Evolution of Capitalism Essay Example for Free

Evolution of capitalist economy EssayCapitalism is an scotch process in which the means of production are privately owned supply, demand and equipment casualty are gen durationlly micturateed by commercialize forces not by an economic planning and profit it is distri simplyed to holder of means of production who invest in businesses. Capitalism also refers to the process of capital accumulation. Evolution of Capitalism Economists approximatelyly focused on the degree that g everywherenment does not have control over markets (laissez faire), and on private property rights, while most of political economists focused on private property, wage labor, class and power relations. It is clear that there is a general statement that capitalism encourages economic growth. The present collapse of the global economy puts a grave question such as Is current economic arrangement fundamentally sound, needing only slight correctives, or has it reached its restrictions, requiring fundamenta l rethinking? American economic thinking for the run 35 year has been a hijacking of the evolutionary growth of capitalism that could offer sustainable economics.The word economics comes from two Greek words, oikos or house and nomos, one who manages, so etymologically economics has a great meaning, incredibly like concerned for the home. The reason of our economy is to be concerned for our ordinary household, what are the principles that should direct our modernism? sufficient care for the national household must give at a minimum A job for everybody who can support a family Good quality education for each of our children Sufficient universal health care Essential safety for old age or in the occasion of unemployment or illness, and Environmental sustainability.Monopoly Capitalism A lifesize part of capitalism is determined by monopoly. The term monopoly has of all time been a feature of capitalism and capitalist competition presumes monopoly. This capitalist competition has further take to the centralization and concentration. For Marx Capital is here directly endowed with the form of social capital (a capital of directly associated individuals), as distinguished from private capital, and its enterprises assume the form of social enterprises as distinguished from individual enterprises. It is the abolition of capital as private property within the boundaries of capitalist production itself.- ( as cited by Mattick, 2010) The monopoly capitalism made a pathway for a Socialist society. Lenin argued The socialist society as a huge factory steered by the state. There are overindulgence of manufactured goods, of labor, and of farm produce always too much, but never too little. (Baran Sweezy, 1966). One of the discussed solutions was to cutting the production whereas other was in advance of stimulating demand, The price cut for the surplus can result to vanishing of the over production where consumers and manufacturers would benefit. However this wou ld have consequences on the overall viability of the industry (Baran Sweezy, 1966).Banking Capitalism In any world monetary clay market, banks hold a very important position in money manufacture and speculation. Banks are the only most significant mediator for indirect money across the world. The securities (such as stocks and bonds) market is also another important ubiquitous presence for direct finance. However, usually growths and gains in importance Pari Passu with financial growth in common, the higher the per capita income, banks securities play higher source of the business investment and it also make clear that securities engage greater economic risks than bank loans.If we take a case of America than its economic has became more dependent on securities than on bank for business development. Due to fully grown form of pension, mutual funds American estimated to be shareholders in way or the other. As being a developed country American financial industry development is wor ld most famous and undisputed leader in innovation in certain areas of the securitization and derivative and due to this American market securities rapidly grow and in this respect American capitalism called as securities-market capitalism. If we look on other case like Japans financial industry which is really remodeled on the American system right after world war II, Japans financial industry prevail American banks that Japanese-style capitalism characterized as bank-loan capitalism, particularly in light of the relatively in corporate bond market. Bank loan have been dangerous in Japans economic growth in the postwar era and paradoxically because of this banking whole Japanese economy was affected. Any continuous deployment of economy needs increased finance. There is two possible solution exist.a) To borrow from foreign by running current- account (CA) and CA is domestic saving CA deficit-based finance. This however makes hot global money. b) To create credit through country s banking system and with the serve of central banks, central bank-based finance Ozawa 1998. Central bank-based finance entails the risk of rise if prolonged praise is used for nonproductive reason such as out(p)go and speculative investments. It needs direction and judicious management of the banking industry by both the organisation and the central bank concerned.There are two methods of finance capital configuration for economic growth (1) Selling equities (stocks) and (2) Borrowing by issuing debt instruments (bonds and other securities). These two alternatives guide for growth of the securities market development. In the advance(prenominal) postwar era, initially stock market played very important role as a source of funds for corporate in Japan, but soon after some while Japan overwhelmed by bank loans. This was clearly reflected that Japans high-growth era(1950-1974) for all industries and its declined from 26.9% in 1950 to 16. 1% in 1970 and manufacturing declined fro m 31. 4% -19. 95% over the same period Caves and Uekusa 1976 479. Central bank based finance, the bank of Japan (BOJ) pumped funds into Japans city banks, which extended industrial loans to their self groups of association and this group known as the bank-let kinyu keiretsu. There are six kinyu keiretsu that competed vigorously in arranging a set of chemical industries and this kinyu keiretsu is also know as the main bank system Aoki and Patrick 1994.In addition, Japans postal investments agenda played a very important part in financial intermediation. At the time of high-growth period of 1950-1973, nearly one-third of total private investments were captured by the administration in the form of postal investments financial records. In fact, Japans postal savings system called the worlds largest bank Brown 1986, 128. It has more than 20,000 post offices throughout Japan, in that mostly are in rural agricultural regions. It means that there are more postal savings windows than in all the branches of Japans city hanks combined Brown 1986, 128.Under heavy regulations, Japans banking institutions are also compartmentalized into particular actions and markets (e. g. , division of the lending business from underwriting of, separation of short- and long-term finance securities and the trust business and trading in separation of markets by size of customers and banking system of city and local bank). Money Manager Capitalism At the beginning of 2009, the world faces the worst economic crisis since the 1930s. Possibility of depression were talked everywhere.there was a huge loss of jobs in the end of year 2008. Minsky always insisted that there are two essential propositions of his financial instability hypothesis (See Papadimitriou and Wray 1998 for a summary of Minskys approach. ). The first is that there are two backing regimesone that is consistent with stability and the other in which the economy is subject to instability. The second proposition is that stabilit y is destabilizing, so that endogenous processes will tend to displace a stable system toward fragility.There is small hesitation that the world faces the nastiest economic disaster since the 1930s, with a little economists and insurance policymakers beginning to speak concerning the option of a depression. Keynesian economics references are ordinary, with only committed liberal marketers quarrelling against administration involvement. Still the wizards on Wall Street are begging for re-regulation of fiscal markets. The Obama government has projected present year federal budget deficits at $1. 75 one million million (12% of GDP) and $1. 17 trillion for 2010although some private forecasters project $1.9 trillion for 2009, representing 13. 