Employment responsibilities Essay Example for Free

Employment responsibilities Essay Understand employment responsibilities and rights in health, social care or children and young people’s settings. Outcome 1 know the statutory responsibilities and rights of employees and employers within own area of work 1 Health safety, minimum wage, working hours, equality 2 – Health Safety at Work Act 1974: An act put in place to look after the health, safety and welfare of people at work, for protecting others against risks to health or safety in connection with the activities of people at work. Equality Act 2010: This act legally protects people from discrimination in the workplace. Employment Rights Act 1996: This act explains what rights employees have in a place of work. For example, time off work, guaranteed wages, dismissal and redundancy. 3 – To protect employees against circumstances they may face in their working lives. Every person who works for an employer is protected from discrimination in the workplace, has the right to receive the national minimum wage, and to work no more than 48 hours per week unless they wish to. These employee rights apply regardless of whether the employee or worker is temporary, fixed-term or permanent, or how long they have worked for the employer. These laws provide rules and regulations that must be followed. 4 – Sources and types of information and advice available can be, speaking directly to managers, reading policies and procedures, looking on the internet (direct.gov.uk) , going to a citizen advice bureau or joining a union. Outcome 2 – understand agreed ways of working that protect own relationship with employer 1 – My contract of employment at Crown House covers the following : job title, probationary period, place of work, pay, deductions, hours of work,  overtime, time recording, short time working and lay off, annual holidays, public holidays, sick pay, alcohol and drug testing, pension, notice and garden leave. 2 – My payslip includes the following information: company name, department, payment method, payment period, payments, hours, rate, amount, deductions (PAYE tax, National Insurance, Pension), totals, week/month, date, department number, tax code, employee number, employee name and net total. 3 – If you have a grievance relating to your employment, you should in the first instance raise this with the manager. If the grievance cannot be settled informally, you must set out the grievance and the basis for it in writing and submit it to the Area Manager. 4- Personal information that must be kept up to date with own employer can include : change of name, marital status, change of address, any medical conditions that may affect work, any medication prescribed that may affect work and any altercations with the police must be admitted. 5 – Agreed ways of working includes policies and procedures, which may cover areas such as: Data protection – how confidential files relating to staff or service users are stored in cupboards where access is only given if needed. Conflict management – if there is any conflict between staff members this should be bought to the attention of the manager and he/she should try to resolve this professionally. Anti-discriminatory practise staff and service users will not be discriminated regardless of their age, gender, sexuality, religion, ethnic background or disability. Health and safety – staff should wear appropriate clothing, for example flat shoes and covered up. It is staffs responsibility to report any health and  safety issues they may come across, whether it be broken equipment or maintenance needed within the building. Equality and diversity – staff and service users must be treated equally but not all the same. Opportunities should not be missed just because somebody may need extra support to do something. For example, if a sensory room is upstairs and somebody cannot manage the stairs for whatever reason, help should be given (lift, stair lift) so that person can access the room. Outcome 3 – Understand how own role fits within the wider context of the sector 1 – My job description is to provide centred focused care to service users. To provide opportunities for service users to increase their knowledge and experience, to encourage them to maintain present skills and learn new ones, and to enable them to gain more control over their lives. To manage and minimise behaviours as best as possible. To ensure the four key principles of the ‘Valuing People’ document are adhered to at all times ‘Rights’ ‘Independence’ ‘Choice’ and ‘Inclusion’. General and administration duties. ** Important: this is not exhaustive and is subject to review in line with the changing needs of the unit and/or the needs of the service users. 2 Positive Negative Accessing community and participating in activities of enjoyment People may be at risk to themselves and others (staff, members of public) Gives the company a good name Service users not motivated, become lazy Improves service users development and remain stimulated Behaviours may be displayed often Keep service users safe Gives the company a bad reputation 3 – Other people in which staff need to communicate with will include, but  are not limited to, the following: Residential homes – to find out how the service user has been at home (behaviours, illness), let them of know of any lunch requirements (picnics, cooked lunch), ensure money is sent in for planned activities, make sure the service user is dressed appropriately for planned activities. Speech and Language Therapists – to assess, monitor and review a service users eating and swallowing if any problems have been noticed and reported, to offer help with communication aids and techniques. Mental health team – attend regular appointments with service users to see how they are, is medication working? Any new problems/obsessions? How mood has been? (agitated, confused, depressed) Any behaviour triggers? 4 – CQC are regulators for all health and social care services in Enlgand. A regulator is an organisation that checks services meet the government’s standards or rules about care. They also look after the rights of people who need extra support to stay safe. This includes people who are kept in care under a law called the Mental Health Act. The government’s standards cover all areas of care. These rules are about things like: respecting people and treating them in the way we all expect to be treated. making sure people receive the food and drink they need. giving people care in clean, safe buildings. managing services and having the right staff. CQC put care services on their register if they meet the standards, or act quickly if they do not. They continue to use different information to find out as much as they can about services. Information from the public about their experiences of care is very important to CQC. They also work with local groups and people who use services to find out what’s working well and what’s working badly in health and social care services in their area. Inspectors check services all over England to make sure they meet the rules for safe, effective, compassionate and high-quality care. Care services, and other organisations like the NHS, also give CQC information about certain things that happen. For example, they will check a service if more people are dying there than usual. They act quickly to stop unsafe services or bad ways of working. They say what needs to change and go back to check things are better. CQC can also fine people or companies, give  services a public warning, stop the service caring for any new people, stop a service caring for people while they find out what is happening and even shut services down. Outcome 4 – Understand career pathways available within own related sectors 1 – To be a care home manager you would need the following qualifications * at least two years’ senior management or supervisory experience in a relevant care setting within the past five years * a qualification appropriate to the care you will be providing, such as NVQ Level 4 in Health and Social Care, a degree in social work or nursing (with live registration) * a management qualification, such as NVQ Level 4 in Leadership and Management for Care Services (which replaces the Registered Managers Award (RMA)) or equivalent like a Diploma in Management Studies, or a Management NVQ Level 4 . To be a nurse you would need the following qualifications – around 5 GCSEs (or equivalent) of Grade C and above including English Literature or Language, Mathematics and a science subject. to take a nursing degree courses you will normally need at least 2 A-Level s or equivalent. all nurse training is done by universities. They offer nursing diplomas or degrees which take three years to complete. The diplomas however are being phased out and most universities are moving to degree only in September 2011 – all universities must move to degree only by September 2013 to work as a nurse in the United Kingdom you must be registered with the Nursing and Midwifery Council. The title Registered Nurse is only given to you when you have that registration. To be a social worker you would need the following qualifications – a three-year undergraduate degree or a two-year postgraduate degree in social work that is approved by the Health and Care Professions Council (HCPC). Many university courses are full-time, although some work-based routes with part-time study may also be available. You will typically need the following qualifications in order to study for an undergraduate degree in social work: five GCSEs (A-C) including English and maths  at least two A levels, or an equivalent qualification such as a BTEC National  Diploma or NVQ Level 3 in Health and Social Care. You should check entry requirements, as colleges and universities may accept alternatives like an Access to Higher Education or substantial relevant work experience (paid or voluntary). If you already have a degree, you could do a two-year postgraduate Masters degree in social work. When you apply for social work training, you should ideally already have some paid or voluntary experience in a social work or care setting. You will also need to pass background checks by the Disclosure and Barring Service (DBS). Previous convictions or cautions may not automatically prevent you from this type of work. 2 – In order to become a Deputy Manager of a day service such as Crown House, I would speak to my current manager and find out all the information I needed to know. I could also get in contact with the companies head office and if need be any training providers. 