Black Codes Essay Example for Free

Black Codes Essay The black codes were a another word for hate, and the reason I say this because the true meaning of The black codes is a law that stops the blacks from having freedom, and later on they would begin to Force them into owing or as I was taught debt. With legal prohibitions of slavery ordered by the Emancipation Proclamation, acts of state legislature, and eventually the Thirteenth Amendment, Southern states adopted new laws to regulate Black life. This was a very serious law for the blacks it was Mean and made them seem like they weren’t people just like they did the grandfather clause and I say This wasn’t a very good matter. This was like the grandfather clause the code is to watch the movement From theirs to the south some laws say black can’t hold guns and cant trade produce and they said this To want them back on the plantation. â€Å"The black codes were passed by the ex-confederate states after the civil war, the purpose of the Black codes were to keep freed slaves in a servitude state, to ensure cheap agricultural labor, and to Keep a white dominate position†. Yes I say they are right because through the research I found this was The one most popular it was well written it talks about cause it talks about what I said in the first Paragraph. Example; Arkansas passed a law prohibiting colored people to Immigrate to Arkansas Another example is Texas required railroad companies to have separate cars for Black and white people And my last example is Arkansas required separate schools for white and black People, they also made a Law called the vagrancy law which meant â€Å"Any person that a law enforcement Officer or judge deemed To be unemployed and not owning property could be arrested and charged as a Vagrancy†. -History. com Radical Republican Reconstruction efforts from 1866-1867, and passage of the Fourteenth Amendment and civil rights legislation, helped to greatly eliminate the Black codes. The Union victory in The Civil War may have given some 4 million slaves their freedom, but African Americans faced a new Onslaught of obstacles and injustices during the Reconstruction era (1865-1877). By late 1865, when the 13th Amendment officially outlawed the institution of slavery, the question of freed blacks status in the Postwar South was still very much unresolved. The Freedmen’s Bureau also helped the former slaves in the workplace. It tried to make sure that The former slaves received fair wages and freely choose their employers. The bureau created special The bureau created special Courts to settle disputes between black workers and their white Employers. It could also intervene in other cases that threatened the rights of freedmen. The South Carolina code included a contract form for black â€Å"servants† who agreed to work for white masters. The Form required that the wages and the Term of service be in writing. The contract had to be witnessed And then approved by a judge. Other Provisions of the code listed the rights and obligations of the Servant and master. Black servants had to Reside on the employer’s property, remain quiet and orderly, Work from sunup to sunset except on Sundays, and not leave the premises or receive visitors without the Master’s permission. Masters could moderately whip servants under 18 to discipline them. Whipping Older servants required a judge’s Order. Time lost due to illness would be deducted from the servant’s Wages. Servants who quit before the end date of their labor contract forfeited their wages and could be Arrested and returned to their Masters by a judge’s order. On the other hand, the law protected black Servants from being forced to do Unreasonable tasks. This is how the 1800’s were they were very mean, cruel and they never thought about anybody But there self and I think that the black codes is just a distraction from what they really and I say that They are all people the black the whites and all the other races it just took them long enough to realize That and I say that is very poorly of them because doesn’t matter what you look like or what you wear Or what your skin color is people are people and we all need to accept that. This is the reason why I Chose the black codes there is no other reason I chose it because people found out the truth that we are A Special in different ways and I like the way we get along to day without racism.

Human Resource Management

Human Resource Management 1. Introduction By definition â€Å"Human Resource Management (HRM) is the function within an organization that focuses on recruitment of, management of, and providing direction for the people who work in the organization† (Hofstede,G 1984) Human Resource Management (HRM) can also be performed by line managers. As more and more cooperation are becoming global in their operations people management is becoming more complex and sophisticated. In this report it is briefly discussed whether it is possible to manage people from different countries with the same policies and procedures across the continents i.e. whether it is possible for a multinational company to have ethnocentric approach and still have global presence or should they adopt more geocentric approach to succeed in foreign markets. According to Porter (1980, 1985)† HRM can help a firm obtain competitive advantage and there is a direct correlation between strategic HRM and economic success† Since, the major (and developing) markets for mobile phones and electronics are USA and European countries, to be closer to these large markets a manufacturing plant should be established in either of the continents. It is very important for the company’s management to have clear understanding of HRM practices of both the continents (societies) before they invest in new plant in either of the continents. It’s clear from the studies in the past that for operational success in foreign land it is important for the management to deeply study the local HRM practices. A few studies have investigated the effects of culture on use of HRM strategies (Gooderham et al., 1999; Tregaskis, 1997), finding that the HRM strategies used by companies may reflect the cultural values of the managers and employees ( Gooderham et al., 1999; Hofstede, 1991 cited in Fields,D., Chan, A. , Akhtar, S. and Blum, T.C. (2006 ). This report will scan North American as well as European culture for huma n resource practises and compare it with Asian HRM practices (where firm is currently based) , also it will throw some light on cultural values, recruitment and training, payments and rewards, motivation and employment relations of North American (USA Canadian) and Europe Union companies. 