5% GDP and it is clear that it will not fall till next year. If anything, prospects facing the rest of the world are worse. The Federal Government has render the worldwide lender of final resort, providing up to $600 billion in loans of dollar r eserves to foreign central banks. The run to relative security in US treasuries has endangered exchange rates, increased risk and spreads around the world. Political and Social unrest is scattering around the periphery nations. Randall Wray considers that the US has at its sufficient policy space to decide its crisis.Mark Thoma has called for international coordinationa good thought, but one that Randall Wray panic has little political hold. Euro-land will not enlarge its economy out of fear that markets will run governments debts. All sorts of explanations preferred for the reason of the crisis lax regulation and omission, growth of inequality that uplift households to borrow to support spending, greed and irrational enthusiasm, and extreme global liquidityspurred by easy money policy in the US and by US current account deficits said to flood lamp the world with lots of dollars.Hyman Minskys work has enjoyed extraordinary interest, with many calling this a Minsky Moment. R. Wray calls it the Minsky half-century in recognition and its seeds of crisis were planted 50 years ago. A paper from the impose Economics Institute of Bard College confirms that money manager capitalism is the basic cause of current global financial crisis. The current stage of capitalism is dominated by highly leveraged funds seeking maximum returns in an environment that systematically under-prices risk.We must return to a more sensible model, with enhanced supervising of financial institutions and with a financial structure that promotes stability rather than speculation ( Randall Wray,2009). Conclusion As it known economists always focused on the degree and does not like government control over markets (laissez faire), which mean no interference of government in market policy and as well as on private property rights, while on the side most of political economists focused on private property, wage labor , class and power relations.Its clear that there is a general statement that c apitalism encourages economic growth. The recent collapse of the global economy puts before us a serious question such as Is current economic understanding fundamentally sound, needing only slight correctives, or has it reached its restrictions, requiring fundamental rethinking? American economic thinking for the last 35 year has been a hijacking of the evolutionary growth of capitalism that could offer sustainable economics. If we see large part of capitalism is determined by monopoly.The term monopoly has always been a feature of capitalism and capitalist competition presumes monopoly. This capitalist competition has further led to the centralization and concentration. Even Alexander Gerschenkron 1962 spy that rising countries are tended to became reliant on institutional arrangements rather than a market, especially in finance and industrialization. Japan growth depends on central bank-based finance in which bank play important role in capital formation with keiretsu groups. Ref erences- Baran Sweezy, Monopoly Capital. available at http//skeptically.org/socialism/id13. html, accessed at May 25,2010. Boaz, David. 2005. Defining an will power Society. www. cato. org/special/ownership_society/boaz. html, accessed at May 25,2010. Borger, Julian. 2005. Hurricane aid used to test out right-wing social policies, The Guardian UK, 22 September. , accessed at May 25,2010. Bernanke, Ben S. , The Great substitute, speech given at the meetings of the Eastern Economics Association, Washington, DC, February 20, 2004 www. federalreserve. gov/Boarddocs/Speeches/2004/20040220/default. htm, accessed at May 25,2010. Black, William.2005. The Best Way to Rob a Bank is to Own One, Austin Tx University of Texas at Austin, accessed at May 25,2010. Cassidy, John. The Minsky moment, The New Yorker, Feb 4, 2008, www. newyorker. com, accessed at May 25,2010. McCulley, Paul, Saving Capitalist Banking from Itself,available at www. investorsinsight. com/ /saving-capitalist-banking, ac cessed at May 25,2010. Mattick, Paul,Chapter 4 On the Concept of State-Monopoly Capitalism,Available at http//libcom. org/library/economics-politics-and-the-age-of-inflation-mattick-four, accessed at May 25,2010.Ozawa, Seiji, The rise and fall of bank-loan capitalism institutionally driven growth and crisis in Japan Journal of Economic Issues, (June 1999),available at http//findarticles. com/p/articles/mi_qa5437/is_2_33/ai_n28733724/? tag=contentcol1, accessed at May 25,2010. Wray L. R. ,The Death of Money Manager Capitalism? ,(April 15, 2009). Available at tpmcafe. talkingpointsmemo. com/ /the_death_of_money_manager_capitalism, accessed at May 25,2010. Wray L. R. ,Money Manager Capitalism and the world-wide Financial Crisis (September 2009),available at http//www. levyinstitute. org/pubs/wp_578. pdf, accessed at May 25,2010.

How Christians put there believe of helping others into practise Essay Example for Free

How Christians put there believe of dower others into practise EssayHelping others is a ample part of being a Christian. One of the commandments is Love thy neighbour so many Christians do what they can to help.Charities are a popular way of helping the poor. Both Christian and non-Christian charities provide a wide range of help for the poor and needy.Christian Aid was castigate up in Britain and Ireland at the check of the Second World War. Its main aims were to improve the quality of peoples bulge outlasts, particularly those of refugees who were struggling to cope with the aftermath of World War Two. It also funded Churches to help repair prostitute caused by the war. last Christian Aids excogitate started to involve other countries. It now has an income of approximately 40 million a year, and there are 40 churches in the United Kingdom and Ireland who are part of Christian Aid. Most of the money, which they make through door-to-door collections and donations from members of the public and various churches, is put towards development work to help people in the long term.There are many other Christian charities that help in different ways. The Church of England Childrens society helps children in need. The Hospice Movement helps terminally ill people live out there life in a relaxed, caring environment making the experience less(prenominal) stressful for the patient and the patients family.Another famous Christian organisation is the Samaritans which was set up by Chad Varah, a priest. Chad Varah set up this organisation because horrified to recuperate out that 3 suicides took place every day in London. He believed that the best way to help someone who was contemplating committing suicide was to talk to them. He set up a phone in his church and advertised locally for advice for people who were feeling suicidal. Now The Samaritans deal with 2 250 000 calls a yearSir gutter Templeton is a famous charitable Christian. He grew up in a poor famil y on a farm in Tennessee. He was educated at both Yale and Oxford University and he became a financial consultant in New York. Throughout his life he gave 10% of his earnings (a process called tithing) to help the poor. Eventually he became very wealthy running a multimillion dollar investment company, where he successfully managed funds for over two million people man wide. In 1972 he started the Templeton prize to be awarded for progress in religion. The Templeton prize is now worth more than the Noble Peace Prize. Fifteen years ulterior he was knighted for services in philanthropy. In 1992, he sold his investment company for $400 million. He still gives money to support projects around the world.George Macleod is some other famous charitable Christian. In 1938 he set up a Christian community on Iona, an island off of Scotland. He found volunteers to learn building, pitfall masonry and carpentry skills and together they rebuilt Ionas ruined abbey. After that he opened a centre to provide shelter for young people from across the world to live in a community. The people of this community cook, clean, garden and work away. When they are not working they pray. The people who live there feel it is better for everyone to dole out and live in a close community than be rich and not.Oscar Romero was born in 1917. He became Archbishop of El Salvador in 1977. When he took his post his entry encouraged the corrupt authorities to take advantage and step up there reign of terror against the church priests were murdered and tortured. When he witnessed the murder of a particular priest Romero began to think differently. He began to speak out against the government in his sermons. In March 1980 he was shot while speaking out against the government in a hospital chapel. He is seen as a great martyr, who took the greatest sacrifice for what he believed in.

