Explains the difference between romanticism and realism in specific works of art. Includes a works cited.

Explains the difference between romanticism and realism in specific works of art. Includes a works cited. Romantic or RealRomanticism cannot be identified with a single style, technique, or attitude, but romantic painting is generally characterized by a highly imaginative and subjective approach, emotional intensity, and a dreamlike or visionary quality. Romantic art characteristically strives to express by suggestion, states of feeling too intense, mystical, or elusive to be clearly defined. Realism, on the other hand, is an attempt to describe human behavior and surroundings or to represent figures and objects exactly as they act or appear in life. Attempts at realism have been made periodically throughout history in all the arts; the term is, however, generally restricted to a movement that began in the mid-19th century, in reaction to the highly subjective approach of romanticism. The works of John Constable and Honor © Daumier show the great differences in Romantic characteristics and Realist characteristics, both with the subjects they painted and the styles that they used to pai nt.Honorà © Daumier, portrait by Nadar (d. 1910), from...

Manuela Sáenz, Simon Bolivars Lover and Rebel

Manuela Senz, Simon Bolivar's Lover and Rebel Manuela Senz (Dec. 27, 1797–Nov. 23, 1856) was an Ecuadorian noblewoman who was the confidante and lover of Simà ³n Bolà ­var before and during the South American wars of Independence from Spain. In September 1828, she saved Bolivars life when political rivals tried to assassinate him in Bogot: this earned her the title the Liberator of the Liberator. She is considered a national hero in her native city of Quito, Ecuador. Fast Facts: Manuela Senz Known For: Latin American revolutionary and mistress of Simon BolivarBorn: Dec. 27, 1797 in Quito, New Granada (Ecuador)Parents: Simà ³n Senz Vergara and Marà ­a Joaquina AizpurruDied: Nov. 23, 1856 in Paita, PeruEducation: La Concepcion Convent in QuitoSpouse: James Thorne (m. July 27, 1817, d. 1847)Children: None Early Life Manuela was born on December 27, 1797, the illegitimate child of Simà ³n Senz Vergara, a Spanish military officer, and Ecuadorian Marà ­a Joaquina Aizpurru. Scandalized, her mother’s family threw her out and Manuela was raised and schooled by nuns at the La Concepcion Convent convent in Quito, a place where she would receive a proper upper-class upbringing. Young Manuela caused a scandal of her own when she was forced to leave the convent at the age of 17 when it was discovered that she had been sneaking out to have an affair with a Spanish army officer. She then moved in with her father. Marriage In 1814, Manuelas father arranged for her to marry James Thorne, an English doctor who was a good deal older than she was. In 1819 they moved to Lima, then the capital of the Viceroyalty of Peru. Thorne was wealthy, and they lived in a grand home where Manuela hosted parties for Lima’s upper class. In Lima, Manuela met high-ranking military officers and was well-informed about the different revolutions taking place in Latin America against Spanish rule. She sympathized with the rebels and joined the conspiracy to liberate Lima and Peru. In 1822, she left Thorne and returned to Quito. It was there that she met Simà ³n Bolà ­var. Simà ³n Bolà ­var Although Simà ³n was about 15 years older than she, there was an instant mutual attraction. They fell in love. Manuela and Simà ³n did not see one another as much as they would have liked, as he allowed her to come on many, but not all, of his campaigns. Nevertheless, they exchanged letters and saw each other when they could. It wasn’t until 1825–1826 that they actually lived together for a time, and even then he was called back to the fight. The Battles of Pichincha, Junà ­n, and Ayacucho On May 24, 1822, Spanish and rebel forces clashed on the slopes of Pichincha volcano, within sight of Quito. Manuela actively participated in the battle, as a combatant and supplying food, medicine, and other aid to the rebels. The rebels won the battle, and Manuela was awarded the rank of lieutenant. On August 6, 1824, she was with Bolà ­var at the Battle of Junà ­n, where she served in the cavalry and was promoted to captain. Later, she would also aid the rebel army at the Battle of Ayacucho: this time, she was promoted to Colonel at the suggestion of General Sucre himself, Bolà ­vars second-in-command. Assassination Attempt On September 25, 1828, Simà ³n and Manuela were in Bogot, in the San Carlos Palace. Bolà ­vars enemies, who did not want to see him retain political power now that the armed struggle for independence was winding down, sent assassins to murder him in the night. Manuela, thinking quickly, threw herself between the killers and Simà ³n, which allowed him to escape through the window. Simà ³n himself gave her the nickname that would follow her for the rest of her life: the liberator of the liberator. Later Life and Death Bolà ­var died of tuberculosis in 1830. His enemies came to power in Colombia and Ecuador, and Manuela was not welcome in these countries. She lived in Jamaica for a while before finally settling in the small town of Paita on the Peruvian coast. She made a living writing and translating letters for sailors on whaling ships and by selling tobacco and candy. She had several dogs, which she named after her and Simà ³n’s political enemies. She died on Nov. 23, 1856, when a diphtheria epidemic swept through the area. Unfortunately, all of her possessions were burned, including all of the letters she had kept from Simà ³n. Art and Literature The tragic, romantic figure of Manuela Senz has inspired artists and writers since before her death. She has been the subject of numerous books and a movie, and in 2006 the first-ever Ecuadorian produced and written opera Manuela and Bolà ­var opened in Quito to packed houses. Legacy Manuela’s impact on the independence movement is greatly underestimated today, as she is remembered mostly as Bolivars lover. In fact, she actively participated in the planning and funding of a good deal of rebel activity. She fought at Pichincha, Junà ­n, and Ayacucho and was recognized by Sucre himself as an important part of his victories. She often dressed in the uniform of a cavalry officer, complete with a saber. An excellent rider, her promotions were not merely for show. Finally, her effect on Bolà ­var himself should not be underestimated: many of his greatest moments came in the eight years they were together. One place where she has not been forgotten is her native Quito. In 2007, on the occasion of the 185th anniversary of the Battle of Pichincha, Ecuadorian president Rafael Correa officially promoted her to â€Å"Generala de Honor de la Repà ºblica de Ecuador,† or â€Å"Honorary General of the Republic of Ecuador.† In Quito, many places such as schools, streets, and businesses bear her name. Her history is required reading for schoolchildren. There is also a museum dedicated to her memory in old colonial Quito. Sources Josà © Vilalta, Marà ­a Historia De Las Mujeres Y Memoria Histà ³rica: Manuela Senz Interpela a Simà ³n Bolà ­var (1822–1830). Revista Europea de Estudios Latinoamericanos y del Caribe / European Review of Latin American and Caribbean Studies 93 (2012): 61–78.McKenna, Amy. Manuela Senz, Latin American Revolutionary. Encyclopedia Britannica, 2016.Murray, Pamela S. Loca or Libertadora?: Manuela Senz in the Eyes of History and Historians, 1900–C.1990. Journal of Latin American Studies 33.2 (2001): 291–310.Of Love and Politics: Reassessing Manuela Senz and Simà ³n Bolà ­var, 1822–1830. History Compass 5.1 (2007): 227–50.For Glory and Bolivar: The Remarkable Life of Manuela Senz. Austin: University of Texas Press, 2008.Von Hagen, Victor W. The Four Seasons of Manuela: A Biography. New York: Duell, Sloan and Pearce, 1952.

