English Poetry Timeline Flashcard

English Poetry Timeline

Command Economy Definition, Characteristics, Pros and Cons

Command Economy Definition, Characteristics, Pros and Cons In a command economy (also known as a centrally planned economy), the central government controls all major aspects of a nations economy and production. The government, rather than the traditional free market economy laws of supply and demand, mandates which goods and services will be produced and how they will be distributed and sold. The theory of a command economy was defined by Karl Marx in the Communist Manifesto as â€Å"common ownership of the means of production,† and it became a typical characteristic of communist governments. Key Takeaways: Command Economy A command economy- or centrally planned economy- is a system in which the government controls all facets of the nation’s economy. All businesses and housing are owned and controlled by the government.In a command economy, the government determines what goods and services will be produced and how they will be sold according to a multi-year central macroeconomic plan.In nations with command economies, health care, housing, and education are usually free, but the peoples’ incomes are controlled by the government and private investment is rarely allowed.In the Communist Manifesto, Karl Marx defined command economy as â€Å"common ownership of the means of production.†While command economies are typical of both communism and socialism, the two political ideologies apply them differently. While command economies are capable of rapidly making sweeping changes in a country’s economy and society, their inherent risks, such as overproduction and stifling of innovation, have driven many long-time command economies like Russia and China to incorporate free market practices in order to better compete in the global marketplace. Command Economy Characteristics In a command economy, the government has a multi-year central macroeconomic plan which sets objectives like nationwide employment rates and what the government-owned industries will produce. The government enacts laws and regulations to implement and enforce its economic plan. For example, the central plan dictates how all of the country’s resources- financial, human, and natural- are to be allocated. With the goal of eliminating unemployment, the central plan promises to use the nation’s human capital to its highest potential. However, industries must adhere to the plan’s overall hiring targets. Potential monopoly industries such as utilities, banking, and transportation are owned by the government and no competition is allowed within those sectors. In this manner, monopoly prevention measures such as anti-trust laws are unnecessary.   The government owns most, if not all of the country’s industries that produce goods or services. It may also set market prices and provide consumers with some necessities, including health care, housing, and education.   In more tightly-controlled command economies, the government imposes limits on individual income. Command Economy Examples Globalization and financial pressure have led many former command economies to change their practices and economic model, but a few countries remain faithful to the principles of command economy, such as Cuba and North Korea. Cuba Under Raul Castro, Fidel Castro’s brother, most Cuban industries remain owned and operated by the communist government. While unemployment is virtually nonexistent, the average monthly salary is less than $20 USD. Housing and health care are free, but all of the homes and hospitals are owned by the government. Since the former Soviet Union stopped subsidizing Cuba’s economy in 1990, the Castro government has gradually incorporated some free-market policies in an effort to stimulate growth. North Korean currency, featuring Kim Il-Sung, DPKRs first leader. johan10 / Getty Images North Korea The command economic philosophy of this secretive communist nation focuses on meeting the needs of its people. For example, by owning all of the homes and setting their prices accordingly, the government keeps the cost of housing low. Similarly, health care and education in government-operated hospitals and schools are free. However, with the lack of competition leaving them little reason to improve or innovate, the government-owned industries operate inefficiently. Overcrowded transportation facilities and long waits for health care are typical. Finally, with their incomes strictly controlled by the government, the people have no avenue for building wealth. Pros and Cons Some advantages of a command economy include: They can move quickly. Controlled by the government itself, industries can complete massive projects without politically motivated delays and fears of private lawsuits.Since jobs and hiring are regulated by the government, unemployment is consistently minimal and mass unemployment is rare.Government ownership of industries can prevent monopolies and their inherent abusive market practices, such as price gouging and deceptive advertising.They can quickly respond to fill critical societal needs such as health care, housing, and education, which are typically made available at little or no charge. Disadvantages of a command economy include: Command economies breed governments which limit the rights of individuals to pursue their personal financial goals.Due to their lack of free-market competition, command economies discourage innovation. Industry leaders are rewarded for following government directives rather than for creating new products and solutions.Since their economic plans are unable to respond to changing consumer needs in a timely manner, command economies often suffer from over and under production resulting in shortages and wasteful surpluses.They encourage â€Å"black markets† that illegally make and sell products not produced by the command economy. Communist Command Economy vs. Socialist Command Economy While command economies are typical of both communism and socialism, the two political ideologies apply them differently. Both forms of government own and control most industries and production, but socialist command economies do not attempt to control the peoples’ own labor. Instead, the people are free to work as they wish based on their qualifications. Similarly, businesses are free to hire the best-qualified workers, rather than having workers assigned to them based on the central economic plan. In this manner, socialist command economies encourage a higher level of worker participation and innovation. Today, Sweden is an example of a nation using a socialist command economy. Sources and Further Reference â€Å"Command Economy.† Investopedia (March 2018)Bon, Kristoffer G.; Gabnay, Roberto M. editors. â€Å"Economics: Its Concepts Principles.† 2007. Rex Book Store. ISBN 9712346927, 9789712346927Grossman, Gregory (1987): â€Å"Command economy.† The New Palgrave: A Dictionary of Economics. Palgrave MacmillanEllman, Michael (2014). â€Å".†Socialist Planning Cambridge University Press; 3rd edition. ISBN 1107427320

