The Creation of Britain’s Welfare State

Before World War II, Britains welfare program—such as payments to support the sick—was overwhelmingly provided by private, volunteer institutions. But a change in outlook during the war allowed Britain to construct a Welfare State after the war: the government provided a comprehensive welfare system to support everyone in their time of need. It remains largely in place today. Welfare Before the Twentieth Century By the 20th century, Britain had put into effect its modern Welfare State. However, the history of social welfare in Britain did not begin in this era: Social groups and the various governments had spent centuries trying different ways to deal with the sick, the poor, the unemployed, and other people struggling with poverty. By the 15th century, churches and parishes had taken the leading role in caring for the disadvantaged, and Elizabethan poor laws clarified and reinforced the role of the parish. As the industrial revolution transformed Britain—populations increased, migrating to expanding urban areas to take up new jobs in ever increasing numbers—so the system to support people also evolved. That process sometimes involved governmental clarifying efforts, setting contribution levels and providing care, but frequently came from the work of charities and independently-run bodies. Reformers attempted to explain the reality of the situation, but simple and mistaken judgments of the disadvantaged continued to be widespread. These judgments blamed poverty on individuals idleness or poor behavior rather than socioeconomic factors, and there was no over-riding belief that the state should run its own system of universal welfare. People who wanted to help, or needed help themselves, had to turn to the volunteer sector. These efforts created a vast voluntary network, with mutual societies and friendly societies providing insurance and support. This has been called a mixed welfare economy, since it was a mixture of state and private initiatives. Some parts of this system included the workhouses, places where people would find work and shelter, but at a level so basic they would be encouraged to seek outside work to better themselves. On the other end of the modern compassion scale, there were bodies set up by professions such as mining, into which the members paid insurance to protect them from accident or illness. 20th Century Welfare Before Beveridge The origins of the modern Welfare State in Britain are often dated to 1906, when British politician H. H. Asquith (1852–1928) and the Liberal party gained a landslide victory and entered government. They would go on to introduce welfare reforms, but they did not campaign on a platform of doing so: in fact, they avoided the issue. But soon their politicians were making changes to Britain because there was pressure building to act. Britain was a rich, world-leading nation, but if you looked you could easily find people who were not just poor, but actually living below the poverty line. The pressure to act and unify Britain into one mass of secure people and counter the feared division of Britain into two opposed halves (some people felt this had already happened), was summed up by Will Crooks (1852–1921), a Labour MP who said in 1908 Here in a country rich beyond description, there are people poor beyond description. The early 20th century reforms included a means-tested, non-contributory, pension for people over seventy (the Old Age Pensions Act), as well as the National Insurance Act of 1911 which provided health insurance. Under this system, the friendly societies and other bodies continued to run the healthcare institutions, but the government organized the payments in and out. Insurance was the key idea behind this, as there was reluctance among the Liberals over raising income taxes to pay for the system. Its worth noting that German Chancellor Otto von Bismarck (1815–1898) took a similar insurance over direct tax route in Germany. The Liberals faced opposition, but Liberal Prime Minister David Lloyd George (1863–1945) managed to persuade the nation. Other reforms followed in the interwar period, such as the Widows, Orphans, and Old Age Contributory Pensions Act of 1925. But these were making changes to the old system, tacking on new parts. As unemployment and then depression strained the welfare apparatus, people began to look for other, far larger scale measures, which would ditch the idea of the deserving and undeserving poor completely. The Beveridge Report In 1941, with World War II raging and no victory in sight, Prime Minister Winston Churchill (1874–1965) still felt able to order a commission to investigate how to rebuild the nation after the war. His plans included a committee which would span multiple government departments, investigate the nations welfare systems, and recommend improvements. Economist, Liberal politician and employment expert William Beveridge (1879–1963) was made the chairman of this commission. Beveridge is credited with drafting the document, and on Dec. 1, 1942 his landmark Beveridge Report (or Social Insurance and Allied Services as it was officially known) was published. In terms of Britains social fabric, this is arguably the most important document of the 20th century. Published just after the first major Allied victories, and tapping into this hope, Beveridge made a raft of recommendations for transforming British society and ending want. He wanted cradle to grave security (while he did not invent this term, it was perfect), and although the text was mostly a synthesis of existing ideas, the 300 page document was accepted so widely by an interested British public as to make it an intrinsic part of what the British were fighting for: win the war, reform the nation. Beveridges Welfare State was the first officially proposed, fully integrated system of welfare (although the name was by then a decade old). This reform was to be targeted. Beveridge identified five giants on the road to reconstruction that would have to be beaten: poverty, disease, ignorance, squalor, and idleness. He argued these could be solved with a state-run insurance system, and in contrast to the schemes of previous centuries, a minimum level of life would be established that was not extreme or punishing the sick for not being able to work. The solution was a welfare state with social security, a national health service, free education for all children, council-built and run housing, and full employment. The key idea was that everyone who worked would pay a sum to the government for as long as they worked, and in return would have access to government aid for the unemployed, ill, retired or widowed, and extra payments to aid those pushed to the limit by children. The use of universal insurance removed the means test from the welfare system, a disliked—some may prefer hated—pre-war way of determining who should receive relief. In fact, Beveridge didnt expect government expenditure to rise, because of the insurance payments coming in, and he expected people to still save money and do the best for themselves, very much in the thinking of the British liberal tradition. The individual remained, but the state provided the returns on individuals insurance. Beveridge envisaged this in a capitalist system: this was not communism. The Modern Welfare State In the dying days of World War II, Britain voted for a new government, and the campaigning of the Labour government brought them into power—Beveridge was defeated but elevated to the House of Lords. All the main parties were in favor of the reforms, and, as Labour had campaigned for them and promoted them as a just reward for the war effort, a series of acts and laws were passed to institute them. These included the National Insurance Act in 1945, creating compulsory contributions from employees and relief for unemployment, death, sickness, and retirement; the Family Allowances Act providing payments for large families; the Industrial Injuries Act of 1946 providing a boost for people harmed at work; the 1948 National Assistance Act to help all in need; and the Minister for Health Aneurin Bevans (1897–1960) 1948 National Health Act, which created a universal, free for all social healthcare system. The 1944 Education act covered the teaching of children, more acts provided Council Housing, and reconstruction began to eat into unemployment. The vast network of volunteer welfare services merged into the new government system. As the acts of 1948 are seen as key, this year is often called the start of Britains modern Welfare State. Evolution The Welfare State was not forced; in fact, it was widely welcomed by a nation which had largely demanded it after the war. Once the Welfare State was created it continued to evolve over time, partly due to the changing economic circumstances in Britain, but partly due to the political ideology of the parties which moved in and out of power. The general consensus of the forties, fifties, and sixties began to change in the late seventies, when Margaret Thatcher (1925–2013) and the Conservatives began a series of reforms regarding the size of the government. They wanted fewer taxes, less spending, and so a change in welfare, but equally were faced with a welfare system that was starting to become unsustainable and top heavy. There were thus cuts and changes and private initiatives began to grow in importance, starting a debate over the role of the state in welfare which continued through to the election of the Tories under David Cameron in 2010, when a Big Society with a return to a mixed welfare economy was touted. Sources and Further Reading Guillemard, Ane Marie. Old Age and the Welfare State. London: Sage, 1983.  Jones, Margaret, and Rodney Lowe. From Beveridge to Blair: The First Fifty Years of Britains Welfare State 1948-98. Manchester UK: Manchester University Press, 2002.

Is Constructivism The Best Philosophy Of Education

Is Constructivism the Best Philosophy of Education? The dilemma with Objectivism and Constructivism is that they are being regarded as bifurcating philosophies when they should be deemed as complementing philosophies. Why not employ both to create the best educational system possible? We need the Objectivism approach in order to see the global perspective of educating children and we need the Constructivism approach in order to identify the details that are failing some students and bring a sense of humanity to the school system and eliminate the factory sense, which was embedded in the educational systems by Taylor s ideas on scientific management (Vrasidas, 2000, p.339-362). Therefore, This argument is based on the convergence of Objectivism and Constructivism in order to construct a fair and balance educational system. Jamin Carson (2005) as stated in Noll (2014) Objectivism is a better option in education because it is more reasonable from a theoretical and practical perspective than constructivism (p.59). According to Vrasidas (2000) Objectivism is the traditional approach to learn and teach based on behaviorist and cognitive theories. 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Investigative Report on the Operation Functions of Mouchel Group PLC Free Essays