Configuring Files, NTFS, and Backups Assignment

Configuring Files, NTFS, and Backups - Assignment Example Security breaches possibly caused by human actions, which could be malicious, accidental, or through improper installation, operation or configuration. This paper presents guidelines that should be adopted to ensure efficient management and security of any information and communication technology network. These guidelines are written with keeping in mind of a less experienced IT network managers, to assist them in understanding and dealing with the risks they face. Upon implementation, these guidelines will go a long way in easing with problems of network insecurity. Network security policy guidelines are the practices and rules followed by an institution to protect its information resources. These polices must be documented, developed, reviewed, implemented and evaluated to ensure the integrity of the network. Hence, the need for these policies by an institution is never overemphasized (Avolio & Fallin, 2007). Program policies. It tackles overall Network security goals and it should be applied to all IT resources inside an institution. The institution’s management must instruct policy development to guarantee that the policies address the Network security requirements of all systems operating within the institution. System-specific policies. It addresses the Network security matters and requirements of a particular system. Corporate facilities may have several sets of system-specific policies that address security from the very common (access control) to the particular (system authorizations that reflect the isolation of duties among a team of employees). Create an approval procedure to include legal and human resources specialists, regulatory specialists and procedure and policy experts. Allow maximum time for the review and respond to every comment whether you accept it or not. Institution once developed its network security policy; next step is to document these policies. Each department is responsible to protect its networks,

Costa Rican Economy Essay Example | Topics and Well Written Essays - 1000 words

Costa Rican Economy - Essay Example (Culture in Costa Rica 2002) Recently, Costa Rica has been trying to shift its economic trend, and adopting a more global approach. Plans are to turn Costa Rica, from a coffee exporter, to a silicon based company. Skilled labor, new opportunities, global participation is the new goal, as it is with most developing countries. (Costa Rica Businesses 2008) A small scale chain of grocery stores in a developing country can go both ways when it comes to 'making it'. If we talk about the current world events, then there are many going on right now. With the phenomenon of global inflation taking over the planet, businesses, both small and large scale, are feeling the thump. A global issue that engulfs us all, are the prices of fossil fuels, namely; oil. As oil prices sky rocket above, everyone is feeling the shock. Major steps are being taken such as the development of alternative fuels, international talks, visits and conferences. This is an issue that affects the global economy. A grocery store chain in Costa Rica wo uld be no exception. It is simple economics that, the inflation caused by the rise in oil prices, would result in higher prices of goods and products all across the globe. Products will be more costly to produce and thus, will be exported at a higher price. The local Costa Rican grocery store will have inflated prices as well, of both, local and imported products. As prices of products increase, their demand goes down. Extreme conditions could result in recession or worse. Local producers would find it costly to produce with input costs going high because of the oil prices, and thus, a decrease in production could result in loss of jobs and a lower standard of living. This situation can be seen in many regions around the world including many third world countries. Obama vs. Clinton Another major global event is the U.S presidential elections. The ongoing rivalry between Hillary Clinton and Barack Obama is heating up day by day. (Troy 2007) The United States being a neighboring country and a trade partner can have a significant role in the Costa Rican economy. A change in government often results in a change in trade policies and international relations. New government expenditure would result in creation of employment in the country. This would open up newer opportunities to earn and contribute to a raise in the GDP. Demand for local and imported goods would increase and people would be willing to buy more. If situation in the U.S improves further and employment over there increases, such activity can bring about a rise in the demand for Costa Rican imports. As a result, employment is created in Costa Rica, with production increasing and firms hiring more skilled and unskilled labor, resulting in a higher aggregate income level. This would stimulate demand for products locally and people would have a higher level of disposable income. In this way, the chain of grocery stores could experience higher levels of business and revenues. War and Unrest Another major issue is the ongoing unrest in the Middle East. Though the whole scenario may seem geographically far away but the world is a global village now. War and unrest in the Middle East is causing countries around the world to experience threats to national security, strained international relations and so forth. (Yahoo News 2008) With many countries, including the United States,

Combination in the adjective Essay Example for Free

Combination in the adjective Essay Another feature of gothic novels, which helps to create the grim atmosphere, is the weather. Weather in gothic literature is normally cold and wet, adding to the dullness of the environment. The Hound of the Baskervilles features lots of references to cold, wet weather, reinforcing the feeling of gloom. In chapter 9, Dr. Watson refers to a cold night wind. This phrase creates an ominous feeling as the two adjectives convey to the reader darkness and bleakness. Dr. Watson also speaks of the dull moaning of the autumn wind which sets a depressing atmosphere because of the heavy initial consonant and vowel combination in the adjective. The mysterious and long oan sound makes the setting seem intimidating. Moaning can reflect pain, which links to the idea of the moor being a dangerous place to be. The phrase also shows Conan Doyle using personification, which has a strong effect on the reader as it makes elements seem human, therefore powerful, and perhaps uncontrollable. Nature is a strong force in itself though, so the personification could be designed to show the reader that even nature can seem in pain in these bleak and wild locations. The wind talked about in this sentence is another common characteristic in gothic novels, where weather conditions appear harsh and hostile. In the extract from Dr. Watsons diary in chapter 10, he writes, rain poured down. Describing the wet weather, poured tells us that the rain is heavy and the harsh p sound emphasises the harshness. Also from Dr. Watsons diary in chapter 10 comes this tempestuous and melancholy day. The word melancholy is also used repeatedly in the novel to reinforce the impression of the bleak landscape; it gives the whole setting a thoroughly depressing feel. Tempestuous adds to the sombre feeling of weather but also generates a sense of tension as tempestuous means stormy and violent. Such weather conditions, it could be argued, are reflected in the nature of some of the characters- a technique called pathetic fallacy. The Hound of the Baskervilles contains many of the typical weather conditions that are seen in gothic literature therefore, in this sense, the Hound of the Baskervilles could be classed a piece of gothic literature. A feature of the landscape included in The Hound of the Baskervilles is a place called Grimpen Mire. This is a boggy area upon the moor where people are liable to sink. Dangerous places like this are often evident in gothic novels and add to the dire atmosphere of the text. The mire is talked about mainly in chapter 7 where Stapleton is informing the other characters about the mire. When Dr. Watson first enquires about the mire Stapleton replies a false step yonder means death to man or beast. Here Stapleton is saying that it is a dangerous place for man and animal alike and so the statement creates a very grim mood. Further into chapter 7 Stapleton says, It is a bad place the great Grimpen Mire. The shortness of this sentence increases the impact of it, as it gives the impression that there is no doubt and that the statement is fact and cannot be challenged. The adjective bad clearly shows that it is a dreadful place and the word great suggests that it is a vast area. Combined, these words help the sentence to increase the miserable tone of the novel. Also, in chapter 7 Stapleton describes the mire again as the impassable mire. Impassable gives a sense of danger to the phrase and the harsh ss and im sounds suggest a strange, mysterious ambience. Harsh or difficult terrain occurs frequently in gothic novels and the descriptions set a mysterious and grim tone. This depressing atmosphere is also apparent in The Hound of the Baskervilles therefore I would class it as a piece of gothic literature. One factor of The Hound of the Baskervilles that distinguishes the novel as a piece of gothic literature relates to the locations featured within it. Buildings in gothic novels have a distinct style of architecture that includes points; arches; crenellated walls; partitioned and stained glass windows and the buildings are often raftered. The way buildings are described in gothic novels often creates an eerie atmosphere and usually causes the buildings to seem spooky because of the dark dà ¯Ã‚ ¿Ã‚ ½cor creating a heavy and oppressive atmosphere. Many of theses characteristics are shown in The Hound of the Baskervilles. The two main buildings in the novel are Baskerville Hall and Merripit House. These two locations are described when the characters first arrive at Baskerville Hall in chapter 6 and when they first visit Merripit House in chapter 7. Primarily the buildings are described through the observations of Dr. Watson. The general feeling of these buildings is a creepy one. At the beginning of chapter 6 Dr. Watson describes the outside of Baskerville Hall by saying weather-bitten pillars. Pillars are a common feature of gothic buildings and the fact that they are weather bitten shows that they are old and also reinforces the idea of hostile weather conditions. The harsh tt sound within bitten emphasise the hostile weather conditions and give the impression that the outside of the building is rough and imposing. Also in chapter 6 Dr. Watson observes, The whole front was draped in ivy and ivy-covered walls frequently appear in gothic novels and are usual of gothic buildings. Ivy covered walls give a blanketing effect and the image created by an ivy covered wall gives a gloomy impression. Later in chapter 6 DR. Watson talks about the towers of Baskerville Hall: the twin towers, ancient, crenellated, and pierced with many loo pholes. Crenellated walls of towers appear regularly in gothic architecture and are often featured in gothic novels because they add to the impression of the buildings being towering and forbidding. Further into chapter 6 Dr. Watson describes Baskerville Hall as large, lofty and heavily raftered. The oak paneling of the building is also depicted in chapter 6 through Dr. Watsons observation huge balks of age-blackened oak and the oak paneling. Oak paneling and heavily raftered rooms often occur in gothic architecture and are common features of gothic buildings. They also make the rooms in gothic buildings seem very dark causing a negative impression. High, thin window of old stained glass is dr. Watsons account of the windows. Dr. Watson also depicts the windows in chapter 7, high mullioned windows. Something that is mullioned is vertically partitioned. Stained glass and partitioned windows are common in gothic buildings. Another feature Arthur Conan Doyle uses to help create an eerie atmosphere is a reference to shadows. In chapter 6, Dr. Watson depicts the shadows within Baskerville Hall, long shadows trailed down the walls and hung like a black canopy above him. This simile helps create the depressing and spooky atmosphere. The elongated sound of ong within the adjective long gives a depressing impression and the adjective dark creates a spooky image. During chapter 7 Dr. Watson describes Merripit house by saying the effect of the whole place was mean and melancholy. The words mean and melancholy emphasise the dreary atmosphere of the location as melancholy means sombre and the definition of mean is harsh. Dr. Watson also says There were large rooms furnished with an elegance. The large rooms and elegant furnishings mentioned are common of gothic style buildings, both of these features help to create a majestic atmosphere and show that the building is posh reinforcing the fact that the characters who own it are wealthy. I can conclude, from the fact that the buildings featured in The Hound of the Baskervilles contain so many features of gothic architecture, and from the negative atmosphere and impression the descriptions of the buildings create, that the novel is a piece of gothic literature, which was written, in the gothic period.