3 – The next steps in my career pathway are as follows Any refresher training to update my knowledge and remind me what I learnt last time, this will include NAPPI training. Attend first aid course and SOVA course annually Complete NVQ level 3 by December 2015 Mental health training by June 2016 Outcome 5 – Understand how issues of public concern may affect the image and delivery of services in the sector 1 – The following are cases where the public have raised concerns regarding issues within the care sector: Winterbourne View Baby P Ash Court Fiona Chisholm Orme House 2 – Abuse took place at Winterbourne View, a hospital for patients with learning disabilities and challenging behaviours in Gloucestershire. A Panorama investigation broadcast on television in 2011, exposed the physical and psychological abuse suffered by people with learning disabilities and challenging behaviour at the hospital. Local social services and the English national regulator (Care Quality Commission) had received various warnings but the mistreatment continued. One senior nurse reported his concerns to the management at Winterbourne View and to CQC, but his complaint was not taken up. The footage showed staff repeatedly assaulting and harshly restraining patients under chairs. Staff gave patients cold punishment showers, left one outside in near zero temperatures, and poured mouthwash into anothers eyes. They pulled patients hair and forced medication into patients mouths. Victims were shown screaming and shaking, and one patient was seen trying to jump out of a second floor window to escape the torment, and was then mocked by staff members. One patient was repeatedly poked in the eyes. A clinical psychologist who reviewed the footage described the abuse as torture. On 21 June 2011, 86 people and organisations wrote to the Prime Minister, David Cameron about the revelations, We are aware of the various actions currently being taken within and outside government – such as the DH review and CQC internal inquiry. We hope to make submissions to those both individually and collectively. However, on their own these will not be enough and a clear programme is needed to achieve change. The prime minister responded saying he was â€Å"appalled† at the â€Å"catalogue of abuses† Panorama uncovered. In June 2011 the Association of Supported Living issued a press statement, which was followed up in writing to every member of parliament in the United Kingdom, calling for community based supported living services to replace institutional services for people with learning disabilities. The Daily Mail said Without the investigation by the BBCs Panorama, given huge coverage in the Mail, the abuse of patients at Winterbourne View might be continuing to this day. As it is, the secure hospital and two other care  homes have been shut down, 11 guilty staff have been brought to justice – and a devastating report now exposes the serial failings of the local NHS, police and health watchdogs. For the past year, the Leveson Inquiry has focused relentlessly on the failings of the media. Never let it be forgotten how much this country owes, in the fight against cruelty and corruption, to its free Press. The Daily Telegraph said, It is impossible to read the details of what went on at Winterbourne View, a care home for the severely disabled in Gloucestershire, without feeling repelled. In the wake of an exposà © from the BBCs Panorama, 11 members of staff were convicted of almost 40 charges of neglect and ill treatment of those in their care. The national regulator, the CQC did a nationwide check on facilities owned by the same company, Castlebeck Care – as a result three more institutions have been closed. The CQC reported a systemic failure to protect people or to investigate allegations of abuse and said that Castlebeck Care had misled the health watchdog. The CQC also inspected 132 similar institutions and a Serious Case Review was commissioned. The head of the Care Quality Commission resigned ahead of a critical government report, a report in which Winterbourne View was cited. Mencap published a report warning that similar abuse could be going on elsewhere and calling for the closure of all large institutions far from peoples families. Eleven people pleaded guilty to criminal offences of neglect or abuse as a result of evidence from Undercover Care and six of them were jailed. Immediately after the eleventh person pleaded guilty, the Serious Case Review was published, revealing hundreds of previous incidents at the hospital and missed warnings. 3 The public seems to have lost faith in such regulators and companies as this has been reocurring for a number of years. The media have issued a lot of publicity stating how care companies, social services and regulators have let the victims down by simply not taking these cases seriously enough and ensuring the well-being and standards are being met. The public may feel  reluctant to use the care services to look after their family members. These issues also give the care sector a bad reputation. 4 – Recent changes in service delivery which have affected own area of work includes staff being supervised and appraised on a regular basis, changes to medication being administered, NAPPI training to prevent forceful restraining, ensuring incident/accident forms are completed correctly and signed by witnesses if needed and up to date training, policies and procedures.

Advantages and Disadvantages of Franchising

Advantages and Disadvantages of Franchising Franchising Franchising is arrangement where one party (the franchiser) grants another party (the franchisee) the right to use trade-name as well as certain business systems and processes, to produce and market good or service according to certain specification. The franchisee usually pays a one-time franchise-fee plus a percentage of sales revenueas royalty, and gains immediate name cognition, tried and tested products, standard building and decor,detailed technique in running and promoting the business, training of employees, and ongoing help in promoting and upgrading of the products. The franchiser gains rapid expansion of business and earningsat minimum capital-outlay. Feature of the franchise is that each buyer undertakes to fulfill the various conditions and requirements of the seller (franchiser), related to the production and sale of goods and the provision of related services to consumers. Thus, in the world market there are groups of companies united in a single system under the auspices of a major international corporation. Its partners in the contract the franchisor provides advice on corporate location, selects equipment, helps in training, advice on management, and may also provide financial assistance. All this facilitates the standardization and unification of products and services of the companies included in the system of franchising provides unity on market events, style and design, the quality of goods and services sold the centralization of procurement related savings (and the additional benefit to the franchisor). Advantages of franchising mode are following (Kotler, 2002, p. 377): Rapid expansion of sales markets, the increase in sales volume and the territorial expansion of the business Absence of the cost of the vertically-integrated network management (reduction of personnel costs) A lower level of own capital investment Lift the prestige of the company and its trademark, recognition from the customers, increased confidence in the quality and range of products a single company Income from the sale of the license and renting real estate franchise and equipment Profit from lending opportunities franchisees and reducing the time of turnover. Disadvantages of franchising mode are following (Kotler, 2002, p. 377): The likelihood of a smaller part of the profits from the franchise business than on their own Low reputation of one of the franchises in the absence of proper quality control can affect the reputation of the firm; Difficulty in controlling the reliability of financial reporting franchisee The franchisor is preparing a possible competitor in the face of franchisee company Joint ventures Joint ventures are often created for access to foreign markets, company’s decision to team up with their foreign partner, sharing ownership and control over the activities of the company. In world practice, there are many examples of well-known association of firms and corporations to tap new markets and gain competitive advantage. Creation of a joint venture may be the preferred method of access to foreign markets for the following reasons: 1. If the company lacks the financial, technological, managerial and other resources for self-development in foreign markets 2. If the government does not admit to its market foreign companies or subsidiaries without the participation of local capital for some political or economic reasons; 3. When the company, for economic reasons, team up with a foreign company for the joint production, the sale of which will provide the company higher profits due to the low cost of use of local resources (labor, raw materials, etc.) However, with all advantages of the using joint venture as entry mode for entering and presenting on the international market there are a few problems, the main ones are (Kotler, 2002, p. 377): 1. Contradictions between the partners in the joint venture what may be related to different points of view on the use of the profits of the enterprise, management and implementation of marketing activities, areas of investment, and etc.; 2. The need for a strong partnership in the creation and funding of the joint venture may hamper the implementation of the transnational corporation its own, universal for all countries production and marketing policy. Foreign direct investment The most complete form of the involvement of a foreign market is the investment of capital in the creation own overseas assembly and production plants. The meaning of direct foreign investment is defined by the so-called concept of control. The main idea of this mode of entry is that a foreign investor investing in the purchase or construction companies abroad controls further management decisions in this venture. And he does not have to have a 100% ownership interest in it; even a small percentage of shares may be sufficient to establish control over decision-making (Kotler, 2002, p. 378): On the other side, even all shares do not provide absolute control: if the government dictates whom the company should hire, distribution of revenue, what should company sell and at what price. However, usage of this foreign market entry mode includes several advantages (Kotler, 2002, p. 378): 1. All the profit from investments belongs to the company and it can use it at its own discretion, carrying out their own long-term production and marketing strategies; 2. The firm can increase its profits thought gaining working experience in a large international market with the help of usages local cheap raw materials, labor, saving on transportation costs, etc., as well as expanding sales and conducting effective marketing activities; 3. Paying taxes to the budget of the foreign state and creating jobs, the company can secure a favorable image in government and among the population; 4. Due to establishing close favorable relations with suppliers, distributors, agents and customers the company can better adapt its products, services and marketing programs to the characteristics of the foreign market, thus constantly improving its competitiveness. Direct investment capital to the foreign market is carried out in two forms: the export of venture capital and loan capital. Venture capital imported into the international market in the form of direct and portfolio investment. Direct investment involves the purchase or acquisition of the total local company’s controlling stake. Portfolio investment means buying shares of local companies that are insufficient to establish control over them. Loan capital is loans provided by states, companies, banks, administrative regions, municipalities, etc. Loans divided on two groups: short-term (up to two years) and long term (over two years) (Kotler, 2002, p. 378).