Business Law Memo Essay Example | Topics and Well Written Essays - 1000 words

Business Law Memo - Essay Example Unfortunately, the gas attendant incorrectly filled the car with gas worth $27.39 instead of $8.00. However, the plaintiff did not have any cash on him to settle the extra bill, he offered to leave behind his driving license as collateral until in the evening when he would return to settle the whole bill (Robert v. City Fair Lawsuit ). However, the manager of the gas station, Mr. Tommy, refused the collateral and demanded the plaintiff to suck $19.39 worth of gas from his tank. The plaintiff Mr. Robert tried to refuse claiming it is risky. However, he changed his mind when the manager threatened him with a police arrest. As he was siphoning, the plaintiff inhaled and swallowed some gas. The plaintiff Mr. Robert developed some health complications such as constant eye watering, burning of throat and dizziness. The plaintiff visited ER twice for severe abdominal pain and uncontrollable vomiting. The plaintiff has been forced to miss several days of work, avoided leisure activities such as trail running at Tier Park and playing basketball league. His medical bills are rising while his medical condition will remain as such for long if not for life. Furthermore, his family is unable to put up with the rising hospital bill. Statement of the Issue The plaintiff employs our services in the lawsuit against Tommy and City Fair. The plaintiff believes that Tommy and City Fair should be held responsible for his medical conditions. According to the plaintiff, had the gas attendant followed the instruction careful, he would not have been forced to siphon any gas. His health condition would be normal. Analysis of the Case The plaintiff’s only mistake was forgetting credit card at home. Furthermore, the plaintiff seemed in a hurry and scared of the police. From the look of things, the defendant took advantage of the plaintiff fear of the police and manipulated him. Tommy and City Fair violated business ethics and risked the health of the plaintiff. Their first mistake w as to employee incompetent gas attendants who could not follow instructions. As a result, the attendant filled the car with more gas than required. It is correct to argue that the gas attendant caused the misfortune. Secondly, Tommy the manager refused to accept the driving license as collateral until the evening when the plaintiff would have settled the bill. By the fact the plaintiff was willing to leave behind his driving license, is a clear indication that he was willing to take responsibility and settle the matter. However, the defendant refused the security and instead forced the plaintiff to suck the contaminated gas. This gas has risked the health of the plaintiff. Another mistake made by the defendant is allowing contact with risky goods. This has been proved by the doctor who concluded that the gas is responsible for the plaintiff health condition. Apart from the plaintiff, the gas might also affect the health condition of employees working for the station or customers who are forced to suck when they fail to pay. In this case the defendant has a product liability. He is responsible for selling defective goods to customers. Another mistake made by the defendant is forcing the complainant to siphon the gas using inappropriate tools. In the vent that the plaintiff had appropriate siphoning equipments, then his health would have been okay. It is fundamental to acknowledge that consumer laws in Pennsylvania advocate fro protection and

Importance of Critical Theory Essay Example | Topics and Well Written Essays - 1000 words

Importance of Critical Theory - Essay Example In her work, Lois attempts to distill the basic tenets of a variety of many different contexts in examining the work. Lois re-examines F. Fitzgerald's work â€Å"the great Gatsby† in analyzing the critical theory better. Critical theory ought to define the reader response theory as ways in which a reader reacts to literal works but unlike other theories, it does not focus much on the context, form or the owner of the work. The theory, however, defines the notion that the degree that the text needs to be understood. A person can understand a book in two ways; the first is from its outward meaning and the second is from the words that construct the book. With notable expectations, most of the theoretical writings in the field try to express their views to individuals filled with verbiage, hence assuming a level of familiarity that most people lack. However, some of the writing is not coherent with the love for literature, let alone the daily life that we live. Critical theory is , however, necessary in allowing individuals to have abstract thoughts and the intellectual realm in which impress each other by using theoretical jargon. Thus, critical theory is essential in allowing individuals see themselves and the world invaluable and productive ways that are of benefit to the society and us (Lois 13). The focus of literal context â€Å"has changed over the years to the extent that now among many contemporary theorists; the author is not considered a meaningful object of analysis† (Hodder 65). The rather critical theory focuses more on the reader, rhetorical, ideological as well as the aesthetic value of a particular text. The culture in which the text is produced it is often an important aspect. An understanding critical theory is very beneficial. Theory will help individuals to see themselves in important contexts.  

Safety issues wtih glaucoma and macular degeneration Essay

Safety issues wtih glaucoma and macular degeneration - Essay Example known physical symptoms of macular degeneration include: blurred eyes, vision coldness, reduced central section, vision complications, blind spots, and advanced loss in macular function. Other symptoms may also include: straight lines bent in the eye, swelling in macula as well as problem in the identification of size and color. The universally known symptoms of glaucoma entail: increased eye pressure and immediate pain in the eye, red eye, holes in the eye, especially around bright lights, vomiting, headache, and blood circulation complications. Macular degeneration and glaucoma health conditions are the leading causes of blindness in the world. The most upsetting fact about the disease is that, macular degeneration and glaucoma affects regions of the patients’ sight-zone. It is imperative to understand the main causes of the disorder and come up with the most effective measures to counter the problem. A part from age and heredity, there are other life aspects that can be actively modified to minimize the effect of macular degeneration and glaucoma. Some of these life aspects include: maintaining good health to reduce obesity and high blood pressure, avoiding smoking, seeking early treatment, as well as medical testing and retesting on the

