year. As envisaged in the GoI's strategy for â€Å"doubling of credit†, 95 lakh new farmers have been brought under the institutional fold an d 1,383 agri-clinics opened. Commercial banks have also played a major role in the promotion of the SHG – bank linkage movement with more than 11. 88 lakh groups being linked to banks for provision of credit.Reforms in the commercial banking system include removal of procedural and transactional bottlenecks including elimination of Service Area Approach, reducing margins, redefining overdues to coincide with crop cycles, new debt restructuring policies, one time settlement and relief measures for farmers indebted to non-institutional sources. Banks play a vital role in the economic development of a country. They accumulate the idle savings of the people and make them available for investment. They also create new demand deposits in the process of granting loans and purchasing investment ecurities. They facilitate trade both inside and outside the country by accepting and discounting of bills of exchange. Banks also increase the mobility of capital. They provide a variety of f acilities for remitting a large amount of money from one place to another by the transfer of a mere slip of paper. Commercial banks play an important and active role in the economic development of a country, if the banking system in a country is effective, efficient and disciplined; it brings about a rapid growth in the various sectors of the economy. The Functions of Commercial BanksIn the modern world, banks perform such a variety of functions that it is not possible to make an all-inclusive list of their functions and services. However, some basic functions performed by the banks are discussed below. 1. Accepting  Deposits The first important function of a bank is to accept deposits from those who can save but cannot profitably utilize this saving themselves. People consider it more rational to deposit their savings in a bank because by doing so they, on the one hand, earn interest, and on the other, avoid the danger of theft.To attract savings from all sorts of individuals, th e banks maintain different types of accounts: (i) Fixed Deposit Account: Money in these accounts is deposited for fixed period of time (say one, two, or five years) and cannot be withdrawn before the expiry of that period. The rate of interest on this account is higher than that on other types of deposits. The longer the period, the higher will be the rate of interest. Fixed deposits arc also called time deposits or time liabilities. (ii) Current Deposit Account: These accounts are generally maintained by the traders and businessmen who have to make a number of payments every day.Money from these accounts can be withdrawn in as many times and in as much amount as desired by the depositors. Normally, no interest is paid on these accounts; rather, the depositors have to pay certain incidental charges to the bank for the services rendered by it. Current deposits are also called demand deposits or demand liabilities. (iii) Saving Deposit Account: The aim of these accounts is to encourag e and mobilise small savings of the public. Certain restrictions are imposed on the depositors regarding the number of withdrawals and the amount to be withdrawn in a given period.Cheque facility is provided to the depositors. Rate of interest paid on these deposits is low as compared to that on fixed deposits. (iv) Recurring Deposit Account: The purpose of these accounts is to encourage regular savings by the public, particularly by the fixed income group. Generally money in these accounts is deposited in monthly installments for a fixed period and is repaid to the depositors along with interest on maturity. The rate of interest on these deposits is nearly the same 3s on fixed deposits. (v) Home Safe Account: Home safe account is another scheme aiming at promoting saving habits among the people.Under this scheme, a safe is supplied to the depositor to keep it at home and to put his small savings in it. Periodically, the safe is taken to the bank where the amount of safe is credited to his account. 2. Advancing  of loans The second important function of a bank is advancing of loans to the public. After keeping certain cash reserves, the banks lend their deposits to the needy borrowers. Before advancing loans, the banks satisfy themselves about the credits worthness of the borrowers. Various types of loans granted by the banks are discussed below: (i) Money at Call:Such loans are very short period loans and can be called back by the bank at a very short notice of say one day to fourteen days. These loans are generally made to other banks or financial institutions. (ii)  Cash Credit: It is a type of loan, which is given to the borrower against his current assets, such as shares, stocks, bonds, etc. Such loans are not based on personal security. The bank opens the account in the name of the borrowers and allows him to withdraw borrowed money from time to time up to a certain limit as determined by the value of his current assets.Interest is charged only on th e amount actually withdrawn from the account. (iii) Overdraft: Sometimes, the bank provides overdraft facilities to its customers