Theories of Development in Class

Theories of Development in Class 1). We have discussed numerous theories of development in class: modernization, dependency, World Systems, neoliberalism, and post-development. Select three of these theories and compare them with reference to: a) the key features; b) explanations of under- and uneven development; c) types of development practices (i.e. how do you do development?); d) identify major criticisms of these approaches. Use plenty of examples to support your points. Development, as a multifaceted, complex issue, has been subject to several attempts to mold a common practice based on a definitive theory. One of the most historically prolific of these was Modernization theory. Modernization theory, as noted by Chant and McIlwaine (2009), is not exactly a singular theory in itself, and more of a complex range of approaches that follow a similar base pattern. An early iteration of this theory is known as evolutionary theory. Evolutionary theory was developed in 19th century Britain by prominent sociologists, who, after examining Darwins theory of evolution, concluded that a pattern of development for various civilizations could be based in a set path evolution. This set path, based upon European civilizations as the final step in the development process, requires that traditional societies change their orientation away from family, community, and cultural religion in order to develop into a European-styled modern society that is based in rationalism and capitalistic gain(Chant and McIlwaine 2009). This evolution theory culminated into Modernization theory. Essentially, a developed society is defined by its use of modern technology to advance a Western export-focused industrialized economy(Chant and McIlwaine 2009). Walt Rostow, a main proponent of Modernization, expanded upon this idea by providing a series of natural steps that a society must go through in order to become fully developed, delineated as a unilinear model of development(Chant and McIlwaine 2009). In the first stage of this model, a society simply exists in a primitive state, where trade is localized and based off a barter system, and religion drives cultural activity. The society then evolves in the second stage to a state of potential development, where capitalistic entrepreneurship and the formation of the state begins in their early stages(RGS 2017). The society then advances to the third step, noted by Rostow as Take-Off. This take-off stage is characterize d by the society transitioning to a capitalist urban industrial economy, with development of state supported infrastructure and agricultural hinterlands. The society then develops to the fourth stage, characterized by diversified economic sectors and advanced transportation networks, as well as advanced educational institutions (RGS 2017). The fifth and final of Rostows steps is aptly titled age of mass consumption, where the society becomes economically consumer based and a welfare system develops. These steps are the tenets of modernization theory, and were commonly thought of as the most effective path to development in the colonial West pre-1970(Chant and McIlwaine 2009). A society will remain impoverished and underdeveloped due to its failure to industrialize in the fashion of Western nation. For example, one could argue that the African nation of Botswana is finally developing and gaining wealth due to their evolution from a traditional tribal society into a nation-state that is rooted in global industrialism. One could then argue that Africa is characterized by uneven development due to the fact that not all nations have gone through the steps of Modernization (Chant and McIlwaine 2009). However, in the 1970s, during the rise of communism and withdrawal of Western colonization, Dependency theory rose in prominence to counter Modernization. Dependency theory is another attempt to explain the patterns of development in various global nations. Dependency theory is noted by Chant and McIlwaine (2009) as separated in three major schools of thought-Classical, Latin-American Structuralism, and Neo-Marxism. Classical Dependency theory, formulated by Paul Baran (1957), rests on the idea that capitalism explicitly hinders development in the Global South. He argues that the Western world relies on developing nations to remain impoverished and unstable as they are an indispensable hinterland of raw resources and manufacturing that the rich, consumerist economies of the West rely on (Baran 1957). Since the basis of capitalism is to generate profit, Western nations exploit underdeveloped nations in order to generate maximum profit. Hence, Global North continues the cycle of poverty in the Global South in order to cement a pattern of exploitation (Baran 1957). An offshoot of Classical Dependency Theory is Latin-American Structuralism -Dependency. This theory, presented by Chant and McIlwaine (2009), is based on the idea economic structuralism, which is a strain of thought schools that claim that development processes must involve changes in underlying social and economic structures of a country. In the context of Latin America, their structural disadvantage in the global economy, beginning in the 1930s, was due to dependence on Western trade markets for exports and imports of goods, as well as competition with other primary raw resources exporting regions(Chant and McIlwaine 2009). What would happen, historically, is that Latin American countries would raise their prices for raw materials too high for Western trade markets. Hence, those markets would go elsewhere for Latin American raw goods such as coffee, bananas, agriculture, and more (Chant and McIlwaine 2009). This put Latin America in a postion of retaining their status of cheap exporters, unable to develop due to lack of substantial capital and reliance o n expensive foreign imports. Chant and McIlwaine (2009) define this relationship as a core-periphery model. The core is the developed West, functioning as exporters of high quality consumer goods that developing periphery nations import. The periphery nations are underdeveloped exports of raw materials to the core countries (RGS 2017). It is by this model that core countries become incredibly rich, and become the controllers of the trade market with the periphery, which must remain in an exploited state to retain the wealth of the core(Chant and McIlwaine 2009). The relationship between the United States and Latin America exemplifies this. The United States, the wealthy core, exploits the periphery, Latin America, for chap raw materials in order to import expensive consumer goods and financial loans. The International Monetary Fund, IMF, made several loans to Latin American Nations, in exchange for the removal of import tariffs and structural social services(Potter et. al 2012). Thi s has led such nations to rely on the United States for imported goods, and has contributed to the lack of development in Latin America(Potter et. al 2012). The neo-Marxist school of dependency theory attempts to provide a solution to this phenomenon. Chant and McIlwaine (2009) state that Neo-Marxist Dependency theory is based on the concept that Western imperialism that occurred in numerous regions of the global South laid the foundations for economic exploitation in the age of global capitalism. Neo-Marxists conclude that the only way for a developing nation to escape the core/periphery cycle of exploitation was to remove itself from the system of global capitalism by adopting communism as its primary economic system(Chant and McIlwaine 2009). Dependency theory is incredibly different from Modernization in that it uses the West as a cause for underdevelopment instead of a model to emulate. Modernization uses Europe and United States as guides to facilitating similar development, while Development theory takes an approach that is from the perspective of the Global South(RGS 2017). Another major theory in development is Neoliberalism. Based on the economic philosophy of Adam Smith and Milton Freidmann, neoliberal development theory states that free, unregulated trade between nations facilitates development and economic growth (RGS 2107). Neoliberalism also touts that large corporations and businesses can generate more profit without government regulation, thus generating more revenue in all countries they operate in. Eventually, any country can become wealthy and developed via open trade relations with numerous countries(Chant and McIlwaine 2009). The cause of uneven development is rooted in overextended regulatory governments that inhibit the market, breed corruption, and prevent transitions to consumerism. The inhibition of the free market is noted as the root cause of poverty in underdeveloped countries(Chant and McIlwaine 2009). This concept is strikingly different from Dependency theory. Dependency theory alludes that it is free, unregulated trade itself t hat causes exploitation and underdevelopment, while Neoliberalism offers it as a path to prosperity. Neoliberal development theory drives the actions and policy of major institutions such as the IMF and World Bank(Potter et. al 2012). Ideally, a poor country would open its market to multinational corporations and nations, engaging in free trade and eventually retaining capital in order to develop. While all of these development theories offer reasonable explanations for the state of global development, they are not without fault. Modernization theory, for example, is flawed as it is inherently Eurocentric. Modernization also promotes rapid industrialization, which could severely harm the environment(Chant and McIlwaine 2009). Dependency theory also has several criticisms. Dependency theorists often offer solutions to underdevelopment via methods such as trade barriers, communist revolution, and government regulation(Chant and McIlwaine 2009). Trade barriers often make the cost of living for a nations citizens higher, and government regulation can stifle the market. And, after the fall of the USSR and similar states in the 1990s, Marxist revolution in the Third World seems unlikely(Chant and McIlwaine 2009). Neoliberalism cannot offer a problem-free solution either thought. As noted by Chant and McIlwaine (2009), major criticisms of neoliberalism include exploitation by corpora tions, debt repayment, loss of food sovereignty, reliance on imports, and loss of social services due to lack of government spending(Potter et. al 2012). Overall, while these theories are by no means perfect, they offer robust and critical frameworks for understating the future paths of developing nations. 