Disadvantages of Labor Unions Essay

Ever since their initial establishment, there has been much dispute whether labor unions are a positive or negative social economic force in the United States. There are many disadvantages that labor unions pose on the individual, the organization, and society as a whole. This paper discusses the negative effect of having labor Unions in the United States. The union’s top weapons, strikes, can be self-disastrous. The reason being is that â€Å"employers of striking workers have the legal right to continue to operate their business with permanent replacement employees who need not be discharged once the strike ends.† In this case, employees on strike are not eligible to return since their previous jobs have been occupied. They would then have to wait until there is eventually an employment vacancy, if any. Striking employees also will destroy people’s every day routines and habits. On December 20, 2005, The Transport Workers Union Local 100 in New York City went on strike. New York City Transit Authority personal had observed the strike. The 2005 strike, which took place during the busiest shopping week of the year, had significantly affected the local economy since many people had then chosen to avoid shopping in New York. These shoppers chose to shop online, or postpone shopping. The strike was ended on Tuesday, December 27, 2005. The number of strikes and their effectiveness has decreased tremendously. The following figure from Hunter’s report, taken from the U.S Bureau of Labor Statistics, provides us with the evidence: Walter Williams, professor of economics at George Mason University, emphasizes the above in his article â€Å"Where Union Power Lies†. He gives an example of the failed â€Å"air-traffic controllers’ strike during the Reagan administration†. The union in this case was simply not able to prevent the Federal Aviation Administration from employing new workers. Unfortunately, in such instances, unions may tend to violence as a means of eliminating competition. Williams illustrates this during several incidents. Back in 1987, the International Brotherhood of Electrical Workers struck an Anchorage Alaska utility plant. Non-striking workers were routinely attacked and had their tires slashed. One employee had to move after union members threatened to rape and murder his wife. In his report â€Å"Freedom from Union Violence† released by Cato Institute, David Kendrick, program director at the National Institute for Labor Relations Research, affirms that there have been 8,799 incidents of violence reported since 1975, with only 258 convictions. Obviously this first disadvantage of union representation impacts not only the individual, but the organization through acts of vandalism and society by victimizing innocent people. Another disadvantage of union representation is discussed by Hunter as â€Å"loss of individuality†. When a union is an exclusive employee representative in a workplace, the employees then become part of a collective bargaining unit where the majority rules. This majority may not be concerned with the individual needs or demands of each employee. Individual agreements between employees and management are not allowed because each employee has to deal with the union. After all, members of a union become part of a collective bargaining unit in which the majority rules, regardless of any affiliate’s best interests. Union leaders often operate based on their self-interest, which basically means expanding union membership regardless of the members’ benefits; they do so to gain more power and even enjoy some of the extra money. Hunter states â€Å"Loss of individuality is of prime concern for many employees, as well as the loss of the opportunity to negotiate for themselves an individual arrangement†. Student assistants at Yale asked to be heard as individuals and not part of a union as they didn’t see union representation as beneficial. Hockfield commented â€Å"†¦individual voices are more effective than that of a union.† â€Å"Many faculty members voiced concerns about the implications of unionization, asking questions about strikes, union dues, and the loss of individuality. Loss of individuality is inevitable when labor unions represent a majority. Another disadvantage of union representation that Hunter discusses is â€Å"cost to employees†. Collective bargaining units require all employees to support the union financially as a condition of their employment. â€Å"Federal law provides that employees may, regardless of the language in the agreement, opt not to formally join the union; however, they may still be required to pay certain dues and initiation fees.† Every union member is required to financially support the union by paying dues, and can face penalties that amount to his/her discharge for failing to do so. That is, the union can demand the discharge of any employee who fails to pay required dues and fees, unless a right-to-work law has been enacted in the state where the business operates. The costs of union membership differ but the average Michigan union employee pays hundreds of dollars in dues a year. According to the U.S. Department of Labor, â€Å"In 2007, 30 states and the District of Columbia had union membership rates below that of the U.S. average, 12.1 percent, while 20 states had higher rates.† That means that the average cost to union members is above 12.1%. This union representation can be quite costly to employees and in some cases defeats the purpose of fringe benefits. Other disadvantages of labor unions that Hunter argued is â€Å"Penalties by labor unions† employee can be fined or disciplined for involving in activities that violate union code. Such activities include, but are not limited to: crossing strike picket lines, surpassing set production quotas, and seeking representation by other unions. Unfortunately for union workers, these fines are enforced by the law. This is not the case however for nonunion employees who are exempt from all the declared restrictions. Although Robert Hunter raises excellent points, disadvantages of union representation exceed the individual to adversely affect the society and the economy. With regards to society, Terry Moe, underlines in his article â€Å"EDUCATION: Taking on the Unions† that the teachers’ union have interests that are â€Å"often in conflict with the public interest†. Moe raises the concern that the union does not permit the riddance or even the evaluation of bad teachers, which apparently is not good for the kids and schools. As for the economy and organizations, Thomas Sowell touches on this issue by explaining that union contracts have helped put American automakers at a disadvantage compared to its Japanese competitors, resulting in General Motors â€Å"going from selling about half the cars in the country to selling about one quarter today†. The UAW simply did not exhibit flexibility at a time when change was needed most. The consequences were terrible to the econ omy and organizations like The Auto industry: numerous plants closing, hundreds of thousands of employees being laid off, the moving of plants to states that have no union control, and the moving of plants overseas. From all of the above, it is easy to conclude that labor unions are a negative social economic force in the United States. Unions simply forgot their main purpose of existence which is to be fair to all parties: workers, companies, and the society. Instead, unions have become like businesses interested in maximizing membership count regardless of consequences. That is why the unionized share of the total U.S. labor force has declined tremendously since the 1970s till our present day. According to Richard Vedder, distinguished professor of economics at Ohio University, replied in an interview with The Austrian Economics Newsletter by â€Å"Americans now realize that we don’t need labor unions† The continuous decline in union membership over the past years serves only to solidify Vedder’s statement. Also, according to Hunter, â€Å"the labor movement will have to add nearly 700,000 members per year just to maintain its current levels of employee representationâ₠¬ .

Analysis of “Their Eyes Were Watching God” Essay

The search for one’s identity is as poignant for the fictional character Janie as it was for former slave Frederick Douglass. Douglass used education to form an independent identity, which would separate him from the white slave masters. In contrast, Janie attempts to construct a dependent identity through marriage to each of her three husbands. With the death of her final husband Tea Cake, she plants the seeds he left behind, symbolically proving that she has grown as the seeds will grow and she is now a woman with her own identity. Janie’s first husband Logan does not understand that like any plant, Janie needs room to grow. He gives Janie material advantages through his sixty acres of land, but does not know how to treat her as his wife and not a servant. The reader receives a glimpse into his heart as he sobs while shouting his suspicion that she is planning to leave him, proving that he does want to please her. Through their lack of communication, however, Janie feels that the relationship is dead and leaves to marry Joe Starks, whom she believes will always provide her with springtime. Joe Starks gives her material wealth as well as a prominent position in the community for the price of her ultimate subservience. He is a jealous husband so she is not allowed to let her hair down in the store for fear that other men might covet it, and he refuses to let her take part in the community gatherings outside the store. After seven years of marriage and constant submission, Janie reflects on their relationship, realizing that â€Å"She wasn’t petal-open with him anymore.† As in her first marriage, Joe wants someone who will serve him and fill the role of the mayor’s wife, not an equal partner. While married to Joe she can only be the mayor’s wife and receive respect through his position instead of receiving respect for herself. Janie’s final marriage to Tea Cake teaches her to love herself, though at first she still is dependent upon having a man around for a sense of identity. She places great importance on his desire to play checkers with her and it seems as though Janie will always need a man beside her for fulfillment. Tea Cake shows her to love each aspect of herself. Janie comments on their blooming relationship during the hurricane, â€Å"If you can see the light at daybreak, you don’t keer if you die at dusk. It’s so many people never seen de light at all.† Janie’s light is her newfound ability to realize her worth. When Tea Cake is bit by the mad dog and attempts to bite her Janie saves herself, knowing that he loved her more. At the novel’s conclusion Janie says, â€Å"Two things everybody’s got tuh do fuh theyselves. They got tuh go tuh God, and they got tuh find out about livin’ fuh theyselves.† Thus power of truth for Janie is not book knowledge, but rather the knowledge that she has grown to discover an identity all her own.