Rapid developments in technology

Rapid developments in technology Global trends and technological development and their effect on strategy and technology on organisations, with a focus on the Sony Corporation. Abstract In recent years there have been rapid developments in technology which have lead to the opening up of a global market. This has brought both opportunities and challenges to enterprises. Enterprises that want to operate globally have to plan appropriate business strategies. When formulating these strategies they have to consider the importance of the domestic and global situation of the enterprise. This study examines the effect of technological progress and global changes, with a particular focus on how they have affected the Sony Corporation. There is a discussion of Sonys business strategies and their strong points and shortcomings. The study ends with suggestions as to how Sony could resolve some of its recent problems. Introduction In recent years the phenomenon of globalization has taken place. This has come about because of rapid progress in technology and communications. Now the world has become one marketplace and goods and services which were available only in one place in the past can now be bought almost anywhere in the world. This has many advantages for industries as it has expanded their market, but it has also brought many challenges. Among the challenges which must be dealt with by companies wishing to enter the globalization are tariffs and international competition, particularly from newly industrializing counties (NICs) such as Malaysia, China and so forth. This has lead to many enterprises formulating global strategies and many of them have achieved success in the global market. However, to succeed in the global market it is not sufficient to have good global strategies; it is also necessary to be able to use these strategies in a balanced manner. The domestic market and the local culture are ke y elements which must be carefully taken into account in global strategies. Many enterprises look to the example of Japanese companies when determining their global strategies, as it is generally considered that their global strategies have been very successful and have permitted them to enter and succeed in many international markets. The principal focus of this study will be the Sony Corporation. There will be a discussion of Sonys management of new technology and globalization. Examples will be given of Sonys global strategies, and the advantages and disadvantages they have encountered due to these strategies will be presented and discussed. Globalization Every firm should understand the implications of globalization in order to develop a global strategy successfully. The term globalization signifies the increased mobility of goods, services, manpower, technology and worldwide. Globalization may be described as a process by which countries all over the world are joined in a worldwide interdependent community. This process is driven by a combination of economic, technological, socio-cultural and political factors. Raskin (2002) defined globalization as the worldwide integration of economical, cultural, political, religious, and social systems. He added that globalization, through the increasing integration of economies and lifestyles worldwide, leads to similarities in production and consumption patterns, and hence cultural homogenization. From an economic perspective, globalization signifies the convergence of prices, products, wages, rates of interest and profits towards standards of developed countries (Ismail, 2003). Similarly, Theodore (1983) argued that the main factors driving economic globalization of the economy are movement of labour force; international trade; movement of capital; integration of financial markets; cross-border transactions; and free movement of international capital. Basic components of globalization are the globalization of markets and the globalization of production. The former signifies a move away from a system in which national markets are separate entities, divided by trade barriers and barriers of distance, time and culture, towards the merging of national markets into a single global market. The latter, globalization of production, refers to a tendency by individual companies to spread their production processes over various locations around the world in order to benefit from differences in cost and quality of elements of production (Hill, 2007). Drivers of globalization The principal driving forces that facilitate or support the extension of globalization are the following. Advances in transportation: A reduction in the cost of transporting goods and services from country to country assists in bringing prices in the country of manufacture nearer to prices in the export market. Developments in transport technology have lead to a reduction in the cost of transport as well as to an improvement in the speed and reliability of transporting both goods and people. This has meant that it has become cost-effective to access new and expanding markets, thus enabling companies to extend their business further than would have been feasible in the past. Technological advances: The huge reduction in the cost of transmitting and communicating information in recent years has played a vital role in the global growth of enterprises. This phenomenon has been called the death of distance, and is particularly noticeable in the growth of trade in knowledge products through the Internet. De-regulation of financial markets: The process of the de-regulation of financial markets has lead to the abolition of capital controls in many countries. Capital markets have opened up in both developed and developing countries, facilitating foreign direct investment and encouraging the flow of money across national borders. Avoidance of import protection: Many enterprises seek to avoid the tariff and non-tariff barriers imposed by regional trading blocs in order to gain more competitive access to rapidly-growing economies such as those in the emerging markets. Economies of scale: Many economists take the view that there has been a rise in the estimated minimum efficient scale (MES) related to particular industries. Technological changes, innovation and invention in various markets have been factors contributing to this increase. An increase in the MES means that the domestic market may be considered as not being large enough for the selling needs of these industries, making expansion into overseas markets essential. The effect of globalization on international business In recent years, companies have been required to deal with business issues in an international context due to the move towards globalization and internationalization as well as the nature of competition. The principal aspects of global business environments are the following. The forces of globalization Every aspect of the global business environment is affected by the drivers of globalization. Although globalization increases business opportunities, it also leads to an increase in competition. Companies must be aware of the basic and often sweeping changes in both society and commerce resulting from globalization (Wild, Wild and Han, 2008). National business environment Although globalization has initiated a process of homogenization among different cultures, political systems, economic systems, legal systems, and levels of economic development in different countries, many of these the differences remain marked and enduring. Any enterprise wishing to expand overseas must be aware of these differences, and be able to formulate and implement appropriate policies and strategies to deal with them successfully (Hill, 2006). International business environment The international business environment has both a direct and indirect effect on how firms carry out their operations. As can been seen by the long-term movement to less rigid national borders, no business can remain entirely isolated from occurrences in the international business environment. As globalization processes lead to the increasing interrelation of the flows of trade, investment, companies are required to seek production bases and new markets at the same time. Firms must monitor the international business environment closely to determine the impact it may have on their business activities (Wild, Wild, and Han, 2008). Management of international companies The management of a completely domestic firm is not at all the same as the management of a transnational one, as market rules differ and forms must take these differences into account. Thus, it is national business environments which define the context of managing an international firm (Wild, Wild and Han, 2008). Competitive Advantage in the Global Market In the global marketplace, it is vital for companies to sustain competitive advantage. The term competitive advantage was used first by Michael Porter of the Harvard Business School in the U.S.A. Basically, it means the place a company has in relation to its competitors in the same industry. Firms seek to obtain a competitive advantage and then to sustain it. According to Porter (1998), there are three ways that a firm can do these things. The first way is by cost leadership, which means that a firm will have cost advantage is it can offer the same goods or services as its competitors, but at less cost than them. The second way is differentiation. The differentiation advantage refers to when a company can offer better goods or services than its competitors, but for the same price. This company will then become a leader in the industry. The third way is focus. This means that a company can concentrate on a narrow part of the market, which is known as a market niche, to obtain competit ive advantage. Some of them may focus on cost and some of them may focus on differentiation (Porter, 1998). However, it is not easy for a firm to gain competitive advantage and it is even more difficult to keep it (Passemard and Kleiner, 2000). This is because if a company has a differentiation competitive advantage, soon another company will find how to make the same product with the same quality. If a company has a cost competitive advantage, then other companies will look for ways to make their products as cheap (ibid). However, there are several factors that contribute to a firm obtaining