Theme of Love in Act 1 Romeo and Juliet Essay Example for Free

Theme of Love in Act 1 Romeo and Juliet EssayA pair of star-crossd extolrs take their conduct by using these words in his Prologue and by describing Romeo and Juliet as being star-crossd Shakespeare is alluding to destiny, the inevitability of the two characters paths crossing each early(a) and suggests that the unwrapcome is sack to be fatal. The Prologue is written in give-and-takenet form, a form of poetry which is usually used for cognise and by doing this Shakespeare is suggesting to his audience that that the play is c erstwhilerned with heat as well as tragedy it brings a sense of heroism to the play and makes Romeo and Juliet the eponymous heroes that every play needs. Shakespeare shows their determination to be together disrespect the fact their stars are crossed rather than aligned in the days of Shakespeare it was believed that the positions of the stars ruled over peoples fates and there was nothing they could do to react it.Shakespeare does not begin the play with the theme of get laid notwithstanding rather the theme of hate draw thy tool, here comes of the house of Montagues. The extract utter by Gregory a retainer of the house Capulet, is telling us how strongly he feels he must support the Capulets by hating the Montague servants. Gregory is a servant he has no reason to hate the Montagues or even hurt them yet he still has anger towards them for no purpose other than they are his masters enemies. Shakespeare does this, he starts the play with hatred, he embeds this violence and anger into the play between all these people just to show and dish out the audience understand what really goes on behind the scenes of love. Romeo and Juliet may be in love but Shakespeare tells us their friends, families and relations consecrate an ancient spite which breaks to new mutiny.The conflict of these two families only reinforces the aspects of love that we see it tells the audience that if Romeo and Juliet are allowing to ignore thei r families feud despite the consequences that they both would bruise theirs, must be true love and that is why Shakespeare starts off the play with the intertwining of love and hate. The first time Romeo is introduced in the play it is by Lady Montague who inquires of Benvolio (Romeos friend) near her son, O where is Romeo? Saw you him today? Shakespeare used these two short sentences to help the audience see the worry of a caring and loving mother, a perfect example of parental love. Shakespeare wants the audience to see Romeos parents are very hands on and involved in his life even subtile when hes upset. ennoble Montague tells us that when the sun, begin to draw Romeo begin to draw the shady curtains from Auroras bed, away from light steals home my glum son.Aurora is the Greek god of dawn and Lord Montague is using classical allusion to elevate the idea that Romeo is so miserable he is shutting out the light and is heavy which means sad and depressed. The fact that Lord and Lady Montague are even aware of Romeos solid ground shows just how openly they love him and shows their true parental love. Juliets parents, Lord and Lady Capulet, have a different approach to parental love and find it harder to express their love for Juliet. Lord Capulet is protective of his only remaining child The hopeful lady of my earth was how he described Juliet, Shakespeare shows a big contrast between Juliets parents behaviour by showing Lord Capulets open declaration of love for his daughter yet Lady Capulet cannot even speak to Juliet al champion, she wants to speak to her daughter about the personal subject of union and sends the nurse away breastfeed give leave a while, We must talk in secret.But then she says Nurse come back again, I have rememberd me Lady Capulet needs the help of the Nurse to speak to Juliet it seems as though she is afraid of her sustain daughter and wants the Nurse in with her to talk about this sensitive subject. The last type of parental lov e which Shakespeare explores is the love between Juliet and her Nurse. We feel that the Nurse is more of a mother to Juliet and loves her more than her real mother. On line 62 the nurse says, And I might live to see thee married once, I have my wish she is saying if she could live to see Juliet married even once thats all she would need to make her happy in life the quote shows the closeness the Nurse feels for Juliet she feels as if she were her own daughter and seems to love her as much as if she were.The theme of love continues and it seems as if Shakespeare is mocking Romeo for when Romeo sees Juliet he says, Did my sum love till now? Forswear it sight For I neer saw true beauty till this night Romeo is saying he has never known true love till this moment when, in fact only moments before he was infatuated with Rosaline and was convinced he was despondent because Rosaline didnt love him his language was completely overdramatic and full of misery when talk about his love for Rosaline, this love feel I that feel no love in this. I think by changing Romeos views of love (dramatically) when he sees Juliet from the negative response to Rosalines reaction to a positive one to Juliets. Shakespeare shows us two different types of love one between Romeo and Rosaline and the other between Romeo and Juliet. Through this he manages to show that Romeo is so young and naive not knowing the true meaning of love until he meets Juliet he is just using words and feelings he thinks means hes in love. The once love sick young man seems to fall in love with Juliet very quickly.He says, this love feel I that feel no love in this which is an oxymoron to show how miserable Romeo is about his unrequited love he feels he cant be happy because Rosaline doesnt love him. However, when Romeo sees Juliet his thoughts and state of mind become much happier his love for Rosaline is forgotten and his language is very dramatic. His love for Rosaline was purely superficial proof of this i s in line 209-10 O she is plenteous in beauty only poor that when she dies, with her beauty dies her store whilst expressing his love for Rosaline to Benvolio but all Romeo seems to actually be expressing is his love of her beauty not her sprightliness or her as a person. In the lines I mentioned previously the shady curtains from Auroras bed away from light steals home my heavy son said by Romeos father about his son Shakespeare uses light in a negative way here to show Romeo is upset and doesnt even want to see the sun but wants only to shut himself up in his bedroom and wallow in his misery, but when he sees Juliet he uses images of light which makes his love for Juliet more real.Shakespeare also uses classical illusion when talking of Romeos unrequited love for Rosaline to elevate how unhappy he is but when talking of his love for Juliet he uses religious imagery to show how happy he is with this love. It is hard for Juliet to know what true love is when her mother Lady Capule t, and her Nurse pop the question to her the idea of marrying Paris she says it is an honour that I dream not of.This shows us how completely young and innocent she really is. Shakespeare is telling the audience of Juliets young person and reminding them how before Romeo, she had never even thought of being in love. Shakespeare continues the theme of Juliets feelings by allowing her to respond to her mothers question, how stands your dispositions to be married? saying, Ill look to like, if looking liking move. Here we see the respectable, dutiful child who wants to please her parents. She continues saying your consent gives strength to make it fly agreeing that if her mother approves, she will oblige her mothers will and do what her mother wishes.In act 1 scene 2 we see a different assortment of love, the love parents feel their children should have the kind of love Paris has for Juliet. This is a contractual type of love. Pariss love for Juliet is more of a contractual love not true type of love he sees Juliet the way a woman sees a sparkly diamond as an object of his affection, something to be desired. Juliet is the diamond to Paris, a step higher in society, a boost to his career and most importantly would be suitable to be the bearer of his future day children. Juliet is from a respectable home with high social standing and a powerful father, and Paris is handsome a suitable match for her. The contract of their marriage would be simple. Paris would provide and Juliet would be a dutiful wife but, what Shakespeare tells the audience is that the contract is actually between Paris and Lord Capulet since Juliet is owned by her father until she is married.O she doth teach the torches to burn bright When Romeo first sees Juliet Shakespeare uses light in a positive way to express Romeos love for Juliet. Shakespeare delays the necessary meeting of Romeo and Juliet for five scenes to build tension for the audience. Romeo and Juliets love is not just about emotio ns Shakespeare also wanted it to be about lust and beloved but not just about that and so when they finally meet and they finally kiss Shakespeare uses religious imagery and allusions to elevate their love for example on line 98-99 Juliet, using gentle poetic language, says Saints have hands that pilgrims hands do touch, and palm to palm is holy palmers kiss.Shakespeare is not only elevating the kiss but also Juliets character by showing the importance of religion to her and how she feels her for Romeo is as strong as her love of religion. At the beginning of my essay I talked about fate I talked about Romeo and Juliets fate being crossd in the stars and I believe that, and I think Shakespeare believed it too which is why he put it in his play but I also believe their love was true and pure despite their age and unequivocal immaturity and different ideas of love. Nothing is worth having if you dont have to fight for it and Romeo and Juliet fought they fought the odds, they fought their birth-right and because of this Shakespeare allows us to see the problems attached to pure love.