A Study On Gatt And WTO Economics Essay

A Study On Gatt And WTO Economics Essay In this section I will discuss what was GATT. GATT stands for General Agreement on Tariffs and Trade. Countries first signed this document in 1947. This agreement was designed to encourage free trade between member states. It encouraged free trade by regulating and reducing tariffs the countries imposed on tradable goods. It also provided an international forum to settle trade disputes. 110 countries have now signed on to GATT. GATT was in existence until 1995, when a new international governing body on international trade was created to replace it. This new organisation is the WTO. WTO In this section I will describe what the WTO is. The WTO stands for the World Trade Organisation. The WTO was created to replace the GATT. The Bretton Woods agreement of 1944 was created to help with the financial consequences of rebuilding Europe after World War Two. It would also try to ensure that major world depressions would not occur. The IMF and World Bank were created to help achieve this. Ho wever, an organisation to regulate trade between countries was also required. The GATT was initially set up, but the WTO was created in 1995 to succeed this. As it states on their own website (www.wto.org), ‘ the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.’ The WTO has nearly 150 members. Trade between these members accounts for 97% of the worldwide trade. How does the WTO work? In this section I will describe how the WTO operates and who the members are. The main point to note about the WTO is that it does not set rules on its own. This makes it different from the other two organisations set up by the Bretton Woods agreement. The WTO is more of an international forum where trade negotiations are discussed. It then ensures that outcome of the negotiations are undertaken. The WTO has many member states. Each state has a representative that sits on the council. Each representative has only one vote when it comes to decisions. This is different to the IMF as on the IMF the more powerful, developed countries have greater power. The one vote to one member policy that the WTO has is designed to ensure greater fairness with regards to trade negotiations. However, in the past, Europe, USA and Japan have dominated. This domination is to be upset with the introduction of China into the WTO. This will now mean that the developing world has a major voice at trade negotiations. The process of decision-making is undertaken by all member states. All members vote on specific decisions and the outcome of negotiations are usually by consensus. A majority vote can also be used, but this is extremely rare. Below this level are numerous specialised committees, working groups and working parties that deal with individual agreements and various other areas concerned with environment, developm ent, membership applications and regional trade agreements. What does the WTO do?

Whitney Laning - Working for the Community and Being a Leader Essay

Whitney Laning - Working for the Community and Being a Leader - Essay Example The only way this can happen is if the community itself is full of trained volunteers ready and willing to move in and knowledgeable about basic field practices for rescue and triage. This is the concern of many fire chiefs throughout the country and one that was shared with community leader Whitney Laning more than a year ago. Unlike many, though, Laning took action, learning what kind of help firefighters needed to provide the community with greater safety and moving forward to organize this support. For the past year, Laning has worked tirelessly to bring together the Rowlett Citizen Corps Council (RCCC), a nonprofit group dedicated to finding funding for the CERT program and equipment, and the Community Emergency Response Team (CERT) in the city. He was working to make the community a safer place for both citizens and emergency respondents, but his efforts were recently recognized in a big way. Laning was named one of the Five Outstanding Young Texans at a special black tie ceremony held in the state capital. According to him, the primary program is the CERT program. This organization functions during normal emergency situations by providing canteen services to the firefighters – giving them cool drinks, food to help them keep up their strength and a cool place to rest when fighting a long-term fire. However, those trained in the CERT program are also able to jump in and lend a hand when required at times when emergency personnel are overwhelmed. Fire Chief Larry Wright states, If we had a large scale disaster like a tornado come through here, it could be 24-72 hours before we received any kind of state of federal assistance. That’s where these citizens will be able to make a real difference. Laning’s leadership in these programs has been instrumental in obtaining the multiple awards and recognitions each program has received to date, according to Greg and Lisa Peoples, the Junior Chamber of Commerce members who nominated Laning for the award.   According to a written statement by them, Whitney is the co-author of the bylaws, shaped the mission statement, teaches the CERT courses and serves as a spokesperson, fundraiser and grant writer for CERT.

Business plan Essay Example | Topics and Well Written Essays - 2000 words - 1

Business plan - Essay Example Asian countries are also witnessing growth in the household sector, it is estimated that consumption will continue to grow at a moderate rate through out the year 2006/07. (Source?) Yellow lupins(YL) have been analysed and proven to be a better product for fish feed than soy in studies conducted by Brett Glencross. The large volume of soy and the intermittent supply of YL has led to SSOM cutting out contracts that were originally in place with WestEx in favour of cheaper continually available soy beans. A market for yellow lupins has therefore not been able to be continually established at this point. The export of wheat is definitely the best market for WestEx in the short to middle term. If some of the profits from the supply of wheat were able to be channelled into lupin R+D there may be potential for the product. Yellow lupin supply has also been affected by the current drought. (King & Gilmour, 2007). Research will need to be conducted into areas including those outlined in the R+D section if a Yellow lupin market is to be established. The new 3 monthly contracts starting in November 2007 between Westex and SSOM for an increasing supply of wheat will go some way to cement the relationship between the two companies. The supply of wheat may be able to be considered a â€Å"cash cow† for WestEx to enable them to further R+D and market development into other products to establish further differentiation of products. SoonSoon Oil has requested a supply of APW from WestEx on a sliding scale starting at 500tpm and increasing by 500tpm to 12000tpm. The wheat is used by SoonSoon to mill into flour for on sale to their clients. The flour market in Malaysia is a significant one. WestEx as explained above focuses on wheat. The particular product seems to have an increasing demand within the Malaysian market. In accordance with a series of statistics published in 2007, the consumption of wheat in Malaysia presents an increasing trend

Personal statement to Solar Energy Engineering Masters application Essay

Personal statement to Solar Energy Engineering Masters application - Essay Example One of the reasons I want to pursue a master’s degree in engineering is because I want to become a full time professor in the future. The fact that bilingual (English / Spanish) is a great attribute to have as an educator. In 2005 I moved to Boston and started working in the field of sales engineering of different instrumentation companies while at the same time teaching part time at Wentworth Institute of Technology. One of the best learning experiences about my sales job was the opportunity to different parts of Latin America and visit factories and rural places. I am interested in the Umass Lowell’s Master of Science Degree Program in Energy Engineering because of my interest in solar energy. I read about the different projects in place such as the Peru Project and would like to eventually implement something similar in Mexican communities and other Latin American communities where there is no electricity, telephone service, and untreated drinking water.

Customer Satisfaction and the Banking Industry Essay

Customer Satisfaction and the Banking Industry - Essay Example Other important reports include those by P Carrol and F Reichheld, titled The Fallacy of Customer Retention, as well as the paper by M S Krishnan et al, titled Customer Satisfaction for Financial Services: The Role of Products, Services and Information Technology. These papers have important notes on not just acquiring customers but also retaining them - which is where customer satisfaction comes into play. This paper is based on the case study of ICICI Bank in India. Therefore, the information found on its website was used as well. In this case it is important to note that most of the texts used are journal articles are this is a very topical theme and it requires special classification which most books are not able to offer. With a variety of other papers that revolve around the theme of customer satisfaction and banking services, it is imperative to mention that there is still a lot of scope for research in terms of finding niche markets and catering to customers from these areas with a focus on need specific programs. Customer Satisfaction - Conception and Implications Customer satisfaction may be defined as that sphere within an organisation's operational area where the transmission of information and services with a focus on time and quality takes place. Customer satisfaction is an important tool with which it is easy to harness the potential of expanding one's customer base manifold. In the banking sector, this theory has special importance owing to growing competition and the fact that it is a service based industry where there is maximum human interface. The tools for measuring customer satisfaction include surveys as well as applying statistical analysis like the customer satisfaction index to which essentially... Customer satisfaction may be defined as that sphere within an organisation’s operational area where the transmission of information and services with a focus on time and quality takes place. Customer satisfaction is an important tool with which it is easy to harness the potential of expanding one’s customer base manifold. In the banking sector, this theory has special importance owing to growing competition and the fact that it is a service based industry where there is maximum human interface. The tools for measuring customer satisfaction include surveys as well as applying statistical analysis like the customer satisfaction index to which essentially measures market share and profitability. This will help provide an empirical base for any hypothesis on the basis of which models and programs may be formulated. Factors influencing customer satisfaction in Retail Banking in UK, author Anita Chakrabarty has pointed out how the last two decades have been seeing an increase in competitiveness in the retail banking sector in UK. This has a strong connection with the various activities that have been triggered in the banking industry all over the world. ICIC is a bank that has taken this conception one step forward by applying it in the context of the loyalty business model. Thus, one will find that the banks are now in a race towards consolidation of their positions and mergers. In this regard, they have realized that the primary focus of their activities must be on the optimum satisfaction of the customers.

Lighthouse international website review Article Example | Topics and Well Written Essays - 750 words

Lighthouse international website review - Article Example Lighthouse International is a website for a non-profit organization dedicated to providing information and services on various types of vision related problems. It was founded in New York in 1905 and was one of the first institutions of its time that offered vision rehabilitation services. Throughout the century, it increased its functions and extended its services globally. It began with a goal to prevent blindness and evolved into a mission to assist those with a vision issues to function normally in mainstream society. Its facilities cover research, offer rehab services, and educate both those with vision impairments and professionals. Lighthouse International also is a leading advocate for vision healthcare on both the state and federal level.Information on the website is very easy to find as the site is user-friendly and well organized. The layout of the Home Page is uncluttered and welcoming yet it gives a summary direction to various services offered on the entire site. "Get t he Facts", "Get Help Today", "What's New". This means that a person just arriving on the page does not have to search long to find what interests him or her. The tabs at the top with self explanatory titles also easily direct a user to their destination - "Home, About, Vision Health, Vision Services, Our Schools, Research, and Donate". The Search field on the sidebar also helps a user find their topic of interest. Since this is a site about vision it makes sense that there will be a function that adjusts the size of the print for the comfort of the reader. The "Help Near You" widget addresses users that arrive at the site from around the world. After filling in the appropriate values, the site will give the address and contact information in the country indicated. These first three widgets remain the same on each (Last Name) 2 page that is viewed whereas, the information that follows varies according the content of the page. It is to be noted that most of the tabbed pages are introductions themselves to further information. For example, the tab "Vision Health", lists all the services available to all groups. Each service is a link that takes the reader to another page with the specific information requested. At the end of each page, is an email address that allows the reader to request even more information for their particular need. This design is very appealing as it keeps each page fairly short and manageable. For a website on vision, it is interesting there is not much color on many of the pages. The body of the text is a light color background with black font and deep blue links. The side bar is the inverse, with a deep blue background, and white font. This website itself provides the explanation for this lack of color via one of their links (Home > Accessibility > Effective Color Contrast). Contrasts are easier to read than colors of a similar hue. In other words, the website, although not visually stimulating, is designed for the reading ease for the majority of its readers. It is still neat and attractive with punches of color in either the photographs or the logos. The photographs themselves add interest and are appropriately related to the page content. The Lighthouse International website is specifically designed to cater to those with an interest in vision related matters. It is useful for those with problems looking for answers or assistance. This audience would be the general public, no matter what profession or age. It also offers a portal for those who want to donate and assist in the advancement of vision related research. One tab is dedicated to donations and events that raise funds for the continuation of Lighthouse International's work. The catchy heading "Be a Visionary PhilanthropistDonate Now", is a clever play on words: the funds will not only be for the advancement of research in the field of vision but to support the foresight and imagination of the two sisters who founded the company. In order to attract