The Civil War Essay -- essays research papers fc

  Ã‚  Ã‚  Ã‚  Ã‚  The Civil War was a time when the United States was split in two. In every battle Americans were killing Americans because of sectional conflicts. These were times when people were forgetting the concept of the United States, all the things their fathers and grandfathers had worked so hard for. Lincoln’s speech, The Gettysburg Address, defined, symbolized, and epitomized the spirit of America. Lincoln established equality, found in the Declaration of Independence but not in the Constitution nor in any Federal or State law, as a basic and fundamental concept in America. This is very true since this country was founded on equality but apparently not granted in the Constitution to all. In the time of the Civil War many Americans forgot what equality meant, freedom for all - black and white.   Ã‚  Ã‚  Ã‚  Ã‚  The Gettysburg Address was written by President Abraham Lincoln on November 19, 1863. It was delivered at Gettysburg, Pennsylvania at the dedication of the Gettysburg National Cemetery, honoring those who died in the Civil War battle of Gettysburg earlier that year. â€Å"The brave men, living and dead, who struggled here†¦Ã¢â‚¬ . (Doc. 25 line 10). The brief speech was followed by a two-hour oration by Edward Everett, one of the most famous speakers of the time. The next day the newspaper of the time regarded Everett’s speech very highly and only briefly mentioned Lincoln. Ironically, Everett sent Lincoln a note saying, â€Å"I wish that I could flatter myself that I had come as near to the central idea of the occasion in two hours as you did in two minutes.† (Encarta). Although Lincoln was not as eloquent and verbose as many, his words had a deep meaning and touched the hearts of many soldiers who fought at Gettysburg.   Ã‚  Ã‚  Ã‚  Ã‚  In the Gettysburg Address Lincoln states, â€Å"Four score and seven years ago our fathers brought forth on this continent, a new nation, conceived in liberty, and dedicated to the proposition that all men are created equal.† (Doc. 25 lines 1-3). By saying this Lincoln meant that the United States was born through the struggle of the colonists for freedom from England. When the fathers of this country made this nation, they wanted it to be one of liberty and equality.   Ã‚  Ã‚  Ã‚  Ã‚  The Civil War was basically fought over the issue of slavery and keeping the United States as... ...uality, equality for all. The Address also did not have the power to do this. After the Address was written the Emancipation Proclamation was also written by Lincoln to emancipate all slaves living in Confederate territory. This was so far the only document that actually headed more in the direction of equality than any other. Both the Address and the Declaration were symbols of freedom and liberty against a foe that intended to demolish these concepts.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"The Gettysburg Address is †¦recognized †¦as the one of the most moving expressions of the democratic spirit ever uttered.†(Encarta). The Declaration of Independence is one of the most important symbols of what America stands for. Both are important in recognizing how we as Americans have come to enjoy the freedom and equality that we have today.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   WORKS CITED   Ã‚  Ã‚  Ã‚  Ã‚  Document 25. â€Å"The Gettysburg Address†, Abraham Lincoln   Ã‚  Ã‚  Ã‚  Ã‚  Encarta Encyclopedia. â€Å"The Gettysburg Address† 1996