History Of The Stewardship Theory Accounting Essay

History Of The Stewardship Theory Accounting EssayThe stewardship speculation holds a different approach from that of the say-so theory, it first premise is that, the club serves a large range of social purposes rather than just trying to maximise the wealth of sh arholders. The stewardship theory in any case called the stakeholders theory assumes that corporations ar social entities that affect stakeholders welf atomic number 18 and stakeholders argon individuals interacting with the firms directly, therefore, they tolerate affect or affected by the achievement of the firms objectives(Donaldson and preston,1995, freeman,1984) fit in to Starik and Rands(1995), a phoners success dissolve be judge by its ability to add stakeholders value(starik and rands,1995,Dunphy et al,2003).stakeholders get taboo except return to a firm for more when they al ways get what they wantFreeman,1984, freeman and Mc Vea,2001).Hence stakeholders be regarded as instrumental to incarnate success and they tend to possess more or slight moral and efficacious rights(Donaldson and Preston,1995, Ulrich,2008).Companies management surrender to take in to musing the claims or concern of stakeholders in their decision making process(Blair, 1995), stakeholders charactericipation in the companys decision making process enhance better efficiency (Turnbull,1994) and also reduces conflicts(Rothman and friedman, 2001).A company can use two approaches when considering or integration stakeholders in their decision making (kaptein and van Tulder,2003). These two approaches ar reactive and proactive approach. antiphonal approach on one hand is when the concern of stakeholders are non considered or integrated in making bodied decision. This usually leads to misalignment of the companys objectives and the demands of stakeholders (Mackenzie,2007).The scandals of world com was attributed to the fact that they never integrated the stakeholder concern in their decision making processes( Curral and Epstem,2003, Turnbull,2002, walkins,2003 and Zandstra,2002) .In respond to these scandals, some regulations were set up by governments with the aim of aligning stakeholders interest with corporate objectives. For instance, the Sarbanes-Oxley Act. On the other hand, the proactive approach is when companies integrate the concern of stakeholders in their corporate decision making process, thus establishes a straightforward corporate authorities structure( de wit et al, 2006).3.5 Summary of the theories.The knowledge of agency theory can be credited to Coase (1937) however the ideas of this theory was practical only to directors and boards since the 1980s.Following . agency theory, individuals are self-interested and non altruistic, therefore individuals can never be trusted to always act in others come onmatch interest. On the other hand,, individuals will always want to maximize their utilities functions, the agency theory considered managers and shareholders relations hip as a contract ( Adams, 2002). This means that managers actions must be properly monitored to guarantee that they always act in shareholders turn outstrip interest.The stewardship theory on its part opted that companys board of directors and their CEO, acting as stewards, are encouraged to act in the companys best interests and not trying to satisfy their self-centred interests. This is partly because, previously senior executives regarded companies as an extension of themselves (Clarke, 2004 Wheelen Hunger, 2002).The stewardship theory therefore suggested that,like shareholders, top management of a company should care more on the next success of the company (Mallin, 2004).3.6 The impact of Audit committeeThe AC is seen to have great impacts in attempt to tick off good corporate governance. These impacts can be seen on examineed account process and audit fees3.6.1 The impact of AC on Audit processIt has been acknowledge that AC has a pertinent subprogram to happen in ver ifying and protecting the integrity of the companys monetary statement and the company internal control systems (Abbott et al, 2004 klein, 2003 Australian accounting system look foundation et al, 2001).Included in this role, the AC has the responsibility of guaranteeing the independence and competence of external auditors(ASX, 2003Australian accounting search foundation, 2001).According to Sabones-Oxley act, the AC has the responsibility to appoint auditors and they have to oversees the performance of the auditors regarding the firms external financial reporting(US congress, 2002)It was argued by smith report (2003) that AC have to review the engagement memorandum at the start of audit and the AC has to take in to consideration the audit scope and the suitability of the work that is planed.Furthermore, according to smith report,(2003) ,at the end of the audit work, the AC have to evaluate the the audit findings and management opinions regarding the auditors recommendations. As a recommendation, AC has to meet with external auditors at least on a yealy basis in the absence of the management to deliberate on issues arising fro the audit (smith report, 2003, Australian accounting and research foundation et al, 2001).Some research has been carried out to sample auditors view regarding the impact of AC on audit. Cohen et al,(2002) carried out a structured wonder sample distribution the opinions of auditors. It was revealed that AC has a less significant role to play on audit process compared to senior management or the board. In this interview, the auditors specified that they only met with AC 2 to 3 times a year and in these meetings, the AC plays a passive role rather than acting proactive as the auditors tends to be reporting to the AC. unless, deliberations with AC are reported to have significant impact on the audit risk assessment and audit setting(cohen et al, 2002).Another tombstone area where AC has a pertinent role to play in audit process is to r esolve conflicts between the management and the auditors(cohen et al,2002, Turley and Zaman, 2004).As revealed by beattie et al (2000), AC seems to diminish the confrontational strength of interaction between the auditors and management by increasing the level of discussion and reducing the need for negotiation(Beattie et al (2000).On the other hand, some studies like Dezoort et al,2003Dezoort and salterio, 2001and knapp,1987) observed influential factors on the AC decisions to support auditors in steads of the management. Such factors include, AC members expertise and experiences, the nature of the conflict, the auditors perseverance and clients financial situation.3.6.2 The impact of AC on Audit feesA good number of studies have found out that there is a link between audit fees and the AC.( Goodwin-stewart and kent, 2006 sharma, 2003).This is seen on the AC role of guaranteeing that audit hours are not cut down to a level that will compromise audit quality(Cadbury committee, 1992, jack, 1993).According to smith report(2003), in situations where the AC is not contented with the audit scope, more work or task has to be requested. Also, the AC have to be satisfied that the audit fee is appropriate and that cost- impressive and effective auditing performance will be achieved for the fees charged. As a consequent, incase the AC fails to carry out their responsibilities properly, they will lose their status or constitution and will face litigation when there is audit failure(Abbott et al, 2003).Therefore, the AC have high incentives to request for good auditing quality.Chapter 44.1 Corporate Governance issues in ontogenesis Countries (Cameroon)According to Wallace (1990), developing countries are defined as those countries found in mid-stream of development and are referred to anamorphous and heterogeneous convocation of countries found mostly in Africa ,Asia, Latin America ,Middle East and Oceanea. There exist difference between developed and developing countri es in terms of culture, politics and market economics (Waweru and Uliana,2005).Due to lack in skilled human resources, developing countries therefore find it difficult to attract personnels verse with accounting and financial skills in their committees. The cultural variation between passing individualistic countries ( like North America) and highly collectivistic countries (like Africa) necessitate different corporate governance arrangements. Rabelo and Vasconcelos (2002) pointed out factors like economic trends towards globalization, under developed majuscule market as well as government intervention has made the model of corporate governance to differ from those in European countries and North America. Mensah (2002) argued that countries in Africa are not well equipped in implementing the kind of corporate governance found in the western world because of the economic and political regimes characterizing these countries(example shaky fraudulent levelheaded and judicial regimes ,state ownership of companies as well limited capacity in skilled human resources.).Corporate governance structures in less develop countries are determined by the zeal to maintain control by the majority shareholders over firms ,the dependent on debt finance, weak financial markets and unavailing legal system (Rabelo and Vasconcelos,2002).Developing countries are always confronted with problems like less developed and illiquid capital markets, economic uncertainties ,investors protection as well as weak legal and judicial control system (Tsamenyi et al,2007).According to Goddard and Masters(2000),audit committees has become more relevant and prevalent latterly but however there is paucity in the empiric research about their value. Kalbers and fogarty(1993) further indicated that the issue of whether audit committees are really discharging their relevance responsibility remain insufficiently