The impact of social networking on our daily lives Research Paper

The impact of social networking on our daily lives - Research Paper Example The development of formal and informal contacts takes place in the social networks, Facebook, twitter, LinkedIn and Google plus. Statistics show that over 1.2 billion people use Facebook as a social network (Hunter 27). Despite the fact that it can be termed by many as the greatest development of the twenty-first century, it is still a high predator against social values, social structures and moral development. This paper aims at discussing the impacts of social networking (both positive and negatives) and arriving at a point of concluding whether social networking should acclaim praise or reprimands. Discussion Most people believe firmly that social networks breed better than evil in society. There are major positive impacts as a result of electronic information exchange. To start with is the promotion and facilitation of competition in trade. This can be achieved through harmonization of business practices, standardization of information, convenience in reaching out to sister comp anies and the market. Social networks have enabled consumers to maximize their freedom of choice. Organizations can, therefore, win consumers by producing only the best and also having an up to date integrated information system (Hunter 30). Such like competition enhance economic growth and development. To add further on the impact of social networking to the global economy, millions of people today get employed by social institutions. These employments can be appreciated for alleviating poverty, higher standards of living and the decrease of the dependency ratio. The management of huge organizations can enjoy reduced costs of managing this can mainly be through, ease in channeling of information between and/or among branches, eased supervision, and coordination of decision making in different branches (Peacock 42). The social network has also been a major tool used by investors who are willing to establish new companies. The major role played by the networking is the identification of new brand name. This can be achieved by the sharing of ideas in the networking. The companies can also use the network to advertise their products. This is easily achievable because many people use the social network therefore, the company can reach its market in a more convenient way. The network has also enabled organizations to spy on their competitors. This tool has led to the success of firms as they have defined level of competition and are able to perform within the standards of competitors (Hunter 32). Social networking has also developed a platform where businesses can do their research on. Organizations are able to view the comments of their customers towards the products they are producing. This is caused by the fact that people are able to express themselves and also share their own ideas (Gattike 14). The network gives the firms a platform where they can interact with its customers; they are able to ask their customers' questions. This gives them a chance to know th e quality of their products and respond accordingly. They are also able to understand the amount of utility a consumer derives from their products (Ryan 59). Social networking also enables people who may be seeking a job. Many sites in the social network contain many job opportunities which are advertised by different

How convincing is Porter's model of national competitive advantage in Essay - 1

How convincing is Porter's model of national competitive advantage in explaining the workings and achievements of major nation - Essay Example The claims are based on the total percentage of the entire exports across the entire globe and their relation to the three nations (Hill, 2009). This is an evidence of how Porter created a convincing analysis on his view on national competitiveness. In explaining the national business systems, Porter analyses national business systems by reviewing their input in the global market. He argues that the more exports a nation make the more significance it has in the global market(Thompson, 2004).This way of reviewing national business systems is preferable when comparing the output of nations in the global market. According to Thompson (2004) this method may be however, biased since not all national business systems are based on exports. The author further argues that they are nations with greater G.D.Ps and have very stable economic systems and they have less input in the international market (Thompson, 2004). In using porter’s way of analysis such nations lacks the international standard of competitive advantage. This assumption has created a Porter system that only recognizes the financial stable nations on the global market (Uchida & Cook, 2005). Porter uses the national diamond to show the influence of nations to their local companies. The influence and pressure from a nation will be a great determinant on whether or not the organizations attain an international competitive advantage. Nations provide support and resources to specific countries which then generate outstanding products and income. However, analysts argue that this diamond structure is usually biased depending on mutual agreement by both parties. For instance, an organization may enter into a deal with a government to share a certain percentage of their profits in exchange for support and resources. In such a scenario the market becomes unbalanced (Smit, 2010). However, this strategy is used by states to strengthen their international market significance. In an argument by Smit (2010) the g reater the significance in the international market the greater income through partnerships and revenues. The author further argues that, state governments use the national diamond to help the nation gain greater competitive advantage in the international market. This automatically raises the economic status of an organization. In support of the national diamond strategy, Porter claims that it improves specialization and the quality of goods produced in a country (Schott, 2004). He gave an example with Denmark and its influence in the global market in terms of export of insulin. The Danish government has significantly alleviated the production of insulin and treatment of diabetes in the country. It has provided resources, diplomatic and economic support for this project (Peng, 2009). The impact of this move is significant to the whole industry. Denmark is the leading exporter of insulin in the globe. Minus the support from the government this achievement would not have been possible (Peng, 2009). In Holland there is a premier research institute which focuses on cultivation, shipping and packaging of flowers. This project is almost a sole project of the Holland government that is supplied with resources and labor from the body. After this intervention Holland has become the leading exporter of flowers in the globe (Salvatore, 2002). This shows how great significance government support is on an organization. However, Porter

The Heideggerian Perspective of Existence Essay Example for Free

The Heideggerian Perspective of Existence Essay As a philosopher of â€Å"Being†, Martin Heidegger is mainly concerned on the very essence of existentialism using a diverse critique of the word â€Å"dasein†, the German term denoting the meaning of human existence of presence. As the German term for existence, Heidegger signifies that human existence should not be taken mainly as a subject or an object that can be defined in terms of consciousness or a self. In this sense, the German philosopher asserts that through an analysis of Dasein, an individual can fully apprehend the meaning of Being. His contribution on the study of the essence and meaning of Being gives a valuable insight on how to reach a total authentic personhood (George 2000). His idea of Dasein tells of human beings as consisting of temporality and that their ultimate goal is the experiencing of Being. According to George (2000), Heidegger says that human beings are â€Å"transcendence by his very nature and has a destiny to goes beyond is everyday concerns† (p. 17). In this sense, it is derived that human beings are not to be called as mere creatures which set foot on the earth because they are yet to give their lives meaning through their destiny. In the fulfillment of their destiny, then human beings will be able to obtain the total authentic personhood. The destiny of human beings can be found beyond their daily chores and its main goal is to open humans to Being. George (2000) stresses that the Heideggerian perspective emphasizes that human beings are â€Å"called to transcend the former and be a being-toward-Being, and in the process experience of Being† (p. 7). Heidegger furthers his explanation of Being by exploring the meaning of a thing. In the fourfold mechanism of being, Heidegger expresses that a thing must be understood in relation to the four aspects of Being, the Earth, the Sky, the divinities and the mortals (George 2000). The Earth and the Sky made up the natural component of Being, the divinities and mortals build up the divine and human components of Being (George 2000). In the Heideggerian perspective, the fourfold of earth, sky divinities and mortals constitute ‘dwelling’ (Guignon 2006). According to the philosopher, ‘dwelling’ is the human essence and to dwell means to belong within the fourfold of sky, earth and gods and mortals because these four elements are what makes a place a dwelling space. Guignon (2006) says that the ‘Earth’, according to Heidegger is the â€Å"building bearer, nourishing with its fruits, tending water and rock, plant and animal† (p. 374). Guignon (2006) tells of the ‘Sky’ as referred to by the philosopher as the â€Å"sun’s path, the course of moon, the glitter of the stars, the year’s seasons, the light and dusk of day, the gloom and the glow of night, the clemency and inclemency of the weather, the drifting cloud and the blue depth of the aether† (p. 374). Humans dwell under the sky. According to Heidegger, the divinities or the gods are the role models who are the messengers of the godhead (Guignon 2006). The role models voice out that which is most sacred and valuable to human beings serve as an inspiration to humans to live right. Heidegger terms human beings as mortals to separate them from the animals which merely perish. Human beings are called mortals not because their lives have an end but because they are capable of good death (Stambaugh 1992). The philosophy of Martin Heidegger concerning the existence of human beings substantiates man’s capacity to interact with the nature, the gods, and their fellow human beings. The moral philosophy of Heidegger, as reflected upon the fourfold, declares that human beings are not mere creatures or objects, they are capable of defining their own destiny and their existence through their interaction with the fourfold. The relatedness of the fourfold is what helps man define their destiny and the meaning of their existence by giving them the choices and options as dwellers of the earth. The Heideggerian perspective tells of the transformation of human beings into people or dwellers by living according to what the gods have commanded. The inclusion of the gods, nature and immortality in defining the existence of mankind supports man’s capacity to advance and to transit to beings (Stambaugh 1992). In the advancement of man and acquaintance with the nature and the gods, man is able to define his being and to take full control of his interaction to nature. In the exercise of freedom, man is given the choices and options on how to assert himself within the relatedness of the fourfold. Man’s advancement is unlimited and so are his options and choices as a dweller. Man is provided with abundant ways on how to reap nature’s goodness such as vegetables, frits and other edible products. It is in the manner of man’s consumption of nature’s harvest and the way he treats the environment that e is able to define his existence as well as his being. The options that human beings choose render an important insight on the kind of existence and being that they have. It is either man chooses to become stewards of nature or become its destruction. Human beings become people through the sense of belongingness to a community of dwellers. As a community, dwellers are guided by rules, ethics and laws which declare what gods want their people to become. As man is given the privilege of free will is obedience and disobedience with the rules and laws define his being and existence. The Heideggerian perspective tells that the experience of Being is the main essence of the existence of human beings and in this, it can be derived that what mainly constitutes man’s being is his experience or interaction in the earth, sky, divinities and the mortals. Even though man’s experience and interaction with the fourfold are guided by rules and laws and the divinities, man has been fully equipped with free will that allows him to advance himself as a dweller and define his existence and being later on.