6. Explain the evolution of the current global monetary and financial markets. Discuss the power and limitations of the nation-state to control money across borders. Consider how increased financialization has impacted development in the US and beyond. The modern global economy is more complex than ever, with a massive variety of theories as to how it has evolved to its current state. In order to understand the modern market, one first must understand the role of the state in the global economy. After the Treaty of Westphalia, the concept of sovereignty became fixed in the political psyche of the anarchic world system. The term anarchic world system refers to the fact that the international political system of states, not ruled by a governing body, is inherently anarchic. It is in this anarchy that states define themselves as sovereign entities, and, thusly, exist(Lansing 1907). Sovereignty is a states possession of total authority within a geographic territory. There are two types of sovereignty in political theory-external and internal. External sovereignty concerns the relationship between a sovereign power and other states in the international community (Lansing 1907). States with external sovereignty are recognized by other st ates as being a sovereign entity in the international system. Internal sovereignty, defined by law theorist Robert Lansing, is that which is inherent in a people of any state, or vested by its rulerin its fundamental laws (Lansing 1907, 13). Simply put, internal sovereignty is simply the right of a state to govern itself and control its economy. So, with internal and external sovereignty of states established, an international economic system began to form under the theory of capitalism(Potter et. al 2012). Briefly described, capitalism is an economic system in which the means of production and distribution are privately owned by an individual entity, with economic growth proportionate to the accumulation and reinvestment of profits gained in a free market (Seo 2009). The global economy has functioned in a capitalistic sense since the eighteenth century, and has driven everything from Western imperialism to the economic restructuring of the 1940s. It is within this economic context that Seo (2009) offers a succinct examination of the modern financial market. Seo (2009) states that in the years following World War Two the Western world established an international monetary system based on the Bretton Woods Model, a fully negotiated monetary order intended to govern monetary relations among independent nation-states by basing currency exchange rates on gold(Seo 2009). Institutions were established to enforce and enhance this new economic system, such as the IMF, World Trade Organization, and World Bank. However, in the 1970s, the United States, the primary global power, moved it currency off the Bretton Woods System(Seo 2009). With the rise of globalism and the internet in to 1990s, the current world economy is run on neoliberal free trade based in major financial and multinational corporation hubs such as Wall Street, London, etc (Seo 2009). Another fact of the global economy is the financial power of the state. The modern nation-state receives capital via rece iving loans from other states, as well as making loans in order to influence economies (Seo 2009). This system allows for a state to regain a small amount 0f economic control outside its sovereign border. For the United States, economic growth is driven not just by industrial exports or consumer services. Krippner (2005) makes an interesting argument that the American economy is not only driven by finacialization, but that finacialization has altered the pattern of modern development. Financialization, defined by Krippner (2005), is a pattern of capital accumulation though which profits primarily accumulate via financial channels rather than trade and manufacturing channels. Krippner specifies financial channels as activities relating to the provision (or transfer) of liquid capital in expectation of future interest, dividends, or capital gains(Kirppner 2005). Essentially, modern American economics are driven by profits made off financial activities. Krippner (2005) notes this trend increasing as manufacturing industry left America in the 1980s, depleting profits from exports. However, financialization has major implications for US and international development. Krippner (2005) notes that financialization raises two major issues-who controls the modern corporation, and could globalization aid in eroding the autonomy of the states control over their economy? When focusing on global financialization, Akerman et. al (2015) state that the global economy is controlled by corporate-state oligarchs. Historically, a group in power in a state tended to be in possession of the nations natural resources. This was usually the state government before the industrial revolution. As states industrialized their economies and grew a developed business sector, capitalist elites began to hold economic power on par with the state, as they controlled profits from manufacturing and processing natural resources(Akerman et. al 2015). With the emergence and rise of the multinational corporation, power has shifted again. Akerman et. al (2015) define these corporate/statesman cabals as capitalist oligarchies. These oligarchies are not bound by a state, and, hence, drive economics outside o f the state through globalization. This is will often lead to the financialization of a states economy, as a state must allocate more labor as a country industrializes, this implies more capital per worker in the manufacturing sector and lowers profits (Akerman et. al 2015). Second, foreign export capital increases supply and conversely lowers the relative price of manufacturing goods. This incentivizes the economy to move away from manufacturing and into financialization(Krippner 2005). This has impacted development in a major way. 8. You have just been elected prime minister of a newly independent country former colony. What strategies will you use for development? What dimensions of development will you deem most important and how can you measure changes? What theories will inform your practices? What issues and challenges might you face as a post-colonial area? Is it important to craft inclusive development projects in your country and if so, how would you create more inclusive policies (in terms of identity, geography, rural-urban etc. )? If I was the prime minster of a newly independent former colony, I would implement a variety of diverse, inclusive policies and theories in order to create a best-practice solution for how to facilitate development in this country. As a former colony, my nation would face some very unique challenges. As noted by Potter et. al (2012), countries occupied by imperialist powers were often controlled by foreign governments that not only forced Western cultural values upon their populace, but often exploited the labor and ignorance of these peoples (Chant and McIlwaine 2009). When the imperialist power pulls out of an occupied state, they will often leave the country in the hands of a small native ruling class that continues trade with the former occupying power. Because of cultural suppression, tensions often then simmer over and the colonial country falls into economic and political instability(Chant and McIlwaine 2009). My first goal would be to avoid this common situation. In order to accomplish economic security and structural stability, I would draw on guiding principles from Neoliberal theory and Post-Development theory. Neoliberal theory encourages free market trade and industrialization, which I feel would be needed to establish my country in the global corporate hegemony. Free trade would encourage my nation to break out of locked trade relationship with the former colonial power and create markets with other nations. This would be done by drawing on the neoliberal multiplier effect. Sao (2009) describes this this effect is a cycle that is started by reducing import tariffs and export taxes in order to introduce a wide range of global consumer goods into my economy at a low cost. This leads to consumption, which encourages the economy to grow. The growth the economy would attract multinational corporate investors and businesses, leading to reskilling of the workforce. As the workforce expands, immigration to my nation would rise, creating an even more diver se and larger labor pool. This encourages job creation, and promotes