understood, suggesting therefore the need to examine the ways audit committees are operati ng in developing countries like CameroonIn Cameroon, most companies are owned by institutions and such institutions are owned by the state(government), therefore most board members are serving the position as management of shareholders not because of their qualification neither their experiences(Mensah,2002).Audit committees operations in developing countries are different compared with the practices in developed countries .In 2001,the Cameroon capital market authority gave guidelines regarding corporate governance activities for listed companies.one of this guideline was that which called all boards to form audit committees comprising at least frequent chord independent non-executive directors.Figure 2, corporate governance(CG) fram work in Cameroon4.2 The legal and Regulatory Framework of corporate governance for listed companies in CameroonCameroon operates under two systems of laws namely the common law and the civil law. The bilingual nature of Cameroon is inherited from Brit ain and France when the county came under the administration of these two great powers. Therefore Cameroon has a bijural system with the English Common uprightness effective in the two Anglophone provinces of North West and South West and the French Civil Law effective in the eight francophone provinces namely Adamaoua, Centre, East, farthest North, Littoral, North, West and South.The surveillance of the principles of good corporate governance in Cameroon listed companies have been protected by the mixture of voluntary and mandatory mechanisms .The DSX cipher of best practices for listed companies in Cameroon is voluntary and is aim at enhancing good business practices and standard for all listed companies in Cameroon. On the other hand, mandatory corporate governance requirements linked to companies are enclosed in the Companies and Allied Matters Act 2001).(CAMA).The following bodies are loaded with the responsibilities of guaranteeing effective management, accountability and control of companies in Cameroon.it is important to deliberate on the various(prenominal) roles and responsibilities of these institutions .4.2.1 The Douala Stock Exchange(DSX)The DSX is the top regulatory organ of stock market in Cameroon. DSX was formed , and organized in agreement with the provisions of degree No.99/015 of the 22nd December, 1999.but it went effective from 2001. The DSX is both a standard bearer of the national economic and the financial community .It is a public limited company with board of directors. DSX has a native capital of 1.8 billions CFA of which 7% is owned by nonpublic commercial banks , credit foncier of Cameroon and the Dutch bank FMO, 23% by public interest and 13.3% by private insurance companies. In Cameroon, the number of companies listed in the Stock market is very insignificant. There are only three companies listed in the DSX namely the mineral urine company(SEMC), the African society of Agriculture and forest Cameroon(SAFACAM) and the Ca meroon Society of palms(SOCAPALM),DSX got as it main objective the promotion of active stock market by creating a semiconductive investment environment to encourage foreign investors to invest in Cameroon. To curb appropriate standards of conduct and expertise in security business, one of the main functions of DSX is to ensure add up protection of securities, the registering of all security merchants, investment consultants and physical market like the stock exchange trading floors or branches.In custody of its empowerment of spreading good corporate governance, the DSX presented the legislation of best practices for companies listed in Cameroon. The aim of this code was to make sure that managers and companies shareholders perform their agreements within the context of accountability and transparency. This code of best practices focuses more on the board of directors, the audit committee and the shareholders.4.2.2 The Board Of Directors ( BODs)The code of best practices focus es more on the board responsibilities and their functions. The board have the obligation of directing the activities of the company in a legal and efficient manner as well as ensuring that the company progresses in its value creation process. According to the code, the main functions of the board are strategic preparation, selection, performance assessment and compensation of senior executives. communiqu with shareholders, guaranteeing the truthfulness of financial control and report and also guarantee that honorable business standards are upheld and that the company is in compliance with Cameroon laws .The code endorses the board size of almost 15 members and a least 5 members made up of both executive and non-executives directors.4.2.3 The Audit Committee (AC)The DSX code of best practices identify the importance of audit committee due to its strategic position in guaranteeing good corporate governance standards in companies. The recommendations of audit committee are an addition to the provisions of CAMA. The main duties of audit committee can be summaries as listed down the stairs To determine if the company accounting and reporting policies are in compliance with the legal requirements and in accordance with ethical business practices Reviewing the scope and the preparation of audit requirements-Ensure the effectiveness of the companys accounting system and internal control-Make approval to the board concerning the appointment, dismissal and compensation of the companys external auditors-Approve the internal auditors to conduct investigations on activities which are of select interest to the committee-the appraisal of the integrity of the firms financial statements-To counsel the board on the trustworthiness of financial and maybe other informations that has to be published in the name of the board-To supervise the financial reporting and disclosure procedures-The deliberation on the nature and scope of the audit with the external auditors-To evaluate t he management memo from the external auditor-To ensure the effectiveness of the internal control operations of the firm To evaluate any substantial findings of internal investigations4.2.4. The ShareholdersThe DSX code of best practices for corporate governance in Cameroon made a series of recommendations to ease shareholders contribution at the worldwide meeting. In respect of this, the place for the general meeting has to be such that it is conceivable and affordable in both cost and distance, to permit a mainstream of shareholders to be present in the meeting and to vote, thus avoiding the violation of shareholders right. The code also necessitates that sufficient notice of such meetings should be made available to shareholders and these meeting notices should r for each one the shareholders a least 21 working days in front the meeting day. The notice must contain informations on the annual reports , financial statements and other relevant information to allow them to vote appr opriately on these issues. The general meeting is like a venue for the companys board to communicate and boosts shareholders contribution in the companys governance4.2.5 The GovernmentThe role of Cameroon government is not left out in ensuring good corporate governance practices. The government offers the legal frameworks for firms incorporation, outline the limits of business activities, the government ensures that the companys operations are in compliance with formed standards and that stakeholders obligations are met. The basic principles which are entrenched in the stature regarding the management and control of business corporations in Cameroon include-The acknowledgment of company as a legal entity different from its owners.-Infinite life of a company due to shares transferability-The designated board supervises the running of the company and is answerable to the all members on their stewardship.-The directors has the obligations of keeping good records of the financial issues of the company and make proper returns.There are three main legal form for doing business in Cameroon that is, an individual functioning as a fix owner without formality, a partnership of a least two persons and the creation of a limited liability company recorded under CAMA. The CAMA gives a piling of tasks to the board members to direct the companys activities effectively to guarantee business accountability, transparency and responsible to firms owners and stakeholders.4.3 The Actors of Corporate governance Managers and shareholdersIn Cameroon, there is a cumulative rise of the interrogative mood of what companies owners will become as they are simply the viewers on the management of their money by managers. To answers this question, we have to look at Managers behaviors, however Managers behaviors varies depending on shareholders influential abilities. Managers behaviors defined the importance of Corporate governance in companies due to the critical position they occupy in t he value creation process (Caby and Hirigoyen,2001) and also due to the detachment of ownership and decision making functions. Managers as shareholders agent have as their key objective to manage the business at shareholders best interest(Ross,1973 and Jensen and meckling,1976) but however both the manager and firms owners has varied utility functions and each tries to maximize its utility function(Ross,1973).Agency conflicts or problems can then result from managers opportunistic behaviors .For instances, managers are much motivated in seeking companys growth because their salary depends on it .