competitive advantage. One of these factors is having good resources. Another factor is having a skilled work force. Countries governments also can affect firms, as taxes vary much from country to country and some governments may offer tax incentives or subsidies to companies (Passemard and Kleiner, 2000). The advent of globalization has offered companies with markets all over the world. This has offered many opportunities to expand, but it has also faced them with challenges. According to Ari (2008), globalization is a process of increasing interconnectedness, integration and interdependence among not just economies but also societies, cultures and political institutions. He adds that a result of globalisation is that the borders between countries lose their significance and can no longer deter trade and communication. Regarding business and economics, globalization means that there is liberalisation of trade and creation of world markets (ibid). However, it also means that global industries are competing with all industries in the world. There are many strategies industries can use to obtain and keep competitive advantage in the global market. According to Porter (1998), companies should make their strategy on a basis of strong analysis of the industrys structure and nationally or internationally there are five forces that they should consider carefully, as follows: The threat from new firms in their industry. The threat of products that could replace their products. The bargaining power of suppliers The bargaining power of customers. Competition between companies in the same sector Segal-Horn (1996) points out that companies must be very careful when they are planning global strategy because some strategies which are effective in one country are not effective in another country. Companies have to decide if they want to have one product and marketing strategy for every country or if they have to adapt their strategy for different countries. Adaptation is more necessary for some industries than for others. For example, requirements of steel are more or less the same globally, but there will be large differences for consumer products and food and drinks. Companies have to consider this very carefully. For example, if they can use the same advertisement all over the world it is much cheaper for them, but the advertisement may not be effective in some countries, so they would lose money (ibid). To make such a strategy it is necessary for companies to have very good information about the country they want to sell their products in, which is called market intelligence (ibid). They have to be careful not to miss the differentiation advantage in any country (ibid). To have such information, they must do much market research. Many companies find that it is useful to have a joint venture with a local company in the country because that company already has good information and expertise about the market there. De Toni et al (2008) state that In global industries, competitive advantage derives in large part from the integration and co-ordination on an international scale of various activities. According to Ward et al (1990) companies in a global market should have five competitive priorities, which are cost; delivery performance (dependability and speed); quality; flexibility (product mix and volume); and innovativeness. If companies are looking for cost advantage there can be many benefits to them from globalization. This is because the can choose to buy their supplies from the cheapest supplier in any country in the world and they are not limited to suppliers in their country, as they were in the past before globalization facilitated communication and transport (Ari, 2008). In addition, they can choose to produce their products in a country where labour costs are less than in their country (ibid). Moreover, they can also sell their products through the Internet and reach millions of customers that were impossible for them to reach in the past Sony Corporation Profile Sony was founded in Japan just after the Second World War by Ibuka and Morita and was known initially as the Tokyo Telecommunications Engineering Company. At first their business consisted of radio repairs and manufacturing voltmeters in small quantities. However, Ibuka and Morita were interested in innovative electronics products and were also aware of the importance of international markets. They developed Sony into an international brand, expanding their business first into the U.S.A. and then into Europe. The companys name was changed to Sony Corporation in 1958. Currently, the Sony Corporation employs more than 150,000 people worldwide. It is one of the largest media conglomerates in the world and has six operating divisions, which are electronics, games, music, films, financial services and miscellaneous. Sony Electronics is one of worlds foremost makers of electronic products for both the business and individual consumer markets, while its games division produces, among other products, Playstation, and its music division is the second largest such company in the world. Sonys film division produces and distributes films for the cinema as well as for TV and computers and its financial services segment includes savings and loans. Under the miscellaneous division, Sony is involved in advertising and Internet-related business. For the financial year 2007-2008, Sony reported combined annual sales of  ¥8,871.4 billion with a net income of  ¥369.4 billion. Historical background The Sony Corporation has long been in the forefront of technological innovation and has devoted a considerable portion of its budget to research and development (RD) in order to obtain and keep its competitive advantage. Some of Sonys main developments were the following: In 1949 Sony developed a prototype for a magnetic tape recorder prototype in 1949 and introduced paper-based recording tape a year later. In 1955, the company introduced Japans first transistor radio and was listed on the Tokyo Stock Exchange. The Sony Corporation of America (SONAM) was subsequently set up in the U.S.A. and the worlds first direct-view portable TV was introduced in 1960. Also in that year, Sony Overseas S.A. was set up in Switzerland; while a year later Sony became the first Japanese company to offer shares on the New York Stock Exchange in same year. Further technological innovations followed throughout the 1960s, including worlds smallest and lightest transistor television and the Trinitron colour television. Since then, the Sony Corporation have developed and produced the worlds first personal cassette player, the Sony Walkman, which was introduced in 1979, the worlds first CD player, launched in 1982. More recent innovations include the home-use PC VAIO in 1997, Blu-ray Disc drive Notebook PC in 2006 and the OLED television in 2007. The Sony Corporation also expanded into the mobile telecommunications business in 2001 with the establishment of Sony Ericsson Mobile Communications, while a year later it acquired one of its rival companies, Aiwa, through a merger. Sonys Global Strategies The World Marketplace In the 1950s Japanese products suffered from a poor reputation. In an effort to overturn this, one of its founders, Mr. Morita, went to the United States travelled to U.S.A to learn from companies there and with a view to introducing his companys products to the American market and beyond. In 1958, having obtained the licensing right to the transistor patent from U.S. company ATT, they developed the worlds smallest transistor radio, which they launched in both Japan and the U.S.A. It was at this point the decision was taken to change the companys name to Sony, as it was short, easy to pronounce and memorable. The intention was to make Sony an internationally recognised brand, and in this they have succeeded, as, according to Richard (2002), Sony has become one of the most widely recognized brands in the world (Richard, A. 2002). Global marketing and operations According to Kikkawa (1995), only nine major Japanese companies Sony; Toyota; Honda, Nippon Steel; Toray; Teijin; Sumitomo Chemical; Shin-Etsu Chemical; and Matsushita. Kikkawa argued that these companies succeeded in the international marketplace by supplying products globally and/or carrying out global operations. Sonys products have been developed to fulfil the requirements of consumers worldwide; therefore, the corporation can offer the same products all over the world. One instance of this is the Sony Playstation, which appeals to consumers in every country in the world. In its ability to anticipate and fulfil the requirements of consumers Sony has gained an advantage over its rivals. The strategy of innovation Masaru Ibuka, one of the founders of the Sony Corporation, stated that the key to Sonys success was never to follow the others. In effect, the companys central strategic advantage in its global strategy has always been continual innovation. Global expansion and market selection As far as global expansion is concerned, Sony has always given careful consideration to operating in markets they considered to be important and where they had reason to believe the companys products would be most in demand (Richard, 2002). This lead to the initial decision to expand first to the United States, where they could market their products while at the same time learning from U.S. technology. The rationale behind this was that it would easier to expand to other markets once they had established a strong brand name in the United States. This in fact proved to be the case and expansion to European markets soon followed, as mentioned previously. Advantages of Global Strategy Reducing costs Sony has used several elements global strategy to its advantage. For instance, every Sony factory is able to produce at full capacity due to Sony products being sold all over the world; this results in a reduction in production costs. In addition, although Sony has numerous product lines, they are standard worldwide. This means that Sony does not have the expense of producing several versions of a single product to suit various markets. Worldwide recognition As Sonys products are known, sold and serviced all over the world, brand recognition among consumers is extremely high. This results in increased sales, as consumers feel secure about purchasing Sony products. Enhancing