Limiting Financial Executives' Compensation Term Paper

Limiting Financial Executives' Compensation - Term Paper Example While the financial innovations helped the stock markets grow at a whopping pace in the 1990s and early 2000s, they also brought about a false euphoria and when the bubble burst, the current slowdown was imminent. The 1980s heralded many changes in the banking and securities exchange sectors the world over. It was an era of deregulations and free flow of currency.Due to changes in policies related to the stock market like bond trading, invention of securitization, interest-rate swaps, and credit-default swaps, bankers could increasingly make huge profits in the stock markets in the past two -three decades. Financial services also benefitted from higher investments made in securities by the increasingly wealthy population, encouraged by the IRA and 401 (k) plan. With everyone making money, there seemed to be clout surrounding the financial experts, and the growth of private banks was considered synonymous with economic growth. According to Simon Johnson, "the great wealth that the financial sector created and concentrated gave bankers enormous political weight-a weight not seen in the U.S. since the era of J.P. Morgan (the man)." In the same article, the chart showing the percentage of financial industry's profits as a share of U.S business profits indicates a slow increase fr

Philosophy The concept of the person Essay Example | Topics and Well Written Essays - 500 words

Philosophy The concept of the person - Essay Example St Thomas connects the concepts of legal rights, "complete individual intellectual nature" (Clarke, 26-7) and adds the importance of 'acts of existence', to create an ideal of the person as self-possessing. It is important to note that the Christian concept of the person, as described by St Thomas, includes that of 'rights': the idea of personhood as dependant upon legal rights. Later concepts of the human involved the ideas of St Thomas to some degree: suggestions of Locke include consciousness "Whereby it becomes concerned and accountable"; that is, awareness of self which stirs a sense of responsibility. Rawls's idea of personhood is made problematic by the issue of insanity: "When we declare a man insane we cease treating him as accountablebut still our interactions with him are virtually indistinguishable from normal personal interactions unless he is very far gone in madness" (Dennett). Rawls brings up a complex subject, which goes to the very heart of the philosophy of personhood: the insane, their ability to be people, and how this affects their rights.

SCM Essay Example | Topics and Well Written Essays - 750 words

SCM - Essay Example There are various ways by which optimization of logistical networks can be achieved. SCM is therefore composed of several philosophies on how best to achieve its objectives of a fully-integrated chain of activities encompassing the movement of raw materials, the internal processing of these materials into finished goods inventory and shipping out these products into the market in the fastest and most efficient manner to achieve strategic marketing aims. This paper tackles the two types of systems commonly used today – the JIT and the MRP. Discussion The strategic concept of supply chain management lies in the realization that no single business entity is an island and cannot function optimally if it works entirely alone. The SCM idea is anchored on the dictum that a company providing products or services is nothing but a chain of continually evolving capabilities in a globalized marketplace (Jespersen and Skjott-Larsen, 2005:50); it combines its capabilities with the capabilit ies of other firms it deals with. Any discussion of supply chain management involves the subject of logistics. ... Logistics is a way to achieve superior customer service through a precise method of inventory management attained through having the right materials at the right time in the right quantities at a lowest possible cost at the right place. This obsession to have everything right is contained in the JIT or just-in-time management originally developed by Toyota Motors Corporation of Japan. The just-in-time philosophy - of inventory management is anchored on the simple but very profound idea that inventory supplies should not be delivered yet until when required. It therefore presupposes an efficient supply chain that delivers the needed materials just in time when these are needed at the precise moment during the production process to avoid a costly stock-out that disrupts entire production and raises costs or lowers profits. A guiding principle behind this seemingly simple idea is to let demand determine the supply. This simply means a part or material needed will be delivered only at th e precise moment it is needed, not a second earlier or a second later. Benefits of using JIT include smaller storage areas, lower operating capital needed for inventories and minimize need for big buffer stocks (Hensher, 2001:90). Another philosophy underpinning the JIT system is the pull concept of operating costs wherever along the chain. Besides determining the supply through the pull of the demand for a particular inventory item necessary for input in the next production process, JIT places a big emphasis on suppliers to the market a product that is affordable; their profits depend to large extent on internal operational efficiencies that allows profits at a price set by the customer.