To See isn’t to Belong but to Touch is to Feel Essay Example for Free

To See isn’t to Belong but to Touch is to Feel Essay The Cathedral is a very interesting short story that defines people and places.   Raymond Carver demonstrated how spiritual blindness can make a person loose his sense of place and ultimately barricades a person sense of touch.   There could be places where two or more people live or stay close to one another but are really out of touch because they have set walls in between.   This ignorance has made people unable to see what is beyond in everything with their normal eyesight in which the author of the short story manifested in the beginning. Spiritual blindness leads to lack of communication or understanding.   This is the state of Bub the narrator when he first met Robert who is blind, a long time friend of his wife.   Robert serves as the story keeper of the narrator’s wife whose name was never mentioned but was simply called my wife by Bub and my dear to him. The narrator’s voice was craftily sculptured by the pen of the writer; it described his skepticism towards the blind friend of his wife and his easy going relationship with his wife.   The tone of the story tells about a marriage that is going towards a period of tepidity despite to the woman it is already a marriage of a second chance for happiness.   The tones used by the writer to describe the blind man prefigured a strong man that despite of his handicap, Robert is a man who made his touch more powerful than his eyes. The voices even expressed how fruitless it was to described a thing when the eye that can see can not comprehend what it sees that is when the narrator finally commented â€Å"I’m not doing so good, am I (Carver, 1983)?†Ã‚   But ironically was able to explain how the blind man understood things when he began to asked if the paintings are made of fresco paints and that cathedrals needs hundred of workers who would never lived to see their work completed because it takes a hundred years for it to be built. Robert explained to Bub that a lifetime is not enough to learn everything by saying that â€Å"they’re no different from the rest of us, right (Carver, 1983)?† The story tells about a man who learned to live well without having the gift of sight of which many people are incapable of doing.   Many people today are like Bub who are afraid to live without their necessities in life and are even unhappy in spite of what they have. Bub is a physically complete person, good natured but do not possess a deep character because of his insensitivity towards the needs of others.   Though he possesses his youth and physical attributes he was an incomplete person and that search led him to use cocaine simply because he wanted more but just cannot get or know where to take it in spite of the presence of a wife.   The woman on the other hand is the feminine version of humanity who seeks to be nurtured and loved but still was taken for granted by her husband.   Her longing to belong was the reason she was able to keep that good friendship with Robert which according to his husband was just a form of recreation or diversion or a life that we call simply fleeting away. The climax of the story was when Bub’s hand was touched by Robert while sketching the figures of the cathedral as he sees them on the television screen. Bub’s hand was able to define the lines and the blind man was able to see through those strokes.   However, that exchange of motion taught Bub to see without staring and made him realized his sense of place by simply feeling he was on it as he is being guided by another.   He finally felt that he is with someone and that experience made him see without looking. Finally, Bub learned from Robert how to feel through those same hands that was able to accompany Beulah to her deathbed and touched the face of his wife with an elegant tenderness.   The handicap in Carver’s story was able to prove to the world the importance of touch because the man who feels and knew how to reciprocate that sense makes a person real, strong and lovable.   Craver’s short story shows a man of every man in modern times, unmindful as long as he does his own thing and that solitude separates him from the rest so he see without seeing and that blindness forbade him to touch and feel. By the end of the story the blind man succeeded in guiding Bub to learn about himself and about human communication as Robert reached for his hand so he too can learn how a cathedral really looks (Donley, 1995).   Bub finally realized his sense of place with an eyes closed when he exclaimed at the end that â€Å"It was like nothing in my life up to now (Carver, 1983).†   References Carver, R. (1983). Cathedral [Electronic Version]. Retrieved 19 April 2008, from http://www.ndsu.nodak.edu/instruct/cinichol/GovSchool/Cathedral2.htm Donley, C. (1995). Carver, Raymond :   Cathedral [Electronic Version]. Retrieved 19 April 2008, from http://litmed.med.nyu.edu/Annotation?action=viewannid=744