entrepreneurship and innovation in order to remain competitive(Sa0 2009 and RGS 2017). This is a positive feedback loop, which would bolster my economy in the short term. However, I would also incorporate elements of Post-Development theory as well. Potter et. al (2012) address that wealthy capitalists and investors cannot lift the poor out of poverty by virtue of their existence. Post-Development theory moves past Western ideals of development by focusing on local community knowledge and support to revitalize a depressed economy (Potter et. al 2012). Because my nation, as former colony, would likely be suffering from a severely fractured cultural identity, creating economic policy based on local needs would help facilitate the repair of cultural identity while focusing economics on s smaller-scale. This would be accomplished with the maintenance of government-supported social services and institutions. I would mea sure this economic dimension of development by monitoring my nations GDP, GNP, household income, and tax revenues. While the economy is certainly an important dimension of new development, others are equally as important. A few that I would intensely and immediately focus on would be education, infrastructure, healthcare, and sustainable cities. I would utilize government spending and stable structure with proper representation from local citizens in order to create an education system and transportation/utility infrastructure. I would likely use taxes to fund these endeavors. I would measure the growth of these sectors by monitoring graduation statistics and public health and safety statistics (Stasczak 2015). Another important dimension of development in my new nation would be the creation of sustainable urban centers. With the impeding threat of climate change and urban migration rates, creating carefully planned, sustainable cities is incredibly important. I plan to measure the carbon output of my cities in order to gain an understanding of how sustainable and environmentally healthy they are . Healthcare is another dimension of development that is crucial to the success of my nation. A healthcare system must be inclusive of all populations and provide immediate access. I would create a single-payer healthcare system, which is currently used in Singapore. Single-Payer healthcare is a system in which the state, rather than private insurers, pays for all healthcare costs, and assess healthcare standards though federal regulations(Akerman et. al 2015). I feel this would be the most equal system of healthcare delivery, as it provides fair access to impoverished and rural communities. Another fact of my nations economic development that would need to immediately be addressed would be currency creation and exchange rates. Staszczak (2015) notes that politicalinstability in developing nations can often perpetuate for decades due to the fact that currency has very low value in global market. Therefore, my nation would need to enter to global market swiftly and establish itself i n order to maintain a valuable, stable currency. This would be incredibly difficult to accomplish in tandem with every other immediate development factor I would need to address. However, with the creation of inclusive policy, my efforts would be more likely to succeed. Some inclusive projects I could incentivize could be local agriculture, education accessible to rural citizens, and facilitating local arts. This helps create a common national identity that is separate from a colonial identity, aiding in national unity. CITATIONS OF NON-CLASS SOURCES: Akerman, A., Naghavi, A., Seim, A. (2016). OLIGARCHIES AND DEVELOPMENT IN A GLOBAL ECONOMY: A TALE OF TWO ELITES. Economic Inquiry, 54(1), 229-246. doi:10.1111/ecin.12284 Lansing, R. (1907). Notes on Sovereignty in a State. The American Journal of International Law, 1(2), 297-320. STASZCZAK, D. E. (2015). Global instability of currencies: reasons and perspectives according to the state-corporation hegemonic stability theory. Brazilian Journal Of Political Economy / Revista De Economia Polà ­tica, 35(1), 175-198.

Loss of Innocence in Hamlet Essay -- GCSE English Literature Coursework

Loss of Innocence in Hamlet      Ã‚  Ã‚   Hamlet is a character that we love to read about and analyze. His character is so realistic, and he is so romantic and idealistic that it is hard not to like him. He is the typical young scholar facing the harsh reality of the real world. In this play, Hamlet has come to a time in his life where he has to see things as they really are. Hamlet is an initiation story. Mordecai Marcus states "some initiations take their protagonists across a threshold of maturity and understanding but leave them enmeshed in a struggle for certainty"(234).   And this is what happens to Hamlet.    Although Hamlet is a little old to have this experience of coming to be a man, we have to realize that his circumstances are not typical. He has lived as the son of a king. He is a scholar who has spent his life studying. He has lived in a world that is not the typical world. And the extraordinary and horrible circumstances that lead him to his manhood break his will and his spirit and eventually cause him to lose his life. Hamlet has experienced a significant change of knowledge and this change does lead him into an adult world, although this is a world that Hamlet cannot live in. Hamlet, through the relationships with his mother, father, and Ophelia, does become a man. But Hamlet's disposition is so fragile, and he is so idealistic that this new world that he faces is not a world that he would ever be comfortable in, and it is not a world that he can live in.    In the beginning of the play, Hamlet's father comes to him as a ghost from the grave. He tells Hamlet of his uncle's betrayal of him and tells Hamlet that he must kill Claudius to set things right. Through this event, Hamlet... ...became a man, he is still left with uncertainty that ultimately results in his death. Unfortunately, this uncertainty of Hamlet's is one that cannot be overcome. Hamlet is a story of realizing that the world is not what we thought it was, that everything is not good, and that there are bad people in the world. It is a story about searching for the meaning behind it all and about trying to figure out how to make a decision. It is a story about becoming a man and Hamlet is the kind of character that keeps us enthralled until the very end.  Ã‚  Ã‚  Ã‚      Works Cited Berman, Allison. "We Only Find Ourselves." Hamlet reaction papers. Wynnewood: FCS, 2000. Lugo, Michael. "Thus Conscience Does Make Cowards of Us All." Hamlet reaction papers. Wynnewood: FCS, 2000. Shakespeare, William. Hamlet. 1600? Ed. Sylvan Barnet. New York: Signet Classic, 1998   

Wake Up Girls Essay -- Media Fashion Papers

Wake Up Girls Sometimes we lose sight of what is important in life and that is when it is necessary to take a step back to reconsider the direction in which we are going. Teenage girls today are becoming less and less original and more generic. Generic symbolizing how alike teenage girls look. It is disturbing for me as a teenage girl to hear and see what teenage girls believe to be imperative in order to be happy and successful. The media in America has everything to do with what is going wrong with the lifestyles of young women. This is when we, as the target group for media, need to reassess our values and the meaning we wish to fulfill in our lives. I believe the media recognizes the influence that they possess over teenage girls but because such good profits are coming in off of movies, clothing, magazines, and other materialistic products, they find no need to stop or redirect their motives. A petite young girl strutting out of Abercrombie & Fitch wearing a black sequenced mini-skirt with a matching black top that is skin-tight against her undeveloped chest walks by at our local mall and unfortunately this is not so rare. Young girls in elementary school wearing skinny strap tank tops and make-up is unnecessary and frightening. It is sad to think that young girls are already caring at that age how they look and what other people might think of them. When I was in elementary school, which was not too long ago, I did not have a care in the world of what I was wearing and most of the girls around me seemed to be oblivious to each-other’s clothing. I actually think my mother still dressed me. So I believe it is valid to say that the influence of the media is becoming greater and it has stimulated children si... ...d hear we need to be able to block it out. The media has influenced us enough in the wrong direction and I believe it is time we influence them in the other direction. Seventeen; â€Å"Young Woman Today Take a Stand and Leave Behind the Generic Route That the Media was Guiding Them Toward.† Now that would be an issue worth the five dollars.N Works Cited Cooper, Peter J, ed., and Allen Stein, ed. Monographs in Clinical Pediatrics: Feeding Problems and Eating Disorders in Children and Adolescents.Vol 5. Philadelphia: Harwood Academic Publishers,1992. Russell, Gerald F.M. â€Å"Impact on Puberty of Anorexia.† Cooper 90. NationalEatingDisorders.org.22 Sep. 2003. Statistics; Eating Disorders and Their Precursers. 23 Sep. 2003

Managerial Stakeholder Theory