competitive advantage In addition, in recent years Sony has been an enthusiastic participant in the Sustainable Energy Europe Campaign, making efforts to produce energy-efficient products. The corporation is also involved social and environmental concerns through its active and high-profile Corporate Social Responsibility (CSR) programme. These activities have contributed greatly to Sonys ability to increase their competitive advantage over its rivals. Sonys CSR programme Sony developed their Corporate Social Responsibility (CSR) programme in the awareness that the corporations business has direct and indirect effects on society and the environment in which their business is conducted. The programme is concerned with the interests of all the corporations stakeholders, such as shareholders, customers, employees, suppliers, business partners, and local communities. This has contributed to the improvement of Sonys corporate value. The European Commission awarded Sony a Sustainable Energy Europe Award in early 2007, in acknowledgement of Sonys efforts towards increasing the energy efficiency of its products and its participation in the Sustainable Energy Europe Campaign. By 2007, Sony had modified all their TV sets to consume less energy than the market average. This was a result of their research and development and lead to Sony TV sets increasing their market share. In this way, consumers can be satisfied that their television viewing is consuming a good deal less energy than previously, other stakeholders such as shareholders and suppliers are satisfied by the increase in sales of Sony TVs and electricity consumption also decreases. Another element in Sonys CSR programme is its improvement of its system for its employees to take leave to look after their children. Sony modified this system in the spring of 2007, with the aim establishing a working environment in which taking child care leave was facilitated. They also attempted to encourage fathers to become more involved in caring for their children. This modification has lead to an enhancement of the work-home life balance of Sony employees. It can be seen from these examples that Sony has made use of the advantages of globalization in its CSR programme to achieve a competitive advantage over its rivals. Disadvantages of Global Strategy While global strategy offers many advantages for international enterprises, it also brings with it certain disadvantages. These consist mainly of costs related to greater coordination, reporting requirements, and added staff. In addition, international enterprises must be careful to avoid the pitfall of allowing over centralization to lead to a reduction in the quality of management in any country, as this can result in quality toward individual country can be reduced due to which damaging the motivation and drive of local employees. There is also a risk inherent in offering standardised products, as such products may prove to be less appropriate in some countries than in others. Similarly, use of standardised marketing strategies may not always be successful, as, without cultural adaptation, certain strategies may be inappropriate in specific countries. Finally, the over-use of global strategies may also result in unnecessary or inefficient expenditure. In the case of Sony, a considerable portion of the corporations budget is spent on in RD to fulfil international requirements and this may have led Sony to over-diversify. In order to compete with global competitors, Sony has a finger in every pie, so to speak, and this may have led the corporation to stray too far from its core competency which is electronics product expertise. Moreover, the possibility exists that over-diversification may result in clouding consumers perceptions of the brand. Currently, Sony is facing a challenge to its market supremacy from the Samsung Company. In contrast to Sony, Samsungs global strategy consists of limiting its diversification and focusing its resources on a small number of dominant businesses. This strategy has so far proved very successful for Samsung. Recommendations Although the Sony Corporation has succeeded in building one of the most widely recognised brand names in the world, its market dominance appears to be based on increasingly unsteady ground. This is indicated by the fact that Sonys net profit for the third quarter of 2006 fell by 94% to  ¥1.7 billion, compared to  ¥28.5 billion for the same period in 2005 (Benson, 2006). This dramatic fall in profits may be attributed to the crucial strategic concerns confronting Sony. Sonys manufacturing process is in need of restructuring, as the quality of some Sony products has declined. This has resulted in damage to their reputation and a consequent decrease in the competitiveness of their products. For instance, Forbes magazine reported in October 2006 that 9.6 million Sony laptop batteries has had to be recalled as they were prone to overheating and were therefore dangerous. In addition, Japanese consumers expressed their dissatisfaction with the new system of the Sony PS3 (Wonova, 2006). It would appear from these examples that Sonys quality control system is not always as efficient as it should be. Apart from quality control issues, Sony has shown itself unable to respond rapidly and effectively to changes in market demand and its competitive advantage is therefore compromised. One example of this is the delay in the European launch of PS3 because of manufacturing problems (BBC, 2006). Sony was unable to satisfy the market demand, leaving the way open for rivals in the field such as Nintendo and Microsoft to increase their market share. Moreover, Sony did not respond as quickly as certain other television manufacturers to the increasing demand fro plasma television and therefore allowed their competitors to gain a head start on them in this market. Mintzberg et al. (1999) pointed out that the first mover may gain advantages in building distribution channels, in tying up specialized suppliers or in gaining the attention of customers, adding that the first product of a class to engage in mass advertising tends to impress itself more deeply in peoples minds than the second, third or fourth. Hence, Sony forfeited its competitive advantage and a considerable part of the market share in the games and television market. It is evident that Sonys operational strategy is deficient and requires improvement. In order to address these issues, Sony is putting into practice strategies from both the inside out resource-based perspective (Hamel and Prahalad, 1990; Barney, 1991) and outside in positioning perspective (Porter, 1980; Mintzberg et al., 1998), also known as the market-based perspective (Finlay, 2000). It has been suggested that combining these perspectives can optimise an enterprises capabilities and result in achieving and maintaining greater competitive advantages (Finlay, 2000; Thompson and Strickland, 2003; Johnson et al. 2005; Lynch, 2006). According to Hatch (1997) competitive strategy necessitates the exploitation of a companys existing internal and external firm specific capabilities and the cultivation of new capabilities. Sony should determine appropriate methods for managing external changes in the constantly shifting business environment, and also determine how to make full use of their existing capabilities and resources to respond effectively to this environment. Mor eover, Sony must be attentive to potential threats in the future and put in place the mechanisms required to neutralise these. Conclusion It can be seen that globalization brings both advantages and disadvantages for businesses. On one hand, they can sell their products in almost any country in the world, while progress in communication and transport means that they can choose cheaper suppliers and make their products in countries where labour costs are lower. On the other hand, it brings disadvantages in that they also have competitors from all over the world. Appropriate planning and implementation of global strategies within the constantly evolving environment of technology can provide enterprises with opportunities for survival and expansion in an increasingly competitive market. However, inappropriate global strategies which are not well-conceived or well-implemented can result in losses. Several factors could contribute to such losses including increased costs due to additional staff and insufficient attention to the requirements of the local market. It is vital that enterprises find an appropriate balance between over-globalisation and under-globalisation, although there are no precise guidelines for determining such a balance. Among the keys to obtaining and sustaining competitive advantage in a global market is careful planning and strategy, which includes obtaining detailed information about the target country and focusing on cost or differentiation advantage . References Ari, A. (2008). Globalisation. Online at http://www.geocities.com/anil.ari_global/index.html# Accessed on 10th August, 2009 Barney, J. B. (1991), Firm resources and sustained competitive advantage, Journal of Management, Vol. 17, No. 1, pp. 99-120. Barney, J. B. (2001), Is the resource-based view a useful perspective for strategic management research? Yes, Academy of Management Review, Vol. 26, No. 1, pp. 41-56. De Toni, A., Filippini, R. and Forza R. (1999). Interational Journal of Operations and Production Management. Vol.12, No. 4, pp. 718 Passemard, D. and Kleiner, B.H. (2000) Competitive Advantage in Global Industries. Management Research News. Vol. 23, Issue 7/8, pp.111-117 Finlay, P. (2000), Strategic Management: An introduction to business and corporate strategy, Prentice Hall. Hamel, G. and Prahalad, C.K. (1990), Capabilities-Based Competition, Harvard Business Review, Vol. 70, No. 3. Hamel, G. and Prahalad, C.K. (1994), Competing for the future, Harvard Business School Press. Hatch, M.J. (1997), Organization Theory: Modern Symbolic and Postmodern Perspectives, Oxford University Press. Hill, C.W.L. (2007), International business: competing in the global marketplace, Boston: McGraw-Hill/Irwin. Johnson, G. (2005), Exploring Corporate Strategy: Text and Cases, 7th Edition, Prentice Hall. Kikkawa, T. (1995), Growth in cluster of entrepreneurs: The case of Honda Motor and Sony Lynch, R. (2006), Corporate Strategy, 4th Edition, Prentice Hall.<