India & Mexico: the two stories Essay

By the end of 20th century, the world had realized that the next century is going to be driven by developing nations from South America, Central America and Asia on economic ground. The role of the economically developed nation will get reduced to that of investor and consumer while the developing nations will be converted into producers with foreign direct investment will bring capital and technology for that production. Looking into Asia, the nations which is supporting the above mentioned view are neither Japan nor the South East Asian tigers comprising ASEAN; but the world’s two most populated nations namely China and India. Many economists called this advent of the two nations as the arrival of Chindia. The China has now become the factory of the world while India is a service sector giant while leading in the sectors like software development and BPO industry (Perkovich, 2003). And in case of Central America and South America, the countries which are expected to match the growth of other developing nations are Brazil, Argentina and Mexico. These nations have a very different past if things like political stability and economic policies are taken into consideration. India and its late rise   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Though both China and India have now become a very successful case of FDI channeled development model but the structure of economy of these two nations are at the two ends of any of the economic theory. In China, being a one party communist state and very strong central government economic decisions are taken irrespective of what is actually the people at ground wish while in India, being a secular democratic nation with multi-party political system decisions related to economy are often taken while considering the compulsions like electoral promises and is very much populist in nature.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The governments which includes both central and states are always under pressure from both opposition parties and popular public demand and many a times the decisions get affected due to this factor. At the same time, India’s economic stand for more than forty years of its independence had been protective and least connected with the world (Bromley, Mackintosh, Brown &   Wuyts, 2004, p. 196). Its neutral stand during the cold war and strategic military relationship with USSR caused very less interaction with western world led by USA. The country continued to pursue its independent political stand and entered 21st century, its economic structure saw extreme changes and the country now boasts of having the USA as its largest trading partner and at the same time, US has also found great interest in world’s largest democracy and the recently signed nuclear treaty between the US president George Bush and Indian Prime Minister Dr. Manmohan Singh clearly underlines the growing interest between the two.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   So the new India or better to say the liberalized India post reforms presents a beautiful case where Kenneth Waltz’s theory of International Relations which states that the action of a state can often get affected due to pressures being exerted by international forces and thereby limiting the options available to them(1979). The neorealist or structured model has been developed with the aim to explain the repeating patterns of state behavior and power and its extent which is the combination of its capacity to resist external influence while influencing others to behave according to its wishes.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The liberalization process in India began in early 1990s in the tenure of the Prime Minister P. V. Narashimha Rao under the leadership of then Finance Minister Dr. Manamohan Singh. The reform process and India’s integration into world economy was widely appreciated with International Monetary Fund or the IMF calling it a long term corrective measure. The reform process which began with India signing GATT and becoming a part of WTO was widely appreciated by almost all economic quarters (Bromley et. al, 2004, p. 173). The Narashimha Rao govt. continued with his reforms though slowly despite stiff resistance from major opposition parties by destroying the opposition unity (Bromley et. al, 2004, p. 167).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   After entering into a new economic fold, the Indian State’s decision showed the signs of getting influenced through external international forces which includes IMF, World Bank and other trade partners including US and EU. On economic issues, the Indian government for obtaining loans from IMF and World Bank had to observe their demands. Some of the demands that IMF made were import liberalization, tariff reduction, decontrolling the food grains market, decreasing subsidies in food and agricultural sector, PSU privatizations, enabling law for attracting FDI in manufacturing and infrastructure projects and opening the domestic banking and insurance sector i.e., financial liberalization (Bromley et. al, 2004, p. 199).. The Indian government reacted cautiously but in a considerably long period, opened some of the sectors with foreign players holding majority stakes while in most of the sectors FDI was promoted to some percentage that may be 26 percent or up to 49 percent (Govt. of India, 2005).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The economic reforms of Indian economy went into super fast mode during the regime of new political party. The BJP government was found to be pro-reformist with measures taken by continued to follow the path initiated by the Narashimha Rao Government. This stand of BJP was in sharp contrast to what it had observed during the beginning of the reform movement (Bromley et. al., 2004, p. 168). Under the BJP government, India tested five nuclear weapons and was widely criticized by most of the countries (Perkovich, 2003). The US government imposed a series of economic sanctions and the relationship between the two nations started showing down turn. But the Indian economy showed resilience and even the US congress and other western nations realized this fact and the sanctions were removed in a number of phases. The terrorist attack of September 11 2001 changed the scenario and the world under US leadership started considering terrorism as an international threat and India being a victim of Pakistan sponsored terrorism gave unequivocal support to US led war against terror (Perkovich, 2003).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   But the real success of India has been observed in form of the success of software giants like Infosys, TCS, Wipro and many smaller ones (Bromley et. al., 2004, p. 209). These companies opened new era of business through outsourcing of jobs from US and this led to the advent of many of the US based MNCs like Accenture, IBM, GE and others investing a lot in India. The condition has become so different that the growth of Indian firms is dependent on US. Now the other sectors like retail, automobile, telecommunication etc. are getting large input through FDI channel (Perkovich, 2003).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Now this US supported growth of economy has made the government to follow foreign policies with extra care so that the interests of US must be taken into account and the mutually beneficial relationship between the two countries should remain intact. These things are clearly showing that the country’s stand on different international issues have started getting affected by economic policies of developed nations especially USA (Kapila, 2006). Mexico & Economic Liberalization   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Now when we think of the continent of North America, we normally have the picture two economically very developed countries namely United States of America and Canada. But Mexico is another major economy of the region but with a different structure and status. Basically a developing country with a very unusual past when compared with other major countries of the region mentioned above, the country’s economic policy in the major part of 20th century had been without any vision. The political establishment has always supported various ideologies at the same time. The left centered administration and economic policy of Cuba and other left economies of the world got support from most of the Mexican government over the past 50 years but the same governments had reacted sharply against any move to any communist movement in the nation. Before 1970, the economy policy of Mexico was that of Private Public supported and investment by foreign companies had been given high priority. But after the massacre in the Plaza of the Three Cultures, the newly elected government started following an economic policy leaned more towards left philosophy of collective ownership. And despite flagging economic condition of the nation, populist policies for earning political mileage became a national policy. With every new government the country followed comparatively different policies creating more economic and monetary instability instead of any straight forward economic growth.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The year 1994 saw the beginning of a new era in trade relations among three major countries of North America. With the launch of North America Free Trade Agreement i.e., NAFTA, comprising of world’s two most powerful economies USA and Canada and Mexico, the whole economic situation of the region has become a matter of close observation. If the case of Canada and USA is looked upon, there already exist a number of bilateral agreements on issues from defense, border security to trade and commerce. But from Mexican point of view, NAFTA has been much more than a simple regional trade agreement. Despite being a platform for boosting trade, participation of Mexico in NAFTA has been seen as the most effective tool to achieve two important missions. The first one has been for the purpose of directing the Mexican economy to an export-led growth path on a non-inflationary note. With USA as the major economic partner, NAFTA has been seen by the Mexican government as a platform to initiate large scale export to its much superior economic partner. Internal structure of the Mexican economy has also been made available on a platter to get a change with new set policies ensuring free trade initiative and drastic reduction in terms of tariff and quota issues to promote intra-regional trade (Moreno-Brid, Validiva & Santamaria, 2005). The second objective of the above mentioned reform process was to make the nature of this process very much irreversible. Though NAFTA accord has made sufficient provision so that any attempt to be made by the governments of future would cause the imposition of international legal and extra-legal constraints thereby deterring any attempt of returning back to the days of trade protectionism but the Salinas administration along with other supporters blunted all attack by its opponents to ensure the path of reform unruffled. The whole purpose of this treaty for Mexico was to make the nation a very lucrative region for the manufacture of products that can easily be exported to USA (Moreno-Brid et. al., 2005).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Now it’s been more than a decade that NAFTA came into existence and if the economic condition of Mexico is viewed then the expectations that was raised by the Salinas govt. has actually been partially satisfied. The country has made considerable economic advancements and these things are visible through the era of small budget deficit, low inflation that followed the treaty. Also the export of non-oil products has reached a very high level with surge in Foreign Direct Investment (FDI). But euphoria associated with the treaty loses its charm when the number of jobs being created in the liberated economy is taken into account. The rate of growth of the GDP is still below the level which the economy had attained in days much prior to liberalization (Moreno-Brid et. al., 2005).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   So, for Mexico, the outcome of being a part of NAFTA has been very limited. If the limited gains are compared with what had been expected before, the NAFTA will appear more as a failure than a success. In 1994 only, the possibility of this sort of result was predicted by eminent US political scientist Stephan Krasner. While depending on realist model Krasnar had clearly stated that though NAFTA is an excellent attempt to have a very beneficial regional agreement but from Mexico point of view it’s not going to yield any golden egg (Bromley, Mackintosh, Brown &   Wuyts, 2004, p. 264). The extreme differences in the business culture and size of the economies of US and Mexico will be a very important reason behind the limited success of the agreement and expecting a broad result of something like the one between US and Canada can never be achieved (Extra Material, p. 10). The economic policy of US has been more of imperialistic in nature. This very US policy gives rise to anti-Americanism. The actually reduces the extent up to which both US and Mexico could have cooperated. This is very much in agreement to Waltz theory, which has clearly mentioned that the international condition is very much anarchic due to the lack of any common controlling authority giving rise to the issues like national threat and rise of conflicts of both military and economic nature (1979). As a result the apprehensions with rich nations fearing the rise of issues of illegal migration and human trafficking, the extent of cooperation between the two states will be very limited (Hollifield, 2006). The states would be found more concerned towards maintaining their relative power in relation one another and at the same time will avoid any permanent loss to existing relationship (Bromley et. al, 2004, p. 278).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The much analyzed theory of Waltz on International Relations valid in almost every case can be successfully used in understanding the case of NAFTA and Mexico. The history is full of differences and conflicts between the US and Mexico with Mexico in constant fear of losing its sovereignty. This fear and the bitterness of past has always been a very important reason the success of any pact between Mexico and US. Even the economic policy of US has widely been considered as imperialistic and Mexico had become a part of NAFTA for increasing its exports especially to US, hence the Mexican establishment will always be under the influence of US economic policies and decisions and may have to modify its international economic and business policies to suit US and the economic benefits Mexico is having with the trade with such a large neighbor (Bromley et. al, 2004, p 264).    So the fear of the past was the invasion over geographical boundary with Mexico preferring Latin culture rather the pro-US North American trend. Now becoming a very important part of North American economic group, Mexico is under continuous fear of losing is control over its economy and currency and might have to face economic colonialism.   References Hollifield, J. F. (2006). Trade, Migration and Economic Development: The Risks and   Ã‚  Ã‚   Rewards of Openness. Retrieved June 01, 2007, from the World Wide Web:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://www.dallasfed.org/news/research/2006/06migr/hollifield.pdf Moreno-Brid, J. Validiva, J. C. R. & Santamaria, J. (2005). Mexico: Economic growth    exports and industrial performance after NAFTA, Economic Development Unit.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Retrieved June 01, 2007, from the World Wide Web:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://www.wilsoncenter.org/news/docs/Mexico_after_NAFTA_ECLAC.pdf Bromley, M. Mackintosh, W. Brown & M. Wuyts (2004).  Making the International: Economic Interdependence and political Order. Pluto Press Waltz, K. N. (1979).Realist Thought and Neorealist Thesis 1979. Journal of International   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Affairs.   Retrieved June 01, 2007, from the World Wide Web:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   http://classes.maxwell.syr.edu/PSC783/Waltz44.pdf Govt. of India (2005). Investing in India Foreign Direct Investment -Policy & Procedures   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Department of Industrial Policy & Promotion, Ministry of Commerce & Industry,   Ã‚  Ã‚  Ã‚  Ã‚   Government of India, New Delhi Retrieved June 01, 2007, from the World Wide   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Web:  Ã‚   http://dipp.nic.in/manual/manual_03_05.pdf Kapila, S. (2006). Iran’s nuclear issue: India well advised to be objective. South Asia   Ã‚  Ã‚   Analysis Group  Retrieved June 01, 2007, from the World Wide   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Web:http://www.saag.org/%5Cpapers17%5Cpaper1694.html Perkovich, G. (2003).The measure of India: what makes greatness? 2003 Annual   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Fellows’ Lecture, University of Pennsylvania. Retrieved June 01, 2007, from the   Ã‚  Ã‚  Ã‚   World Wide Web:  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   www.sas.upenn.edu/casi/publications/Papers/Perkovich_2003.pdf   