2. Culture: The most important factor to look for while globalising the operations The best and most comprehensive definition of culture so far has been given by anthropologist Kluckhohn in 1951, according to definition: Culture consists in patterned ways of thinking, feeling and reacting, acquired and transmitted mainly by symbols, constituting the distinctive achievements of human groups, including their embodiments in artefacts; the essential core of culture consists of traditional (i.e. historically derived and selected) ideas and especially their attached values. Culture involves a set of cognitions that are shared by all or many members of a social unit; these cognitions are acquired through social learning and socialization processes, and they include values, common understandings, and patterns of beliefs and expectations (Rousseau, 1990). According to Hofstede’s in his studies in 1984 it was found that there are main 5 dimensions to culture which are Power Distance, Individualism, Uncertainty Avoidance and Masculinity/Femininity. When dealing with people from diverse background senior managers play the most important role in shaping cultural values of the organization (Sharma,B. and Chew,K.H 2005). Employment practices play an important role in shaping the organizational culture and become the motivating factor for employees. To have successful implementation of HRM policies and practices above mentioned cultural dimensions shouldn’t be ignored by HR manager especially when globalizing the operations. 2.1 High and Low context Cultures High context culture refers to a culture’s tendency to cater towards in-groups, an in-group being a group that has similar experiences and expectations, from which inferences are drawn. In a high context culture, many things are left unsaid, letting the culture explain. High context cultures are collectivistic in nature. (Hall, T.E 1976) Low Context culture has tendency to cater towards in-groups. Low context cultures, such as Germany or the United States make much less extensive use of such similar experiences and expectations to communicate. Much more is explained through words or verbalization, instead of the context. Low context cultures are usually individualistic. (Hall, T.E 1976) In order to communicate successfully managers have to consider the cultural differences and have to alter communication process according to individualistic or collectivistic cultures. It is best to explain theses differences in terms of low- and high-context communication. Context has to do with how much you have to know before you can communicate effectively. (Hall, T.E 1976) 3. Types of Organization In 1991 kabanoff in his research developed a typology that describes four value profile types organizations can fall into – â€Å"Elite†, â€Å"Meritocratic†, â€Å"Leadership† and â€Å"Collegial†. The value profile of an organization is determined by two factors – the degree of equality versus inequality in their structures and the degree of equity versus egalitarianism in their processes. The Collegial profile describes an organization where cohesion is the principal concern. Power, rewards and resources are evenly distributed; it relies upon a commitment to shared values and individual responsibility for actions as the basis for task-achievement rather than upon more tangible rewards; the organization exercises relatively little control over peoples activities (e.g. professional bureaucracies). (Kabanoff, 1991). The Meritocratic profile describes an organization whose members are highly concerned with both cohesion and productivity. This type shares many of the integration-oriented qualities of the collegial culture but with increased emphasis on performance and rewarding people for performance (Kabanoff, 1991).An international human resource manager should keep culture (of the country in which organization is based) and type of organization he works for in mind while designing or forming the people management policies for the organization to have successful results. Few organizations foster â€Å"high performance work systems† also known as high commitment or high involvement practices or systems (Wood, 1999 cited in Zacharatos, A., Hershcovis, M.S., Turner, N., Barling, J. 2007).This type of organizations treat its employees as assets, managers in these types of organizations treat employees with fairness and with respect more importantly employees in such organizations become part of decision making process. Such organizations provide employees with job security, opportunities to upgrade their skills or pay employees comparatively better wages. (Wood, S., Wall, T., 2002) According to Wood, S. and Wall, T., (2002) all the organization with â€Å"high performance work systems† have following characteristics: a) Foster employee involvement in their work. b) Fosters employee involvement and commitment towards organizational goal. c) Opposite to Taylorist model in which ‘control’ is favored, in â€Å"high performance work systems† instead individual and group autonomy is preferred. So far in this report we have discussed culture and its impact on work environment also, for clear understanding of the concept organizational types have been discussed. Now moving further this report will briefly discuss European and North-American work culture and compare it with Asian practices of human resource management. This knowledge will help management to understand what changes needs to be made to current employment practices in order to successfully manage and motivate employees in western countries. 