The Economic Systems Essay -- Economics Economy Essays

The Economic Systems Within the overall umbrella of the word "economy", one speaks today of the market economy, the formal economy, the informal economy, the underground economy, the productive economy and perhaps even the reproductive economy, the post-industrial or post-modern economy and the global economy. Thus while the concept of an economy is not fixed but arbitrary, and may have strayed rather far from the management of household resources, it is nonetheless spoken of in official circles as if there were genuine agreement (sometimes almost as if it were tangible, as "we must get the economy back on track"). The official economic paradigm operative in Canada is that of the market economy -- or the formal economy. This is what is being measured, analysed and reported on. An economy is said to work within a framework reflecting the values of the society in which it is embedded. Traditionally, three models of an economy have been used: the traditional or feudal, the command economy (where the state determines resource decisions) and the market economy which is the model in use in USA and in most industrialized Western countries. Indeed, even within the market economy, there are different models; for example, the Scandinavian model of social democracy, the Asian corporatist mode, and the capitalist model of North America. Each model has been seen and judged both from inside and outside its parameters. Individual freedom is one of the hallmarks of the market economy -- each person is free to choose how they wish to put their income to use. Adam Smith, hailed as the founder of classical economics, suggested that the sum of individual's self-interest would produce results that corresponded to the overall good of society. The Economic systems: There are three types of economies: traditional (also known as subsistence), command (also known as planned) and market (commercial). Traditional Economy In a traditional economy, goods and services are produced by a family for their personal consumption. There is little surplus and little exchange of goods. There is only a limited need for markets (places to buy and sell goods and services). This is the type of economy found in less developed nations of the world, usually in rural areas. Most less developed nations today are a mix of traditional and either market or command economies. Command Econ... ...ts worship of competition it is amoral. On the other hand, the Soviet experience clearly demonstrated that state socialism and a centralized economy can be mishandled. Perhaps it is human nature, not political organization that lies at the root of inequality in both North America and Eastern Europe. Bibliography  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Aghion, Philippe and Olivier Blanchard and Robin Burgess, The Behavior of State Firms in Eastern Europe, Pre-Privatization  ¨European Economic Review 38: 1994, pp1327-1349.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Belozertsev, Alexander and Jerry W Markham, Commodity Exchanges and the Privatization of the Agricultural Sector in the Commonwealth of Independent States Needed Steps in Creating a Market Economy  ¨Law and Contemporary Problems 55: (4), Aut 1992, pp119-155  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Cunningham, Frank Understanding Marxism Progress Books Toronto: 1977.  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Dyker, David Restructuring the Soviet Economy Routledge New York: 1992  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Nove, Alec An Economic History of the USSR, 1917-1991 3rd Ed Penguin Books, London: 1992  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Lane, David Soviet Society under Perestroike Routledge London: 1992  ·Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Yarolavsky, E Landmarks in the Life of Stalin Lawrence & Wishart Ltd London: 1942