Barbara Ehrenreich’s Nickel Essay

The Nobel Prize winner Milton Friedman was praised by The Economist (2006) as â€Å"the most influential economist of the second half of the 20th century†¦possibly of all of it†. In 1970, he published an essay on the social responsibility of business in the New York Times Magazine. In his article, he explains in complex detail about the notion of â€Å"social responsibility† of businessmen within a corporate environment and their goal to increase profits. Indeed, at first glance, this quote seems to capture the mentality of many of the actors in the financial sector in our era. Banks and financial institutions are accused of acting unethically and only in their self-interest to increase profits along with brokers and investment bankers who are accused of primarily aiming high incentives and bonuses by selling unconscionably high-default assets. Scholars argued that corporate governance failings and lack of ethical behaviour were significant causes of the financial crisis of autumn 2008 (Skypala, 2008). This essay discusses the question whether the above statement made by famous economist Milton Friedman is still relevant in the context of business today and to what extent it is relating to the financial sector and in particular to the financial crisis of autumn 2008. In order to address this problem, it is important to discuss the fundamental view behind Friedman’s idea since it needs to be fully understood and interpreted. He stated that the social responsibility of business was to maximize profits and to create value for stockholders within the bounds of the law. Furthermore, he thought that using corporate resources for purely altruistic purposes would be socialism. Moreover, corporations had no social responsibility other than to spend its resources to increase the profits of its investors since only investors as individuals could decide to engage in social contributions. Thus, he believed that the corporate executives, who were appointed by investors to make profits on investments, could not engage in social contributions using the corporate money. As a result, they could only do so as a private individual on their own behalf. Friedman devoted â€Å"social responsibility† to violating the interest of the manager’s employers. In other words, if managers invest in â€Å"social responsible† projects, they will harm the business since these investments will result in inefficiency and lost production leading to a reduction in shareholder’s wealth. His idea and the logic behind it have proven unconvincing to many scholars (Mulligan, 1986; Feldman, 2007; Wilcke, 2004). Indeed, several arguments can be shown which offset his idea. Firstly, his theory does not allow for the possibility that profits and social responsibility can ever exist together. It is necessary to consider the constraint noted by Jensen (2002) who indicated that it is â€Å"logically impossible to maximize in more than one dimension at the same time unless the dimensions are monotone transformations of one another†. This constraint implies that profits and social performance cannot be maximized simultaneously. That is why there is a trade-off between profits and social performance. Still, it does not mean that profit maximization and social performance cannot be congruent. In reality, there are many examples which show that both can coexist. Several reasons are to be mentioned here. Nowadays, banks and financial institutions are more aware of their role towards the society since they realize that they are an integral part of it. Furthermore, they notice that they can contribute positively to the environment and society with a positive effect on their reputation, creating a higher firm value. Furthermore, since numerous scandals of firms violating morality and ethics in the late 1990s and early 2000s (e. g. WorldCom and Enron) the significance of Corporate Social Responsibility (CSR) is increasing tremendously and included in the business culture of most of the financial institutions today. The concept of CSR means that â€Å"corporations have ethical and moral responsibilities in addition to their responsibilities to earn a fair return for investors and comply with the law† (Munstermann, 2007). So, almost every large corporation is increasingly investing to improve its performance on sustainability assets. Banks and financial institutions know that society is always enlightened when it sees that a firm is engaged in charity and donating projects. While it is true that engagement in â€Å"social responsible† projects, for example donating for orphans of the developing countries means explicitly higher expenses and hence, reducing the profit, it has a long term profit as well. Engagement in donating projects has a positive effect on the reputation of firms, thus, affecting positively the consumer behavior of customers who will buy more products of firm, thus creating profit. Friedman also never considers the very real possibility that companies engaging in â€Å"social responsible† projects gain the support from the community and polity that might, otherwise, eventually turn against them. Nowadays, almost all companies working in the financial sector are in some kind of way socially engaged. Looking at websites of famous big banks like Deutsche Bank, JP Morgan, Goldman Sachs or Morgan Stanley, one can find headings of Corporate Social Responsibility throughout the pages. Deutsche Bank has its own report on CSR for each year which reports engagement in AIDS projects in South Africa and support of education for children in India. JP Morgan reported an annual donation amount of $110 million for organization in 33 different countries and Goldman Sachs is actively involved in environmental projects. This shows that almost 4 decades after the famous essay of Friedman, companies do not follow his sole idea anymore but are – or are forced to – act socially responsible. On the other hand, a business should try to make profit since it is inherent in its nature and by definition (except for non-profit organization). According to the Business Dictionary, a business is an â€Å"economic system in which goods and services are exchanged for one another or money. Every business requires some form of investment and a sufficient number of customers to whom its output can be sold at profit on a consistent basis. † If a company does not make profit on a consistent and long-term basis, it will face financial distress and bankruptcy. Then, employees and workers will become unemployed which will affect the society negatively. For example, all the employees of banks going bankrupt in the financial crisis like Freddy Mac and Fanny Mae and Lehman Brothers were facing hardship. Hence, it is true that businesses are to a certain extent socially responsible to make profit in order to ensure job security and to create more jobs. This helps the society and improves the economy of the society. But Friedman does not consider the fact that if companies’ sole interest would be profit making, they can harm people and the surrounding environment. What if firms poison the water by disposing chemicals in rivers and sea – disposing toxic that leads to illnesses and death of animals and human beings? Friedman also fails to argue whether profit-generating actions like selling nuclear bombs to terror organizations, or knowingly manufacturing and selling defective, health-threatening products count as social responsibility as long as the company makes profit. Evidently, in the financial sector there are not activities such as producing bombs or life-threatening drugs. Even though this sector cannot produce life-threatening products, it can create a value chain of unethical and careless activities that can damage the whole world as well. One example is the Asian financial crisis in 1997 where moral hazards were mentioned as a major cause. Moral hazards are â€Å"negligent and fraudulent insureds† (Baker, 2000). It also refers to situation that tempted otherwise good people. The problem with moral hazards in the Asian financial crisis was that Asian banks thought that they would receive implicit guarantees that they would be bailed out if they encountered financial distress. Hence, these banks and companies were much more speculative in their investments and kept investing increasingly. If the investments fail, they will not have to bear the cost since it will be picked up by the government. They were playing with people’s money and did not act in the social interest of their customers. Instead, they were only focussing on making as much profit as possible. The result is known to everybody: In 1997 the nations of East Asia experienced the worst economic crisis they have never seen before. Obviously, the latest and most discussed topic on morality in the two recent years has been the culpability of shareholders and banks along with board directors for failings that led to the financial crisis of 2008. On the one hand, the crisis can be blamed on mortgage brokers, investment bankers and banks’ executives. Skewed incentives and greed contributed too much of the crisis. For example, mortgage brokers generate sub-prime mortgages but were paid regardless of the outcome. That is why they were selling unscrupulously assets with high default risk to clueless customers in order to receive high commissions. Not to mention â€Å"Wall Street Executives† who were focusing solely on how to increase their bonuses and