though which they are allowed to withdraw more than their deposits. Interest is charged from the customers on the overdrawn amount. (iv) Discounting of Bills of Exchange: This is another popular type of lending by the modern banks. Through this method, a holder of a bill of exchange can get it discounted by the bank. In a bill of exchange, the debtor accepts the bill drawn upon him by the creditor  (i. e,  holder of the bill) and agrees to pay the amount mentioned on maturity.After making some marginal deductions (in the form of commission), the bank pays the value of the bill to the holder. When the bill of exchange matures, the bank gets its payment from the party, which had accepted the bill. Thus, such a loan is self-liquidating. (v)  Term Loans: The banks have also started advancing medium-term and long-term loans. The maturity period for such loans is more than one year. The amount sanctioned is either paid or credited to the account of the borrower. The interest is charged on the entire amount of the loan and the loan is repaid either on maturity or in installments. . Credit Creation A unique function of the bank is to create credit. In fact, credit creation is the natural outcome of the process of advancing loan as adopted by the banks. When a bank advances a loan to its customer, it does not lend cash but opens an account in the borrower's name and credits the amount of loan to this account. Thus, whenever a bank grants a loan, it creates an equal amount of bank deposit. Creation of such deposits is called credit creation which results in a net increase in the money stock of the economy.Banks have the ability to create credit many times more than their deposits and this ability of multiple credit creation depends upon the cash-reserve ratio of the banks. 4. Promoting Cheque System: Banks also render a very useful medi um of exchange in the form of cheques. Through a cheque, the depositor directs the bankers to make payment to the payee. Cheque is the most developed credit instrument in the money market. In the modern business transactions, cheques have become much more convenient method of settling debts than the use of cash. 5. Agency Functions:Banks also perform certain agency functions for and on behalf of their customers: (i) Remittance of Funds: Banks help their customers in transferring funds from one place to another through cheques, drafts, etc. (ii) Collection and Payment of Credit Instruments: Banks collect and pay various credit instruments like cheques, bills of exchange, promissory notes, etc. (iii) Execution of Standing Orders: Banks execute the standing instructions of their customers for making various periodic payments. They pay subscriptions, rents, insurance premium, etc. on behalf of their customers. (iv) Purchasing and Sale of Securities:Banks undertake purchase and sale of v arious securities like shares, stocks, bonds, debentures etc. on behalf of their customers. Banks neither give any advice to their customers regarding these investments nor levy any charge on them for their service, but simply perform the function of a broker. (v) Collection of Dividends on Shares: Banks collect dividends, interest on shares and debentures of their customers. (vi) Income Tax Consultancy: Banks may also employ income-tax experts lo prepare income-tax returns for their customers and to help them to get refund of income-tax. (vii) Acting as Trustee and Executor:Banks preserve the wills of their customers and execute them after their death. (viii) Acting as Representative and Correspondent: Sometimes the banks act as representatives and correspondents of their customers. They get passports, travelers tickets, book vehicles, plots for their customers and receive letters on their behalf. 6. General Utility Function: In addition to agency services, the modern banks provide many general utility services as given below: (i) Locker Facility: Banks provide locker facility to their customers. The customers can keep their valuables and important documents in these lockers for safe custody. ii) Traveller's Cheques: Banks issue traveller's cheques to help their customers lo travel without the fear of theft or loss of money. With this facility, the customers need not take the risk of carrying cash with them during their travels. (iii) Letter of Credit: Letters of credit are issued by the banks to their customers certifying their creditworthiness. Letters of credit are very useful in foreign trade. (iv) Collection of Statistics: Banks collect statistics giving important information relating to industry, trade and commerce, money and banking.They also publish journals and bulletins containing research articles on economic and financial matters. (v) Underwriting Securities: Banks underwrite the securities issued by the government, public or private bodies. Becau se of its full faith in banks, the public will not hesitate in buying securities carrying the signatures of a bank. (vi) Gift Cheques: Some banks issue cheques of various denominations (say of Rs. 11, 21, 31, 51. 