4. Popular Models of HRM 4.1 The European model of HRM In his studies of HRM-economics success equation Beyer (1991) has said â€Å"Human Resource Management is the only true important determinant of success.† In the past most of the authors of HRM studies have focused on US and Japanese models of HRM practices as US is considered to be the birth place of management studies and Japanese model of organizational structure( including human resource practices) have been very successful in the past. Very little has been written or said about European model of HRM .There are clear country differences which can be understood and explained in the context of each national culture and its manifestation in history, law, institutions and trade union and employing organization structures; or in terms of regional clusters within Europe (Filella, 1991 as cited in Brewster, C; 1993). In the words of Thurley, K. and Wirdenius, H. (1991) European Management is emerging, and cannot be said to exist except in limited circumstances; is broadly linked to the idea of European integration, which is continuously expanding further into different countries (i.e. the 12); reflects key values such as pluralism, tolerance, etc., but is not consciously developed from these values; is associated with a balanced stakeholder philosophy and the concept of Social Partners. 4.1.1 Importance of Trade Unions in Europe In European countries the presence of unions are important â€Å"the definition, meaning and reliability of unions varies from country to country in European Union (Brewster, C.1993).† European countries are heavily unionized as compared to US. Countries like France, Germany for example has legislation making obligatory for firms over certain size and employee strength to consult trade unions in certain circumstances. (Brewster, C.1993). Few academicians argues that workforce in Europe as a continent is deeply influenced by trade unions for example Sweden has union membership of 85 per cent of working population, UK has 40 per cent and France has 12 per cent which is double of US (Gunnigle et al., 1993 cited in Brewster, C.1993 ). The most important function of trade unions in European countries is to get a collective bargain for the employees on industrial or national level (Gunnigle et al., 1993 cited in Brewster, C.1993). By studying the European style of management it can be said that Trade Unions can be seen by management as Social Partners which has a positive role to play in human resource management. This type of view of trade unions is quite opposite to American style of management. 4.2 The US model of HRM HR policy is defined by a set of principles, which aim to solve a set of problems and that materialize in a set of practices (Tome, E.,2005). The pioneering study in the field of scientific management which found its way in modern HRM was conducted by Taylor in US in 1964. Few of the important points from Taylor’s study are as follows: Human skills and organizational competences are essential to the development of any company. The skills pyramid has a small top and large base. Knowledge is essentially possessed by the small group at the top. The small top group members should be highly rewarded because they possess a very important asset: knowledge. (Cited in Tome, E., 2005). These points have acted as base of US model of HRM since long time. According to Hofstede (2001) in his studies have shown that US culture is more individualistic and achievement-oriented as compared to any other country, Managers from US give more importance to knowledge as compared to anything else and employees do not relate personally (moral connections) to the jobs like Japanese employees do. 4.2.1 Anti- Unionism in US US model of HRM is anti-union and anti-collective-bargaining. The contemporary approach of HRM ignores trade-unions and are being based on a unitary view of organizations (Strauss, 1968). Since the US society is high on individualistic characteristics so trade-unionism is not very popular in American society. According to research conducted by Marsh,R. and Pedler, M in 1979 on unionization in white collar jobs, eight factors were found that affect white collar unionization in US and UK ( See Appendix 1) : (1) Company organisation structure (2) Occupational composition of the workforce (3) Managerial attitudes (4) Existence of staff associations (5) Employers Associations (6) Trade Union recruiting strategies and organisation (7) Professional Associations (8) Government Interventions 4.3 Asian model of HRM Managers and workers from companies originated from Asian countries may tend to see a relationship with an organization as a moral connection, where the collective unit and worker have reciprocal obligations to each other. On the other hand, US managers may tend to view employment relationships as primarily calculative in nature (Hofstede, 2001; cited in Fields,D., Chan, A. , Akhtar, S. and Blum, T.C. ,2006 ). This difference may reflect the higher individualism in US culture, where conformity to an organization is seen negatively as intrusion in the self-interest of the employee (Hofstede, 2001). Managers and worker in Asian countries for example China and Hong-Kong differ from the workers in US (North America) in power distance i.e. a preference is given to more formal interactions with superiors. More importance is given to collectivism in Asian societies as compared to individualism in western societies. These cultural differences may combine to establish differences in decision-making and models of employee-organization relationships that influence choices of strategies to counteract uncertainties in the supply of labor (Fields, D., Chan, A., Akhtar, S. and Blum, T.C. (2006). 