remuneration packages. Also, Banks who took on these mortgages were accused of shoddy risk management and unethical behaviour, since they knew from the beginning that these subprime mortgages would eventually be securitized and removed from the bank’s balance sheet. Again, the originating banks got paid up front for processing the mortgages without having to retain part of the risk. Another factor is the misleading ratings of financial instruments credit agencies that were by far from independent. Arrangers of the secured assets were allowed to manipulate the creation of secured assets by mixing good assets with high risk assets to the point of getting a triple A-rating. If they did not get this rating, the assets were withdrawn, reconfigured and resubmitted. Since agencies are owned by banks, they were subjected to give best ratings to these dangerous assets and mortgage brokers knowing the risky idea behind those assets sold them to unsuspecting investors. According to Friedman, every party involved in the actions mentioned above showed â€Å"social responsibility† since they did not care about their social responsibility to the world but only about maximizing their profits. Evidently, the aftermath of the American financial crisis has shown that the social responsibility of business is definitely not only to increase their profits. If banks, brokers and lenders, accountants, the government and important financial organization did not incorrectly assessed or even ignored the magnitude of the risks mentioned above, if managers and investment bankers were not greedy and showed herd investment behavior, it can be argued that the crisis could have been prevented. But the various parties acted immorally and socially irresponsible not caring about the social consequences of their actions. Consequently, the Asian crisis of 1997 and the global financial crisis of 2008 are two memorable examples that offset Friedman’s idea. In conclusion, this paper has shown that Friedman’s request of being socially responsible by focusing solely on increasing profits is nowadays theoretically not accepted by banks and financial institutions. In contrast, in the 21st century social responsible corresponds to the alignment of business operations with social and ethical values. It is seen as the key to beat the competitor and to ensure sustainable growth. But the latest financial crisis has shown that even though CSR is part of the business culture of the large corporations, the key players in the large corporations do not practice social responsibility in a proper manner. It seems that CSR and corporate governance are a compilation of words and rules that adds only little value to the everyday businesses. Money has made everybody blind. Everybody wanted to have a piece of the big cake leading them to lower their inhibition threshold. The â€Å"social responsibility† of businesses should not be increasing profit but focusing on what it really means in practice to encourage stewardship. As a matter of fact, banks and financial institutions first need to show social and ethical manner in order to prevent another disaster like the financial crisis of 2008. All in all, businesses need to focus on environmental and social issues in the arena of corporate responsibility since the society expects and demands responsibility of organizations. In fact, the law expects it as well. Banks and financial institutions are challenged after the aftermath of the financial crisis – they have to find a way how to act in the best interest of stakeholders, society, the government and the environment, still being able to make sustainable profit. It is now a request from the society. ? References Baker, T. (2000). Insuring Morality. Business Dictionary. Definition of business. Homepage: http://www. businessdictionary. com/definition/business. html [1. 2. 2010]. Feldman, G. (2007). Putting Uncle Milton Friedman To Bed: Reexamining Milton Friedman’s Essay on the Social Responsibility of Business. Labor Studies Journal (32), 125-141. Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 2002 (12), 404-437. Milton Friedman, a giant among economist. The Economist. Verfugbar unter: http://www. economist. com/business/displaystory. cfm? story_id=8313925 [28. 1. 2010]. Mulligan, T. (1986). A Critique of Milton Friedman’s Essay â€Å"The Social Responsibility of Business Is to Increase Its Profits†. Journal of Business Ethics (5), 265-269. Munstermann, T. (2007). Corporate Social Responsibility: Gabler. Skypala, P. (2008, 17. November). Time to reward good corporate governance. Financial Times, S. 6. [28. 1. 2010]. Wilcke, R. W. (2004). An Appropriate Ethical Model for Business and a Critique of Milton Friedman’s Thesis. The Independent Review (2), 187-209. The Nobel Prize winner Milton Friedman was praised by The Economist (2006) as â€Å"the most influential economist of the second half of the 20th century†¦possibly of all of it†. In 1970, he published an essay on the social responsibility of business in the New York Times Magazine. In his article, he explains in complex detail about the notion of â€Å"social responsibility† of businessmen within a corporate environment and their goal to increase profits. Indeed, at first glance, this quote seems to capture the mentality of many of the actors in the financial sector in our era. Banks and financial institutions are accused of acting unethically and only in their self-interest to increase profits along with brokers and investment bankers who are accused of primarily aiming high incentives and bonuses by selling unconscionably high-default assets. Scholars argued that corporate governance failings and lack of ethical behaviour were significant causes of the financial crisis of autumn 2008 (Skypala, 2008). This essay discusses the question whether the above statement made by famous economist Milton Friedman is still relevant in the context of business today and to what extent it is relating to the financial sector and in particular to the financial crisis of autumn 2008. In order to address this problem, it is important to discuss the fundamental view behind Friedman’s idea since it needs to be fully understood and interpreted. He stated that the social responsibility of business was to maximize profits and to create value for stockholders within the bounds of the law. Furthermore, he thought that using corporate resources for purely altruistic purposes would be socialism. Moreover, corporations had no social responsibility other than to spend its resources to increase the profits of its investors since only investors as individuals could decide to engage in social contributions. Thus, he believed that the corporate executives, who were appointed by investors to make profits on investments, could not engage in social contributions using the corporate money. As a result, they could only do so as a private individual on their own behalf. Friedman devoted â€Å"social responsibility† to violating the interest of the manager’s employers. In other words, if managers invest in â€Å"social responsible† projects, they will harm the business since these investments will result in inefficiency and lost production leading to a reduction in shareholder’s wealth. His idea and the logic behind it have proven unconvincing to many scholars (Mulligan, 1986; Feldman, 2007; Wilcke, 2004). Indeed, several arguments can be shown which offset his idea. Firstly, his theory does not allow for the possibility that profits and social responsibility can ever exist together. It is necessary to consider the constraint noted by Jensen (2002) who indicated that it is â€Å"logically impossible to maximize in more than one dimension at the same time unless the dimensions are monotone transformations of one another†. This constraint implies that profits and social performance cannot be maximized simultaneously. That is why there is a trade-off between profits and social performance. Still, it does not mean that profit maximization and social performance cannot be congruent. In reality, there are many examples which show that both can coexist. Several reasons are to be mentioned here. Nowadays, banks and financial institutions are more aware of their role towards the society since they realize that they are an integral part of it. Furthermore, they notice that they can contribute positively to the environment and society with a positive effect on their reputation, creating a higher firm value. Furthermore, since numerous scandals of firms violating morality and ethics in the late 1990s and early 2000s (e. g. WorldCom and Enron) the significance of Corporate Social Responsibility (CSR) is increasing tremendously and included in the business culture of most of the financial institutions today. The concept of CSR means that â€Å"corporations have ethical and moral responsibilities in addition to their responsibilities to earn a fair return for investors and comply with the law† (Munstermann, 2007). So, almost every large corporation is increasingly investing to improve its performance on sustainability assets. Banks and financial institutions know that society is always enlightened when it sees that a firm is engaged in charity and donating projects. While it is true that engagement in â€Å"social responsible† projects, for example donating for orphans of the developing countries means explicitly higher expenses and hence, reducing the profit, it has a long term profit as well. Engagement in donating