Assignment in Planning and Programming Example | Topics and Well Written Essays - 3250 words

In Planning and Programming - Assignment Example The paper defines a project plan as the guide towards the execution and control of a project. Project plan forms a fundamental base towards the success or failure of a given project. According to Kerzner a project plan defines the appropriate methods to be employed during the project. The defined methods ensure successful completion of projects. Project plan ensures optimisation of the resources towards achieving the objectives of the project. The plan, therefore, acts as a guideline in maintaining a balance between resource utilisation and project schedule compliance. The plan ensures proper utilisation of project resources and timely completion of projects. The project planning process in the construction industry forms a fundamental activity for the entire project. The planning process consists of numerous stages. The stages include. †¢ Choosing of correct technology and construction method to be employed in the project. †¢ Establishing the work tasks. †¢ Defining the existing relationships between various activities. †¢ Estimating the activity durations. †¢ Estimating the resource requirements for the work activities involved. Numerous factors within the construction sector affect the planning process. The factors affecting the project planning process lie within the financial and time functions of the project. The factors can, therefore, be defined as cost factors and schedule factors. The chart below shows the factors affecting the planning process. ... These uncertainties form what project managers consider project risks. Risk management becomes an essential part of projects execution in ensuring the success of a project. Ireland (2006) defines the element of risk assessment as the critical analysis of the expected constraints and uncertainties before embarking on a project. Comprehensive analysis of the risks becomes essential in minimising the probabilities of project failure. Ireland continues to discuss that failure to analyse these factors efficiently and critically, poses surmountable problem of project failure. The process of risk assessment involves, identifying the uncertainties, analysing them, and prioritising the risks as analysed. The last phase, of prioritising, ensures the arrangement of the risks in relation to the impacts they may posses on the project. This phase allows project managers to eliminate the substantial risks perfectly while managing the other risks throughout the project duration. Financial planning P roject management process includes financial planning as an element within the execution process. A financial plan defines and identifies the financial needs of the entire project. All expenses expected within the project execution, need to be indicated within the scope of financial plan. Kerzner (2009) defines financial planning as the element of drawing the budgetary needs for the different phases of a project. Financial planning provides a breakdown of all expenses to be incurred at different stages during the project execution duration. The importance of financial planning lies in ensuring controlled utilisation of financial resources available for projects. Financial

FDT 1 week 11 Essay Example | Topics and Well Written Essays - 250 words

FDT 1 week 11 - Essay Example Closely related to political is the Mexican public concern about the extradition. Mexico does not always extradite its citizens to countries where they might face the death punishment given that execution is specifically prohibited under article 22 of the counties Constitution, and it is likely that if extradited, Guzmà ¡n would easily face it as the agreement between the countries are not clear and since the capital sentence power in the US is reserved exclusively for the states. Diplomatically, the Mexican relationship with United States highly depends on the decision Peà ±a Nieto will make. The Mexican diplomatic connection with users can further worsen as USA has in the past accused the country of lack of corporation (Shearer, 1971). Whether Guzmà ¡n is extradited or not there is always social concern that drug business and cartel may continue with their trade. This proves a challenge to the potential users. Legally, extradition also has consequences as it exposes the Mexican government incapability to try the drug lords. On the other hand, the legal procedures are also complex as laws of various countries contradict in

The Pros and Cons of the Libel Defences of Justification and Fair Comment Essay Example for Free