101, etc. ) to be used on auspicious occasions. (vii) Acting as Referee: Banks may be referred for seeking information regarding the financial position, business reputation and respectability of their customers. viii) Foreign Exchange Business: Banks also deal in the business of foreign currencies. Again, they may finance foreign trade by discounting foreign bills of exchange. Role of Commercial Banks In Economic Development Of A Country Commercial banks  play an important and active role in the economic development of a country. If the banking system in a country is effective’, efficient and disciplined, it brings about a rapid growth in the various sectors of the economy. The economic significance of commercial banks is given in brief. (1) Banks promote capital f ormation.The commercial banks play an important role in rising of the financial resources. They encourage savings by giving various types of incentives to the savers. They expand branches of the banks in rural and urban areas and mobilize savings even at far of places. These savings are then made available to the businesses which make use of them for productive purposes in the country. The banks are, therefore, not only store houses of the country’s wealth, but also provide stream of resources necessary for economic development. (2) Investment in new enterprises.Businessmen normally hesitate to invest their money in risky enterprises. The commercial banks generally provide short and medium term loans to entrepreneurs to invest in new enterprises and adopt new methods of production. The provision of timely credit increases the productive capacity of the economy. (3) Promotion of trade and industry. With the growth of commercial banking in the 19th and 20th centuries, there is vast expansion in trade and industry. The use of bank draft, cheque, bill of exchange credit cards etc has revolutionized both national and international trade. (4) Development of agriculture.The commercial banks, particularly in developing countries, are now providing credit for the development of agriculture and small scale industries in rural areas. The provision of credit to agriculture sector has greatly helped in raising agricultural productivity and income of the farmers. This has led to increased demand for industrial goods and expansion of industry. (5) Balanced development of different regions. The commercial banks play an important role in achieving balanced in different regions of the country. They help in transferring surplus capital from developed regions to the less developing regions.The traders, industrialists etc of less developed regions are able to get adequate capital for meeting their business needs. This, in turn, increases investment, trade and production in the economy. (6) Influencing economy activity. The banks can also influence the economic activity of the country through its influence on (a) availability of credit and (b) the rate of interest. If the commercial banks are able to increase the amount of money in circulation through credit creation or by lowering the rate of interest, it directly affects economic development. A low rate of interest can encourage investment.The credit creation activity can raise aggregate demand which leads to more production in the economy. Which finally increases the growth of the nation. (7) Implementation of monetary policy. The central bank of the country controls and regulates volume of credit through the active cooperation of the banking system in the country. If helps in bringing price stability and promotes economic growth within shortest possible period to time. (8) Monetization of the economy. The commercial banks by opening branches in the rural and backward areas are reducing the exchange of goods through barter.The use of money has now greatly increased the volume of production of goods. The non-monetized sector (barter economy) is now being converted into monetized sector with the help  of commercial banks. (9) Export promotion cells. In order to increase the exports of the country, the commercial banks have established export promotion cells. They provide information about general trade and economic conditions both inside and outside the country to its customers. The banks are, therefore, making positive contribution in the process of economic development.Role of banks in 21st century: The commercial banks are now not confined to local banking. They are fast changing into global banking i. e. , understanding the global customer, using latest information technology, competing in the open market with high technology system, changing from domestic banking to investment banking etc. The commercial banks are now considered the nerve centre of all economic developmen t in the country. The use of online banking is now on the increase. It has brought revolution in banking industry. CONCLUSIONCommercial banks are considered not merely as dealers in money but also the leaders in economic development. They are not only the store houses of the country’s wealth but also the reservoirs of resources necessary for economic development. They play an important role in the economic development of a country. A well-developed banking system is essential for the economic development of a country. The â€Å"Industrial Revolution† in Europe in the 19th century would not have been possible without a sound system of commercial banking. In case