string(112) " a more service based solution, where more traditional construction techniques would have been previously used\." 1.0 Introduction and Methodology The key aim for this report is to develop an understanding of the context within which Mouchel operates; to realise an examination of the operational functions used within the company and ultimately how this is affected by the current management restructuring. Focusing on the construction sector within the UK, an overview of strategy and the influence of the current changes will be objectively compared to theoretical models to analyse the risks the company and perceptibly the engineers may face in the future. We will write a custom essay sample on Investigative Report on the Operation Functions of Mouchel Group PLC or any similar topic only for you Order Now The selection of data has come primarily from the company itself through annual reports, although other sources such as journals and articles have been utilised to offer theoretical models and analysis to further the investigation. 2.0 Company Overview As an international consultancy based organisation, Mouchel operates substantially in the construction and development sector, and consequently has had to meet the concept of sustainability; both with relation to the external projects it completes and the internal company environment. This has resulted in many operational changes and mirroring the growing trend towards a ‘service economy’(15) in the UK, has established in contribution to its core product(14), a greater service output. The majority of the core projects the company undertakes are considered high variety, low volume; however it can be argued that through the segregation by divisions within the company, projects have a lesser variety component. 2.1 Company History and Events Leading to the Current Changes 2.1.1 Early History and the Influence of the Private Sector. Founded in 1897, Mouchel has been predominately concerned with delivering engineering projects. However the increasing current involvement of the private sector in UK projects, shown by the introduction of the Private Finance Initiative (PFI) in the 1990’s, has required Mouchel to develop an advisory role(1), in order to compete in the many government sectors which are affected by the use of this procurement method. The initial work with local government is the first point where delivering a service rather than simply an engineering product is most clearly seen. The market within which construction projects are moving from the public sector to the apparently more stable private sector(10) is now at risk of saturation(6). Therefore Mouchel has to militate against the risk of other competition entering the market. The difficulty stems from the ability to maintain company growth rather than simply surviving(6) in the current climate and this is achieved through focusing on core services. A substantial market share(2) in highways and water has enabled the company to maintain a strong position that will ensure progression. 2.1.2 Recent Mergers The merger with Parkman Group plc in 2003(2) combined the expertise from similar consultancies to maximise presence within the government sector. The merger resulted in many acquisitions which diversified the company’s range of services and promoted the necessary organisational growth; thus increasing staffing levels considerably. More recently the acquisition of HBS in 2007(5) further reinforced the outsourcing division and combined with rebranding, demonstrated that Mouchel were keen to reinstate a transition into the business sector of construction. 2.2 Current Operational Landscape As Mouchel has faced the recession and there has been an apparent suspension of investment in construction projects, service divisions such as outsourcing, have overtaken as a key priority; altering the strategy of the company overall and inherently transcending the operations management. The integration of manufacturing and providing services within the company brings further implications; the implied concept of service output being superior to the production of projects(15), presents difficulties when considering processes in the company. On a global scale the legal and cultural differences also need to be ascertained in order for coherent communication of information; this is most widely seen in the current management restructuring taking place. 3.0 Management Restructuring 3.1 Change in Company Structure 3.1.1 Cost Savings and Efficiency As a result of the change in market and type of projects being undertaken, Mouchel is currently carrying out a large scale restructuring exercise(3) with the aim of reducing base costs and maximising the structural organisation of the company to ensure efficiency. This has been achieved by substantially reducing the senior management tier by 20%(3). This combined with the significant investment in new systems, emphasising the importance of technology in engineering firms, has demonstrated the dedication to providing the same standard of services but using less resources. Here the role of innovation in the transformation stage(14) is evoked and is vital to the validity of this linear model to produce the same level of output. It is estimated that the restructuring will provide a yearly cost saving of ?25 million and this may be indicative of the ‘gap based’ approach(6) to process management, where what is required by the company has been measured against current achievement and consequently modification of the infrastructure, in terms of staff, has been used in order to achieve it. 3.1.2 The Role of Engineers within the New Structure Here efficiency has driven the restructuring through the analysis of job roles and the contribution they add to the company. This evokes the idea of expertise and value added management(6) as a break to more traditional management techniques, where structural hierarchy(15) was emphasised. The functions previously completed by the senior management tier now have to be transferred to engineers, distorting the priorities of staff. With some management roles being made redundant, other grades of management have been ‘rationalised’(9) so that they possess greater responsibility. This questions the range of skills required by the management team and if the way in which future projects will be managed will maintain the same level of organisation or if areas less obviously associated with service will be neglected. 3.1.3 Replacing Staff through Innovation Innovation is of high priority in order to achieve efficiency targets set by the company(14) and clients and is key in increasing productivity of workers(15).The recent hard shoulder project on the M6(2) shows the use of a more service based solution, where more traditional construction techniques would have been previously used. You read "Investigative Report on the Operation Functions of Mouchel Group PLC" in category "Essay examples" This conveys the difficulty to consider empirically the operations of this division as a process where innovation is utilised; the concept at its base level is to move away from standard techniques(14), undermining the traditional nature of processes. 3.2 Impact on Projects 3.2.1 Relationships between the Company and Client The widening of skill sets required by the restructuring emphasises the development of interpersonal skills(9) as a key priority as the engineers will have a greater customer facing role. These implications will require further development of human resources and a change to the recruitment process within the company. However considering Garvin’s perception(9) of the types of processes in a company, it appears the more administrative processes have been most reduced, which while they are not customer facing, do have a vital function and suggests that possible control throughout the company may suffer as a result. This also widens the gap between product and service as effectively the ‘boundary spanning function’(14) has been removed. Network theory(13) can then also be applied to the restructuring to consider the dialectic relationships within the company. By altering the people and processes involved in the management of projects many more risks beyond that of efficiency are applied. The restructuring tends to horizontal organisation(14) where expertise is more highly valued than the chain of command. 3.2.2 Communication and Project Control The radical redesign of the management structure within the company defies many of the theoretical perceptions of process control(8). Rather than improving the existing process, they have implemented a new one in which there is no existing benchmark(6), and therefore no empirical measure of its success in the short term. This is further complicated with the contribution of innovation and the attempt to consider the success of restructuring through cost effectiveness(3). This contradicts the move to a sustainable company, as the idea of risk is evident and while restructuring may prove successful there is an increased chance of failure that in an incremental quality movement approachcould have been managed more easily. 4.0 Sustainability 4.1 Company Strategy Mouchel claims three core areas for consideration of sustainability(3) ,making many commitments within these areas, most falling into the PESTLE model(Fig 1) of thinking, and substantially addressed by the social, environmental and economic parameters with an appreciation of the political and legal limits. The pressure to evolve to a sustainable company is the most challenging and the effect the management restructuring will have on this goal requires consideration of Corporate Social Responsibility (CSR) policy(3). 4.1.1 Divisions and Technological Strategy The more traditional technical engineering divisions are contrasted with the development of strategy services and have shown a move towards commercial commitment. These new macro transformation operations have shaped the company but also developed many new issues. The definition of output as a product or service(15), is clearly seen in the regulated industry division where the decline of operations in the Middle East, has resulted in the company providing energy assessments to commercial utility suppliers(1) in the UK in order to maintain a profit. A previously technical role has been transformed to a more service based product and emphasises clearly the resource risks. The resource now being transformed is not obtusely materials but information(14), especially with the increased use of technology requires a different strategic process. The use of technology(6) is an important structural decision that compliments restructuring, although there is little consideration of the effect thi s will have on the key engineering roles. 4.1.2 Retention of Staff Retention of staff is of paramount importance to the company’s sustainability demonstrated through the rigorous personal development process and its commitment to the ‘never stop improving’(3) scheme. However the recent restructuring that has occurred has instilled perceived disharmony(5) with the more experienced employees and has been seen as a main priority to address within the coming year. However, what is seen as hollowing out(2) of management functions is intended to provide greater opportunity for mobility and communication. This promotes the ability to progress a career within the company, hopefully developing in the long term a more committed work force. 4.2 Project Management 4.2.1 Client Relationships Across all divisions there has been a need to extend boundaries in order to maintain productivity within the company; often to a more commercial client base as previously shown. The company has always relied on long term relationships(4).This has been challenged by the restructuring to focus on retaining relationships as well as acquiring new clients as the infrastructure of the company changes. The high bid win rate previously established by Mouchel(2), promoted a successful reputation for superiority, in part synonymous with its structure and organisation, which provided strength when competing for new tenders. This same reputation informs the current strategy to extend its services into other sectors, where the same principles can be applied but modified to different client bases; although the impact of restructuring on this reputation has not yet been realised. 4.2.2 Project Hierarchy and Line Management Considering the management of clients in the perceived use of long term relationships, the larger clients are assigned account managers(2) to ensure satisfaction with the company. This adds another layer to Naylor’s perception of the typical managerial structure(15) and develops a rather more web like arrangement, where the project and account management overlaps. In this case it is difficult to determine accountability and responsibility, and may lead to difficulty with communication within the different facets of the project delivery. Project success is largely measured through the use of financial KPI’s(2) and the use of remuneration of less easily quantifiable targets conveys a distortion of true value. The role of engineers in this web may also get lost and the communication between the different divisions of the company is vital in ensuring information is not lost or misinterpreted. 4.3 Long Term Projection 4.3.1 Defining Principles and Mission Statement Considering how the strategy of the company is portrayed through the defining principles expressed by the mission statement, the culture and intentions of the company can be determined, ‘At Mouchel we improve day-to-day life for millions of people. We help to transform essential public services and to sustain vital infrastructure†¦Ã¢â‚¬â„¢(2) This is the primary function stated by the company and conveys a sense of top down strategy(14) which, as an apathetic mission statement, is aspirational without committing entirely to the processes that will be used to achieve this. The construction sector is strongly evoked and the influence of sustainable design can be clearly seen, however the main issue raised by this statement is the association with public services. The private sector’s influence on government projects will have a continual affect on the ability to meet this goal, and defines the need for change within the company. The principles also address the working ethos of the company; ‘At Mouchel, above all else, we show a passion for success, a spirit of adventure, and have integrity at heart.’(2) Again it can be argued that the statement is vague, however it clearly depicts the operations management style of the company. However when compared to Kast and Rosenzweig’s(11) concept of the external business environment, it can be interpreted that the lack of definition of goals(Fig 2) demonstrates that the transitory nature of the company conveys uncertainty as to its future output. This may also suggest that there are overlooked uncertainties within the company’s key processes. 4.3.2 Rebranding of the Company The recent rebranding as Mouchel is consistent with restructuring, although conveys the reputation of the company as one of the empirical risks associated with change(8). As part of the support strategy the stakeholder map and categorisation matrix(Fig 3) must be established early(15) to ensure they can be well managed; especially those considered adverse to the proposed changes while maintaining high influence within the company. This is achieved by focusing on communication between all divisions and levels, especially externally with stakeholders and clients. 4.4 Supply Chain Management 4.4.1 Core facilities and Wider Network Mouchel aims to maintain core facilities within the company(2), looking to forward integrate projects(14), so that they evolve through restructuring to a customer facing organisation. However to reduce the possibility of a ‘closed system mentality’(12) Mouchel recognises the benefits for both themselves and the clients through the use of supply chains to maximise projects. Although suppliers remain outside the ‘boundary of control’(10) the ability to select contractors based on competitive factors(2), ensures relative reliability without commitment for Mouchel, and shows a flexible network(7). However through this demand based process(14) the loyalty of the supplier is not obtained and therefore limits the dependability of the relationship between the company and supplier. 4.4.2 Network Monitoring and Quality Control There are more than 1000 first tier suppliers and contractors(2) in the external supply network as well as those inherited through joint venture projects, which is managed through the use of an approved vendor database(2). This establishes the most qualified supplier for each subcontract, and it can therefore be assumed that quality of the service they provide is high; the competition between contractors has been further driven by the sustainability focus of the company with the introduction of sustainability criteria to the assessment(2). 4.4.3 Issues Associated with the Network The holism(10) of this kind of network is substantially determined by the way in which the parts of the chain interact. Considering the long term projection of the supply chain as a function of success, it substantiates an approach opposed to the paradigm of silo thinking(10), where all parts of the network are linked together. However this is contradicted by the way in which the divisions of the company are relatively isolated, which stereotypically occurs substantially in the construction sector. By redesigning the structure of the company it creates greater capacity of the in house processes to consider the scope and the wider achievements of the project, through improved communication. 5.0 Conclusions 5.1 Impact of Current Restructuring As the salient cause of change within the company, the restructuring has implemented many new processes and technologies that have been put into place in order to develop a company which will survive the recession and growing pressures of CSR, however there is little evidence of consideration of all the long term effects that may arise as a result. While change may be unavoidable, the structure which personifies the company has been radically altered, and may cause issues associated with reputation and consistency, as well as internal aspects associated with its own workforce. While the company appears to be financially viable for the future, the softer side of the analysis has been neglected and may cause a dichotomy between strategy and implementation. Furthermore, it is clear that long term relationships are the epitome of the company, which develops the importance of account management and adds another conflicting dimension to the company’s operations. In order to meet the expectations of the client, communication and feedback is essential and with the increasing service output of the company it is important to predict the impact that the restructuring will have on these relationships. It is also vital to consider the apparent mobility of the company structure and if it will manifest a culture of innovation, which is clearly required in order for the company to maintain growth, or a sense of instability that will damage the bond of these long term relationships. Looking at the future of the company, Hayes and Wheelwrights stages of operations appears to suggest Mouchel is in the transition stages of 3 and 4(14). The increasing impact operations management has within the company is driving the success of projects, however it remains to be seen if the company is redefining the industries expectations(14) or just that of its customers. The transition between service and product delivery is not clearly defined, and it is questionable as to the consideration of the contributions of operations management over this change. 5.2 Final Conclusions and Recommendations Therefore Mouchel can be seen as an aspirational, innovative company, challenging the perceptions of the traditional construction sector consultancy; opting for diversification and control through in house processes to advance the progression of the company. However it remains to be seen if the instigating factors for change and the recent required optimisation of operational strategy, have evoked the necessary consideration of all aspects of the company that will be transformed. A holistic and rather human analysis would suggest that the difficult nature of relationships cannot always be predicted though theoretical models or forecasting in the long term. For Mouchel the different stratum they inhabit centre on relationships, both externally with clients and internal with staff and suppliers, and is therefore uncertain. It will be interesting to see how this will develop and to assess the future role of engineers within this new arrangement, due to the new dexterity that will be req uired of them. Expanding this to the construction sector as a whole, it is possible that the restructuring of consultancies in this way, may alter the core perspectives of the commercial industry and conceivably the fundamentals of engineering. References (1) Interim management statement, Mouchel group plc (2010) (2) Annual report and accounts, Mouchel group plc (2010) (3) Sustainability report, Mouchel group plc (2010) (4) Reports and accounts ‘building great relationships’ Mouchel Parkman plc (2007) (5) ‘Mprint’ in house publication (2007) (6) Schmenner.R.W Swink.M.L, ‘on theory in operations management’ Indiana University (1998) (7) Cravens.D.W Piercy.N.F Shipp.S.H, ‘New organisational forms for competing in highly dynamic environments: the network paradigm’ British Journal of Management (1996) (8) Bateman.T.S Zeithaml.C.P, ‘Management: function and strategy’ Irwin (1990) (9) Garvin.D.A ‘The processes of organization and management’ Sloan management review (1998) (10) Prokesch.S, ‘The sustainable supply chain’ Harvard business review (2010) (11) Kast.F.E Rosenzweig.J.E ‘general systems theory: applications for organisation and management’ academy of management journal (1972) (12) Thompson.J.D, ‘organizations in action’ McGraw hill, New York (1967) (13) Mitleton-Kelly.E, ‘complex systems and evolutionary perspectives on organisations’ emerald group (2003) (14) Slack.N Chambers.S Johnston.R, ‘operations management’ Pearson education 4thed (2004) (15) Naylor.J, ‘Introduction to operations management’ Pearson education 2nded (2002) How to cite Investigative Report on the Operation Functions of Mouchel Group PLC, Essay examples