The Pros and Cons of the Libel Defences of Justification and Fair Comment Essay Libel law in England is incredibly tough, so much so, that if found to be liable of a defamatory statement, ‘a statement which lowers someone in the eyes of reasonable people ’ [Quinn 2009: 210] the consequences can be very costly to both the journalist themselves and their newspapers and therefore it is very important for the defences of defamation to be used to full effect an example of this is libel tourism and the case of involving Roman Polanski 2005.The magazine had said that the event had take place before the claimant’s wife’s funeral, but it had in fact taken lace after the funeral, which Mr Polanski completely denied. As it could not be proved, the claimant won ? 50,000 in damages. There are seven different defences for the act of defamation, of which two of these, Justification and Fair comment, we will analyse the advantages and disadvantages below. For the defence of justification to apply, the defendant must prove that what they have written and published is substantially true. If this can be proved by the defendant then they will have a complete defence against the claims of defamation. The defence of justification may only be used where the defendant has published a statement of fact. One of the main disadvantages of the defence of justification is that the burden of proof relies upon the defendant, which means that they must prove what they have published to be true. Furthermore, the claimant does not have to prove that what you have written is false or that any fact found to be false was damaging to their reputation. Another disadvantage of this defence is that ‘A defendant cannot rely on the defence of justification in relation to the publication of the details of spent convictions, as efined by the Rehabilitation of Offenders Act 1974’ [1] This Act has been brought in to help with rehabilitation of offenders and prevents journalists from acting in a malicious manner when relating to cases of this nature. An advantage of the defence however is that the journalist does not have to prove that what they have published was in the public’s best interests and furthermore they do not have to prove that they acted in a malicious manner. A further disadvantage to the defendant is that any rumour they chose to publish must be backed up by evidence of the accusation made within the rumour. This means that the defendant cannot base their evidence alone on a previous rumour. However an advantage to the defendant comes by way of a case where the claimant alleges that more than one fact within a publication is untrue. In such a case, the defendant need not prove that all claims within the publication to be true and must only prove that ‘the ‘sting’ of a libel’ [Quinn 2009: 212] to be true. This suggests that only the most important allegations, which are damaging to the claimants reputation, need to be determined to be true. This can be seen in the case of Turcu News Group Newspapers, where the defendant was sued after publishing a number of defamatory statements including some which were found to be untrue. However the statement made that the claimant was a ‘petty criminal with a long list of convictions’ and that ‘he was willing to take part in criminal activities’ were true, and the defence of justification stood on the grounds that the sting of the statement remained true. A further advantage to the defendant is that ‘A claim of justification need not only be based upon facts as were known at the time of publication; if other facts come to ight during the period between a claim and the case coming to court, they can be used to back up the defence. ’ [Quinn 2009: 214]. This appeared in a case in which involved Kate Moss and Channel 5, where a documentary was claiming that Moss had taken cocaine on a photo shoot in Barcelona and fallen into a coma. Kate Moss sued channel 5, but during proceedings she was captured in pictures taking cocaine. Due to such evidence, Moss chose to drop her claim. A final disadvantage to any defendant involves the likely case where, the defendant uses the defence of justification and is unsuccessful. In such a case ‘an unsuccessful defence of justification is likely to increase the level of any damages awarded. ’ [2] In the case of Archer v News of the World (1987) the newspaper was successfully sued by archer after claims were made by the paper which they could not prove, this in turn resulted in a payout to Mr Archer of ? 