4.3.1 Performance assessment In Asian cultures workers may view performance monitoring and assessment positively. Increased performance monitoring can be perceived as a symbol that managers are taking a greater interest in the workers (Hofstede, 2001). Performance assessment is viewed by Asian workers as one of the ways by which they show their moral connections with the company. According to Redding and Wong, 1986 â€Å"the retention of existing workers in Asian organizations may be increased by placing more emphasis on performance monitoring and assessment† On the contrary, because of lower power distance in US culture increased performance monitoring is seen negatively. It is seen as management’s way of emphasizing the differences between bosses and workers (Hofstede, 2001). In US and European countries this policy of constant and strict performance assessment/monitoring can lead to high attrition within the organization, also it may lead to workers seeking different jobs which could possibly lead to labor shortage in the organization. 4.3.2 Training and Recruitment In collectivist culture like Asian cultures more emphasis is paid on training and development of existing employees as companies/organizations take it as their moral obligation to increase its employee’s skills (Hofstede, 2001; cited in Fields, D., Chan, A., Akhtar, S. and Blum, T.C. (2006). Also, Asian firms view training of employees as one of the way to reward them, these in-house trainings make employees feel that they are accepted and important part of collective unit. (Redding and Wong, 1986). In US and European culture where workers are more individualistic and self-interested in their pursuits companies see training as building technical and interpersonal skills of employees (Drost et al., 2002). Such employment practices are popular in US and Europe because of tight labor market and individualistic employees use newly acquired skills to find better position elsewhere. 5 Five Key Factors for successful transfer of HR policies from HQ to subsidiary (See Appendix 2) 5.1 International experience of local HR director The local HR director plays an important role while transferring HR policies. HR director needs to deal effectively with HQ staff, the foreign CEO and the colleagues from other countries. It is desirable that the local HR director have international experience from working and living abroad. (Diplomingenieur, W.S., 2004) 5.2 International experience of HQ HR staff HQ staff needs to have the experience of ‘the other side’ to be a valuable partner to the subsidiary. The necessary experience, in addition to subject expertise, includes cultural sensitivity and a keen sense for the daily business challenges in the subsidiaries. (Diplomingenieur, W.S., 2004) 5.3 Practice manuals, clear guidance Company/firm should avoid generic policies and guidelines that need to be translated into practices to be justify to management in HQ. HR managers should rather have clear practice manuals and directives, with the freedom to deviate if appropriate. As a simple example consider a policy that says ‘performance review is mandatory’ versus a manual that says ‘in April each year every employee gets to speak face to face with his or her manager about past performance and expected future performance’(Diplomingenieur, W.S., 2004) 5.4 Establish feedback routes to HQ other than the CEO Using the CEO as a feedback route to HQ for HR matters is a ‘short term fix’ that prevents the long term solution of having a more versatile and internationally functioning HR, both in HQ and in the subsidiaries. (Diplomingenieur, W.S., 2004) 5.5Organisation by region, not by issue (mentor) Cultural barriers are reduced and a more direct communication is possible if responsibilities in HQ are organised by region rather than issue. If every country has ‘their’ HR generalist in HQ as a partner, there will not only be fewer misunderstandings but also the HQ tendencies to have very theoretical, or specific, policies will decrease. (Diplomingenieur, W.S., 2004) Conclusion It is not essential that managing people is same in all the countries but it hugely depends on the organizational culture and values. Pieper (1990) in his study of European management styles has concluded that ‘a single universal model of HRM doesn’t exist.’ High and low context culture plays an important role in organizations success. An HR manager should keep typology of organization in mind while forming policies, procedures and processes for his firm as it is evident from empirical studies that companies fall under â€Å"Elite†, â€Å"Meritocratic†, â€Å"Leadership† and â€Å"Collegial† typologies and equality/inequality, power distance and individualism/collectivism in the organizational culture depends on typology of the organization. It can also be argued that a multinational company has to keep few values for e.g. The vision and mission of the organization uniform in each and every country of operation in order to achieve its short and long term goals. However, in its endeavor HR manager should not forget that people from different countries have different value system which makes International HRM a challenging task while globalizing the operations. Recommendation The transfer of policies and procedures from the parent organization to subsidiary location is very important for the multinational organizations in order to globalize its the operations. The ability to transfer knowledge effectively across the border is identity of a successful MNE, while doing this management should keep cultural difference in mind, to formulate policies and processes that are not only motivating for employees but also helpful to management for smooth operations. Management should keep five key factors mentioned above in mind to successfully transfer HRM policies to western countries. It is expected from local HR manager to adapt companies polices according to European or North-American style of HRM and translate into practice. Firm should encourage HR managers as well as employees to participate in cross-border cultural training. Recruit people with international experience or else some of the staff can be transferred from HQ in Asia to the subsidiary in Europe or North-America for short period of time. Create a company specific, regional, practice manual for HR. And lastly encourage at least one annual trip for the local HR director at Europe or America to HQ in Asia. References Beyer, H.T. (1991) â€Å"Personalarbeit als integrierter Bestandteil der Unternehmensstrategie† paper to the 1991 DGFP Annual Congress, Wiesbaden. Brewster, C; 1993 â€Å"Developing a ‘European’ model of human resource management† Diplomingenieur,W.S.,(2004) : the dissertation submitted in University of Southern Queensland, Australia , on â€Å"Transfer of human resource policies and practices from German multinational companies to their subsidiaries in South East Asia † P :165-169 Drost, H., Frayne, C., Lowe, K., Geringer, J.M. (2002), Benchmarking training and development practices: a multi-country comparative analysis, Human Resource Management, Vol. 41 No.1, pp.67-86. Fields,D., Chan, A. , Akhtar, S. and Blum, T.C. (2006), â€Å"Human resource management under uncertainty.