of developing countries like India, the commercial banks are considered to be the backbone of the economy.The Banking Sector has for centuries now formed one of the pillars of economic prosperity. Indeed history provides us with some starting information regarding how banks provided finance for imperialist ventu res in newly acquired colonies. Over time banks have formed an important part in providing an avenue for both savings and investments. Land, Labor, capital and entrepreneurs are the basic economic resources available to business. However, to make the use of these resources, a business requires finance to purchase of the land, hire labor, pay for capital goods and pay for individuals with specialized skills.The commercial banks provide capital, technical assistance and other facilities to businessmen according to their need, which leads to development in trade. Commercial banks finance the most important sector of the developing economics i. e. agriculture, short, medium and long-term loans are provided for the purchase of seeds and fertilizer, installation of tube wells, construction of warehouses, purchase of tractor and thresher etc. Commercial banks help in increasing the rate of capital formation in a country. Capital formation means increase in number of production units, techn ology, plant and machinery.They finance the projects responsible for increasing the rate of capital formation. Commercial banks help the traders of two different countries to undertake business. Letter of credit is issued by the importer’s bank to the exporters to ensure the payment. The banks also arrange foreign exchange. Commercial banks provide the facility of transferring funds from one place to another which leads to the growth of trade. The commercial banks financed the transport sector. It has reduced unemployment on one hand and increased the transport facility on the other hand. Remote areas are linked to main markets through developed transport system.These are the few ways in which the commercial banks had helped in developing the economy of a country. BIBLIOGRAPHY * Samuelson Norhaus, economics, 18th edn, Tata McGraw Hill Publishing Co. Ltd. , 2008 * Xam idea, economics, F K Publication, 2009 * Chitta Ranjan Basu, Commercial Banking in the Planned Economy of Indi a, Mittal Publications, 1991 * N. Gregory Mankiw, Principles of Economics, cengage learning, 2012 * www. preservearticles. com ——————————————– [ 2 ]. N. Gregory Mankiw, Principles of Economics, cengage learning, 2012 [ 3 ]. www. bankingsector. co. in [ 4 ].N. Gregory Mankiw, Principles of Economics, cengage learning, 2012 [ 5 ]. Xam idea, economics. [ 6 ]. N. Gregory Mankiw, Principles of Economics, cengage learning, 2012 [ 7 ]. www. preservearticles. com [ 8 ]. www. ehow. com [ 9 ]. Samuelson Norhaus, economics, 18th edn, Tata McGraw Hill Publishing Co. Ltd. , 2008 [ 10 ]. Chitta Ranjan Basu, Commercial Banking in the Planned Economy of India [ 11 ]. Samuelson Norhaus, economics, 18th edn, Tata McGraw Hill Publishing Co. Ltd. , 2008 [ 12 ]. www. ehow. com [ 13 ]. N. Gregory Mankiw, Principles of Economics, cengage learning, 2012 [ 14 ]. www. preservearticles. com

Analyzing Mexico And United States. History, Political

Analyzing Mexico and United States: History, Political Culture and Corruption Jeniffer Quintero Political Science 2 My 16, 2017 Abstract: Analyzing Mexico and United States: History, Political Culture and Corruption In 1917, the government of the United Mexican States became a Presidential Federal republic through its Mexican Constitution(Mexican Constitution, 2010). Like all other countries’ constitutions there has been changes that have been made over time. Somewhere in between the formation and domination of the constitution the Mexican-American War took place and Texas moved to its own Republic. Texas seized to the United States of America through the establishment of the Treaty of Guadalupe Hidalgo. The†¦show more content†¦Although there are multiple parties, there are 3 dominant Mexican political parties that dominate the government system: Partido de la Revolucion Democratica (PRD), the Partido Revolucionario Institucional (PRI), and Partido Accion Nacional (PAN). Mexico s governing political parties and political history has created what is now the Mexican adherence to a traumatic experiences of its contemporary political cultu re. Mexico’s contemporary political culture consist of sandals, accusations, corruption. The long standing of political corruption has evolved to be a corrupt culture in Mexico and lack of trust from citizens. One of the most known corrupt events in Mexico has been the Pemexgate. â€Å"In 2001 it was brought to light that funds from the workers union of PEMEX had been illegally used to support the campaign of Francisco Labastida, the candidate of the Institutional Revolutionary Party, or PRI, in the 2000 elections, in which Mr. Fox won† (Milloy, 2002). PEMEX is the second largest petroleum company stationed in Mexico that is used in the states of Mexico and is exported to other countries. This partnership made many elites richer and elected officials in a asymmetrical and illegal technique. 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