500,000 damages. It was later discovered that the claims made about Archer were true and he was consequently imprisoned for perjury. This case is a clear example of a situation where the jury are start struck and are therefore biased in favour of the claimant. The defence of fair comment applies to cases where the defendant has been accused of publishing a defamatory comment or opinion. For the defence to apply, the defendant must prove that, the words complained of were a comment or opinion, not a statement of fact, the words were about a matter of public interest, any facts which the comment was based on are true, or subject to privilege and that the comment was made without malice and so was an honest belief of the defendant. The first and main advantage of Fair comment applies to a case where the defendant can prove that the statement made, was one of personal opinion and one hich they fully believe ‘to have been made honestly’ [Quinn 2009: 216]. This was shown in the case of Branson v Bower (No. 1) where the claimant tried to sue on the grounds that the comment made could be taken as statement of fact. The court of appeal disagreed, stating that it was clear that the statement published by the defendant was an opinion. Another advantage of this defence is that much like that of justification, the defendant must not prove that each of the facts in the publication to be true, as long as they can prove that those facts commented on were true. In the case of Galloway v Telegraph Group Ltd (2006) the defendants claimed that they had based opinions upon facts they believed to be true about the claimant. The defendants pleaded fair comment but this was refused by the court stating that ‘the stories were allegations of fact’ [Quinn 2009: 217]. Again, a disadvantage of this defence, much like that of justification, is that it is the defendant’s responsibility to prove that ‘the underlying facts are true. If he or she is unable to do so, then the defence will fail. ’ [3] This appeared in a case involving Gordon Ramsey, where the defendant during a review complained that some scenes within the show were staged. The defendant could not back up these claims and consequently had to pay ? 75,000 in damages. Another advantage to the defence of fair comment is that any person may be entitled to comment, when the subject in matter is of interest to the public, due to either interest or concern at a matter which could affect them or another. A disadvantage to the defence of fair comment is where the claimant can show that what has been published against them has been done so with malicious intent. In such cases the defendant will not be able to use the defence of fair comment. This was shown in the case of David Soul v Matthew Wright, where the defendant criticized the claimants acting without having been to see the show. As he had not been to see Mr Soul’s play he had no facts to base his criticism on and consequently had to pay damages. A final advantage of this defence is the definition of fair comment. It is stated that ‘even very rude and critical reviews can be covered by the defence of fair comment, so long as the facts on which they are based are true. [Quinn 2009: 220] this basically means that it must only be proved that the facts upon which the opinion is based upon must be true for the defence to be used. This was seen in the case of Tse Wai Chun Paul v Albert Chang, the courts stated that ‘even where a writer is motivated by ‘spite, animosity, intent to injure, intent to arouse controversy or other motivation’ they can be covered by fair comment’. [Quinn 2009: 219] In conclusion, I’d say that in both of the defences the claimant has the advantage. The first of these reasons is due to the burden of proof, which the defendant holds, nd in turn puts the claimant in a no lose situation. The second of these reasons is the possibility for further damage to the defendant in a case where they cannot prove their innocence. This leaves the defendant in a position where they must risk further detriment to prove their case. Also, and finally, where a defence fails, this can prevent the public from knowing information which may be within their [the public’s] best interests, which could subsequently harm the good of the public. Due to the many implications and faults of the law, it is soon to be changed.