(Baker ,Jensen and Murphy,19958),Also there is the issue of diversification that managers are always interested on .Managers can have the will to diversify risk but it will contradict shareholders interest (Aminud, and Lev,1981).Managers occupy a pivotal position in a company as they represent shareholders and act as the employees superior authority their arbitrations are difficult(Arcinles, 1995).Corporate governance role is then to aligned managers attitudes near shareholders and stakeholder wealth maximization criteria. However , the extend to which corporate governance is importance is determined by the power exerted by shareholders and board of directors operations. shareholders having greater sharesThis role of firms owner with larger shares is been justified by schileifer and Vishny,(1986)as a guarantee of managers discipline when there is capital dispersion, to supervise managers activities is then difficult and very costly to a shareholder taking it individually. Therefore to support optimal monitoring which is profi elude to all shareholders, only shareholders with greater shares are allowed to incurred monitoring expenses .It is in this light that Jensen (1993) mentioned the nation of Active shareholders-Financial monitoring plays a role in situations where a company like joint stock company is been controlled by a group of persons whom because of their sha re capital contribution or as a result of foreign ownership representative can significantly influence the companys management.-The importance of family monitoring.(Allouche and Amann,2000) regard family shareholding as source of active shareholding .For instance, in Cameroon ,family shareholding have unequal economic roles and they tend to represent the main proportion of the country economic fabric .Factors such as confidence and family ties can explain their swell performance (Bourdieu,2002)Chapter 5 Research Methodology5.1 IntroductionResearch method deals with the style in which datas are collected, analyze and interpreted to achieve the study objectives. This chapter will treat the design and method used to address the study questions as it was mentioned in chapter 1.This research made used of questionnaires visual sense and interview survey .5.2 The questionnaire surveyQuestionnaires is the widely used method in social science handle ((Easterby-Smith et al, 2001 2008). Th is is a method in which all participants are asked almost the same questions in the same situation (Easterby-Smith et al., 2001 Li et al., 2000Merriam, 1988 Payne, 1980).In this study, a questionnaire was developed from a review of related conceptual, theoretical and pre-tested with a sample of auditing practioners. The questionnaires which is made up of 58 questions in total (see appendix 2) directly addresses the study objectives. This questionnaires centers on the audit committees operations, composition, financial skill, independence, self-evaluation, relationships, major achievements and outstanding challenges facing audit committee .A majority of these questions are Yes or NO question type and in the others, the respondents were expected to rate the committee achievements with a give of 4(to a greater extend ) to a score of 1(not at all).The research worker circulated the questionnaires to all targeted respondents which included audit committee chairpersons, company secret aries and the finance heads of the 3 listed companies in DSX with audit committee in place. This gave a total of 9 questionnaires ( 3 audit committee chairpersons, 3 company Secretaries and 3 finance heads) which was sent to these three sample groups. In regard to external auditors, this research included only auditing firms that carry out the statutory audit of companies listed in the DSX in the most recent 2 years. It is well noted that the DSX have put on certain qualification for audit firms that can carry out statutory audit of the listed companies. One major qualification is that, the audit Firm has to be a partnership or joint venture entity, nonetheless a majority of the audit firms in Cameroon are owned by sole proprietors .In Cameroon, there are over 30 registered audit firms but only 6 audit firms are qualified to carry out the external auditing for listed companies in DSX in the support 2 years .this survey involved all the 16 partners of the 6 qualified firms, therefo re making a general total sample of 25 that received the questionnaires.Table 1. The sample Questionnaire survey analysisGroup sample Sample size percentageAC chairpersons 3 12%Finance heads 3 12%Company secretaries 3 12%extraneous auditors 16 64%Grand total 25 100%5.3 Administration of the questionnaire surveyThe researcher get off the questionnaires to the participants on the 12th December 2012 . The Mail package comprised a set of questionnaires, a motivating garner , a free post envelope and the researcher return address. The motivating letter is supportive in gaining higher response rate, this is because the motivating letter clarifies the participants on the purpose and importance of the study. In this motivating letter (see appendix 1), the researcher highlights the nature and importance of the survey, inviting to complete the questionnaire, guaranteeing the confidentiality of the participants responses. To enhance higher response rate by the respondents, the researcher exe rted maximum efforts to monitor the survey by means of e-mails and telephone calls.5.4 Response of the questionnaire surveyThe researcher mailed a total of 25questionaires out of which he received the response of 23 participants. 6 participants were considered disable in the survey. The details of this is given in the table below.Table 2, response analysisDescription Mail sent Received Response rate unableAC chairpersons 3 3 100% 0Finance heads 3 3 100% 0Company secretaries 3 3 100% 0External auditors 16 10 62.5% 6 number 25 19 76% 6The table shows that an overall response rate of 76% was conceived (19 out of 25).All the AC chairpersons, the finance heads and the company secretaries of the 3 listed companies in DSX (SEMC,SOCAPALM, and SAFACAM) responded to the questionnaires each having a response rate of 100%.However, the External auditor had a response rate of 62.5%( 10 out of 16).6 of the external auditors never responded to the questionnaires due to geographical dispersal and b usy work schedules .SPSS was used in analyzing the datas , the researcher made use of frequencies to assemble affectionate data to facilitate interpretation, the average was used to rank the scares. However, the researcher did not conduct any statistical analysis since with 19 useable respondents, the subgrouping will be very minute for a significant statistics. Nonetheless, with the fact that 5 of the respondents declared their willingness to further participate in this study and the high questionnaire response rate of 76% the research findings are still going to be meaningful.5.5 Interview SurveyThe primary aim for the researcher to carry out an interview survey in this research is to permit participants to develop further their opinions because the closed questions of the questionnaire sealed participants into arbitrarily limited alternatives (Foddy, 1999). The researcher made used of semi structured interview method in conducting the interview. This method eases the researcher control over the time, content and the arrangement of the interview. Furthermore, this method permitted the interviewer to pose penetrating questions that gave a deeper understanding of the research issue. Consequently, semi-structured interview was carried out to confirm the outcomes of the questionnaire survey and to get a deeper understanding of the findings.5.6 Administration of Interview surveyThe 5 respondents from the questionnaire survey who indicated their willingness for further participation in this study were the participants for the interview. This group of interviewees were made up of 2 AC chairpersons , 2 external auditors and 1 finance head. The researcher contacted the interviewees firstly through telephone to book for appointment. The interviewees were later e-mailed the interview agenda(see appendix 3) to enable them know beforehand what will be deliberated and also to confirm the appointments(date and time)The Interviews were conducted on working days through tel ephone, at the start of each interview, the researcher presented himself, explained the purpose for the study and guaranteed the interviewee the confidentiality of their responses. Each interview lasted for at most 30 minutes. 2 of the participants were interviewed on the same day and the rest of the 3 participants were interviewed on 3 separate days ( all on working days and in the same week).The discussion questions were centered on the participants emphasises, the attributes of AC (composition, size, qualification, experience),the roles of AC to ensure good corporate governance ,some of the achievements and limitations. The interview ended with words of appreciations from the researcher.All the 5 respondents who opted for the interview made them self-available and their responses supplemented the questionnaire response to give a deeper understanding of the research issue. The high response rate of the questionnaire survey and the interview will make the research findings and dis cussion very meaningful.Chapter 6 Finding and Discussions6.1 IntroductionThis chapter is to discuss the findings of the surveys. The researcher is going to present the findings in 3 main subjects of the survey namely audit committee operations, relationships and major achievements/challenges. However, it is very necessary to talk about the background of the respondents that participated in this survey. The details are given in the table below.Table 3. Educational qualification of respondentsDegree AC chairperson Finance heads secretaries External auditors TotalN rate N rate N rate N rate N rateBachelor 0 0 1 33.3% 2 66.7% 0 0 3 16% know 1 33.3% 1 33.3% 1 33.3% 3 30% 6 32%Doctorate 2 66.7% 1 33.4% 0 0 7 70% 10 52%Other 0 0 0 0 0 0 0 0 0 0Total 3 100% 3 100% 3 100% 10 100% 