Managerial Stakeholder Theory To predict real-life phenomena we need theories. Similarly, stakeholder theory is a theory which is used to explain the phenomena of motivation for corporate social disclosures. This research work is based on the concept of stakeholder theory and its practical applications in predicting the phenomena of corporate social disclosures (van der Laan 2009). Further there will be explanation of Managerial stakeholder theory. The concept of stakeholder theory has got popularity among corporate world, managers, media and academics.Concept of Stakeholder management theory is very much related to business ethics and it has dominated the literature of business ethics. In doing business values become a necessary part of the organization and stakeholder theory starts from this assumption. Stakeholder theory explains the behavior of managers towards their stakeholders and also tells us how the managers want to do the business. The theory also clears that what kind of relationship managers want with their stakeholders and what kind of relationship they should have (Aarhus School of Business 2004).There will also be a brief history of stakeholder theory and its role in explaining the motivation for corporate social disclosures. There are two theories which are offered to describe the phenomena of motivation for the corporate social disclosures. First one is managerial stakeholder theory and another is legitimacy theory. Legitimacy theory is not our concern here as it says that corporate social disclosures are voluntary in nature and are part of process of legitimating (Crane & Ruebottom 2011).An article â€Å"The role of theory in explaining motivation for corporate social disclosures: voluntary disclosures v/s solicited disclosure† from the journal â€Å"Australasian accounting business and finance journal† is considered to complete the assessment. The article is a good source of information for the topic stakeholder theory as i t is currently written. This is a highly reliable article as it is taken from the journal which is a journal of university of Sydney.The article covers all the information which is required to complete this assessment. It explains the concept of corporate social disclosures in detail and how it is motivated by the theories like stakeholder theory and legitimacy theory. Accuracy of the article is excellent as it is easily accessible and contacting information of the author is also provided. The author is a highly renowned author in Australia and also is a faculty of economics and business in the University of Sydney (Colorado college community 2012).The phenomenon which is discussed in this work later is of motivation for corporate social disclosures. Corporate social disclosures are primarily voluntary in nature as it tells the stakeholders of an organization about the internal information of the organization. Stakeholders are the important part of the organization and they should h ave the information about the organization. But today corporate social disclosures are not voluntary every time as there are companies which keep their stakeholder away from the information which can affect them.Stakeholders like NGO’s, regulatory agencies, fund managers who are directly or indirectly associated with the organization are demanding the social information from the companies and thus increasing the social responsibilities of the companies (Crane & Ruebottom 2011). This is how the concept of solicited corporate social disclosure comes into existence. Due to this confusion around disclosure principles we have a big area of research. According to Freeman the definition of Stakeholder is â€Å"any group or individual who can affect or is affected by the achievement of the organization. Shareholders also come under stakeholders group as they are the important part of the organization. Shareholders are also affected by the firm’s success or failure just li ke customers, suppliers, employees and local community. In general the idea of the stakeholder theory is about the conceptualization of the organization i. e. how an organization should be. Friedman has said that â€Å"the organization itself should be thought of as grouping of stakeholders and the purpose of the organization should be to manage their interests, needs and viewpoints. A manager’s responsibility is to manage the corporation for the benefit of its stakeholder so that they can insure their rights and participation in decision making. Management of an organization is just like an agent for the stakeholders which ensures the survival of the firm (Fontaine, Haarman & Schmid 2006). The definition of stakeholder and its relationship with management; purpose of the organization and its behavior towards the stakeholders; role of the managers towards the stakeholders; these things have got changed over the time and are very confusing.For example the father of stakeh older theory Freeman himself changed the definition of stakeholder. In one of his latest publication he defines stakeholder as â€Å"those groups who are vital to the success and survival of the corporation. † In his other latest publication he states that â€Å"The principle of stakeholder recourse. Stakeholder may bring an action against the directors for failure to perform the required duty of care. † In all we can say that the concept of stakeholder theory needs to be studied thoroughly so that we can get a clear picture of the theory (Reed 1999).There are two approaches to the stakeholder theory first one is called as normative approach and the second one is known as descriptive approach. The principles and ideas which are explained above come under normative approach of Stakeholder Theory. Normative approach of stakeholder theory explains the behavior of managers and stakeholders towards organization i. e. how the managers and stakeholders should act and what sho uld be their view on the purpose of the organization.It is all based on some ethical principles. The descriptive approach of the stakeholder theory deals with the actual behavior of the managers and stakeholders towards the organization. This theory is concerned with managers and stakeholders i. e. how they actually view their actions and roles. There is another approach to the Stakeholder theory which is known as Instrumental stakeholder theory which is concerned about how the managers and stakeholders should behave if they want to work on their own interest.In some literature own interest is considered as the objective of the organization i. e. maximization of shareholders wealth and profit maximization of the organization. So in all we can say that generally there are three approaches to the managerial stakeholder theory first normative approach second descriptive approach and the third is Instrumental approach. As the concept of the Stakeholder theory has got popular among organ izations resultantly different definitions of the stakeholder has been developed. The question arises what is a Stakeholder?Stanford Research Institute (SRI) defines the stakeholder as â€Å"those groups without whose support organization would cease to exist. † This definition is given in the book of Freeman. After this Freeman gave another definition of the Stakeholder that â€Å"any group or individual who can affect or is affected by the achievement of the organization’s objectives. † After this Freeman continued to use these definitions in a modified form â€Å"those groups who are vital to the survival and the success of the organizations. So, we can say that there is no a particular definition of stakeholder which is accepted by the entire business community but yes, they use it according to their needs. Now when the definition of stakeholder is clear the other question comes in front of us and that is who the stakeholders are? We can classify the stakeh olders in group of people who are associated with the organization. The main groups of stakeholders are: Customers, Employees, Local Communities, Suppliers and Distributers and Shareholders. This classification of stakeholders is done by Friedman.He has also considered some other groups as stakeholders in addition, these groups are: The media, the public in general, business partners, future generations, past generations (founders of the organization), academics, competitors, NGO’s or activists, stakeholder representatives such as trade unions or trade associations of suppliers or distributors, financiers other than stockholders (debt holders, bond holders and creditors), government, regulators and policymakers. After the classification of the stakeholder there are some other sub classifications such as media will be categorized as Print media, Television, radio.Similarly, other classifications are having their sub categories and definitions (Fontaine, Haarman & Schmid 20 06). If we talk about the history of the stakeholder theory, it came into existence in the mid of 1980. The person who gave this theory to the world is Richard Edward Freeman. The credit of the popularization of stakeholder concept goes to Freeman. The title of his work is Strategic Management and only the subtitle is A Stakeholder Approach and came out in 1984. The concept of stakeholder of Freeman was done on the perspective of company.He built on the process work of Ion Mitroff, Richard Mason, and James Emshoff. The word stakeholder came from research work in Stanford Research Institute (SRI) in 1960. After this the concept of stakeholder was heavily influenced by the planning department of the Lockheed Company and these ideas were developed from the researching done by Igor Ansoff and Robert Steward. Dodd said that GEC was already identifying four groups with whom they had to deal with. These four groups were: shareholders, employees, customers and general public.After this in 1 990’s Johnson and Johnson added one more group to