projects has a positive effect on the reputation of firms, thus, affecting positively the consumer behavior of customers who will buy more products of firm, thus creating profit. Friedman also never considers the very real possibility that companies engaging in â€Å"social responsible† projects gain the support from the community and polity that might, otherwise, eventually turn against them. Nowadays, almost all companies working in the financial sector are in some kind of way socially engaged. Looking at websites of famous big banks like Deutsche Bank, JP Morgan, Goldman Sachs or Morgan Stanley, one can find headings of Corporate Social Responsibility throughout the pages. Deutsche Bank has its own report on CSR for each year which reports engagement in AIDS projects in South Africa and support of education for children in India. JP Morgan reported an annual donation amount of $110 million for organization in 33 different countries and Goldman Sachs is actively involved in environmental projects. This shows that almost 4 decades after the famous essay of Friedman, companies do not follow his sole idea anymore but are – or are forced to – act socially responsible. On the other hand, a business should try to make profit since it is inherent in its nature and by definition (except for non-profit organization). According to the Business Dictionary, a business is an â€Å"economic system in which goods and services are exchanged for one another or money. Every business requires some form of investment and a sufficient number of customers to whom its output can be sold at profit on a consistent basis. † If a company does not make profit on a consistent and long-term basis, it will face financial distress and bankruptcy. Then, employees and workers will become unemployed which will affect the society negatively. For example, all the employees of banks going bankrupt in the financial crisis like Freddy Mac and Fanny Mae and Lehman Brothers were facing hardship. Hence, it is true that businesses are to a certain extent socially responsible to make profit in order to ensure job security and to create more jobs. This helps the society and improves the economy of the society. But Friedman does not consider the fact that if companies’ sole interest would be profit making, they can harm people and the surrounding environment. What if firms poison the water by disposing chemicals in rivers and sea – disposing toxic that leads to illnesses and death of animals and human beings? Friedman also fails to argue whether profit-generating actions like selling nuclear bombs to terror organizations, or knowingly manufacturing and selling defective, health-threatening products count as social responsibility as long as the company makes profit. Evidently, in the financial sector there are not activities such as producing bombs or life-threatening drugs. Even though this sector cannot produce life-threatening products, it can create a value chain of unethical and careless activities that can damage the whole world as well. One example is the Asian financial crisis in 1997 where moral hazards were mentioned as a major cause. Moral hazards are â€Å"negligent and fraudulent insureds† (Baker, 2000). It also refers to situation that tempted otherwise good people. The problem with moral hazards in the Asian financial crisis was that Asian banks thought that they would receive implicit guarantees that they would be bailed out if they encountered financial distress. Hence, these banks and companies were much more speculative in their investments and kept investing increasingly. If the investments fail, they will not have to bear the cost since it will be picked up by the government. They were playing with people’s money and did not act in the social interest of their customers. Instead, they were only focussing on making as much profit as possible. The result is known to everybody: In 1997 the nations of East Asia experienced the worst economic crisis they have never seen before. Obviously, the latest and most discussed topic on morality in the two recent years has been the culpability of shareholders and banks along with board directors for failings that led to the financial crisis of 2008. On the one hand, the crisis can be blamed on mortgage brokers, investment bankers and banks’ executives. Skewed incentives and greed contributed too much of the crisis. For example, mortgage brokers generate sub-prime mortgages but were paid regardless of the outcome. That is why they were selling unscrupulously assets with high default risk to clueless customers in order to receive high commissions. Not to mention â€Å"Wall Street Executives† who were focusing solely on how to increase their bonuses and remuneration packages. Also, Banks who took on these mortgages were accused of shoddy risk management and unethical behaviour, since they knew from the beginning that these subprime mortgages would eventually be securitized and removed from the bank’s balance sheet. Again, the originating banks got paid up front for processing the mortgages without having to retain part of the risk. Another factor is the misleading ratings of financial instruments credit agencies that were by far from independent. Arrangers of the secured assets were allowed to manipulate the creation of secured assets by mixing good assets with high risk assets to the point of getting a triple A-rating. If they did not get this rating, the assets were withdrawn, reconfigured and resubmitted. Since agencies are owned by banks, they were subjected to give best ratings to these dangerous assets and mortgage brokers knowing the risky idea behind those assets sold them to unsuspecting investors. According to Friedman, every party involved in the actions mentioned above showed â€Å"social responsibility† since they did not care about their social responsibility to the world but only about maximizing their profits. Evidently, the aftermath of the American financial crisis has shown that the social responsibility of business is definitely not only to increase their profits. If banks, brokers and lenders, accountants, the government and important financial organization did not incorrectly assessed or even ignored the magnitude of the risks mentioned above, if managers and investment bankers were not greedy and showed herd investment behavior, it can be argued that the crisis could have been prevented. But the various parties acted immorally and socially irresponsible not caring about the social consequences of their actions. Consequently, the Asian crisis of 1997 and the global financial crisis of 2008 are two memorable examples that offset Friedman’s idea. In conclusion, this paper has shown that Friedman’s request of being socially responsible by focusing solely on increasing profits is nowadays theoretically not accepted by banks and financial institutions. In contrast, in the 21st century social responsible corresponds to the alignment of business operations with social and ethical values. It is seen as the key to beat the competitor and to ensure sustainable growth. But the latest financial crisis has shown that even though CSR is part of the business culture of the large corporations, the key players in the large corporations do not practice social responsibility in a proper manner. It seems that CSR and corporate governance are a compilation of words and rules that adds only little value to the everyday businesses. Money has made everybody blind. Everybody wanted to have a piece of the big cake leading them to lower their inhibition threshold. The â€Å"social responsibility† of businesses should not be increasing profit but focusing on what it really means in practice to encourage stewardship. As a matter of fact, banks and financial institutions first need to show social and ethical manner in order to prevent another disaster like the financial crisis of 2008. All in all, businesses need to focus on environmental and social issues in the arena of corporate responsibility since the society expects and demands responsibility of organizations. In fact, the law expects it as well. Banks and financial institutions are challenged after the aftermath of the financial crisis – they have to find a way how to act in the best interest of stakeholders, society, the government and the environment, still being able to make sustainable profit. It is now a request from the society. ? References Baker, T. (2000). Insuring Morality.Business Dictionary. Definition of business. Homepage: http://www. businessdictionary. com/definition/business. html [1. 2. 2010]. Feldman, G. (2007). Putting Uncle Milton Friedman To Bed: Reexamining Milton Friedman’s Essay on the Social Responsibility of Business. Labor Studies Journal (32), 125-141. Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 2002 (12), 404-437. Milton Friedman, a giant among economist. The Economist. Verfugbar unter: http://www. economist. com/business/displaystory. cfm? story_id=8313925 [28. 1. 2010]. Mulligan, T. (1986). A Critique of Milton Friedman’s Essay â€Å"The Social Responsibility of Business Is to Increase Its Profits†. Journal of Business Ethics (5), 265-269. Munstermann, T. (2007). Corporate Social Responsibility: Gabler. Skypala, P. (2008, 17. November). Time to reward good corporate governance. Financial Times, S. 6. [28. 1. 2010]. Wilcke, R. W. (2004). An Appropriate Ethical Model for Business and a Critique of Milton Friedman’s Thesis. The Independent Review (2), 187-209.