19 100%The above table reveals that, out of a sample of 3 for AC chairpersons, 2 chairperson have obtained a doctorate degree as their highest educational qualification(66.7%) and 1 with masters degree(33.3%).In the sample of finance heads,1 had a bachelor degree,1 masters degree and 1 a doctorate degree giving a 33.31% to each degree. In the part of the company secretaries,2 obtained a bachelor degree(66.7%) and 1 a masters degree(33.3%).Lastly for external auditors, out of 10 who responded to the survey(6 where considered unable),3 holds a masters degree(30%) and 7 a doctorate degree(70%).In total, out of 19 respondents who participated in the survey, 3 are holders of bachelor degree(16%),6 holds masters degree(32%) and 10 doctorate degree holders(52%).All the 4 groups of respondent have qualifications and experience in fields related to accounting, finance, economics, marketing and management6.2 The Operations of ACIt has been revealed that all the respondents have established audit committee charters, though only 60% of the charters are updated yearly whereas the 40% specified that their charters are been updated as needs arises. This complies with the literature which says that firms shou ld established a tailor made charter, however this is contradictory with the commendation of yearly updates of charters (Hoi et al ,2007 Rezaee et al, 2003).we can base this on the limited human resource capacities in less developed countries (Mensah, 2002).AC has as their main duty to oversee the companys financial reporting scheme. The AC must have th

Study Key Drivers Of Organizational Talent Management Management Essay

Study Key Drivers Of Organizational Talent Management Management EssayOrganizations recognize that they ought to feed the best talent in order to thrive in the hypercompetitive and each(prenominal) the time more intricate global economy. Along with accepting the need to recruit, train and keep hold of able people, organizations be conscious that they take over to manage talent as a decisive resource to realize the best promising outcomes. Hardly any, organizations nowadays have an ample supply of talent. Gaps subsist at the top level, middle level and even at the lower rung. Talent is progressively more scant resource, so it must be managed to the fullest effect. The idea of managing talent is not novel. Five or six decades before, it was observed as a marginal accountability best transferred to the force out department. At the moment talent management is considered as a critical organizational function that is taken so seriously. In The Conference Boards 2007 CEO scrap study, CEOs rankings of the significance of finding Qualified managerial talent improved by 10 percentage points or more when compared to the identical research carried out solely one year earlier . Research conducted in 2008 by DDI and the Economist Intelligence Unit (EIU) established that 55 percent of executive level respondents give tongue to their firms exercise was likely or very likely to suffer in the near future due to deficient leadership talent. This point of view was restated in one-on-one interviews with top executives, conducted as part of the same research study. This importance on talent management is unavoidable known that, on average, companies at testify expend over one-third of their profits on employee wages and benefits. Your Organization can produce a new product and it is effortlessly imitated. Decrease your prices and competitors volition chase. Go after a money-spinning market and someone is there right behind you, vigilant to stay away from making your prel iminary mistakes. But imitating a high-quality, highly engaged human resources is practically impracticable. The capability to successfully hire, retain, deploy, and engage talent-at all levels-is really the only true competitive lead an organization enjoys.talent MANAGEMENT DEFINEDThere is no lack of definitions for this phrase used by company leadership the world over. Talent management is a committee significant practice that guarantee organizations have the quantity and quality of human resources in position to congregate their present and future condescension priorities. The procedure covers all key facets of an employees vivification cycle selection, training and development, succession planning and performance management.Significant components of a exceedingly efficient talent management process includeA lucid understanding of the organizations existing and future company tacticsRecognition of the key gaps linking the talent in place and the talent requisite to find occ upation success.A sound talent management plan intended to close the talent gaps. It is supposed to also be incorporated with strategic and business plans.Precise hiring and promotion choices.Association of individual and team objectives to corporate goals, and given that give-up the ghost expectations and pointer to administer performance.Expansion of talent to boost performance in existing positions as closelyspring as willingness for evolution to the next level.A focal point not just on the talent strategy itself, precisely the rudiments obligatory for winning Implementation.Business impact and human resource success dimension during and after execution.Organizational Key drivers of Talent Management manpower trendsWorkforce trends drive talent management strategies. Issue such as an ever more global and virtual workforce, diverse generations functioning together, longer life expectancies and an empowered workforce have eternally altered the workplace. Owing to demographic ad justments, the pool of employees is also progressively more variedfrom age, gender and ethnicity to lifestyles, relocation patterns and civilizing norms. Organizations are by now captivating benefit of these workplace trends. Talent management strategies also offer the skeleton for diversity and insertion. Proctor and Gamble, for instance, sense that recruiting the precise blend of employee is a chief part of talent management and it recruits several of its leaders as university recruits.Anticipated Skills ShortageAlthough not all organizations, industries and professions will face deficient in ability, companies are by now contending for talented employee. For instance, there will be sharp talent shortage in the areas like customer service, health care, computing device hardware field etc. In addition, as eminent in the report of Future of the U.S. Labor Pool Survey conducted by SHRM in 2005, the evaluate loss of talented employees in the subsequent decade will differ by organiza tion size, segment and industry. For example, big organizationsas compared with small and medium companiesare further dismay or so loss of talent from the retirement of the baby boom age band, and government organizations are further concerned on the subject of the loss of gifted talent than private companies.Measuring Business ImpactTalent management metrics bond human capital investment to financial performance. Numerous companies have started to comprise talent management in their dashboards or scorecards. For instance, HSBC, a banking institution, exercises the Balanced ScorecardTM, along with talent management in learning and growth. Scorecards present a clear line of prospect to organizational tactical goals by relating talent management to aims and assessment of employee performance. Measures may comprise issues like results of employee survey, attrition(e.g., talent pools) and the number of temporary employees. master copy Source of Value CreationThe monetary foster of our companies consistently depends upon the eminence of talent. In fact, the Brookings Institution established that in 1982, 62 percent of an average companys value was attributed to its physical assets (including equipment and facilities) and only 38 percent to intangible assets (patents, intellectual property, brand, and, most of all, people). By 2003, these percentages nearly tumbled with 80 percent of value attributable to intangible assets and 20 percent to tangible assets.Changing Employee expectationsIn Todays context, employee expectations are rapidly changing .This forces organizations to place a superior prominence on talent management strategies and practices.Todays Employees areMore and more fascinated in having challenging and meaningful work.More loyal to their profession than to the organization.Less cooperative to traditional structures and authority.More concerned about work-life balance.Geared up to take ownership of their careers and development.Reacting to these num erous challenges makes it tricky to capture both the hearts and minds of todays workforce.Relationship between better talent and better business performanceMore and more, firms seek to measure the return on their investment in talent. The outcome is a body of proof that paints a undeniable visit of the bang talent has on business performance.To Highlight Just a FewA 2007 study from the Hackett Group established that firms that do extremely well at managing talent post earnings that are 15 percent superior to peers. For an average Fortune 500 company, such an enhancement in performance means hundreds of millions of dollars.A study from IBM found public companies that are more efficient at talent management had higher percentages of financial outperformers than groups of similar size companies with less effective talent management.ConclusionTo maintain stupendous business results in a global economy, companies will alter and reinvent their approaches to talent management. triple-cro wn talent management calls for strong participatory leadership, organizational buy-in, employee engagement and workplace scorecards with talent management metrics. Firms that master talent management will be well equipped for consistent long term growth in employee performance for years to come.