this category and this group was of managers. Further the concept of stakeholder theory got modified by Friedman and is still on the way of modification. Theories and frameworks which were traditional were not efficient enough to help managers to develop new strategic directions. Freeman says that the old theories were not consistent with the quality and kind of change which were taking place in the environment of 1980’s. In Freeman’s word it was not enough to solve the calls for increased productivity using the methods from Japan or Europe.According to Freeman, â€Å"The emergence of new groups, events and issues which cannot be readily understood within the framework of an existing model or theory†¦ It makes us uncomfortable because it cannot be readily assimilated into the relatively more comfortable relationships with suppliers, owners, customers and employees†¦ It originates and the murky area lab eled environment and affects our ability cope with internal changes. † Freeman made his view of the firm as a common hub and managers were not mentioned in this hub as they work within the firm so they will automatically be included in the hub (Crane & Ruebottom 2011).The word Stakeholder was chosen by Freeman on the basis of the traditional word Stockholder. Stockholder is a word which takes only a look on the economic point of view but Stakeholder considers a group of people who can affect or can get affected by the achievement of the organization’s objective. Means stakeholder is a broader term and stockholder is a narrower term which can come under stakeholder. Now we will be discussing Normative, Descriptive and Instrumental theories of stakeholder separately.The aim of normative approach of the stakeholder theory is to understand the moral or philosophical guidelines linked to the activities or the management of the corporations. In descriptive approach we con sider the behavior of the managers towards the stakeholders, means how they deal with the stakeholders. On the other hand instrumental approach study the organizational consequences of taking into account stakeholders in management examining the connections between the practice of stakeholder management and the achievement of various corporate governance goals.Normative theory is the core of the stakeholder theory. It answers the questions like what are the responsibilities of the companies in respect of the stakeholders. And why should companies take care of others interests than the shareholder’s interests. Many authors accept that relationships between the firm and the stakeholders are based on the moral commitments and normative approach deals with the same. Freeman and Evan gave their normative theory based on the definition of stakeholder that â€Å"those groups who are vital to the survival and success of the corporation. These groups involve customers, employees, sup pliers, communities, shareholders and managers. Evan and Freeman proposed two principles: Principle of corporate legitimacy and the stakeholder fiduciary principle. The first principle says that the company should be managed for the benefits of its stakeholders and also stakeholders must participate in decision making. The second principle states that management must act as an agent of the stakeholders for the welfare of the stakeholders and to insure the survival of the firm. After this there were other principles developed by Freeman in normative approach e. g.The principle of entry and exit, the principle of governance, the principle of externalities, the principle of contracting costs, the agency principle and the principle of limited immortality (Fontaine, Haarman & Schmid 2006). Off course these principles are having their particular definitions. After normative approach if we discuss about analytical approach of the stakeholder theory then we must notice that it is the co mbination of instrumental and descriptive approach. This analytical approach was proposed by Donaldson and Preston. The analytical theory answers the question: how to organize into the hierarchy stakeholder’s influence.Let us first discuss Freeman’s theory. He gave two definitions of the stakeholders: â€Å"Group of people who can affect or can be affected by the achievement of the organization’s objective. † â€Å"Those groups who are vital to the survival of the organization. † According to the Freeman it is necessary to understand who are those groups who can affect or can be affected by the achievement of the objectives of the firm? He said that each MNC should be clear about its stakeholder and for that he suggested following questions: Who are our current and potential stakeholders? What are their interests and rights?How does each stakeholder affect us? How do we affect each stakeholder? How do we keep score with our stakeholder? And many mo re questions are there in the list. Now when we talk about stakeholder theory and its practical application on corporate social disclosure principles then the theory of solicited corporate social disclosure comes into its existence. According to Gray, â€Å"to place corporate social disclosures in a theoretical context, several broad, overlapping groups of theories concerning information flows between organizations and society have been used. † Theories which are social nd political in nature and deal with the flow of information from companies to the stakeholders are considered more appropriate for the explanation of corporate social disclosures (CSD). Development of the stakeholder theory and legitimacy theory is based on the political economy perspective. Even the perspectives for both the theories are same but there are big differences among them. Stakeholder theory is recognized when an organization has to deal with its stakeholders at micro – level and legitimacy theory is applied at a conceptual level (Fontaine, Haarman & Schmid 2006).Donaldson & Preston stated that, â€Å"Stakeholder theory has been advanced and justified on the basis of its descriptive accuracy, instrumental power and normative validity. These three aspects of theory, although interrelated; are quite distinct. They involve different types of evidence and argument and have different implications. † This research work is based on the descriptive aspect of the stakeholder theory because this is the only aspect of stakeholder theory which is applicable to the real world.Mitchell claims that stakeholder theory attempts to articulate a fundamental question in a systematic way: which groups are stakeholders deserving or requiring management attention, and which are not? † So, the descriptive approach of stakeholder theory clearly explains that who are the stakeholder accountable for the organization and in this way practical application of stakeholder theor y is required to explain the phenomenon of motivation for corporate social disclosure.Stakeholder analysis requires the identification of the stakeholders who are in the need of information from the organization or we can say that who are the stakeholders having some right to have the information (van der Laan 2009). Also it clears that why these stakeholders require the information and others don’t. While deciding the appropriate group of stakeholders to provide the information and the essential information CSDs results in conflict between stakeholders. There are no sufficient research works available which can clarify the CSD’s concept taking descriptive aspect of stakeholder theory into consideration.Social disclosures are used strategically to manage relationships with stakeholders by influencing the level of external demands originating from many different constituencies. Robert applied the framework of Ullmann and found â€Å"Stakeholder power, Strategic posture and economic performance are significantly related to the levels of CSDs and which is used by organizational managers as a proactive method of managing stakeholders and their organizational environment. † Thus we can say that the descriptive approach of managerial stakeholder theory provides a framework in which we analyze the CSD in a centered way.The only limitation of the theory is that it provides the information of organization to the stakeholders who are really in the need of it. References: Ruebottom, T & Crane, A 2011, Stakeholder theory and social identity: Rethinking stakeholder identification, J Bus Ethics, vol. 102, pp. 77-87. Laan, S 2009, The role of theory in explaining motivation for corporate social disclosure: voluntary disclosure vs ‘solicited’ disclosure, Australasian accounting business and finance journal, vol. , no. 4. Reed, D 1999, Stakeholder management theory: a critical theory perspective, Accessed on 3 august 2012, http://www. york u. ca/dreed/pdf/Stakeholder-Mgmt-Critical-Theory. pdf Fonatine, C, Haarman, A & Schmid, S 2006, The Stakeholder theory, Accessed on 3 August 2012, http://www. yorku. ca/dreed/pdf/Stakeholder-Mgmt-Critical-Theory. pdf Colorado community colleges 2012, five criteria for evaluating web pages, Viewed on 3 August 2012, http://www. ccconline. rg/Library_Resources/Evaluating_Sources/Five_Criteria Heath, J & Norman, W 2004, Stakeholder theory, corporate governance and public management, Journal of business ethics, vol. 53, pp. 247-265. Reynolds, S, Schultz, F & Hekman, D 2006, Stakeholder theory and managerial decision making: constraints and implications of balancing stakeholder interests, Journal of business ethics, vol. 64, no. 3, pp. 285-301. Phillips, R, Freeman, R, & Wicks, A 2003, what stakeholder theory is not, Business ethics quarterly, vol. 13, no. 4, pp. 479-502.