Law of Business Organisation Economic and Labour Relations

Question: Discuss about the Law of Business Organisation for Economic and Labour Relations. Answer: Type of Company The company to which the said constitution applies is a private limited company which is named XYZ Private Limited. Internal Management of the Company The internal management of the XYZ Private Limited is to be regulated by the rules of the Corporation Act 2001 that are applicable to the company in the form of replaceable rules and the Constitution of the Company (Kershaw, 2012). Thus, both the replaceable rules and the Constitution of the Company will together govern the internal management of the company. The said rule is allowed under the section 135 of the Corporation Act 2001. The said Constitution makes it clear that it has the inherent power to make changes and alter the replaceable rules following a fixed stipulated procedure and non-compliance with the replaceable rules is not to be deemed to be in violation of the Corporation Act 2001. Purpose The primary purpose of establishing the said company is to allow the manufacture and retail of consumer products in the Australian market at reasonable prices and cater to all classes in the society making available the best quality consumer products at affordable rates (Morrison, Wilson Bell, 2012). Directors The company may appoint a director who is responsible for the internal affairs and management of the company in a general meeting by a simple resolution. However, the said director who is appointed by the company has the authority to appoint other directors (Latimer, 2012). However if an director is appointed by other directors on emergence basis, the directorship ceases to exist If the same is not confirmed by a resolution in a company general meeting within 2 months of appointment. Remuneration of Directors The company decides the remuneration of the directors in a meeting by a resolution. The said remuneration includes many benefits and incentives which the director of a company is entitled to as a part of his salary (Winterton, Glass Thomson, 2012). Additionally, the company is also entitled to pat for the directors travelling that may be incurred while attending board meetings and conferences in other cities on behalf of the company or for every travelling which is in connection with the companys work operations. Directors Removal A director of the company can resign from his post by giving a written notice of the same in the companys registered office. However, if the members of the company are unhappy with the management skills of the director or believe that the director has failed in his duties, they may remove a director by a resolution passed in the general meeting (Redmond, 2012). In the same meeting, appointment for a new director can also be made by a resolution. The appointment of a director can also be made by the other directors present in the company who are duly appointed following the proper procedure to appoint a director. The directors of a company can appoint a managing director from amongst themselves by a simple vote at the board meeting and the managing director will be the primary individual responsible for the working and internal affair of the company (Hill, 2012). Power of the Managing Director The directors of the company who elect the managing director confer a number of exclusive rights on the managing director like signing on behalf of the company, being the companys face and attending all conference and international meetings on behalf of company. However, in case the managing director acts beyond his authority, the directors have the right to revoke the powers which a managing director possesses (Healey, 2012). Appointment of other employees The appointment of other employees like the managers, secretary, accountant and lawyers depend on the terms and conditions which the directors of the company decide. However, the directors are restricted from wrongfully appointing a relative or a friend for a position for which the relative or the friend is not qualified to hold (Wells, 2012). Execution of Company Documents If at any time, the said company only has one or sole director and no secretary, then the companys sole director can execute a document for the company without fixing the common seal in it. Additionally, the director can also execute a document on behalf of the company by fixing the common seal and witnessing the same (Carey, Knechel Tanewski, 2013). Meeting of the Directors A director meeting which is usually referred to as the board meeting can be called by given a notice at least 14 days prior to that date fixed for the said meeting. The notice needs to be given to each director individually. When there is a managing director, it is the duty of the managing director to check whether the notice of board meeting has reached all directors. The notice of the board meeting has to state the issues and problems which are to be raised at the board meeting. At the board meeting, the directors may appoint a chairperson from the director to hold and supervise the board meeting (Carey, Knechel Tanewski, 2013). The period for which the elected director holds his office as a chairperson can be fixed at the time of the meeting. Unless the directors determine otherwise, the quorum for a board meeting is at least two directors to be present physically and the said quorum is a pre-requisite for any valid board meeting. In case, the board meeting is without quorum, any decisions and laws made in such a board meeting will be invalid. In the recent time, the company has allowed directors to attend board meetings via Skype and video calling. Resolutions A resolution is passed when the number of director who are entitled to vote, vote in majority about a concerned issue. Thus, the majority vote becomes a resolution. The chairperson has a veto vote or a casting vote in case the votes are equal in number. There are certain situations in which a director or a chairperson is not allowed to vote for example when the said director or chairperson has a conflict of interest in what is being decided. In such a case, if the votes are equal, a separate meeting is called for to discuss the said matter and take vote again for a valid and unbiased resolution (Harpur, French Bales, 2012). Shares The company has adopted the follow all the rules of Corporation Act 2001 in the form of replaceable rules and thus the company has the authority to issue shares under section 124 of the Corporation Act 2001. This authority includes the power of the company to issue bonus shares, preferences shares and partly paid shares. Bonus shares are shares for the issue and grant of which no consideration or amount is charged by the company. The holder of bonus share is granted the same as an incentive from the company (Lowry, 2012). However, the rule in the Corporation Act 2001 states that a company is permitted to issue preference shares only when certain rights in relation to preference shares are mentioned and clearly stated in the companys constitution or the said rights are approved by a special resolution. However as the company wishes to issue preference shares which are redeemable, the rights relating to the same are mentioned in the companys constitution. These rights are as follows:- Repayment of capital Participation in excess profit and assets Cumulative and non-cumulative dividends Voting and priority in payment of dividends relating to other shares or different class of preference shares Thus, in the companys constitution as the rights in relation to redeemable preference shares is already mentioned, the rights need not be guaranteed by a special resolution and the company can issue redeemable preference shares as and when it wants. A preference share for the purpose of this section means shares which enjoy dividends and priority in payment of the same before the equity shareholders. The preference share capital is also returned before the equity share capital. Preference shares can be of multiple types however redeemable ones means a share which can be repaid after the expiry of a stimulated period or after giving the company issuing it a prescribed notice. The terms of repayment are declared while the redeemable preference share is issued. Thus, the said company can issue as many redeemable preference shares as and when it desires (Kershaw, 2012). Signed: .. Signed: Signature of the Director: .. Dated: . Section 124 of the Corporation Act 2001 discusses the legal capacity and powers of a company which is operative in Australia. The section 124 of the Corporation Act 2001 gives a company the legal capacity and power of an individual both in and outside its jurisdiction. Thus, every company operative in Australian has a separate corporate legal capacity which is distinguished from its associated living beings like the directors, managers and employees and shareholders. This also means that a company enjoys all the legal rights and freedoms which are enjoyed by a natural human being. The said legal capacity was given to a company to establish a company as a separate legal entity which can perform many functions that can be performed by an individual person like entering contracts, suing or being sued. The said capacity also reduces the pressure from the management of the company for being sued for petty reasons as the company being considered a natural person under law can be sued itsel f (Marshall Ramsay, 2012). Additionally, a company is considered to have all the powers of a cooperate body which includes the powers to:- Issue and cancel shares Issue debentures Grant options for unissued shares in the company Grant security interest which also includes a circulating security interest over the companys property (Giordano, 2011). Arrange for the company to be recognized outside its jurisdiction area and do many such things that are permitted and considered legal in the eye of law. The section 124 of the Corporation Act 2001 in Australia clearly states that companies that are limited with guarantee have no authority and power to issue shares. Thus, the Corporation Act 2001 with the help of section 124 gives a company operative in Australia legal capacity of a natural person and a cooperate body and also gives a company many more powers however the company is allowed to only engage in such activities and powers which are legal and permitted by the statute in Australia (Redmond, 2012). Section 129 of the Corporation Act 2001 in Australia is related to section 128 of the Corporation Act 2001. Section 128 of the Corporation Act 2001 discusses how individuals are allowed to make certain assumptions in relation to their dealings with the company. These assumptions are usually considered to be correct and accurate. Section 129 of the Corporation Act 2001, talks about, the assumptions which are allowed to be made, when an individual deals with a company operative in Australia. The first assumption under section 129 that can be made by an individual dealing with a company is that the constitution of the company along with the replaceable rules are complied with by the company (Lanis Richardson, 2012). Thus, the said section was established to protect an outsider who deals with the company who may not be aware of the internal working and management of the company and thus should not suffer any loss, harm or damage if the company internally fails to comply with its constit ution and the replaceable rules which are required to be complied by a company. Thus, when a company deals with an outside, the outsider is allowed to assume the company has complied with the constitution and the replaceable rules it is required to satisfy. The said section was introduced under the Corporation Act 2001 to make provisions to adopt the doctrine of indoor management in the said Act. The doctrine of indoor management states that an individual dealing with a company need not inquire about the companys internal management and can presume that the company has complied with its constitution and replaceable rules (Edwards et al., 2012). Section 588M of the Corporation Act 2001 discusses the recovery of compensation for loss resulting from insolvent trading. The said section is a consequence or an effect of the section 588G of the Corporation Act 2001 which talks about the directors duty to prevent insolvent trading by company. Thus, if a director of a company operative in Australia has breached his duty under section 588G of the Corporation Act which is to prevent insolvent trading, he is liable to pay the creditors of the company who have suffered losses as a debt and the creditor is allowed to recover the same from the directors of the company. Thus, the said section was created to keep the directors on check and make them liable for all the losses which are incurred to creditors as a result of breach of directors duties. Thus, apart from the director duties mentioned in section 180 -184 of the Corporation Act 2001, the section 588G gives an additional duty to the director of a company in Australia and provides fo r a punishment or the liability which the director has to bear unless he breaches the said duty (Latimer, 2010). Reference List Anderson, H. L., Welsh, M. A., Ramsay, I., Gahan, P. G. (2012). Shareholder and Creditor Protection in Australia-A Leximetric Analysis.Company and Securities Law Journal,30(6), 366-390. Carey, P., Knechel, W. R., Tanewski, G. (2013). Costs and Benefits of Mandatory Auditing of For profit Private and Not for profit Companies in Australia.Australian Accounting Review,23(1), 43-53. Edwards, M., Halligan, J., Horrigan, B., Nicoll, G. (2012).Public sector governance in Australia. ANU Press. Edwards, M., Halligan, J., Horrigan, B., Nicoll, G. (2012).Public sector governance in Australia. ANU Press. Giordano, F. (2011). Company Secretary: Financial Reporting Duties of Directors-Ten Corporate Governance Lessons from Centro for Non-Executive Directors of Listed Public Companies.Keeping good companies,63(7), 390. Harpur, P., French, B., Bales, R. (2012). Australia's Fair Work Act and the Transformation of Workplace Disability Discrimination Law.Wis. Int'l LJ,30, 190. Healey, D. (2012). Governance in sport: outside the box?.The Economic and Labour Relations Review,23(3), 39-60. Hill, J. G. (2012). Why Did Australia Fare So Well in the Global Financial Crisis?. Kershaw, D. (2012).Company law in context: Text and materials. Oxford University Press. Kershaw, D. (2012).Company law in context: Text and materials. Oxford University Press Lanis, R., Richardson, G. (2012). Corporate social responsibility and tax aggressiveness: An empirical analysis.Journal of Accounting and Public Policy,31(1), 86-108. Latimer, P. (2012).Australian Business Law 2012. CCH Australia Limited. Latimer, P. (2012).Australian Business Law 2012. CCH Australia Limited. Lowry, J. (2012). The Irreducible Core of the Duty of Care, Skill and Diligence of Company Directors: Australian Securities and Investments Commission v Healey.The Modern Law Review,75(2), 249-260. Marshall, S. D., Ramsay, I. (2012). Stakeholders and directors' duties: Law, theory and evidence.U of Melbourne Legal Studies Research Paper, (411). Morrison, T. H., Wilson, C., Bell, M. (2012). The role of private corporations in regional planning and development: opportunities and challenges for the governance of housing and land use.Journal of rural studies,28(4), 478-489. Redmond, P. (2012). Directors' duties and corporate social responsiveness.UNSWLJ,35, 317. Redmond, P. (2012). Directors' duties and corporate social responsiveness.UNSWLJ,35, 317. Wells, P. (2012). The non-profit sector and its challenges for governance.Journal of leadership, accountability and ethics,9(2), 83. Winterton, G., Glass, Thomson. (2012).Australian Federal Constitutional Law. LBC Information Services, Sydney.