The Compact Bedford Introduction to Literature Essays

The Compact Bedford Introduction to Literature Essays The Compact Bedford Introduction to Literature Paper The Compact Bedford Introduction to Literature Paper AP, John Updike’s story of a â€Å"courageous† grocery clerk, is one of Updike’s most popular stories perhaps because it is, at first glance a simple read, but further readings show how the author is able to create a dynamic story that involves figuring out what certain parts of the story may mean. For example, focusing on the ending, when Sammy punches the â€Å"No Sale† tab as he remembers how Lengel â€Å"made the pretty girl blush† (Updike 564), we can see how this â€Å"No Sale† extends itself not just to its uses on the cash register, but also within the story; it acts as a literary symbol within the text. First, we find how there is â€Å"no sale† between the store manager, Lengel, and the girls. They, might, perhaps belong to a different class, a class â€Å"from which the crowd that runs the A P must look pretty crummy† (Updike 563), but Lengel does not let that get in the way of his reminding the girls of propriety and decency. Lengel does not indulge in the idea that, because the girls are attractive and might be better-off, he should let them off easy or that he should just let them be. Besides this, the girls’ obliviousness to Sammy’s affected act of â€Å"gallantry† is also telling of how there is â€Å"no sale† between him and them. The girls are too preoccupied with getting out of the store and are also rather indifferent to their surroundings and, thus, cannot appreciate nor acknowledge would-be heroics for their benefit. Then, we have a â€Å"no sale† between Sammy and his act of quitting itself. After realizing that the girls are nowhere to be found and have missed his heroics, he acknowledges Lengel’s remark of him not really wanting to push through with quitting as true. He realizes that he will regret this act sometime in the future, but continues to push through with it just because of momentum (and probably to save face). Finally, the â€Å"no sale† agenda is something that has been going on between the reader and Sammy himself. The reader, because he or she is privy to Sammy’s initial thoughts about the girls, knows that his act of quitting is something that is actually quite pretentious and somewhat insincere. Perhaps, he did feel a little indignant at Lengel for gently reprimanding his Queenie and her friends, but all-in-all his act was done in order to call the girls’ attention onto his self and not really to uphold their rights or their dignity, and because the reader knows this, that â€Å"no sale† feeling is created. : Updike, John. â€Å"AP†. The Compact Bedford Introduction to Literature Eighth Edition. Ed. Michael Meyer. Boston and New York: Bedford/St. Martin, 2009. 560-564.

Rescale Test Scores by Using Sten Scores

Rescale Test Scores by Using Sten Scores Many times in order to make easy comparisons between individuals, test scores are rescaled.  One such rescaling is to a ten point system.  The result is called sten scores.  The word sten is formed by abbreviating the name standard ten. Details of Sten Scores A sten scoring system uses a ten point scale with a normal distribution. This standardized scoring system has a midpoint of 5.5.  The sten scoring system is normally distributed and then divided into ten parts by letting 0.5 standard deviations correspond to each point of the scale.  Our sten scores are bounded by the following numbers: -2, -1.5, -1, -0.5, 0, 0.5, 1, 1.5, 2.0 Each of these numbers can be thought of as z-scores in the standard normal distribution.  The remaining tails of the distribution correspond to the first and tenth sten scores. So less than -2 corresponds to a score of 1, and greater than 2 corresponds to a score of ten. The following list relates sten scores, standard normal score (or z-score), and the corresponding percent of ranking: Sten scores of 1 have z-scores less than -2 and consist of the first 2.3% of ranked scores.Sten scores of 2 have z-scores greater than -2 and less than -1.5 and consist of the next 4.4% of ranked scores.Sten scores of 3 have z-scores greater than -1.5 and less than -1 and consist of the next 9.2% of ranked scores.Sten scores of 4 have z-scores greater than -1 and less than -0.5 and consist of the next 15% of ranked scores.Sten scores of 5 have z-scores greater than -0.5 and less than 0 and consist of the middle 19.2% of ranked scores.Sten scores of 6 have z-scores greater than 0 and less than 0.5 and consist of the next 19.2% of ranked scores.Sten scores of 7 have z-scores greater than 0.5 and less than 1 and consist of the next 15% of ranked scores.Sten scores of 8 have z-scores greater than 1 and less than 1.5 and consist of the next 9.2% of ranked scores.Sten scores of 9 have z-scores greater than 1.5 and less than 2 and consist of the next 4.4% of ranked scores.Sten scores of 10 have z-scores greater than 2 and consist of the last 2.3% of ranked scores. Uses of Sten Scores The sten scoring system is used in some psychometric settings.  The use of only ten scores minimizes small differences between various raw scores.  For example, everyone with a raw score in the first 2.3% of all scores would be converted into a sten score of 1.  This would make the differences among these individuals indistinguishable on the sten score scale. Generalization of Sten Scores There is no reason that we must always use a ten point scale.  There may be situations in which we would want to have use  of more or fewer divisions in our scale.  For example, we could: use a five-point scale, and refer to stafive scores.use a six-point scale, and refer to stasix scores.use a nine-point scale, and refer to stanine scores. Since nine and five are odd, there is a midpoint score in each of these systems, unlike the sten scoring system.

Unit 4 a Coursework Example | Topics and Well Written Essays - 500 words

Unit 4 a - Coursework Example The intensity of an ethical issue rests on the effect of a decision to the most number of people—or most number of stakeholders. The more stakeholders are concerned, the greater the scope which is to include the whole society, the more people to incorporate the decision which will determine its acceptability, thus determine its intensity as an ethical issue. In starting up with using an ethical decision-making framework, the stakeholders are first identified. The intensity of the ethical issue rests on the effect to most number of people, which is why it is one of the inputs to be considered. The system in which will determine the output or a decision will be determined by the interaction of the organizational factors and individual factors. For one, the individual factors will determine the values, interests and other personal factors that will influence his or her decision. Apart from these values, the context the organizational factors provide will guide as to what individual values will be acceptable in coming up with a decision. The pressure in order to conform to a higher set of values which is determined by the organizational factors will set the gears of the decision-making process. According to these larger set of values, which of an individual values is seen as more important to be emphasized and taken in consideration when coming up with a decision? The interaction of these will establish a system. The upcoming opportunity to an organization is seen to provide benefits to the organization. The opportunity is considered an input because of the benefits it can provide for the organization. With these benefits, the interests of different stakeholders will be determined, and up to what point an interest will be served by the benefit. As for the equality of the distribution of benefits to different stakeholders, this will be the result of interaction of the