The Contribution to Economics of Each of the Following

â€Å"Many Economists have tried to establish why the economy performs as it does and want to have a basis for predicting how the economy will perform when circumstances change†. (Nagel, S pg 1 1999) Economists are just people after all, who have lived through different times and experiences in their lives, thus leading to different values and views. George Bernard Shaw once said that â€Å"If all economists were laid end to end they would not reach a conclusion†,(cited in Mankin, Taylor 2006) In this essay we will look at what contributions each of the above economists have made, keeping in mind the era in which they lived . Reputed to be the father of â€Å"The Classical School† of economics, the Scottish born Adam Smith (1772-1790) was a supply side economist. â€Å"He attributed economic expansion to expanding production and trade with expanding demand as a by-product and consequence†(Jacobs, J 1985 p12) He promoted the invisible hand of free enterprise, which showed that individuals in pursuing their own selfish interest could benefit society. In other words, if people wish to sell, they must produce what others require at a price that they are prepared to pay. (Palmer. N, 1990). He also advocated the â€Å"Laissez-faire† approach, which means that the government should only get involved in the economy in order to raise monies for the upkeep of infrastructure, to sustain the legal system and to defend the country. In Smith’s book ‘An inquiry into the nature and causes of the wealth of nations’ which was published in 1776, he covered the previous two concepts as well as the division of labour and the function of markets. Division of labour was not a new idea but Smith believed it to be very important as a way of increasing wealth. According to Delaney, Smith established the 4 canons of taxation. â€Å"Firstly, the tax levied on each person should be related to the person’s ability to pay. Secondly, the amount of tax which a person must pay should be certain and clear. Thirdly, the manner and timing of payment of taxes should have regard to the convenience of the tax payer. Finally, the cost of collection should be small relative to the yield†. (2008) Another belief of Smiths was the Labour Theory of Value, which means the value of a product is equal to the value of the labour involved in its production. Delaney. N 2008). Smith believed that there was a distinction between productive and non-productive labour. Teachers, engineers and people with similar professions were considered to be non-productive as they did not produce goods for resale or create funds for reinvestment. Smith also introduced the â€Å"value in use† and the â€Å"value in exchange† of a product (the paradox of value). Twenty years after Smiths death his writings and theories were embraced by the next generation of writers and economists who established Smith as the founder of economic science. It has been said that before Adam Smith there had been much economic discussion, but with him it reached the stage of discussing economics. (Palmer, N) The classical school of thought was later developed and refined by Thomas Robert Malthus (1766-1834) and David Ricardo (1772-1823). Both were English born and were followers of Smith’s theories. Malthus is known for his famous â€Å"Essay on the Principles of Population as it affects the Future Improvements of Society† published in 1798. At this time in history the Industrial Revolution was taking place which meant more people were moving from rural areas into urban areas. Malthus saw many slums being created with food, water and sewage becoming a huge problem. In his essay, he laid out how the population would grow by a geometric progression, while food supply would only grow by an arithmetic progression. He identified that there should be a check on the growth of the population. These checks included positive checks which involved death through war and disease or preventative checks which meant people should have fewer children. He advocated the wages fund theory. The idea behind this theory was that payment to workers in excess of the subsistence level would lead to an increase in the size of the workers families thus causing the worker to be brought down to a subsidence level of existence. (Palmer) This idea dominated for over a century. It was very popular with employers as it allowed them to pay lower wages and to feel justified in doing so. He is linked with the theory of the â€Å"Paradox of Thrift† meaning that if people save consumption decreases, leading to over-production. To counteract this problem, he advised the government to spend monies on non-productive areas such as the building of parks in order to create the circulation of money and therefore stimulate demand. (Delaney) Malthusian theories are still relevant today in some areas of the LCD’s (lower developed countries) Like Malthus, Ricardo too accepted the wages theory and introduced the concept of â€Å"economic rent†. The idea behind this rent was â€Å"any payment to a factor of production above its supply price†(Delaney) For example during the Napoleonic wars, Europe turned to Britain for its food supply. This created huge demand and it became very profitable to produce food. In order to produce as much food as possible, landowners were now using less fertile land which had not been used before for food production. This increased the demand for land thus driving up the rent, especially the rent for the more fertile land. He thought that agriculture was very important and industry depended on it. Ricardo inspired by â€Å"Sutter’s† books developed the law of comparative advantage. This formed the basis of international trade. He believed in free international trade as it gets the maximum out of resources thus increasing income (Nagel) Karl Marx was born in Germany in 1818. He expressed his revolutionary socialist ideas in his two main publications the Communist Manifesto and Das Kapital. Marx basic economic beliefs were very alike the Classical economists, in that he supported a labour theory of value but his approach was completely different. Marx wanted things to change in such a way that would help to improve working conditions for the working classes. He did not believe in the â€Å"invisible Hand† and was more concerned with change and evolution throughout society. He believed communism would replace capitalism and that workers would have full control over all means of production leading to a more even allocation of wealth. He believed that the value of a good was the value of the amount of labour necessary to produce it. Therefore the value of goods produced by the worker was more than the wages paid to the worker, the difference being a surplus or profit to the employer. Marx argued that this was exploitation of the workers by their capitalistic employers. Believing that the capitalists were profit hungry, Marx stated that the demand for labour would amplify which would in turn cause wages to rise. The rise in wages above subsistence level would lower the capitalist’s profits therefore causing them to look for ways in which to lower their wage costs. Many employers would start introducing new labour saving machines in order to save money. As the machines would replace labourers this would lead to a rise in unemployment thus leading to lack in demand for goods produced. As more workers became deskilled and redundant their bargaining power for better wages weakened leading to a two tiered society namely â€Å"the proletariat† (working classes) and â€Å"the capitalists† classes. Marx believed that the working classes would rise up and overthrow the capitalists’ regime. The workers would then be in control of the factors of production. He predicted the emergence of oligopolies and trade cycles. Marx died in London in 1883. The introduction of maths to illustrate economic theory or as it is better known now as econometrics was introduced by the English born Alfred Marshall (1842-1924). He introduced the law of diminishing marginal utility and coined the term elasticity to describe the response of demand to the small changes in price. He put forward the well-know scissors analogy, likening the demand and supply to the two blades of a scissors interdependent on each other. He pointed out that there was a difference between the long run and the short run for production purposes. Recognising that in the short run at least one factor of production would be fixed in contrast to the long run where all factors of production were changeable. Marshall came up with the concept of quasi rent, which was economic rent earned by labour in the short run and which disappeared in the long run by the increase in the supply of that labour. He believed in a free enterprise economy with some government intervention for example the introduction of government controls and consumer education. Marshall’s theories were hugely influential; in fact his book the Principles of economics (1890) was the main textbook for students of economics up to the great depression of the 1930’s. (Delaney) John Maynard Keynes (1883-1946) was an Englishman who became one of the most influential economists of the twentieth century. â€Å"His influence on economics was so great that the boom the Western industrial countries experienced between 1945 and 1975 has been termed the â€Å"Age of Keynes†. (123HelpMe. com) Keynesian theory advocated the exact opposite to the Classical â€Å"Laissez-faire† approach. According to Delaney,R 2008, Keynes was a demand side economist, who stressed that economies could be regulated by government fiscal policy. He believed that budgetary policy should be the main economic instrument used in the control of the economy. During the Great depression, Keynes became the life saver of the American economy. His main objective was to come up with a solution for the mass unemployment during this terrible time. In his book The General Theory of Employment, Interest, and Money (1936), Keynes put forward that there could be equilibrium at less than full employment. He stressed that by increasing government expenditure in areas like public works, this could help increase total spending thereby helping to bring economic activity to the full employment level. (Palmer,N. 1990). Keynes also introduced the multiplier effect, which means the National Income would rise by some multiple of the initial injection of government expenditure. (Nagle, S 1999) Keynes developed the liquidity preference theory of interest rates and also explained that savings and investments were not always equal to each other. (Delaney, R 2008). Keynes theories are still relevant to this day. Milton Friedman was born in American in 1912. He tried to make economics more user friendly to the layperson. His theories were in direct opposition to Keynes. He wrote many books but his main publications were ‘Inflation, Causes and Consequences’ and ‘A Monetary History of the United States 1867-1960’. â€Å"His theories first attracted national attention in the 1970s, when the combination of inflation and stagnant economic growth — stagflation — undercut the dominant Keynesian policies of the post-war decades†. Friedman was a monetarist and he argued that monetary policy rather than fiscal policy should be the main tool used to control the economy. Monetarists believe that increases in the money supply results in an increase in prices rather than an increase in the level of output. They argue, like the classical approach, for no government intervention in the economy, that free-market forces should be relied on to bring the economy into equilibrium. He promoted privatisation of all government-owned or controlled businesses. Removal of inflation is a greater priority to the monetarists rather than the removal of unemployment. (Delaney) In 1976 Friedman won the 1976 Nobel Prize in economics. â€Å"An advocate of personal liberty, free markets, deregulation, and reduced government intervention in the economy, he has seen his ideas on issues as Social Security privatization, welfare reform, and school vouchers become part of national political debate†.