Abortion Essays (1133 words) - Abortion, Fertility,

Abortion May, 1990, Bill C-43 was passed into legislation, this was the bill stating that abortion should be treated like any other medical procedure. Regrettably, by 1991 this bill was passed into law. What had been considered an illegal act, could now be purchased for a small fee. The murder of unborn children would now be accepted by the Canadian government. Abortion goes against religious doctrine, it causes severe psychological effects in women who follow through with the procedure, and should be considered murder. The theologians of the catholic religion have shown that aborting fetus' goes against the will of God. According to the bible an unborn child is considered holy and sacred. Before I formed thee in the womb, I knew thee; and before I camest fourth out of the womb, I sanctified thee (Jer. 1:5). In Gods eyes a fetus living inside a woman is a human being. Ending the life of another human being goes against religious beliefs. The bible states that judgment will be bestowed upon those who do not protect the lives of others. Those who claim ignorance will still be held accountable for their actions. Rescue those who are unjustly sentenced to death; don't stand back and let them die. Don't try to disclaim responsibly by saying you didn't know about it. For God, who knows all hearts, knows yours, and He knows you knew! And He will reward everyone according to his deeds (Proverbs 24:11-12). God creates babies in the womb fully alive and filled with emotions. For behold, when the sound of your greeting reached my ears, the baby leaped in my womb for joy (Luke. 1: 43-44). The church stands by it s beliefs against abortion. The most recent development of church position on abortion has been to condemn abortion on the grounds that what begins as human life [and not necessarily a full human being] is morally entitled to the 'right to life' (Terkel 99). Once an abortion has taken place a life has ended, this could be why so many women suffer from the after effects of an abortion. Women can suffer from what has been diagnosed from what is called Post Abortion Syndrome (also know as PAS). Post Abortion Syndrome may cause women to have symptoms such as feelings of guilt, depression and anger: I went through, and still go through, severe mental problems - visualizing the procedure in my mind, hating my self, grieving and wanting to escape from the whole situation. The abortion precipitated years of drug and alcohol abuse, and eating disorder and eventually a serious clinical depression. That supposedly safe procedure has had fourteen years of serious repercussions. (Terkel, 55). This type of depression can surface immediately after terminating the pregnancy or even years later. Women can still struggle with these symptoms throughout their lives. One woman accounts an abortion as the worst decision of her life: I thought that by having an abortion my problems would be solved as, at least, I would be able to get a job not showing that I was pregnant. Little did I know how wrong I was. I grieved and am still grieving ever since. I have suffered major depression and have contemplated suicide various times. I wish I never had a abortion. I have constant nightmares about a baby crying. This was worst choice of my life and a very bad decision indeed (Ursala's story). In fact, women who do proceed with an abortion had nearly a five hundred percent greater suicide risk in the twelve months after, compared to women who carried to term. (stats - birth and abortion). Although abortion has been legalized, the burden of guilt will still remain with women who have terminated their pregnancies because they know the existence of a life has been extinguished at their will. The Canadian Criminal Code prohibits any person from killing another human being, when such an act occurs a punishment will be dispensed to that individual. It has been scientifically proven that even an embryo at just fourteen days individually exist from fertilization. The embryo is specifically human, and begins to organize itself at once, to interpret and execute the instructions in the DNA code it carries. It is complete, unique, human

Great literature essay writing tips

Great literature essay writing tips Literature essay When writing a literature review (sometimes called literature essay), you need to present a review of a particular academic source. It is one of the common assignments given to students at college. Sometimes, it can be produced in the form of an annotated bibliography. However, in the majority of cases, it is presented in the introductory paragraph. Moreover, it may be a part of a thesis or research report. The purpose of writing a literature paper is to examine the given topic thoroughly and provide readers with detailed research results. In order to prepare a superior essay, you should take a few steps. First, you should clearly define the aim of writing. Second, present the issue you are going to examine. However, it should not be a numbered list of items providing brief description of a particular academic source. Note that writing essays about literature is very useful. This assignment will help you gain considerable knowledge in a certain academic field. In addition, it is a great opportunity to develop your skills. Therefore, when preparing this work, you will learn how to conduct a research. You will know which methods to use to gather useful material on the discussed subject. Besides, when producing this paper, you will learn to perform an objective analysis of the issue. The key peculiarities of a literature essay paper are the following:It should provide material closely related to the thesis statement; The obtained results should be summarized informing readers about what have been found out and what still should be researched; It should identify controversial questions and present the points that have to be explored.If you want to be sure that you will not miss any points, which should be covered in the paper, answer the following questions:What issue can my work help examine? What is the aim of writing my paper? Am I going to develop a particular concept or idea? Should I do extensive research to consider the subject from different angles? What sources do I use (books, journal entries, websites, etc.)? What subject am I writing my essay on literature (Political science, Philosophy, etc.)? Have I gathered enough information about the discussed subject? Are the collected data reliable? Does my paper contains useful information only or there are unnecessary minor details? Have I used enough sources to cover the topic completely? Have I analyze the gathered facts painstakingly? Have I compared the issues appropriately? Have I discussed the listed points thoroughly? Is the opposing opinion on the matter under consideration presented in my work? Is my paper explicit? Will readers consider it worthy?It is obvious that students use different sources when they write papers such as a drama essay, for example. If you want to be sure that you use proper books, articles, etc., respond to the following questions:Does the author address the issue directly? Is the problem accurately identified? Is its importance illustrated properly? Could the author have adopted more effective methods for tackling the issue? What field the author specializes in? What is the authors theoretical background (political, philosophical, sociological, etc.)? What is the connection between research and theoretical principles? Has the author critically analyzed the sources used for exploring the issue? Does the author present the opposing opinion on the addressed matter?When doing research, you need to determine whether its basic elements are closely related to each other. Check for validity of the calculations made. Make sure that the provided data are analyzed appropriately. As to the conclusion, it has to be based on the presented arguments. When using particular books, you need to make sure that it is worth using them to write your poetry essay or poetry analysis essay. Thus, consider the following questions:Does the author provide impressive examples or put rhetorical questions? Are there enough facts about the explored subject? Is there a specific order of presenting arguments? Do they make the flow of information steady? How does a book or article help solve the considered problem? Is it worth considering when analyzing the issue? In what way is the chosen book related to my thesis?Final Stage You should know that a literature essay is not a numbered list of briefly describes sources. It should provide valuable information about a particular work. Note that it should not start with the name of the scholar. In order to produce a great paper, you should divide your paper into a few units. Each of them should cover a specific point. Do not forget that your analysis should be based on hard data. Remember that there is no need to indicate all the sources which are available to study the issue. You need to analyze those publications that contain useful material on the matter you are going to discuss. If you need to write an annotated bibliography, you should provide a brief description of each entry used for producing your literature review. Nevertheless, you still need to make thorough analysis and choose those sources that contain only relevant information about the explored subject. Do not forget that the issue you are going to examine should be presented in the introductory paragraph. Meanwhile, a conclusion should summarize conducted research. In order to compare the subjects properly, you may categorize them into groups.