† Gooderham, P., Nordhaug, O., Ringdal, K. (1999), Institutional and rational determinants of organizational practices: human resource management in European firms, Administrative Science Quarterly, Vol. 44 pp.507-31. Hofstede, G. (1984), Cultural dimensions in management and planning, Asia Pacific Journal of Management, Vol. 1 No.2, pp.81-99. Hofstede, G. (1991), Cultures and Organizations: Software of the Mind, McGraw-Hill, London, . Hofstede, G. (2001), Cultures Consequences, Second Edition: Comparing values, behaviors, institutions, and organizations across nations, Sage Publications, Thousand Oaks, CA, . Hall,T.E (1976); Beyond Cultures Kabanoff, B. (1991), Equity, equality, power and conflict, Academy of Management Review, Vol. 16 pp.416-41. Kluckhohn, C. K. (1951). â€Å"Values and Value Orientations in the Theory of Action† Marsh,R. and Pedler, M. (1979),†Unionizing the white collar worker† P: 2-6 Pieper, R. (1990), â€Å"Human resource management: An international comparision, Berlin† Porter, M. (1980) Competitive Strategies, New York: The Free Press Porter, M. (1985) Competitive Advantage, New York: The Free Press Redding, G., Wong, G.Y.Y. (1986), Chinese organizational behaviour, in Bond, M.H. (Eds),The Psychology of the Chinese People, Oxford University Press, Hong Kong, . Rousseau, D.M. (1990), Assessing organizational culture: the case for multiple methods, in Schneider, B. (Eds), Organizational Climate and Culture, Jossey Bass, San Francisco, CA, Strauss, G. (1968) ‘Human relations – 1968 Style’ , Industrial relations, 7: 262-76. Sharma,B. and Chew,K.H (2005); â€Å"The effect of culture and HRM practices on firms performance.† Taylor, F. (1964), Scientific Management, Harper Row, London, . Thurley, K. and Wirdenius, H. (1991) â€Å"Will management become ‘European’ Strategic choices for organisations† , European Management Journal, 9, 2: 127-34. Tome, E. (2005) â€Å"Human resource policies compared: What can the EU and the USA learn from each other?† P 405-418 Tregaskis, O. (1997), The role of national context and HR strategy in shaping training and development practice in French and U.K. organizations, Organizations Studies, Vol. 18 No.5, pp.839-56. Wood, S., Wall, T. (2002), Human resource management and business performance, in Warr, P. (Eds),Psychology at Work, Penguin, London, pp.351-74. Zacharatos, A., Hershcovis, M.S., Turner, N., Barling, J. (2007 ) â€Å"Human resource management in the North American automotive industry: A meta-analytic review† : 231 – 254 Appendix 1 Source: Marsh,R. and Pedler, M. (1979),†Unionizing the white collar worker† P: 2-6 Appendix 2 Source: Diplomingenieur,W.S.,(2004) : the dissertation submitted in University of Southern Queensland, Australia , on â€Å"Transfer of human resource policies and practices from German multinational companies to their subsidiaries in South East Asia † P :165-169

Hero Worship Essay -- essays papers

Hero Worship When asked to conjure up descriptions of a hero or heroism, many people would imagine similar scenes. The firefighters pulling a family from a burning building, a soldier saving his platoon from certain death, rescue workers pulling a stranded mountain climber from a precarious ledge, and the Knights of the Round Table saving a damsel in distress, are all examples of the "common" hero. Many people display heroism in everyday life but are rarely recognized either by their peers or by the media. Heroism can be traced back in time as early as mythology has been present. People of that era felt a need to worship super-beings who could solve their problems. Current examples reflecting that age are evident on television today. Both "Hercules" and "Xena: The Warrior Princess" are ever present to save the peasants from the evil and cunning warlords. Mythological heroes had their deeds exaggerated as the stories were passed by word of mouth from person to person. Storytellers have always felt a need to liven up their stories and as they passed them from generation to generation, the stories continued to grow. Everyone knows what heroism is, but describing it can be difficult. Gallantry, valor, bravery, and courage are all traits normally associated with heroism. For the people who risk or sacrifice their own lives in an acts of selflessness, these words are accurate in describing heroism. Few would dispute that a person who pulls another from a burning flipped-over car ready to explode does show heroism. The news media is always looking for acts of heroism as they make for captivating news. Just recently, a fourth grade boy grabbed the wheel of a school bus after it was involved in an accident. Th... ...? There may be several other terms to call these superstars, but to call them heroes or to describe their actions as showing heroism is ridiculous. They may do other deeds away from the sport that could earn them this distinction, but on the playing field it is hard to imagine them rising to the level of a hero. Heroism is shown in many varied situations. The person who can make a split second decision to save someone is no doubt heroic. What does this say about the person who has time to decide a course of action and willingly helps someone? These types of heroes, the dedicated teacher, foster parents, counselors and a myriad of other examples, may show the most heroism of all by choosing to save a life. It is shameful that we do not recognize these people more often and have these stories told by the media and peers. They may be the greatest heroes of all.