The Wadia vs Wadia

10 corporate battles to remember Wadia vs Wadia and Goenka Nusli Wadia (left) has been called a corporate samurai. His battles with Dhirubhai Ambani and Rajan Pillai are legendary. His first corporate brawl was a curious case, given who one of his opponents was: his own father. Neville Wadia had decided, in 1971, to sell Bombay Dyeing Ltd to take-over tycoon R. P. Goenka (right). A young Nusli Wadia refused to accept the deal. He had his back to the wall, yet fought back fiercely by getting the rest of the family, the unions and even J. R. D.Tata to thwart the deal, showing early signs of a rare ability to lobby and win allies in a tough battle. This is one of the few instances when Goenka lost a takeover battle. HP Nanda vs Swraj Paul In the early 1980s, with the tacit support of the then Congress government, Swraj Paul (right), a non-resident Indian, launched an aggressive takeover bid for Escorts Ltd. The latter’s promoter H. P. Nanda (left) put up a fight, but faced a back lash from the government that asked financial institutions with a stake in Escorts to support Paul, and launched a series of tax investigations.Nanda hung on, and in 1984, the courts ruled in his favour. ITC vs BAT In 1996, British American Tobacco Industries Plc (BAT), the single largest shareholder in ITC Ltd, and led by Martin Broughton (right), made a play for control of the Indian company. But ITC, under K. L. Chugh (left), was able to convince the Indian government the fight was between a strong, well-managed and board-run Indian company and a predatory multinational. Government-owned institutions with a stake in ITC helped avert the threat. The Birlas vs Lodha Priyamvada Birla(left), widow of M.P. Birla, died childless in July 2004, leaving all her assets, valued at Rs3,000-5,000 crore, to Rajendra Singh Lodha (right), the MP Birla group’s auditor. When the Birla family came to know about her will, they opposed it, saying she could not have left her assets to an outsid er. The Birlas claimed in court that Priyamvada Birla and her husband had earlier written an irrevocable â€Å"mutual will† in which they said all their assets would go to charity. Various cases are being fought between the Birlas and Harsh Vardhan Lodha, R.S. Lodha’s son, who is now MP Birla group chairman. R. S. Lodha died in October 2008 after a cardiac arrest at B. K. Birla’s flat in London. Harsh Vardhan Lodha has yet not secured probate of Priyamvada Birla’s will, but heads the group with the support of directors of holding companies that own controlling stakes in MP Birla group firms. Nusli Wadia vs Dhirubhai Ambani PTA and DMT are innocuous abbreviations for two chemicals used to produce polyester. Together they reacted to create a national explosion in the 1980s.Reliance Industries Ltd run by Dhirubhai Ambani (right) and Bombay Dyeing Ltd led by Nusli Wadia (left) were stiff competitors in the polyester market, with the former using PTA and the l atter DMT as the main input. Those were the days when the government had a say in technology choices, so what ensued was a bitter lobbying war that eventually led to a political crisis for the Rajiv Gandhi government in New Delhi and a murder investigation in Mumbai. Vijay Mallya vs Manu Chhabria Photo: India Today Vijay Mallya’s corporate spat with the late NRI raider Manu Chhabria (right) was an epic one, lasting nearly 20 years.It all began in 1984, when a then unknown Chhabria made a hostile bid for liquor major Shaw Wallace and Co. (SWC). Mallya (left) claimed the bid was actually made jointly by an offshore firm in which he was a partner, while Chhabria disputed that and eventually gained ownership of SWC. A legal battle raged for years in Hong Kong, during which Mallya also partnered Chhabria’s estranged brother, Kishore, and kept up the pressure for getting what he believed rightly belonged to him.It wasn’t until March 2005 that the battle came to an end with Mallya finally acquiring a controlling interest in SWC from the Chhabria family, three years after Manu Chhabria died at 56. Ratan Tata vs The Tata satraps In 1991, Ratan Tata (left) inherited a business group that was run by a confederation of ageing satraps under the benign control of J. R. D. Tata. The Tata scion wanted tighter control over the companies in the sprawling empire, and that led to a showdown with the likes of Russi Mody (right), Darbari Seth and Ajit Kerkar, all men of considerable achievement but resistant to change.The younger Tata did not have a very successful track record till then but he eventually took control and transformed the Tata group, making it the ambitiously global and relentlessly innovative group that it is today. Wadia vs Rajan Pillai Photo: India Today Nusli Wadia’s battle to acquire Britannia Industries Ltd made the headlines in the late 1980s, when he first tried to buy biscuit maker Britannia, then owned by US giant RJR Nabisco In c. Wadia (left) first met the Nabisco brass through a friend, NRI cashew trader K.Rajan Pillai (right), in the late 1980s. But Nabisco changed its mind about selling to Wadia and appointed Pillai chairman of Britannia. This turned the two one-time friends into foes. Soon Pillai acquired Britannia and partnered with French food company, Danone SA. Then the French company fell out with Pillai, accusing him of fraud, and instead tied up with Wadia. After a bitter boardroom battle, Pillai was ousted and Wadia eventually took over Britannia in the early 1990s. Pillai later died in custody in an Indian jail.L&T vs RIL In the late 1980s, Larsen and Toubro Ltd (L&T) chairman N. M. Desai, discovering that Manu Chhabria (right) had acquired a stake in the firm, presumably to launch a hostile bid, got Reliance Industries Ltd’s (RIL) Dhiru-bhai Ambani (left) to buy a larger stake and come in as a white knight. Ambani had designs of his own and became chairman with the support of the Cong ress government that asked financial institutions with stakes in L&T to back him. RIL’s plan was thwarted when the Congress lost power in 1989.RIL sold its stake in the early 2000s to the Aditya Birla group, triggering another takeover battle that ended with L&T selling its cement business to the group. Bajaj vs Bajaj In 2001, Kushagra Bajaj convinced his father Shishir Bajaj (left) to ask the Bajaj clan to transfer to them the two companies they managed, a sugar producer and a consumer products maker. The Bajajs, Shishir’s brother Rahul (right) as well as cousins Madhur, Shekhar and Niraj, initially demurred. They eventually agreed, but not before dirty linen had been washed in public.