Objectivity Of The Social Researcher

Objectivity Of The Social Researcher Before addressing the debate, the historical significance of social theory must be addressed as there is a long history regarding issues of objectivity, and value free research. Prior to World War Two, social research was dominated by the paradigm of positivism. Philosophers such as Comte (1798-1857) strongly affirmed that methods applied to the natural sciences such as physics should be applied to the study of social behaviour (Benton Craib, 2001). The positivist perspective placed great emphasis on the objectivity of social research, accepting Science as the only general form of knowledge that produces reliable social scientific knowledge that can be generated into theory applicable to social behaviour within society (Benton Craib, 2001: 23). Moreover, like the natural sciences it requires both logical and empirical support. Causal relationships can be identified and truths can be falsified thus, positivist sociology assumes that law-like generalisations can be derived from socia l research Pedraza (2002: 75). Postivism was widely accepted throughout the nineteenth centuary as science was assumed to be the highest form of knowledge, thus by applying the methodologies of the natural science to the newborn social sciences allowed for some level of acceptance. As far as objectivity is concerned, positivist methodological approaches claim that objectivity is an ideal that is attainable, as the social realtiy of society can be observed it without any antecedents. As a result, the aim of the social scientist is to be exogenously detached from the research subject. Turning to Weber (WEBERREF) changed the direction of social research claiming that although social research should be value free, obtaining completely objective research was impossible. This is simply because researchers are subjective humans. Weber coined the term value free sociology and urged that sociologists need to be unconfined by personal values if it was to make a positive contribution towards society. Weber recognised that personal values would to some extent influence research topics but encouraged objectivity in exploring a topic once chosen. For Weber, value freedom is then a non-judgemental analysis of society in its own terms. Although Weber advocated this approach to social research, it must be acknowledged that values can enter research in a variety of ways ranging from the choice of research area, formulation of the research question; methodology including data collection, analysis of data; interpretation of data and overall conclusions (Bryman, 2008). Following from Weber the epistemological position of positivism has been overtly critiqued by various theorists, particularly those who take an ontological, interpretivist stance. For example, Becker (1964: 245) argues that, there is no position from which sociological research can be done that is not biased in one way or another. Therefore, social research cannot be completely objective as researchers can unknowingly contaminate their exploration of an issue with values developed throughout their own biography. Furthermore, Becker (1964) claims that, sociologists must either write from the position of a superordinate or from that of a subordinate (Lawson, 1991: 591). In addressing this claim, Becker (1964) discusses the credibility of hierarchy which explores the notion that social groups whom are perceived to be superior within a given society are in a position of power that can define the rules of society. The exclusivity of the natural sciences within society is an example of thi s. Becker (1964: 242) goes on to surmise that sociologists challenge this rule by refusing to acknowledge the established status order in which it is surmised that the truth of knowledge is unequally distributed. Therein, Becker suggests that social research should focus on the underdog in order to reform knowledge distribution. This is similar to the view that has been taken up by feminists such has Hartstock (2004: 7) who place emphasis on relativist standpoint theories whereby knowledge is shaped by power relations, that it is socially situated. Therefore those oppressed can give the best account fo the internal workings of their group. Hartstock (2004) attains that prior to feminist sociology, research disciplines and public policy did not account for women as group with their own knowledge. For Hartsock (2004), any social research that does not address the unequal distribution of knowledge, is therefore, potentially skewed. Thus drawing upon the Marxist notion of historic materialism standpoint theorists such as Hartstock (2004) and Harding (DATE) chose to address this with the aim of exercising social research from the position or standpoint of women. It can be surmised from this perspective that it is therefore it is impossible for a social researcher to extract themselves from power relations in thei r own situation. Therefore the feminist approach strongly advocates that objectivity should not be the primary aim of a social investigation. Rather, it is important for researchers to adopt a stance and consider how their values will influence their research. In addition, it should be recognised that feminist researchers shape the results of their analyses no less than do those of sexist and androcentric researchers. The objectivist stance should be avoided as it attempts to make the researchers cultural beliefs and practices invisible, while simultaneously skewering the research objects, beliefs and practices to the display board (Harding, 1987:9). What are the arguments against this? GOULDNER Gouldner is in consensus with Becker that social research cannot be value free yet he openly criticises Beckers claiming that Becker does not address the reasons why sociologists are more inclined to take the side of the underdog. Furthermore Gouldner asserts that is not always the case, the manner which some sociologists conceive the value-free doctrine disposes them to ignore current human problems and to huddle together like old men seeking mutual warmth. This is not our job, they say, and if it were we would now know enough to do it. (Gouldner, 1973: 13) It is clear that subjectivity poses a severe limitation for the positivist objective approach to social research. For Gouldner, however, the positivist approach posed another extensive