Aggument for early childhood education socio-emotional support Essay

Aggument for early childhood education socio-emotional support - Essay Example Each preschool has its own ideas about how to provide care for young children, and its own approach to what resources to provide, what rules should be in place, what curriculum is best, how to measure success and, especially, what it means to support children’s development. That area is in preschool support of social and emotional development. It is critical that the preschool child develop social and emotional development skills, and one of the best ways to do so is in imaginative play. Therefore, this paper argues that preschool teachers must learn how to support young children’s socio-emotional development in imaginative play. There are some basic socio-emotional skills that need to be mastered prior to entering kindergarten. If these skills are not acquired, the child experiences difficulty with school lessons and school experience in more advanced grades. These skills are said to include: Identify and Understand Own Feelings Empathize (understand other peopleâ€⠄¢s feelings) Self- Regulate (control own feelings, moods and behaviors) Cooperate (get along with peers and teachers for group activities) Establish and Sustain Relationships Pay Attention and Follow Directions (Boyd, 2005) These skills build on each other and even activate maturation of the brain (Ginsburg, 2007). For example, self-regulation requires proper pre-frontal cortex development. At the same time, development and maturation of the pre-frontal cortex is improved through practicing self-regulation. ... argument I want to make, in this paper: that if preschool teachers do not support children in practicing socio-emotional skills, the child’s brain is likely going to be warped in a way that can be permanent, a case of bad teaching causing brain damage. This damage to the developing child’s capacity may go unnoticed at first, but becomes increasingly serious as time goes on. In fact, research indicates that children who fail to develop normal socio-emotional skills are at much higher risk for continued classroom misbehavior, peer rejection, low self-esteem, juvenile delinquency, and eventually a downward spiral into crime (Wenner, 2009). This costs the child a loss of their potential, and it costs society a lot of money and fear and loss. This tragedy is widespread. Kindergarten teachers’ ratings indicate that 20-30% of kindergarten children lack social-emotional skills (Boyd, 2005). The biggest tragedy is that it is easily preventable! One of the most important w ays that a child can develop the necessary socio-emotional skills is through imaginative play (Barbour, 2007; Ginsburg, 2007). Imaginative play allows the child to develop both cognitive and socio-emotional skills. The child can practice skills, in safety, that have been slightly introduced earlier. For example, the child may have observed adults shaking hands in greeting, demonstrating politeness. The child may be intrigued by this social ritual but feel too shy to try it, in case of embarrassment. Imaginative play allows the child to create a situation within a personal comfort zone, in which that skill can be practiced. In terms of self-regulation, as another example, the child may have experienced a recent situation that aroused feels of intense anger at a sibling. The child understands that it is not

Terrorism Essay Example | Topics and Well Written Essays - 750 words - 5

Terrorism - Essay Example Terrorism has become one of the most misused terms since 9/11. There is a need to differentiate between a terrorist and a freedom fighter. Many politicians and scholars combine these two types of militants, depending on their personal positions or views. Freedom fighters use violence and sometimes public panic, but they do not target civilians. Terrorists can sometimes use freedom fighter tactics, but generally prefer to resort to violence, public panic, and civilian targets. For example, is Osama bin Laden a terrorist? Yes, but not all of his acts of violence can be classified as terrorism. Even all the violence on 9\11 cannot be defined as terrorism. The Twin Towers were a terrorist attack. Bin Laden utilized all of three elements of terrorism given in the text; violence, public panic, and the targeting of civilians when the Twin Towers fell. The Pentagon and White House planes were targeted for government and military installations. This ruled out the targeting of civilians, even though they knew civilians would be killed. Civilians have always been causalities of wars, whether on purpose or not. The attack on the USS Cole was not terrorism. It was an attack on the US government and military. War acts are also not classified as terrorism. The difference is civilians are not solely targeted. Civilians will die in conflicts, but there is a difference in a bomb accidentally falling short, killing civilians and targeting a civilian neighbourhood. There is also a difference between bombing a munitions factor that a dictator houses civilians in. The intent is what matters. Terrorists intend to cause the maximum civilian deaths to cause panic. Now that difference between terrorism and freedom fighters have been established, the statement that â€Å"terrorism is never justified† holds true. Terrorism is mass murder. Murder in a civilized society is wrong. Not only is terrorism never justified, it does

Community Writing Part 3 Essay Example | Topics and Well Written Essays - 1000 words - 1

Community Writing Part 3 - Essay Example Security forces relate and interact with the community in one-on-one basis just like it should be the case under normal circumstances. However, through this interaction, the community is mobilized and actively involved in addressing crime concerns in the society. While this is a positive move for the entire society, security enforcers and the community included, complexities and problems emerge in relation to the effectiveness of this process. This paper is based on the argument that amid complexities and problems of community policing in fighting crime, community policing fundamentally addresses the interests of the entire society involved. In other words arguments for community involvement in fighting crime are presented, taking into account that the process is highly characterized by complexities and problems that are in most cases ignored. To enable the success of this process, stakeholders in community policing have to establish functional relations and interactions. One of the most fundamental points to capture is that the community contributes to the enhancement of its safety and security. The collaboration of the community with the security forces in the community makes this practice an outstanding phenomenon to employ in fighting crime. However, emerging issues in this line cannot be ignored. The key aspects that have to be captured in the evaluation and analysis of this topic are: motivating factors in the involvement of the community in fighting crime, the design and structure of community policing practices, influencing variables that enhance community-police collaboration, the functionality basis of community policing in addressing crime concerns, the flow of information from one party to another, the applicable laws in the legal system, the extent of success in integrating community in fighting crime, and the complexities and problems encountered in the process. These are some of the many aspects that revolve around community policing