Pamela Essay Example

Pamela Essay Example Pamela Essay Pamela Essay In early times, in the era when mankind first learned to engage in business and traded with one another and gave birth to accountancy. It is also the time when the entity called money is born. But even before the creation of money, accountancy is already very important in early businesses. Accountancy served as a guiding light to the success of an entrepreneur. Accountancy is always preset in mans daily activities in its simplest form and therefore we can conclude that it is already part of our daily lives. As an individual who existed in the 21st century, I can say that accountancy in its general sense is often misinterpreted. Many people especially incoming college students are afraid of accountancy. They thought of it as a very difficult field of learning. As a course in college, accountancy is one of the least courses that students take. But the truth behind this is the fact that accountancy can be easily to be dealt with if you have patience and hard work. Being an accountancy student of the 21st century, I encounter many topics regarding accountancy and at first glance, they seem to be very hard for me but with the help of patience, hard work and perseverance I came to cope up and understand these topics. Thanks to our brilliant accountancy instructors who are always ready to share and impart their knowledge to us. Accountancy is also a vital part in the progress and success of businesses in the 21st century. Without accountancy, these multi-billionaire corporations have not mom into existence. The people behind their success are the accountants where in they work in the influx and out flux of the corporations finances. Accountants in the 21st century are still very few and businesses are growing rapidly. Because of this, more accountants are needed. So I encourage incoming freshmen student to enroll in the course of accountancy and discover and appreciate by themselves the beauty and importance of accountancy in the society not only in the 21st century but in the centuries to come. Pamela By Pamela-Gallup

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Arguments of Definition Assignment Example | Topics and Well Written Essays - 500 words

Arguments of Definition - Assignment Example Yes. I was honestly surprised about that piece of information from the talk. I have always made an assumption that whatever information I was searching for online and the results I got as a result would be available exactly what anyone else searching would get as well. This is the reason the talk was not only important but provided revealing information that shocked me. This information about the filter bubble should be passed around to as many people as possible so that they can be keen on the search results they get from the first search and compare it to results of other searches as well. I was worried over Pariser’s information that the content being released in the internet is tailored which is very inconveniencing. If one can be searching for a particular topic and each and every piece of information about it but ends up getting the wrong information, irrelevant information as well as misplaced information, then one will start to really not trust the internet at all. It is supposed to not only connect people but keep them abreast at all times of everything taking place around the world. As a result of the filter bubbles, this reality is being taken away from the users. Privacy indeed matters as very few people would like to be seen at their weakest or most vulnerable moments. This is the reason according to Greenwald (2014) that most people as explained by the speaker prefer doing stuff in private than in the public eye. They lack the courage to be criticized or people to change their point of view about them hence the reason they hide in private. People should respect the privacy and not brand people as bad or good for it. Having taken the same experiment taken by Pariser’s student, I was shocked to realize that it is true. I tried it several times taking different screen shots and the results were still different each and every time. The most shocking of all research was the fact

Nursing in a Day Surgery Essay Example | Topics and Well Written Essays - 1500 words

Nursing in a Day Surgery - Essay Example In order to do this the discussion will first of define pain, because it not objective as many nurses and health practioners may believe. In fact it is a very subjective term. The discussion will end by considering the problems in the UK when dealing with patient's whose wishes are hard to discern and whether we should be administering pain relief methods without proper consent. It is this balance between whether nurses, as myself, should be acting on the wishes of the doctors and the establishment or the patient's wishes and concerns. This is because speed and cost efficiency should not be a determining factor in a patient's health, rather if a person who has varicose vein surgery is more suited for overnight care this should be considered. Pain was found to be the major concern for patients undergoing surgery and they wanted access to information both verbally and through written communication (Taylor. H. 2001). Patients have evinced interest in knowing the details of their recovery and realistic accounts of discomfort that they can expect. Addressing the cognitive component of pain is easily done through patient education (Carr C.J. Ellois. 2001). An audit at the Warwick Hospital found that although patient education booklets were available, the APS refrained from giving out this information. Besides, patients were not consulted in the development of the services Patients usually felt better and less ... Many used past experiences as reference for their expectations. Some studies found that patients had lower expectations of post-surgical pain. Patients also had a number of misconception related to the use of analgesia. This led to under usage of drugs and poor pain management. Understanding these factors can help nurses develop educational manuals for patients and help in better pain management (Taylor). H. 2001). The NIH has given Guidelines for the preparation of patient education and state the all communication must be, "clear, cost-effective, straightforward, modern, accessible, honest and respectful."(DoH, 2001) The Royal College and the Anaesthetic Association reported that 44% of hospitals had some form acute care services and 79% used modern analgesic techniques to manage pain (Carr C.J. Ellois. 2001.) A study of hospital services declares pain prevention to be one of the 10 most important indicators of care quality. (Susan M, 2003) While the need for management is acknowledged, the resources allocated for the function were found to be inadequate. In a significant finding, the Clinical Standards Advisory Group found that although 81% of the functions involve nursing care and 7% of these were headed by nurses there was lack of specialized nursing care in the chronic pain department. The situation was further made worse by inadequate funding. (Pain Society, 2001) Health professionals currently are found to have deficits in knowledge and skills for proper pain management. Nursing care is often found to be influenced by attitude of patients, their culture and value systems. (Redorbit.com, 2006) . The Services for Patients with Pain, in