The Asian Financial Crisis Essay example -- Business Economics Globali

The Asian Financial Crisis Many economists have said that the growth experienced by Southeastern Asian countries during the 1980s and early 1990s was a "miracle." Japan, Malaysia, South Korea, Indonesia and other countries in the region experienced annual growth rates of over 7 percent. Along with this rapid growth, these countries also saw very little unemployment and an almost invisible wealth gap between the different social and economic classes of citizens. Circumstances have dramatically changed, however. In the summer of 1997, Southeast Asia experienced a time of great financial and economic turmoil. At first, the economic crisis was isolated in Thailand's financial sector, but it quickly spread to Malaysia, Indonesia and South Korea as well. The Prosperous Times It seems that Southeast Asia has always been able to turn bad times around and recover to end up as some of the strongest economies in the world. South Korea, for instance, was very weak and vulnerable after fighting a civil war with North Korea in 1953. However, between 1960 and 1990, the country experienced remarkable economic growth and recovery, and soon the world's 11th most powerful economy. Many other Southeast Asian countries had similar experiences. South Korea, Hong Kong, Taiwan and Singapore were previously known as the "Four Tigers" because of their fast and aggressive entry into the global marketplace. Other examples include Japan, Malaysia, Indonesia and Thailand, each of which experienced rapid growth and prosperity in relatively short periods of time. In the U.S., the "Asian miracle" stirred up both awe and fear. This was especially so in the 1980s when Asian products became fierce competition for American products. Japan’s automobiles and electronics were rivaled U.S. products and caused much fear among producers in these U.S. markets. This competition, in part, led to a U.S. trade deficit. U.S. congress reacted by passing a number of trade regulations aimed at protecting U.S. industries. Southeast Asian governments engaged in acts that promoted certain industries and businesses. They provided them with tax credits or subsidies. These policies allowed Asian government leaders to pick the leading industries and helped to ensure their success rather than allow the free trade market to dictate such decisions. Thus, these countries had a power to control and dictate th... ...g-term effects are likely to be positive, at least when society as a whole is considered. As with all things, there will be winners and there will be losers. The hope of society is that the losers lose less than the winners win, and that the winner’s gains can be reciprocated to all involved. Bibliography: Bello, Walden. "The End of the Asian Miracle." The Nation. January 12/19, 1998: 16. Butler, Steven. "New Attitudes in Asia." U.S. News & World Report. December 29, 1997/January 5, 1998: 17. Hornik, Richard. "The Myth of the Miracle." Time. December 8, 1997: 40. Lacayo, Richard. "IMF to the Rescue." Time. December 8, 1997: 36. Lee, Charles. â€Å"The Next Domino?† Far Eastern Economic Review. November 20, 1997: 14-16. Richburg, Keith. "SE Asians Call for Help as Currencies Plunge." Washington Post. December 16, 1997: A1. Internet Sources http://www.stern.nyu.edu/~nroubini/asia/AsiaHomepage.html. What Caused Asia's Economic and Currency Crisis and Its Global Contagion? Nouriel Roubini http://www.ids.ac.uk/ids/publicat/dp367.html. The East Asian Financial Crisis: A Reflection on its Causes, Consequences and Policy Implications. IDS Discussion Paper 367. Stephany

The Signal Man :: English Literature

The Signal Man Through out the story Dickens has created a sense of horror and suspension in his description of the setting, landscape, physical surroundings and the weather conditions. At the start of the story the signal man hears a voice shouting down to him from up above, instead of looking up in the direction he heard the voice coming from, he turned himself about and looked down the line. This seems rather odd as you would normally look to where you heard the voice. The man shouting down to him, was on a high cliff and he was steeped in the angry glow of a sunset and the signal man’s figure was foreshortened and shadowed, down in the deep trench so it was rather awkward for the man to see who he was shout to. The man repeats ‘Halloa! Below!’ only then does the signal man catch on who is shouting to him, so he turns himself about , and raises his eyes and say the mans figure high above him. It then goes on to say that the signal man looks up to him without replying, and he looked down at him without pressing him too soon with a repetition of his idle question. There then came a ‘vague vibration’ in the earth and air, quickly changing into a violent pulsation. This suggests that there is a disturbance in nature, this means that the train is coming. After the train had passed, the signal mans looks up again and motioned towards a point on the narrator’s level, the man then heads for that point. As he headed for that point, he noticed a rough zigzag path notched out, this suggests that there could be danger. It then goes on to describe the setting. The cutting was extremely deep, and unusually precipitous, it is a very dismal and dreary setting. It then says that the notched out path was made through a clammy stone that became oozier and wetter as it leaded further down the cliff, this reinforces the setting to be very depressing and gloomy. As he made his way down the zigzag path, the signal man looked as though he was awaiting his arrival. He had his left hand at his chin, and his left elbow rested on his right hand, crossed over his breast His attitude was one of such expectation and watchfulness, that the man stopped at it a moment, wondering at it. This could suggest that the signal man was wondering weather the narrator was a ghost or not. The signal man had a very weary appearance; it says that he was a

Cash flow stream Essay