Economics Essays Financial System Banking

Economics Essays Financial System Banking Capital Adequacy Directive Abstract In the recent years, it seems that the supervisors have increased the attention on the capital adequacy of banking intuitions in order to enhance and maintain the stability of financial system. The purpose of the present paper is to investigate into the merits as well as disadvantages of the Capital Adequacy Directive implementation in the Switzerland economy for the behaviors of Swiss banks and shed some light on whether and how Swiss bank react to constraints placed by the regulator on their capital. The analysis and evidences given will clarify the finding is that while the Swiss banks enjoy the typical merits that have been brought by this innovation, some drawbacks they might endure could not be neglected, which implies the need for good policy guidelines of Government and Central Bank. Chapter 1 Introduction We do realize there are better moments to introduce substantial increases in capital requirements. Nout Wellink (April, 2008), head of the Basel Committee on Banking Supervision During the last 30 years, a wide range of countries have introduced the formalized capital requirement. This innovation seemed to be spearheaded by the adoption of minimum capital requirement in some particular states (for instance, the US and the UK in 1981). However, with the first introduction of Basel Accord in 1998, the common minimum capital requirements were actually adopted by G-10. To date, the Accord has been implemented by over 100 countries world-wide (Allen, 2004). The implementation process of Capital Adequacy Directive (CAD) on the one hand produced many successes in practice as it helps to limit risk-taking relative to capital and to prevent systemic instabilities arising from large-scale banking failures, thereby enhancing the productivity, efficiency, safety and soundness of domestic banking system, in general, global financial system. On the other hand, it also has generated several important failures and unintended consequences as it might reduce the lending ability of commercial banks which in turn directly influences to their competitiveness relative to other forms of intermediation. This study attempts to measure the cost and benefits of Capital Adequacy Directive and apply it to the population of commercial banks that operated in Switzerland. The result suggests that even though some negative impacts of CAD is obviously seen, the implementation of CAD in Swiss banking system is essentially and truly needed. As the matter of fact, the advantages that Swiss commercial banks have achieved due to the effectiveness of capital adequacy regulation outweigh the disadvantages they might suffer. The paper is divided into 4 sections. Chapter 2 introduces the historical review and general theory of Capital Adequacy Directive. Chapter 3 provides firstly the analysis on the both benefits and costs of CAD, followed by the statistic evidences from Swiss commercial banks’ behaviors. Finally, the summary of the main findings of this study and conclusion will be mentioned in the last section. Chapter 2 Capital Adequacy Directive: Historical Review and General Theory 2.1 Historical review The Capital Adequacy Directive was firstly and officially introduced as the core part of the 1998 Accord, referred to as Basel Accord (International Convergence of Capital Measurements and Capital Standards) issued by the Basel Committee on Banking Supervision (henceforward Basel Committee) in July 1998 (Hall, 2004). This accord is not formal treaty nor a binding legal rule, however due to the practical effects conveyed with it, the guidelines of this accord have been implemented not only by signatory countries at the beginning but also by over 100 countries world-wide (Lastra, 2004). Nevertheless, the 1988 Accord has been criticized for its crude assessment of risk and for creating opportunities for regulatory arbitrage (Blum and Hellwig, 1996). Therefore, at the end of June 2004, the â€Å"New Capital Accord† (henceforth call Basel II) was finally issued after the endorsement conducted by G10 banks supervisor in order to replace the original accord (now termed â€Å"Basel I† agreed in 1988) and solve the problems occurred as the result of Basel I implementation in banking system. 2.2 General Theory of Capital Adequacy Directive The genesis of Capital Adequacy Directive as well as the capital regulation could be traced back to the concern that bank might hold less capital than is socially optimal â€Å"relative to its riskiness as negative externalities resulting from bank default are not reflected in market capital requirements† (Rime, 2001). In the 1988 Accord, the Basel Committee provided a ratio of capital to risk-weighted assets. In this Basel formula, Capital is divided into Tier 1 (equity capital plus disclosed reserves minus goodwill) and Tier 2 (revaluation reserves, undisclosed reserve, general loan loss reserves, and subordinated term debt). Specifically, Tier 1 capital must to constitute at least 50% of the total capital base. In addition, the denominator of this Basel formula is the sum of risk-adjusted assets plus off-balance sheet items adjusted to risk. (Lastra, 2004) According to (BIS, 2008) the 1998 Accord in essence prescribed that banks hold capital of at least 8 % of their risk-weighted assets. Although there is no strong argument for the â€Å"target† ratio 8%, it still was considered to be â€Å"sufficient† due to the empirical application from previous policy applied in some states such as the US/UK bilateral agreement of 1986 regarding capital adequacy (Rime, 2005). Eight percent were the median in exiting good practice at that time: the US as well as the UK around 7.5 %, Switzerland 10%, France and Japan 3 % (Lastra, 2004). In fact, data from a wide range of banks from the Fitch IBCA database and national supervisors as well as the Basle Committee denote increasing trend with the average capital ratio rising from 9.3% in 1988 to 11.2% in 1996. â€Å"Most countries experienced increases in their capital ratios although those countries, which were close to, or below, the Basle minimum capital adequacy ratio of 8% in 1988 evidenced a much higher overall increase than those, which had historically high capital ratios†. (Jackson, 1999) Recently, in the new approach, often referred to as Basel II, specifically in the First Pillar ─ Minimum Capital Requirements, the overall level of regulatory capital currently held by banks is not set to rise or to be lower. The capital ratio is calculated using the definition of regulatory capital and risk-weighted assets and the total capital ratio must be no lower than 8%. In addition, the tier 2 capital is limited to 100% of Tier 1 capital (BIS, 2004). However, it is set to be more risk sensitive (Blum and Bichsel, 2004). Chapter 3 Costs and Benefits of Capital Adequacy Requirements: The Analysis for Switzerland 3.1 Understanding the Swiss banking system: To date, the Swiss banking system is typically depicted as one of the leading universal banking system around the world since this type â€Å"universal banking† was firstly allowed at the Banking Law of 1930 (Stiroh and Rime, 2003). In reality, like the most continental European countries, Swiss bank legislation does not distinguish between the commercial and investment banks. In principle, Swiss banks are able to offer a wide range of financial services such as: lending and deposit-taking, underwriting, brokerage, trading and portfolio management (Swiss Bankers Association, 2006). Furthermore, the Swiss banks might vary in the way they use their options to engage in all types of financial activities as the â€Å"truly universal banks co-exist with the institution specializing either in traditional banking or financial market activities†. According to Swiss Bankers Association (2006) the Swiss National Bank (SNB) classifies the banks in Switzerland into ten major categories: big banks, cantonal banks, regional and savings banks, Raiffeisenkassen banks, commercial banks, consumer loan banks, stock exchange banks, other banks, foreign, and private bank. These bank categories differ with regard to their size, business focus, geographic scope of activities and legal form. Within the banking sector, the big banks maintain a dominant position in every respect. As the matter of fact, the Swiss economy is characterised by a comparatively large banking sector by international standards, and by the dominance of two banks, Credit Suisse and UBS. At the end of 2006, the banking sector’s total assets exceeded CHF 4,500 billion or nearly ten times the size of Swiss GDP. This is by far the biggest ratio among the G10 countries, followed by Belgium and the Netherlands where total bank assets are five times the size of GDP. Measured in absolute terms, the US has the largest banking sector. However, total assets of all banks are less than US GDP (Swiss National Bank, 2007) 3.2 Advantages and Disadvantages of Capital Adequacy Directive towards Swiss banks’ behaviour In this paper’s context, instead of taking assessing advantages as well as disadvantages of CAD for all the participants of financial market, I would like to take the point of view to this issue from the one particular party of market – the banks. Merits Almost all financial experts hold the opinion that though capital generally accounts for a small percentage of the financial resources of banking institution; it plays a crucial and important role in their long-term financing and solvency position, which directly influence to their public credibility and reputation. The inverse relationship between the capital adequacy requirement and bank risk taking has been found in the research of Avery and Berger in 1991. In order to meet the 8% target ratio of Basel formula, banks have not been encouraged and limited to take the high risky activities, which always promises the high payoffs, thereby reducing the likelihood of failures. In addition, it is undeniable that the implementation of Capital Adequacy