Mary Jane: The Devil Weed :: essays research papers fc

Mary Jane The Devil WeedABSTRACT This paper, entitled "Mary Jane The Devil Weed?" attempts toexamine what we know almost marijuana and what problems are associated with its enjoyment. The paper examines briefly the history of marijuana legislation,marijuanas known effects, and conclusions ab come forth its danger.Early in this century, the government waged a war of terrorism on marijuana,or cannabis sativa. "By 1937, forty-six states had jurisprudences against the use ofmarijuana, and its use had already been made a criminal offense under federallaw" (Jaffe, 659). Andrews pointed out that "not until some time in the early1930s did the Louisianna legislature pass a state regulation making use of the medicate outlaw(prenominal)" (5). Jaffe noted that "since the early 1900s, marifuana has beenconsidered the one drug that might introduce the susceptible to hard drugs."Jaffe pointed out that "since about 1950.... smoking of marijuana has beenlinked statistically to the use of other illicit drugs....Most observers haveconcluded that the link is sociological rather than biological and...marijuanais a marker for individuals who are more prone to seek bran-new experiences even whenthese violate social norms and local laws."Andrews related that "sensational newspaper stories relating...to crime isgenerally held to be accountable for the sudden enactment of a law prohibitingits use." He went on to note that "users were often subject to heavy penalties--up to life imprisonment in Texas." "After caffeine, nicotine and alcohol,marijuana is the fourth most popular abused substance" (OBrien, Cohen, Evans,and Fine, 175).does marijuana deserve this reputation? We must first consider what it isand what effects it has. The active ingredient is tetrahydocannabinol, or THC(Andrews). THC, found only in the female plant, produces a mild euphoric effect.Marijuana is considered a hallucinogen, a Schedule 1 drup, under the ControlledSubstances Act of 1970 (OBrien, Cohen, Evans, and Fine, 177). A Schedule 1drug means there is no known medical use. Recently "a new drug application wasapproved for THC (Marinol) to be used therapeutically for control of nausea andvomiting associated with cancer chemotherapy" (Jaffe, 663). This moved THC fromSchedule 1 to 2 (medical use despite potential for abuse).How dangerous is marijuana? Jaffe notes that " both performance test showsimpairment....although no distinctive biochemical changes have been found inhumans." Andrews writes, "Physical effects of marijuana use is probably themajor question....The settle? None." OBrien, Cohen, Evans, and Fine, reportedthat the National Institute on Drug Abuse found, "Marijunan now available isfive to 10 times more potent than it was a half(prenominal) dozen years ago" (178). Whilethese statements may not sound conclusive, the Institute of Medicine, according

Macbeths Upright Banquo :: Macbeth essays

Macbeths Upright Banquo There are some good military men in William Shakespeares tragical free rein Macbeth. One of them is Banquo, a fearless captain, like Macbeth, who helped rout the Norweyan banners. Clark and Wright in their Introduction to The Complete Works of William Shakespeare comment that Banquo is a force of good in the play, impersonate in opposition to Macbeth Banquo, the loyal soldier, praying for restraint against evil thoughts which enter his mind as they had entered Macbeths, but which work no evil there, is set oer against Macbeth, as virtue is set everyplace against disloyalty. (792) In Fools of Time Studies in Shakespearean Tragedy, Northrop Frye explains the rationale behind Banquos nicety in this play Except for the contingency of Hercules sledding Antony, where mysterious music is heard again, there is nothing really supernatural in Shakespeares tragedies that is not connected with the murder of the order-figures. In Macbeth we have Banquos tin t alternatively of Duncans, partly because of the emphasis on the repose that Duncan has gained by getting murdered, and partly because the line of the reigning monarch descends from Banquo. (24) In his book, On the Design of Shakespearean Tragedy, H. S. Wilson says that the jot of murdered Banquo has the greatest emotional impact on Macbeth of any adverse experience He is confident enough, even after the commission of the crime, to station his trustfulness in the Senecan maxim, per scelera semper sceleribus tutum est iter, Things bad begun make strong themselves by ill. After he has been shaken by the appearance of the ghost of Banquo, he reflects, For mine testify good All causes must give way. I am in blood Steppd in so far that, should I wade no more, locomote were as tedious as go oer and this is as near as he ever comes to repentance. (71) Fanny Kemble in Lady Macbeth contests the credit that the ghost of Banquo is seen at the same time by Lady Macbeth Taking the view I do of Lay Macbeths character, I cannot accept the idea (held, I believe, by her great representative, Mrs. Siddons) that in the banquet scene the ghost of Banquo, which appears to Macbeth, is seen at the same time by his wife, but that, in consequence of her greater moderate over herself, she not only exhibits no sign of perceiving the apparition, but can, with its hideous form and gesture within a few fee of her, rail at Macbeth in that language of scathing irony .Macbeths Upright Banquo Macbeth essaysMacbeths Upright Banquo There are some good military men in William Shakespeares tragic drama Macbeth. One of them is Banquo, a fearless captain, like Macbeth, who helped rout the Norweyan banners. Clark and Wright in their Introduction to The Complete Works of William Shakespeare comment that Banquo is a force of good in the play, set in opposition to Macbeth Banquo, the loyal soldier, praying for restraint against evil thoughts which enter his mind as they had entere d Macbeths, but which work no evil there, is set over against Macbeth, as virtue is set over against disloyalty. (792) In Fools of Time Studies in Shakespearean Tragedy, Northrop Frye explains the rationale behind Banquos ghost in this play Except for the episode of Hercules leaving Antony, where mysterious music is heard again, there is nothing really supernatural in Shakespeares tragedies that is not connected with the murder of the order-figures. In Macbeth we have Banquos ghost instead of Duncans, partly because of the emphasis on the repose that Duncan has gained by getting murdered, and partly because the line of the reigning monarch descends from Banquo. (24) In his book, On the Design of Shakespearean Tragedy, H. S. Wilson says that the ghost of murdered Banquo has the greatest emotional impact on Macbeth of any adverse experience He is confident enough, even after the commission of the crime, to put his faith in the Senecan maxim, per scelera semper sceleribus tutum est iter, Things bad begun make strong themselves by ill. After he has been shaken by the appearance of the ghost of Banquo, he reflects, For mine own good All causes must give way. I am in blood Steppd in so far that, should I wade no more, Returning were as tedious as go oer and this is as near as he ever comes to repentance. (71) Fanny Kemble in Lady Macbeth contests the opinion that the ghost of Banquo is seen at the same time by Lady Macbeth Taking the view I do of Lay Macbeths character, I cannot accept the idea (held, I believe, by her great representative, Mrs. Siddons) that in the banquet scene the ghost of Banquo, which appears to Macbeth, is seen at the same time by his wife, but that, in consequence of her greater command over herself, she not only exhibits no sign of perceiving the apparition, but can, with its hideous form and gesture within a few fee of her, rail at Macbeth in that language of scathing irony .