Corporate Governance and Value Creation Relationship

Corporate Governance and Value Creation Relationship Department of Economics VALUE CREATION AND THE ROLE OF CORPORATE GOVERNANCE Abstract Corporate Governance is a subject of many professional and academic debates. Since there are many different research and contexts associated with corporate governance problem, then, this topic has continued to be an interesting topic under scrutiny. However, is has been observed that the relationship between corporate governance and value creation of corporation remains as an untapped area with enough consideration. This paper tends to investigate this linkage and using Enron case as critical analysis. TABLE OF CONTENTS (JUMP TO) 1. Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2. Literature Review. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3. Corporate governance and performance of the company . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3. 1. Definition and explanation of key concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3. 1. 1. The concept of corporate governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3. 2. 2. The concept of value creation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 3. 2. 2. 1. Definition of value creation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 3. 2. 2. 2. The importance of value creation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 3. 2. 2. 3. Measuring Value-creation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 3. 2. The impact of corporate governance in the Value Creation. . . . . . . . . . . . . . . . . . . . . . . . . . 17 4. The role of finance in creating value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 4. 1. The principles of management by the financial value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 4. 1. 1. The principle of double market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 4. 1. 2. The principle of identifying financial levers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 4. 1. 3. The principle of internal steering. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 4. 2. The mechanisms and the extent of creating value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 4. 2. 1. The economic indicators. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 4. 2. 2. The indicators such as accounting. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 4. 2. 3. The nature of stock market indicators. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 4. 3. The limits of management by the financial value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264. 3. 1. Scope limited and performance standards unrealistic. . . . . . . . . . . . . . . . . . . . 26 4. 3. 2. Transfer of risk to the employee shareholder. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 4. 3. 3. Focus on short-term and limits the cost of capital. . . . . . . . . . . . . . . . . . . . . . . . 27 5. Critical approach to corporate governance: the case of Enron. . . . . . . . . . . . . . . . . . . . . . . . 29 5. 1. Introduction of the Enron affair. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 5. 2. Enrons scandal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 5. 3. The consequences of this scandal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 5. 4. The lesson from Enron Case. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 6. Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 7. Further study recommendation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 List of Abbreviations NGO Non- Governmental Organization US United State CEO Chief Executive Officer BOD Board of Directors COO Chief Operating Officer CFO Chief Financial Officer CRO Chief Risk Officer CFROI Cash Flow Return on Investment EVA Economic Value Added RCF Residual Cash Flow DCF Discounted Cash Flow CVA Cash Value Added RAN The Rainforest Action Network MFV Management by the Financial Value TSR Total Shareholder Return MVA Market Value Added NPV Net Present Value EPS Earnings per Share ROE Return on Equity EROR Economic Rate of Return PBR Price to Book Ratio 1. Introduction The successive industrial revolutions of the late eighteenth and nineteenth century were a major factor for the development of Western capitalism and gave gradually traits that characterize it today. In this movement, the company as a structure that brings together human beings who are organized to act on nature to obtain useful results and thus create value has always been at the heart of the capitalist system. However, in recent decades, many changes have affected the financial-market capitalism and gave new prominence to creating value for shareholders of the company. This has resulted in the emergence of a form of management oriented to advance the financial value and mobilize employees to that goal. This focus on value creation reflects a desire to meet the requirements of the shareholder because it has become in the current financial world a king increasingly adulated and increasingly capricious. Undoubtedly, this logic has largely influenced the conduct of the strategy of com panies that demonstrate ingenuity to cope with competition and remain competitive. However, it has undergone profound questioned at a number of scandals that have marked with an indelible history of finance and have been accompanied by strengthening institutional mechanisms for regulation of businesses and financial markets. In such a context of questioning, suspicion and doubt in respect of managerial practices, questions about the role of governance and firms value creation does it not absolute importance to apprehend the changes that occurring within the company? The aim of this paper is to answer this question. The structure of the paper is organized as follows. Section 1 provides a background of what has been done in the literature in the effort to capture relationship between corporate governance and value creation. Section 2 introduces the key concepts such as corporate governance and value creation. Section 3 illustrates the role of finance in creating value in firms. Empirical approach are presented and discussed in section 4, with special stress on the managerial behaviour in Enrons Company. Section 5 will conclude and propose further areas of research. 2. Literature review On the topic of relationship between corporate governance and value creation, there have been various researches and conclusions. Before examining about the relationship between corporate governance and value creation, many early studies has explored the linkage between Ownership and Value Creation as a beginning. Talking about owners who have been passionate about their ideas and visions to create the best value for their company, study named Ownership and Value creation of Carlsson. R. H (2001) gave a valuable historical review and illustration with case how active ownership has played an important role in company development. Through this book, we can see that ownership makes significant differences in corporate governance, it fulfils an indispensable role in the market and its quality made firm the best value. Later, in his research Corporate Governance and Value Creation, Jean-Paul Page (2005) has referred to the financial approach to corporate governance in his analysis. He has explored the connection between the foundation of power and decision making to create the large value for firms. In order to focus on an in-depth analysis of the links between value creation and governance, his research started with the assumption that regulation and laws exist to constrain corporate activities which could harm society as well as the economy, then corporate agreement is expected. Through a research, he tried to find the answers of who should hold the ultimate power which companies can create maximum value or how this power should be used. To do this, first, he discussed the delegation of shareholder power and a variety of standard to evaluate the performance of managers. Then, he presented a framework by which securities analysts can evaluate corporate governance system. As the result of his study , he strongly believed that directors of companies have the necessary judgment to discharge their value creation responsibility. Jean-Paul Page result is developed further in detail by Monks (2002) when he applied this theory into Volkswagen Company. After that, Huse (2007) successfully combines the behavioural of directors work and the value creation which contributes to both the practitioner and the academic debate. Huses book is based on two key ideas: the main task of a broad of director is to create value for company and looking inside board to understand the value creation process needs. His book provided a good discussion about governance effectiveness and value creation by an exploration of behavioural perspectives on governance and how various types of related factors influence governance as well as value creation. In addition, in his recent research named The Value Broad: Corporate governance and organizational behaviour in 2008, he aimed to go further and explore actual behaviour in creating value from entrepreneurial management perception throughout various European countries such as Netherlands, Italy. Beside, The differentiated Network: Organizing Multinational Corporation for value creation of Nohria. N and Ghoshal. S (1997) was successful to present the globally distributed capabilities of multinational corporations and organize these corporations for value creation. This study is built to develop these ideas of both authors above. Besides theoretical research and studies, many case studies were analysed to examine the implication of all theories in the real economic market. Case study in Finances: Managing for Corporate Value Creation of Bruner. R. F (1990) provided numerous financial analyses of the world famous and successful corporations such as Walt Disney, Atlantic Southeast Airlines, Morgan Stanley Group INC, Merit Marine Corporation. . . However, this analysis was published in 1990, it can not update with changes in the economy as well as financial scandals have been happened through recent years. Based on all these suggestions, an analysis of value creation and the role of corporate governance is an interesting paper. And Enrons scandal in 2001 is an updated illustration. 3. Corporate governance and performance of the company 3. 1. Definition and explanation of key concepts 3. 1. 1. The concept of corporate governance We can consider that the practices of corporate governance have ancient origins insofar as they are inseparable from the very concept of enterprise. Indeed, corporate governance problem was already in the eighteenth century. Adam Smith posed as soon as 1776, in the Wealth of Nations, the problem of separation of interests between managers and owners in companies per share. This question will take a new turn with the emergence in 1807 in France and then England with the Company Act and a little later the United States, the limited liability company. In general, governance refers to the governing relations between the leaders of a company more broadly, an organization and the parties concerned by the fate of the so-called organization, mainly those who hold legitimate rights - namely shareholders. Even if made generally and in order to illuminate our analysis, such a definition requires clarification. First, governance is focused on a category of actors of any organization: the lea ders of this organization, category sometimes reduced to a person, most often represented by a small group strongly hierarchical around the leader, sometimes expressed by semi-hierarchical and ill-defined contours. Whatever the difficulties of defining exactly and narrow, this category of actors always pay attention on a system of governance. Corporate governance can be seen as vast field and its works as regulatory body that includes (OECD, 2004): Chief Executive Officer (CEO) Board of Directors (BOD) Management of Organization Shareholders Stakeholders (Suppliers, Employees, Creditors, Clients and Social Communities) Then, the issue of governance is also the role and control of corporate officers in legal persons. The leaders of an organization finalized commercial, public . . . Speak and act on behalf of this organization: a title that they can buy, sells, hire, dismiss and so on. They have before it the financial, material, human, which can be considerable even excessive. Issues relating to their appointment as corporate officers, the conditions for exercising their mandates are, therefore, legitimate and make corporate governance a key point of management systems of the latter. Finally, the governance system includes various components that can be, simplifying, grouped into three sets of components: structures, procedures and behaviour. The structures involved in the governance system are varied. Some are specific to the organization concerned: general meeting, board of directors, ad hoc committees. Others are external and intervene on the basis of contractual missions (auditors, rating agencies) or as part of missions of general interest (regulatory authorities). The procedures are also very varied and more or less diversified in codes or codes imposed on the actors involved (chart of accounts, commercial code . . . ). They may involve both methods of collection and dissemination of information on the functioning of the entities concerned that ways and means to carry out such an operation such as changing the parameters of the structure or listing on the financial market. The behaviour complements the first two components by providing a dimension without which they would remain for the most formal. Such behaviour are those agents individuals is not the legal fiction made up by legal persons involved in the institutional and responsible to implement it and animate it. Therefore, their best practices, their ethics or, conversely, their lack of scruples and their departures were a major part in the effectiveness of governance systems like any human system. In their brilliant literature review of corporate governance topic, Shleifer and Vishny (1997) offered a definition of corporate governance: Corporate governance deals with the ways in which suppliers of finance to corporations assure themselves of getting a return on their investment (p. 737). This notion of governance seems rather simplistic. Because it is limited to the individual control worked out by shareholders and ignores the rights of all the other stakeholders in the company such as creditors, suppliers, customers, employees, and finally, the State and society in general. Indeed, the shareholder affects some form of power and imposes limits in varying degrees that affect value creation. Besides, this definition of governance fails to take into account the implicit rules and standard such as legislation, regulations and contracts. All these things actually have an important influence on final decision. In his book, Jean- Paul also gave the broad definition of corporate governance as follows: Corporate governance consists of the legal, contractual, and implicit frameworks that define the exercise of power within a company, that influence decision making, that allow the stakeholders to assume their responsibilities, and that ensure that their rights and privileges are respected. (pp. 2) To be successful in this notion, corporations must acquire the best resources such as: finance, material and human at the best if they want to create value or wealth. Good corporate governance is assessed in a book named Corporate Governance: Responsibilities, Risk and Remuneration, Keasey. K and Wright. M (1997) He defined a good corporate governance is as concerned with correctly motivating managerial behaviour towards improving the business, as directly controlling the behaviour of managers. They also analysed executive remuneration is one mean of motivating good behaviour. Illustrating the standard corporate governance frame work, both authors above indicated that the key elements concern the enhancement of corporate governance is via supervisors of management performance and ensuring the accountability of management to shareholder and other stakeholders. Analysis of a frame work of corporate governance was also carried by Hart (1995). He discussed the need for accountability and supervisor of director come up because there is a divorce between ownership and control power in large firms. According Harts study, supervision may take various forms ranging form system where shareholders are outsiders with little direct incentive to monitor management. Moreover, Whittington (1993) argued that is has to be noted that the accountability and supervision aspects take place within a wider regulatory framework which regulates relationship with external third party contractors. 3. 1. 2. The concept of value creation 3. 1. 2. 1. Definition of Value Creation As for value creation, it is an ambiguous concept because of the multiplicity of managerial practices associated with it: exchange value, book value or economic value partnership, value for the customer, and so on. In all case, the most important objective of every firm is to maximize resource allocation, to produce as much economic value as much as possible and to look up social well-being. Offering the best product and services at reasonable price is the way which firms can do to achieve these objective above. Jean-Paul Page (2005) examined economic value as creating wealth. Because the firms wealth is measured by the value of their product on the market, then, creating value for firm mean company will observe its prices and value increase as demand for its services and goods rises. Concisely, creating economic value means increasing in firms value, increasing in share price and creating wealth. As a result, corporate governance have to focus on decision that tend to maximize share price and then on the creation of economic value. This way will translate the wealth creation objective of firms into tangible results. 3. 1. 2. 2. The importance of value creation In his academic journal, Favaro. Khas proved that if firm puts their value creation as a first strategy, it will help a corporation growth in the greatest rate. First of all, by understanding how, why, where the value is created within your company; which is the market where your company perform best; identifying which of your companys activity and asset is distinctive enough to be a profitable growth will tell your company where and how to grow. The best example of this case, we have to mention about Coca -cola. Since the early of 1980s, Coca-colas leader discovered the value creation in their mix businesses and in the entire beverage system; then, this company have taken a major growth opportunity in their core business. Secondly, there are two advantages which putting value creation first can gives firms are: capital and talent. When firm set value creation first, they will never suffer from a capital shortage. Favaro gave explanation that, these companies which put value creation first will find sufficient capital for their investment needs and can attract a large capital from the market, and then they never miss any investment opportunities. In addition, knowing all important targets, these companies also understand how important the high standard and good qualification managers are. Therefore, over time, these firms will build a team of manager with better capabilities and standards. This will give company more managerial talent and help these companies achieve higher level of profitable and also sustainable growth than their competitors. Value creation enhances companys ability to grow up which requires perseverance Discipline and leadership skills. Through his experience, Favaro suggests that: By product, channel, customer, market and technology; skilled managers who always put value creation first will understand how or why value is created or destroyed. Then, they will know whatever cut will be the best reveal the truly capabilities or asset which their company have to do to get profitable and growth. Promoting, celebrating and rewarding managers who see growth is an outcome of their focus on value creation. Briefly, if a company put value creation first in the right way, their managers can identify how and where to grow, they will use capital better than others and build up more talents. Consequently, value creation will offer you a vast advantage to achieve profitable and long-term growth. It should be noted that these multiple approaches are experiencing varying degrees of success. Thus, while some of them are rather a fashion effect, others seem more rooted in the reality of management. This is particularly the case in the field of strategy with the general themes related to the competitive advantage that determines the value that a company can create for its customers and in the field of finance with the concept of maximizing the shareholder value. However, there are two themes refer to distinct managerial logic. In schematising, one can oppose a logic of financial reform dominated the creation of financial value and logic of integration that connects the various aspects of value creation. The financial approach emphasizes the idea that any asset is comparable, at least conceptually, a financial asset whose correct measure is the present value of expected flows of that asset, given the risk that it is linked. Thus, by analogy with financial assets, it is possible to buy or sell at any time comparable assets or reinvest the funds on other opportunities. The option is part of choice and is a factor of flexibility. The logic of integration recognizes the importance of value creation but the analysis as the result of a synthesis of different components of value, whether organizational aspects, competitive or institutional. It puts forward concepts such as basic skills, know-how of cooperation and coordination, competitive advantage. It requires a broader view of performance and the development of a scoreboard, including non-financial aspects. This concept of value creation is currently experiencing a revival and for several reasons. This renewal first undoubtedly result of the transformation of financial capitalism and its origin movements takeover carried out on companies that exploitation not effectively their asset base for shareholders. These practices have provided external visibility to market discipline that has prompted leaders to do more attention to creating value and bring back the shareholder at the centre of the strategy. In addition, development of globalization and the rise of new technologies of information and communication technologies have accelerated the process of internationalization of enterprises and networking complex and globalize. The result is a financial reform of the strategy based on the refocusing on the principal market and the pursuit of critical size. That is why the purchase of shares and options markets external growth is systematically privileged at the expense of endogenous development of the company. But for institutional investors, who control more companies using their power, the ability of business to create value is an essential criterion of assessment. Finally, another external factor that has boosted the value creation is the gradual disappearance of state monopolies especially in the case of France. The purpose of the public monopoly system based on the existence of cross-shareholdings is to ensure a stable partnership. The financial globalization has gradually reduce d the interest of a national shareholding making less essential closures capital that provides few resources. 3. 1. 2. 3. Measuring Value-creation: When evaluating value creation, there are three main measurements are: Cash Flow Return on Investment (CFROI), Economic Value Added (EVA), and Residual Cash Flow (RCF). G. Bennett Stewart III (1991). The Quest for Value. HarperCollins discussed Economic Value Added (EVA) as the heart and soul of Value planning. He described EVA is the one measure which properly accounts for all the complex trade-offs involved in creating value. EVA computed by taking the spread between the rate of return on capital r and the cost of capital c* and then multiplying by the economic book value of the capital committed to the business: EVA = (r-c*) x Capital EVA = (rate of return cost of capital) x capital EVA will increase when: The rate of return earned on the existing base of capital improves; that is, more operating profits are generated without tying up more funds in the business. Additional capital is invested in projects that return more the cost of obtaining the new capital Capital is liquidated from, or further investment is curtailed in, substandard operations when inadequate return being earned. These are the only way in which value can be created