Directive leads to the more powerful ability of banks at the event of financial crisis as the more reasonable the capital ratio is set up, the higher the probability that a bank will not fail to pay back its debts. This fact tends to justify the existence of capital adequacy regulation in order to avoid bankruptcies and negative externalities on the financial system. In other words, it could be said that Capital Adequacy Directive is needed to maintain and enhance the financial stability of banks, generally, for economics. In the case of Swiss banking system, Switzerland welcomes that the Capital Adequacy Directive has been adopted as an important means to preserve the financial soundness of the Bank and its triple A rating. According to Swiss Banker Association (2008) the Swiss banks are well capitalized by international standards and as an additional safety measure, Swiss law demands capital adequacy standards even higher than those required by the Basel Accord. Swiss banks can therefore certainly be counted amongst the safest in the world. The following table will display the marked-rise in risk-weighted in all bank categories in Switzerland at the year-end of 2006 As been shown from the graph, in 2006, the risk-weighted capital ratios rose in all bank types as it increased from the 13.1 % to 13.9 % in terms of the entire banking sector (exceeded the G-10 countries’ average by more than 2.5% point at the same time). This increase was particularly pronounced at the big banks (from 11.5% in 2005 to 12.4% in 2006). Specifically, let take UBS – one of two largest banks in Switzerland as a typical example for the benefits of Capital Adequacy Directive in order to maintain the financial stability. The capital that UBS is required to hold based on Swiss Federal Banking Commission (SFBC) regulations, which differ in some certain respects from the calculation under the Basel Capital Accord (BIS guidelines). As a result of the differences in regulatory rules, UBS’s risk-weighted assets are higher, and its ratios of total capital and Tier 1 capital to risk-weighted assets, are lower, when calculated under the SFBC regulations than under BIS guidelines. However, UBS has always had total capital and Tier 1 capital well in excess of the minimum requirements of both the BIS and the SFBC. Capital adequacy The success of USB in doing business as well as maintaining financial stability has been measured and confirmed by the largest and most famous credit rating agency such as Fitch Ratings, Standard Poor’s and Moody’s. In February 2006, the rating agency Standard Poor’s affirmed UBS’s AA+ long-term and A-1 + short-term ratings and commented: â€Å"The key strengths of USB business profile are the strong cash flow, high returns, and the sound capital base.† In which, the last one has been brought by the presence of successful implementation of Capital Adequacy Directive. Not surprisingly, to date, the capital base of the Swiss banking sector appears to be sound as all banks reported excess capital at the end of 2006 ( Swiss National Bank, 2007) To sum up, the Capital Adequacy Directive framework is truly needed for Swiss banks in order to avoid bankruptcies and negative externalities on the financial system, enhancing and maintaining the financial stability. Disadvantages Despite what has been shown, nothing could be further from the truth that capital adequacy might affect the banking system’s ability to extend credit. Under the circumstance that the regulatory are set too high, that might leads to the risk-adjusted market return on bank loans will be insufficient so as to cover this artificially high cost of capital, therefore decreasing bank-lending activities. This so-called credit-crunch, which will directly impact not only to the financial stability of banking system but also the aggregate level of economics activities (Allen, 2004). Furthermore, there are various concern have been raised over whether the presence of capital requirement directive undermine the long-run competitiveness of banks. Jackson at the year-end 1999, and Blanco and Barrios in their research at 2003 have shown that these concerns could be separated into two types: (i) Whether banks have been disadvantaged compared with securities markets or securities firms (ii) Whether the overall profitability of banks has been affected and their competitiveness has been harmed According to Jackson (1999), there is a controversial issue that whether banks, due to the capital adequacy regulation have found it difficult to compete against the securities markets as provider of funds. Many countries have witnessed â€Å"a shift from provision of funding to prime corporates by banks to provision of funding by commercial paper markets or securities markets more generally† but it is difficult to assess how much of this shift was driven by the capital requirements of the banks and how much by innovation and greater sophistication of the borrowers. Furthermore, there is no strong theory as well as empirical evidence to conclude from the profound changes in banks’ long-term share of various markets that they have been driven by the influences of capital requirements on banks’ competitiveness. In the case of Swiss banking system, by using the empirical methods and model to evaluate the relationship between the capital adequacy regulation and the share prices of banks as well as using the data come from 4 big banks, 25 cantonal banks and 125 regional banks in existence from 1989 to 1995 which represents 82% of Swiss banking system, Rime (2001) has shown that there is no evidence about capital adequacy requirement implementation reduce the Swiss banks’ share price. Moreover, Wagster revealed the same result at 1996 when he did the research in the situation of Switzerland, Germany, and Netherlands. It is possible that the introduction of minimum regulatory capital requirements may have harmed the competitiveness of the banking industry. If capital standards require a bank to maintain an equity position in excess of what it would hold voluntarily, or in response to market pressure, then these standards constitute an external constraint on a bank’s operations. In theory, any kind of external interference with the activities of a business firm could harm its short-run profitability or growth and possibly undercut its long-run viability (Jackson, 1999). However, it does seem that the exactly answer for this question whether implementation of capital adequacy regulation harms the competitiveness of banks has not been found yet because the long-term competitiveness of banking is driven by a wide range of factors. As been shown in the above part, the implementation of CAD has been conducted successfully in terms of Swiss banking system. That helps banks to enhance the financial stability not only in their own system but also for entire economy. Hence, the Swiss banking system are now depicted as the universal banking system, being classified amongst the safest and highest profit all over the world. Conclusion In this study, we have just investigated into the costs and benefits of Capital Adequacy Directive towards Swiss banks’ behaviors. Our main message is that Capital Adequacy Directive is truly desirable as it provides an extremely efficient financial mechanism for maintaining the financial stability as well as prestige for Swiss banking system. However, despite the typical merits that have been conveyed by Capital Adequacy Directive, some drawbacks it might create such as unexpected credit crunch phenomenon, is obviously seen. This does require the act of Government and Swiss National bank with more caution as the more efficiency CAD present the more benefits that Government and Swiss banks can achieve. Bibliography Allen (2004), The Basel Capital Accords and International Mortgage Markets: A Survey of the Literature. Avery and Berger (1991), Risk-Based Capital and Deposit Insurance Reform, Journal of Banking and Finance BIS (2008) [www.bis.org] [Internet] [Assessed 15 April 15, 2008] Blum (2003), The Impact of Capital Requirements on Banks’ Incentives to Monitor and to Hold Excess Capital, Journal of banking and finance Blum and Hellwig (1996), The macroeconomic implications of capital adequacy requirements for banks, Journal of banking and finance Blum and Bichsel (2004), The relationship between risk and capital in Swiss commercial banks:a panel study, Journal of banking and finance Blanco and Barrios (2003), The effectiveness of bank capital adequacy regulation: A theoretical and empirical approach, Journal of banking and finance G34 International Banking and Finance materials by Prof D.H.Gowland G33 International Banking: Regulation and Supervision materials by Prof D.H.Gowland Hall (2004), Basel II: A panacea or a missed opportunity? , Journal of banking and finance Jackson (1999), Capital requirements and bank behaviors: The impact of Basel Accord, Journal of banking and finance Lastra (2004), Risk-based capital requirements and their impact upon the banking industry: Basel II and CAD III, Journal of banking and finance Quotation database, [Internet] [Assessed 15 April 2008] Rime (2001), Capital requirements and bank behaviors: Empirical evidence for Switzerland, Journal of banking and finance. Rime (2005), Will Basel II Lead to a Specialization of Unsophisticated Banks on High-Risk Borrowers? , Journal of banking and finance Sheldon (2001), Costs and Benefits of Capital Adequacy Requirements: an Empirical Analysis for Switzerland, Journal of banking and finance Stiroh and Rime (2003), The performance of universal banks: Evidence from Switzerland, Journal of banking and finance Swiss National Bank, (2008), [Internet] [Assessed 15 April 2008] Swiss Federal Banking Commission (2005), Basel II Implementation in Switzerland Summary of the explanatory report of the Swiss Federal Banking Commission Swiss Bankers Association (2008), Swiss Bankers Association press release, [Internet] [Assessed 15 April 2008] Wagster (1996), Impact of the 1988 Basle Accord on International Banks, Journal of Finance,