?1. What is the present value of the following uneven cash flow stream ?$50, $100, $75, and $50 at the end of Years 0 through 3? The appropriate interest rate is 10%, compounded annually. PV=190.46 (SEE EXCEL FILE ATTACHED) 2. We sometimes need to find out how long it will take a sum of money (or something else, such as earnings, population, or prices) to grow to some specified amount. For example, if a company’s sales are growing at a rate of 20% per year, how long will it take sales to double? It would take about 3.801784 years before the sales double. (SEE EXCEL FILE ATTACHED) 3. Will the future value be larger or smaller if we compound an initial amount more often than annually— for example, every 6 months, or semiannually—holding the stated interest rate constant? Why? It will be larger because it’s basically like adding on interest on top of interest as the frequency increases. 4. What is the effective annual rate (EAR or EFF %) for a nominal rate of 12%, compounded semiannually? Compounded quarterly? Compounded monthly? Compounded daily? EAR = (1 + Nominal Interest/Number of Period) ^Number of Period -1 SEMI ANNUALLY= (1+.12/2)^2-1=12.36% QUARTERLY= (1+.12/4)^4-1=12.55% MONTHLY= (1+.12/12)^12-1=12.68% DAILY= (1+.12/365)^365-1=12.75% 5. Suppose that on January 1 you deposit $100 in an account that pays a nominal (or quoted) interest rate of 11.33463%, with interest added (compounded) daily. How much will you have in your account on October 1, or 9 months later? OCT 1ST= 100*(1+.1133463/365) ^ (365*.75) = $108.87 6. What would be the value of the bond described above if, just after it had been issued, the expected inflation rate rose by 3 percentage points, causing investors to require a 13% return? Would we now have a discount or a premium bond? PV= $837.21 (SEE EXCEL FILE ATTACHED) It would be considered a discounted bond because the present value is less than its face value. 7. What would happen to the bond’s value if inflation fell and rd declined to 7%? Would we now have a premium or a discount bond? PV= $1210.71 (SEE EXCEL FILE ATTACHED)Â  It would be considered a premium bond because the present value is more than the face value. 8. What is the yield to maturity on a 10-year, 9% annual coupon, $1,000 par value bond that sells for $887.00? That sells for $1,134.20? What does a bond selling at a discount or at a premium tell you about the relationship between rd and the bond’s coupon rate? RATE = 11% for a bond that sells for $887 and the RATE = 7% for a bond selling for $1134.20 9. What are the total return, the current yield, and the capital gains yield for the discount bond in Question #8 at $887.00? At $1,134.20? (Assume the bond is held to maturity and the company does not default on the bond.) The return for the $887 bond is 11% and the yield is 90/887 which equals 10.15%. The capital gain would be 11% – 10.15%= .85% The return for the $1134.20 bond is 7% and the yield is 90/1134.20 which equals 7.9%. The capital gain would be 7% – 7.9%= -.9%

Separation of Powers – Importance of Judicial Independence

The Jamaican Constitution (hereinafter â€Å"the Constitution†) came into effect with the Jamaica Independence Act of 1962. The Act was tabled to ‘make provision for and in connection with, the attainment by Jamaica of fully responsible status within the Commonwealth. ’ This document formed the framework for Jamaica’s political independence and created the premise on which this fledgling nation could carve out its own legal system based on its own moral, cultural and political experience.The Constitution though largely reflective of the previous colonial relationship, has within it an innate balance of power between the arms of government that is theoretically and fundamentally positioned to support the country’s self-governance. This balance is so designed, to facilitate the critical functions of government while ensuring that no single body so fully controls the reins of power that it’s will can be imposed without the acquiescence of the oth er parties, and the greater society.This balance is grounded in the principle of the Separation of Powers, implied by the Constitution. With the complex interplay of relationships, and the significance of power within the Executive, the Legislature and the Judiciary, the latter emerges as the keepers of the gate in maintaining this equilibrium through its function as the arbiters of justice. The Doctrine of the Separation of Powers was first proposed by the Greek philosopher Aristotle (384-322BC), and made popular in the 17th century by French writer Charles Louis de Montesquieu.Montesquieu argued that for an independent judiciary to exist, the three arms of government must have separate and independent powers within their areas of responsibility, otherwise we run the risk of there being no liberty, arbitrary control, violence and oppression. This principle may be applied to varying degrees in any legal system and may or may not be a legal restriction; however it is a very effective tool used to protect the rights and liberties of citizens from tyranny.The Constitution by virtue of Section 34, establishes Parliament (the Legislature) as the first arm of government and comprises the Queen (represented by the Governor General) and two Houses: the Senate and the House of Representatives. Under Sections 48 –50, it is given power to make laws for the peace, order and good governance of Jamaica, decide special rights, immunities and powers of the Senate, the House of Representatives and its members; and the conditional power to alter the Constitution.By virtue of Section 68, the Governor General is given Executive power to be used on the Queen’s behalf either directly or through officers under him. Section 69 establishes the Cabinet as the main body to direct policy. The Cabinet, consisting of the Prime Minister and other Ministers chosen by him, manages the general administrative functions of the Government and is accountable to Parliament. The Govern or General together with the Cabinet comprises the Executive arm of Government, the second arm of government.The Judiciary is the third arm of Government. It comprises judges and magistrates from the network of courts that form the legal system. Sections 97 and 103 of the Constitution establish the Supreme Court and the Court of Appeal, respectively. The Chief Justice and the President of the Court of Appeal are appointed by the Governor General on the advice of the Prime Minister in consultation with the Leader of the Opposition.The other Puisne Judges are appointed by the Governor General on the advice the Judicial Services Commission. It is important to note that there is some degree of inter-connectivity between the Executive and the Legislature, as members of the Cabinet are also members of Parliament. The sharing of personnel between these two bodies compromises the strict application of the doctrine of the separation of powers. It is therefore imperative that the Judiciary ex ecutes its functions in an independent manner.The Constitution supports the assertion that the Judiciary has not only the right, but the responsibility to review the affairs and policies of the Executive and Legislature to ensure that their powers are being exercised within the limits of the Constitution. In exercising this duty, a court can declare a law unconstitutional and therefore null and void as in the case of Adrian Nation, Kereen Wright v DPP and the Attorney General of Jamaica. In Moses