Constitutional Paideia :: Hegel Constitutionalism Papers

Constitutional Paideia Constitutional paideia designates a form of constitutionalism that construes a nation’s constitution essentially in terms of ongoing processes of collective self-formation. This paper explores the notion of constitutional paideia as formulated by Hegel, who explicitly defines constitutionalism with categories of Bildung. The paper’s strategy is to present Hegel’ position in light of questions that can be raised about it. The paper advances three central theses: (1) in spite (and perhaps because) of his historico-culturist approach to law, Hegel is a theoretician of constitutional paideia; (2) despite construing constitutionalism in terms of ongoing processes of popular self-interpretation, Hegel does not vitiate the distinction between law and politics deemed so central to constitutional theory; and (3) despite construing constitutionalism in terms of self-formative processes of a particular culture, Hegel does not jettison the normativity and trans-contextualism long associated with modern constitutional theory. The paper concludes with some observations on the contemporary significance of Hegelian constitutionalism. Constitutional paideia is a term I shall use to designate a form of constitutionalism that construes a nation's constitution essentially in terms of ongoing processes of collective self-formation.(1) As such, it is markedly distinct from competing models. It is distinct from liberal models, notably represented today by John Rawls, for whom a constitution must "guarantee certain basic political rights and liberties and establish democratic procedures for moderating the political rivalry, and for determining issues of social policy."(2) While constitutional paideia is not chary of liberal concern for legal and moral constraints, it rejects the latter's commitment to entrenched rights and a fixed sense of a nation's legal-political identity. It is likewise distinct from communitarian models, represented however ambiguously by Frank Michelman. While sharing with such models a focus on communal identity, its commitment to processes of self-formation renders constitutional inhospitable to a theory keyed to a set of preexisting cultural values—that "more encompassing common life, bearing the imprint of a common past."(3) Constitutional paideia is distinct further from republican models, represented equally ambiguously by Hannah Arendt. Although it shares with republicanism the notion that constitutionalism must be sensitive to principles of public virtue, collective power, and civic commitment to a shared enterprise, it places special emphasis on the conditions for constituting collective identity and nationhood itself.(4) Constitutional paideia is also distinct from deliberative models, represented notably by JÃ ¼rgen Habermas, for whom "the constitution establishes political procedures according to which citizens, in the exercise of their right to self-determination, successfully pursue the cooperative project of establishing just (or more just) conditions of life.

Interest Groups :: Political Special Interest Groups

Interest Groups Interest Group is defined as "an organized body of individuals who try to influence public policy." This system is designed so that interest groups would be an instrument of public influence on politics to create changes, but would not threaten the government much. Whether this is still the case or not is an important question that we must find out. Interest groups play many different roles in the American political system, such as representation, participation, education, and program monitoring. Representation is the function that we see most often and the function we automatically think of when we think of interest groups. Participation is another role that interest groups play in our government, which is when they facilitate and encourage the participation of their members in the political process. Interest groups also educate, by trying to inform both public officials and the public at large about matters of importance to them. Lobby groups also keep track of how programs are working in the field and try to persuade government to take action when problems become evident when they monitor programs. The traditional interest groups have been organized around some form of economic cause, be it corporate interests, associates, or unions. The number of business oriented lobbies has grown since the 1960s and continues to grow. Public-interest groups have also grown enormously since the 1960s. Liberal groups started the trend, but conservative groups are now just as common, although some groups are better represented through interest groups than others are. There are many ways that the groups can influence politics too. The increase in interest group activity has fragmented the political debate into little pockets of debates and have served to further erode the power of political parties, who try to make broad based appeals. PACs also give money to incumbents, which means that incumbents can accumulate large reelection campaign funds, that in result, discourages potential challengers. As a result, most incumbents win, not because they outspend their challengers, but because they keep good potential opponents out of the race. Conservatives are one of the big groups that influence politics and for many reasons.   Ã‚  Ã‚  Ã‚  Ã‚  Conservative thinking has not only claimed the presidency; it has spread throughout our political and intellectual life and stands poised to become the dominant strain in American public policy. While the political ascent of conservatism has taken place in full public view, the intellectual transformation has for the most part occurred behind the scenes, in a network of think tanks whose efforts have been influential to an extent that only five years after President Reagan's election, begins to be clear.