School Vouchers are Against the Constitution :: Argumentative Persuasive Papers Education

School Vouchers are Against the Constitution One of Mayor Rudolph Giuliani's recent education reforms is the two-year pilot program where education vouchers will be offered to poor kids from a district in New York City public schools. These students will be given on average $6,500 a year to pay for tuition at a private school (including religious ones). The money they receive will come from taxpayers. When the typical New Yorker dutifully gives Uncle Sam his hard-earned money every year, he is under the impression that his money will be used to fund government programs from which all will benefit. The reason public schools are free of charge is because the costs of running them have been paid through taxes. "Free education for all." Was that not one of the reasons immigrants flooded to America? Giuliani's program channels public money into private funds. He is indirectly endorsing private institutions with public money, and in 80 percent of the cases, these schools have religious affiliations. The last time I read the constitution, it declared a separation of church and state. In this situation, "state" would be the public schools, Giuliani, and tax-dollars. "Church" would be the private religious schools. Giuliani's plan fails to maintain this essential separation. Perhaps the mayor has forgotten that part. I mean, with all the jaywalkers that he has to keep track of, perhaps it would be unreasonable to expect him to institute a constitutional reform program. Legality aside, this Frankenstein remains riddled with flaws. Not all the poor students in New York City public schools are doing badly. That indicates something about the students who fail. I am a progeny of the New York City Public School system. From kindergarten to 12th grade my education has been a publicly funded affair. Ever since elementary school, I have seen many of my classmates flourish in the classroom while others have failed. The students of my elementary school were generally of the same economic and cultural (Italian) background, yet they varied in performance levels. I have found that some of my classmates just displayed no interest in school. Teachers and the system can only do so much. If a student does not care to learn, he or she will not learn no matter how good the education being given to him is. As to why the student is resistant to learning, that is an issue with little correlation to the quality of public schools. School Vouchers are Against the Constitution :: Argumentative Persuasive Papers Education School Vouchers are Against the Constitution One of Mayor Rudolph Giuliani's recent education reforms is the two-year pilot program where education vouchers will be offered to poor kids from a district in New York City public schools. These students will be given on average $6,500 a year to pay for tuition at a private school (including religious ones). The money they receive will come from taxpayers. When the typical New Yorker dutifully gives Uncle Sam his hard-earned money every year, he is under the impression that his money will be used to fund government programs from which all will benefit. The reason public schools are free of charge is because the costs of running them have been paid through taxes. "Free education for all." Was that not one of the reasons immigrants flooded to America? Giuliani's program channels public money into private funds. He is indirectly endorsing private institutions with public money, and in 80 percent of the cases, these schools have religious affiliations. The last time I read the constitution, it declared a separation of church and state. In this situation, "state" would be the public schools, Giuliani, and tax-dollars. "Church" would be the private religious schools. Giuliani's plan fails to maintain this essential separation. Perhaps the mayor has forgotten that part. I mean, with all the jaywalkers that he has to keep track of, perhaps it would be unreasonable to expect him to institute a constitutional reform program. Legality aside, this Frankenstein remains riddled with flaws. Not all the poor students in New York City public schools are doing badly. That indicates something about the students who fail. I am a progeny of the New York City Public School system. From kindergarten to 12th grade my education has been a publicly funded affair. Ever since elementary school, I have seen many of my classmates flourish in the classroom while others have failed. The students of my elementary school were generally of the same economic and cultural (Italian) background, yet they varied in performance levels. I have found that some of my classmates just displayed no interest in school. Teachers and the system can only do so much. If a student does not care to learn, he or she will not learn no matter how good the education being given to him is. As to why the student is resistant to learning, that is an issue with little correlation to the quality of public schools.

Payroll Accounting

Chapter 1 Quiz 1. Which of the following laws has as one of its major provisions the establishment of the minimum wage? a. Fair Employment Laws b. Federal Unemployment Tax Act c. Federal Insurance Contributions Act d. Social Security Law e. Fair Labor Standards Act 2. Which of the following acts covers employee pension and welfare plans? f. Age Discrimination in Employment Act g. Employee Retirement Income Security Act h. Family and Medical Leave Act i. Federal Insurance Contributions Act j. Federal Unemployment Tax Act 3.Which of the following statements is not a provision of ERISA? k. ERISA requires each employer to establish a pension plan l. All of these choices are provisions of ERISA m. ERISA provides that all employees are eligible to set up their own individual retirement accounts n. ERISA establishes minimum vesting schedules that protect the worker’s benefits o. ERISA applies to pension and welfare plans established by any employer engaged in commerce. 4. Which of th e following is not a provision of the Fair Labor Standards Act (FLSA)? . Restricts the employment of child labor q. Forbids discrimination in hiring r. Mandates equal pay for equal work, regardless of sex s. Sets up minimum wage t. All are provision of the FLSA 5. Which of the following bases for discrimination in employment practices is not covered in Title VII of the civil Rights Act of 1964 as amended? u. Color v. National origin w. Age x. Religion y. Sex 6. Medicare is a two=part health insurance program that was part of an amendment to what act? z. Federal Insurance Contributions Act . Federal Unemployment Tax Act |. Federal Income Tax Withholding Law }. Age Discrimination in Employment Act ~. Fair Labor Standards Act 7. Which of the following act deals with the minimum wage paid to laborers for contractors who supply materials to any agency of the United States? . Walsh-Healey Public Contracts . Davis-Bacon . NcNamara-O’Hara Service Contract . None of these choices are correct . Federal Insurance Contributions 8. Which of the following is used to complete each employee’s Form W-2, Wage and Tax Statement? Change in payroll rate form . Employee’s individual retirement account . Payroll register . Employee’s earning record . Employee’s paycheck 9. Which of the following items does not always appear on both the payroll register and the employee’s earnings record in the weekly payroll recording? . Net amount of the paycheck . Cumulative earnings . Gross weekly pay . Federal income tax deducted . All of these choices appear on both records 10. The employee’s earnings record is a listing of a firm’s complete payroll for each pay periods. . True . False