problem, it was useful to those young, or not so young, men who live off sociology rather than for it, and who think of sociology as a way of getting ahead in the world by providing them with neutral techniques that may be sold on the open market to any buyer (Gouldner, 1973: 12). In others word Gouldner saw self interest as a powerful motivator the outcome of research being affected by the context in what it is undertaken. Thus the social researcher is not necessarily on the side of the underdog. In laymen terms Lawson (1991) suggests that the crux of this debate is the question of whether sociologists are allied with the state, accepting the state as the overall authority or should they adapt a more ethical, moral role in addressing social problems of society. Ultimately social researchers are divided by this dilemma that as Gouldner suggests, depends on the social context of the researcher. What Gouldner recognises is that the attempt of sociologists to draw upon the natural sciences to obtain an objective approach does not entirely fit with social studies and that the institutions in which professional sociologists consult such as government, academia and business can have a profound effect on a researchers values. Parsonian sociologists such as Haak (1994) and Hammersely (2000) are critical on views promoted by Becker and Gouldner arguing that that the politicisation of social research is not only misguided, but inherently dangerous, and that an intelligent and sceptical commitment to the principles of objectivity and value neutrality must remain an essential feature of social research (back cover). Hamersley (2000) promotes the idea of value-free, objective social research placing emphasis on academia as the key institution to producing knowledge. Yet the University as a place for producing knowledge itself is under threat. This can be demonstrated by addressing the tragedy of the anticommons. ANTICOMMONS 300 In response to Hardings Tragedy of the Commons whereby a resource is exploited by overuse, (HellerRosenburg1998)) address the notion of the anticommons where upstream and downstream technologies are compatible for the development of a new product yet the technology is patentable and ownership is fragmented thus the price of the new product becomes high and its consumption ends up being small or there is a gridlock in the development of the products EXAMPLE OF ANTICOMMONS This is not objective research if the notion is to make profit 250 This situation can be directly perceived by examining changes within university systems. For example, in Japan, national universities that conduct public research have transitioned to University Corporations by which there is an emphasis in profiteering from any innovations it may develop (Nishijima, 2004). According to Nishijima (2004) the Japanese ministry of education has advocated universities to acquire patents of innovations and to partake in research activities with private organisations such as corporations. through establishing Technology License Office for the past few years. The transition of National University to University Corporation implies that results of basic research will suddenly change from public goods to private goods and that the anticommons problem will emerge in the product innovation where basic research and development of new products are complementary. In the case of National University, there seems no consensus (no argument so far) on how economists should formulate the objective function of national university.10 Even if we assume that national university behaves as if it maximized a particular objective function such as probability of research success subject to budget and other constraints, equilibrium variables of national university will not be far from those arbitrarily given, as long as the particular objective function is not convincing. Therefore we have no choice but to exogenously give particular values to variables Thus as Oliver (1992) ascribes, social research are sometimes forced to take sides as funding bodies are not willing to take risks and support user-controlled research. The point that Gouldner (1973) puts across is that sociology should focus on social change therefore it must take sides. Essentially, Marx emphasised the need for social research to contribute to social change, The Standpoint of the old materialism is civil society; the stand point of the new is human society, or social humanity. The philosophers have only interpreted the world, in various ways; the point is to change it. (Eastman, 1935) like Marx, Gouldner (1973) believed that sociology should count towards human emancipation thus Gouldner became a strong believer in public sociology. REFLEXIVITY 300 The notion of reflexivity. Researchers must give an indication of the purpose of their research and how they have come to partake in such research This illustrates some of the factors that can affect social research. Namely, the need for profit. PARSONIAN SOCIOLOGY ARGUES FOR EPISTIMOLICAL RESEARCH DISCUSS!! BURAWOY PUBLIC SOCIOLOGY DISTINCTION BETWEEN THOSE THAT ACT AND THOSE WHO DONT As Burawoy (2005: 324) asserts the possibility for public sociology comes from sociologys spontaneous connection to its reflexive relation with civil society. Burawoy clearly recognises that sociology in itself is a reflexive paradigm and suggests that it clearly needs to move from ideological theory to commitment to action. In a sense Burawoy (2005: 325) advocates that social research must take sides claiming like Marx and Gouldner that society should place human society or social humanity at its organising centre. 200 words Whilst this debate continues, a few conclusions can be drawn from this essay. Firstly, it is near impossible for social researchers to complete value free research. There are several factors that account for this. Namely as Gouldner asserts, the social context in which research is conducted. Secondly, It would seem that social research is clearly divided by professional and public sociology. Thus it is not a case of whether or not to take sides but more a case of which side our values empower us to choose. Those inclined towards professional sociology may attain that objectivity is not compromised whereas those inclined towards public sociology may recognise that it can be and even more so, that it is necessary to evoke humanitarian changes.