Jane Eyre: An Orphan’s Success Story Essay -- Charlotte Bronte Jane Ey

Jane Eyre: An Orphan’s Success Story       In Victorian literature, the orphan can be read as an unfamiliar and strange figure outside the dominant narrative of domesticity (Peters 18). They were often portrayed as poor children without a means of creating a successful life for themselves. Charlotte Bronte’s Jane Eyre, however, is a portrayal of a female orphan who triumphs over almost every environment she enters. Therefore, Jane’s ability to overcome the hardships that she encounters is a fictional success story. By discussing Jane’s early life as an orphan at Gateshead and Lowood, and also her relationships with Helen Burns and Adele Varens, one can see how Bronte’s novel is an escape from the familiar predestined fate of at least one orphan in the novel—Jane. Jane becomes an orphan after her father, a poor clergyman, is infected with typhus fever while visiting among the poor of a large manufacturing town. Jane’s mother becomes infected from him, and both die within a month of each other (37; ch. 3). Because Jane is still a young child when this occurs, she knows no other life but of that as an orphan. Mr. Reed, her uncle who informally adopts her, wants Jane to be brought up in a positive familial environment. After his death, however, Mrs. Reed makes certain that this is not possible. Through her character, Bronte draws on the archetypical literary figure of the wicked stepmother (Nestor 35). Although Jane now lives with the Reeds, a financially well-off family, she is still treated like a poor, working-class orphan. While at Gateshead, Jane is constantly reminded of her lower-class, orphaned status. Jane’s position in the Reed household is inferior and intolerable. Even the Reeds’ servant, Miss Abbot, tells her,... ...ops. Along with these experiences, she is involved in relationships with other children of orphaned status. Both Helen Burns and Adele Varens play a significant role in helping Jane become a successful governess and the eventual wife of her true love. Because of these experiences and relationships, Jane’s past as a passionate, oppressed, insignificant, orphaned child is buried by her ability to overcome it. Her ability to overcome this sentence for failure is, indeed, like a fairy-tale.       Works Cited Bronte, Charlotte. Jane Eyre. Ed. Beth Newman. Boston: St. Martin’s, 1996. Hochman, Baruch, and Ilja Wachs. Dickens: The Orphan Condition. London: Associated UP, 1999. Nestor, Pauline. Charlotte Bronte’s Jane Eyre. New York: St. Martin’s, 1992. Peters, Laura. Orphan Texts: Victorian Orphans, Culture and Empire. Manchester: Manchester UP, 2000.

Example of a journal

Composition II was a great experience for me. I have learned many things that I did not have any Idea about It. I remember that I used to write Just because I had to do It. I was not aware of the mistakes that I made. Now, everything Is completely different because I learned the right way to elaborate a paragraph and an essay. I know that at the beginning of the semester, told you that I did not like to write at all. As I went through this subject, I changed my mind because learned to enjoy while writing.I realized that I can express my ideas, feelings and thoughts through writing. Writing is as living in another world, in my world. Let me tell you that I have learn many things from you not only In English Composition but also in the English levels. I have had the opportunity to take four subjects with you. And I have learned that you are such a great teacher that the most difficult task with you becomes easy. I really want to thank you for being such a comprehensive teacher. You hav e a nice personality.I think you are the kind of person who was born to teach because you have been patient while we were learning how to write. I look up to you for having that virtue of patience. You are the kind of person that inspires and encourages people to continue when De path seems difficult. I also thankful for having taken the time to clarify our doubts even when you were busy. Your pieces of advice have been very useful for me because as I followed them, I shaped my writing style. I feel satisfied because of the progress I have made in writing.There is a big difference between how I used to write and the way I write after taking Composition with you. You have had a big influence in the way I write now. I want to thank you for everything you have taught me. You are an excellent teacher. Let me tell you that I have a special affection for you. You are a very nice person. Definitely, the world needs more teachers Like you. Thank you for making a difference In your students' lives. † It is the supreme art of the teacher to awaken joy in creative expression and knowledge. †

Basic Processes

Reproduction is a process by which a new individual organism of the species is produced biologically, which in turn, helps to continue to species. Bacteria usually reproduce by a process of simple cell division (or binary fission), in which one cell would divide into two daughter cells (break in the cell wall and the naked DNA).However, bacteria can also exchange genetic material through various other processes such as transformation, transduction and bacterial conjugation (Spiritus Temporis, 2008).Grasshoppers reproduce sexually through conjugation, when the male introduces the sperms into the ovipositor of the female. Once the eggs get fertilized by the sperms in the micropyles, the female lays the eggs underground or on plants. The eggs take about 3 to 4 weeks to hatch. Finally tiny larvae emerge from the eggs and are ultimately undergo transformation into adults. The grasshoppers are transformed to an adult stage by a process known as hemimetabolous (in which their bodies become bigger and their wing size increases; it involves 6 stages) (Science Jrank, 2008).Fish reproduce by sexual means, and usually lay eggs, although in some species (such as sharks), the young ones are directly born. Through conjugation, the sperms from the males are introduced into the body of the female. Once the eggs get fertilized, the female my either lay them into a nest or further development of the eggs takes place in the body of the female. Besides heterosexual reproduction, a single individual may have both sex organs and produce sperms and eggs.They would fertilize the eggs by themselves and release the eggs that would further hatch. Another mode by which fish can reproduce is ‘parthenogenesis’, by which the unfertilized eggs would be released and develop into embryos (Lookd, 2008). Bears reproduce sexually by mating (which is seasonal), depending on the area in which they live. The seasonal mating is to ensure that the young ones emerge when the conditions are f avorable for survival. The male and the female mate for a few weeks and once this is done, they go their separate ways.Depending on the species of bears, the female is pregnant for about 7 to 9 months. Once the embryo is formed through fertilization of the egg by the sperm, it remains inactive for as long as 6 months without undergoing any growth or development. The embryo then matures in the uterus after getting implanted. After the young ones are born, the mother suckles it till the age of 3 months (MSN Encarta, 2008). References: Lookd (2008). Fish Reproduction, Retrieved on October 12, 2008, from Lookd Web site: http://www. lookd. com/fish/reproduction.html MSN Encarta (2008). Bear, Retrieved on October 12, 2008, from MSN Encarta Web site: http://encarta. msn. com/encyclopedia_761572258_3/bear. html Science Jrank (2008). Grasshoppers – Reproduction and Development, Retrieved on October 12, 2008, from Science Jrank Web site: http://science. jrank. org/pages/3124/Grasshoppe rs-Reproduction-development. html Spiritus Temporis (2008). Bacteria Reproduction, Retrieved on October 12, 2008, from Spiritus Temporis Web site: http://www. spiritus-temporis. com/bacteria/reproduction. html

Computer Based Nutrition Education Program In Pakistan

The present survey was typical in three facets. For the first clip, computer-based nutrition instruction intercession was applied and evaluated in the Pakistan primary school scene. Second, the acceptableness of the computer-based nutrition instruction plan in a Pakistan context was explored. Third, the comparing of the present survey informations with informations of Vienna survey was carried out. In the instance of the first facet, the survey successfully demonstrated that the kids could larn nutrition constructs and healthy eating wonts in a lively and interesting environment. As respects the 2nd facet, the survey found that the kids and instructors were both positive and receptive to the computer-based nutrition instruction intercession. However, important barriers were identified that negatively impact the acceptableness of computer-based instruction, therefore finally, impacting its pertinence in the Pakistani primary schools. In instance of the 3rd facet, the comparative analysis helped to construe farther the survey consequences in the broader planetary context. Since, in the present survey the nutrition cognition increased in both groups, this implies that usage of computing machine based nutrition instruction did non confabulate any extra advantage in the acquisition of nutrition constructs. Children do non like being inactive scholars. Rather, they learn through active engagement in the acquisition procedure. The intercession presented the nutrition constructs in concrete signifiers and through motivation and ambitious activities, which ensured the kids ‘s active engagement. In the visible radiation of this consequence, it can be justly inferred that irrespective of the bringing manner, originative, actuating and age appropriate nutrition instruction programmes can ease the acquisition of womb-to-tomb nutrition constructs and healthy feeding wonts. Such acquisition has more possible to be efficaciously translated into pattern. As nutrition constructs are abstract and kids at the concrete operational phase happen them difficult to grok, set uping advanced and originative methods to learn kids about healthy feeding wonts are important. Matheson and Spangler ( 2001 ) in a reappraisal of 30 nutrition academic course of study suggest that half of the plans incorporated the component of wonder and challenge to convey the nutrition content. The consequence of present survey supports the determination that usage of originative methods increases kids ‘s ability to larn and hold on nutrition constructs efficaciously and easy and are consistent with the research. ( DiSogra, L. , Reger, B, 2002 ) Low nutrition position of Pakistani kids is richly documented in literature. However, it is barren of any reference about the nutrition cognition of these kids. The present survey fills this spread by supplying informations about the bing degree of nutrition cognition of kids in Pakistan. It provides grounds that nutrition cognition of Pakistani kids is really low. Furthermore, it demonstrates that this country can be successfully targeted and alteration can be achieved with comparatively few extra resources. Besides the fact that the present survey was unable in set uping any extra acquisition advantage of computer-based nutrition instruction, it demonstrated that kids were really receptive towards utilizing the computing machines as a learning device. They regarded acquisition of nutrition constructs through computing machines as interesting and entertaining. Generally, in Pakistan, ‘learning to run computing machines ‘ is considered the chief intent of incorporating computing machines in schools. A valuable result of the present survey is hence making off with the bing impression and replacing it with the thought ‘learning through computing machines ‘ alternatively. In this regard, the usage of computing machine as a medium of acquisition was new to the kids. As ascertained and discussed during the focal point group treatments, they faced some troubles utilizing computing machines on their ain. The success of computer-based instruction is non dependent upon the quality or measure of the engineering but instead upon the scholar ‘s attitude and preparedness to utilize it. The present universe is the universe of engineering and there is demand to develop kids ‘s competency in computing machine related engineering. Provision of instruction stuff through computing machines may function a double intent – sweetening of larning in the peculiar topic every bit good as competency in the usage of computing machine engineering. As discussed in focal point group, although pupil instructors had some basic computing machine accomplishments, they were non really comfy utilizing computing machines as a instruction tool. This indicated their deficiency of computing machine efficaciousness. However, during the intercession, they realized the potency of computing machines as a instruction tool and showed willingness to utilize computing machines in their instruction. Considering, their deficiency of computing machine efficiency implies that in order to incorporate computing machines successfully in the Pakistani instruction system, instructors must acknowledge the importance of runing computing machines. Furthermore, they should familiarise themselves with computing machines as a instruction tool. The successful integrating of computer-based instruction is mostly dependent on instructor ‘s attitudes towards computing machines and their preparedness to utilize them in learning ( Deniz L, 2007 ) . The survey highlighted the jobs confronting computer-based instruction, including deficiency of computing machine related accomplishments in instructors and kids, frequent power dislocations, deficiency of support from school disposals and deficiency of computing machine equipment and related substructure. This brings to illume the fact that integrating of computing machines in Pakistani instruction system requires comprehensive be aftering sing physical substructure and instructor ‘s preparation every bit good as ongoing rating and feedback. There are evidently more opportunities of today ‘s instructors and pupils working with computing machines in schoolrooms of the hereafter. Therefore, there is demand to develop an consciousness for integrating computer-based instruction methods since the beginning. Computer-literate and computer-comfortable instructors are important for the effectual integrating of computing machines in instruction. This can be achieved by constructing up their assurance and bettering their computing machine self-efficacy through supplying them exposure to computing machines during their preparation. Such exposure will be helpful in developing the willingness to utilize computing machines in schoolrooms. Given an history of the socio economic position and nutrition Knowledge, the research besides adds to the bing organic structure of cognition. Much of such literature has focused on developed states. However, the present research was managed to set up in the Pakistani context that kids belonging to take down socioeconomic position had significantly lower nutrition cognition as compared to those who belong to high socioeconomic position. Low socioeconomic position along with low nutrition related cognition and hapless life manner habits contributes to the hapless nutrition of the persons. An extra determination, worthy of raising in the context of the decision, is significant addition in kids ‘s nutrition cognition and keeping at post-intervention and followup without being cognizant of the repeat of the nutrition cognition questionnaire. In Pakistan, instructors and pupils both focus on grade-oriented larning instead than conceptual acquisition. Therefore, a strong accent is placed on scrutiny consequences. This phenomenon makes kids dressed ore and learn merely those parts of the course of study that they consider relevant to the test. However, the present survey reveals a different facet from the predominating state of affairs, which implies that kids can larn and retain cognition without memorisation and acquisition by rote. The comparing of the present survey consequences with the Vienna survey consequences revealed two really of import facets. First, in footings of nutrition cognition at baseline, the survey identified that nutrition cognition of Pakistani kids is really low as compared to the kids in Vienna survey. It signifies the insufficiency of Pakistani school course of study in peculiar and society in general in supplying cognition related to nutrition and healthy feeding to kids. In add-on, it draws attending to develop efficacious schemes to integrate nutrition instruction in the primary school course of study. It is an established fact that the nutrition constructs learnt early in life are more good in ulterior life. Knowledge is the first measure towards the realisation of healthy eating wonts. Second, in literature, the Pakistani kids larning accomplishment are reported every bit low as compared to the international criterions ( Jishnu Das, 2006 ) . Interestingly, the comparing of post-intervention nutrition cognition consequences between Lahore survey and Vienna survey presented a different image. Children in the present survey attained more nutrition cognition tonss as compared to the kids of Vienna survey. Hence, proposing that the ascertained forms of low accomplishment of Pakistani kids could non be entirely attributed to their low rational competence. Indubitably, when advanced and interesting schemes are employed to learn kids, they can bring forth equal acquisition consequences. The survey consequences have provided a strong foundation for integrating nutrition instruction intercession in primary schools. Computer-based tools were found helpful in circulating nutrition instruction. However, they were non the Panacea. Other originative mediums were about every bit effectual in circulating nutrition cognition. Even though, the survey was unable to corroborate extra advantage of computer-based nutrition instruction in the acquisition of nutrition constructs, it would non sabotage the potency of computing machines in the context of the Pakistan school scene.RecommendationsSince the survey successfully demonstrated that kids ‘s nutrition cognition can be increased with the usage of both computer-based tools and other advanced and actuating schemes, the undermentioned recommendations for incorporation of nutrition instruction and computer-based instruction in Pakistan should be considered.Recommendations for patternThe determination that nutrition cognition of Pakistani kids is low justifies pressing inclusion of nutrition instruction in order to develop self-efficacy and inculcate accomplishments of healthy nutrient choice and readying in the primary school course of study. Sing this, the higher governments need to admit the importance of nutrition instruction and must incorporate nutrition instruction in primary schools course of study. The well low degree nutrition cognition in pupil instructors besides calls for attending. Nutrition instruction should be included in the instructors developing course of study. Incorporation of nutrition instruction in instructors developing will turn out good in developing consciousness in the community through kids. Furthermore, it is strongly recommended that instructors developing course of study should be revised. It should integrate comprehensive preparation sing the usage of computing machines as a instruction tool. In developing nutrition plans, more importance should be given to the kids of low socioeconomic position.Recommendations for future researchAs the present survey was the lone survey of its sort in the Pakistan context, there is demand for farther research to confirm these findings. This is advised in order to determine whether similar findings will be found utilizing other computer-based nutrition instruction plans. Due to the clip and resource restraints, the survey did non try to research the effects of nutrition cognition on alteration in dietetic behaviour. Future surveies are extremely recommended in order to research this facet. The hereafter surveies to find the effectivity of computer-based nutrition instruction should include varied clip spans for the intercession. Further research needs to be conducted, which addresses the effectivity of computer-based nutrition instruction among other age groups ( stripling, elderly ) and kids in different scenes ( public schools, rural countries ) . Follow-up after one or two twelvemonth ‘s continuance should be conducted to find the consequence of computer-based instruction on cognition addition. Future surveies need to research the link between nutrition cognition, attitudes and dietetic behaviour specifically in the Pakistani population. There is besides need to research the relationship between parent nutrition cognition and kids nutrition cognition and dietetic wonts.

Causes of the 1st and 2nd World Wars Essay

The causes of World War one and World War two share shared both differences and similarities, but overall there were more differences between the two. The social, political and economic circumstances of the times varied, though at times correlated with each other, but there are extreme differences that help create a different atmosphere for each war. The First World War was fought between the years 1914 to 1918 and the second was fought from1939 to 1945. Both wars involved military alliances between different groups of countries. The World War 1 was centered on Europe. The word warring nations were divided into two groups, the central powers and the allied powers. The central powers consisted of Germany, Austria, Hungary, Turkey and Bulgaria. The allied powers group consisted of France, Britain, Russia, Italy, and Japan and (from 1917) the U.S. In the Second World War, the opposing alliances are now referred to as the axis and the allies. The axis group consisted of Germany, Italy and Japan. The allies group consisted of France, Britain, the U.S., the Soviet Union and China. The thing that triggered the coming about of the First World War was the assassination of Archduke Franz Ferdinand of Austria on 28th June 1914, the heir to the throne of Austria-Hungary. He was killed by Siberian nationalists. Austria-Hungary invaded Serbia. At the same time Germany invaded Belgium, Luxembourg and France. Russia attacked Germany. Several alliances formed over the past decades were invoked, so within weeks the major powers were at war; as all had colonies, the conflict soon spread around the world. The Second World War on the other hand was caused by treaty violations and acts of aggression on various fonts. Political and economic instability in Germany, combined bitterness over its defeat in World War 1 and the harsh conditions of the treaty of Versailles. The Versailles Treaty signed at the end of World war 1 not only lay the moral blame of the conflict on Germany but also forced Germans to make huge payments to the victors of the war. France and Britain needed these reparations payments in order to pay their own debts. But they were highly onerous, arguably unjustifiably so, and were deeply unpopular in Germany. In fact, the payments demanded were so large that Germany was able to repay the final installment of interest on this debt only on October 3, 2010. Another cause of the Second World War was the rise of power of Adolf Hitler and the Nazi Party. In the mid-1930’s Hitler began secretly to rearm  Germany, in violation of the treaty. Hitler seized on his growing resentment and promised to â€Å"undo this injustice and tear up this treaty and restore Germany to its old greatness†. Adolf Hitler signed alliances with Italy and Japan to oppose the Soviet Union. Imperialism was a cause of both World War 1 and the Second World War. In the First World War, there are disputes over the Balkans between Austria-Hungary and Russia, Morocco between France and Germany, Tunisia between France and Italy, and the Middle East by Germany, Britain and Russia. Whereas, in the Second World War, Germany obtains the Saar Valley, remilitarizes the Rhineland, annexes Austria, Sudetenland and Czechoslovakia. He then takes over much of Europe. Italy takes over Ethiopia and Japan invades China. On August 6th 1945 due to their refusal to give into the US’s ultimatum, the B-29 American bomber, the Enola Gay, dropped the first atomic bomb on Hiroshima. Three days later, America dropped another atomic bomb on Nagasaki, after Japanese leaders failed to respond to the first bombing. On September 2nd, 1945, Japan finally gave in and signed a statement of surrender ending the Second World War.