Hinds v. The Queen it was underscored that the fair and effective dministration of justice constitutionally rests only within the powers of the Judiciary and in Independent Jamaica Council for Human Rights Ltd. and Others v. Marshall-Burnett and the Attorney General of Jamaica, the Privy Council overruled the judgment of the Jamaican Appellate Court in finding that the three Bills attempting to remove the Privy Council as the final appellate court were unconstitutional. This decision was ba sed on their previous ruling in Hinds.As demonstrated in other Commonwealth jurisdictions, the Judiciary may indirectly place pressure on the Legislature to ensure that laws are drafted intra vires, in the first instance. In attempting to avoid ultra vires rulings, the Legislative often times â€Å"†¦tests its own legislation in the courts. This occurred in Suratt et al v Attorney General of Trinidad and Tobago wherein the Trinidad and Tobago Government defended an action on the grounds that a Bill seeking to promote equality was unconstitutional by virtue of its being discriminatory. This challenge to legislation is another example of the check and balance of the Separation of Powers. The Judiciary is thus required to rule on complex issues that have direct implications for the members and institutions within society, including the other arms of government; with impartiality and in accordance with the Rule of Law. The rule of law as proposed by A. V. Dicey asserts that no man should be punished except for conduct in clear breach of the law. This assertion supports the fact that the legal system rests on the objectivity of the Judiciary.Where we are governed under a system which rests upon the impartial application of laws, and under which citizens’ rights and obligations are regulated by those laws, there must be an established and accepted system for making law. The law must be publicly known. Interference with rights and obligations must be justified within the law as the perception of rights, freedoms and equality in society is influenced by the quality of Judicial rulings. In the spirit of Judicial Independence, the Judiciary must be impartial and may not be influenced by any source except the law.Within the Constitution, security of tenure and security of salary are entrenched provisions designed to insulate the Judiciary from pressure intended to influence their rulings. Judicial Impartiality is defined as ‘the freedom of each individ ual judge to reach a decision within the law without undue interference or pressure from government, other judges, the media or any other source. ’ While attempts to directly interfere with the fair and effective administration of justice may be limited, it can be argued that several factors undoubtedly affect the court’s ability to properly execute its role.Particularly within the Jamaican context, financial constraints arising out of cost-cutting measures of Parliament and limitations in Ministerial budgets have severely affected the resources and physical infrastructure required for the efficient operations of the machinery of the Judiciary. In recent times, influential voices in the Jamaican legal fraternity have highlighted the need to address the issue of limited resources. The Director of Public Prosecutions, Paula Llewellyn have stated that â€Å"the country is struggling with a low capacity court situation and that is affecting how the wheels of justice turnà ¢â‚¬ ¦.. ou should have been building more courtrooms and making sure you have more personnel, court reporters, prosecutors, resident magistrates†¦. and that was not being done. † The Judiciary also provides guidance to the citizens and other branches of government on matters relating to the Constitution, through statutory interpretation and application of general principles of law while settling disputes brought before them. Their ability to be fair and impartial is particularly challenged when called upon to interpret and rule on legal documents that are poorly drafted or ambiguous.Although the law lends itself to flexibility and expediency, the question arises in some instances whether the ruling accurately represents the will of the Legislative as some appeals have been advanced on the grounds of statutory misinterpretation as in the case of R v East Berkshire Help Authority ex parte Walsh. Judges may find themselves inadvertently assuming the role of creating legal r ights when required to make plain issues not explicitly addressed by legislation.It has been debated that these so-called ‘created laws’ are not in fact created but are legal principles which lay dormant until judges’ interpretations unearth them. This was the position taken by Brett, M. R, in Munster v Lamb. However, the perception is that this ‘power’ does indeed exist as, in plural societies right and wrong are just as plural and judges must ensure that conclusions sufficiently represent a   fair carriage of justice. If the Judiciary were acting solely as the mouth piece of the Legislature and the Executive with no independent thought or justice-driven compass, this arm of government would hardly be relevant.In Earl Pratt and Ivan Morgan v The Attorney General and The Superintendent of Prisons, Saint Catherine, the Privy Council interpreted inhumane treatment under section 17(1) of the Constitution of Jamaica to include delay between conviction and the carrying out of the death penalty though the constitution was silent on this matter. This interpretation created a legal right which had the effect of automatically commuting death penalty convictions for convicts on death row in excess of five years to life imprisonment.The Judiciary also exercises its constitutional mandate through a process of Judicial Review which is the means by which â€Å"Government departments, local authorities or others with law-making and administrative powers are confined by the courts within powers granted by the [Constitution]. .   Although Jamaica does not have a specific Judicial Review Act, provisions for judicial and constitutional claims fall under Administrative Law Claims in section 56 of the Supreme Court of Civil Procedure Rules, 2002. Judicial Review is an important tool of the Judicial Branch.It is considered a grave and ominous â€Å"responsibility which the courts must not shirk from or attempt to shift to Parliament† â⠂¬Å"as this responsibility in and of itself is a system of checks and balances thus seen as the: last bulwark of citizenry. †   The grounds for Judicial Review includes error of law, failure to observe the principles of equity, abdication of functions, improper delegation of authority, and unreasonableness of a decision. All are supporting grounds for the argument that the maintenance of fair justice is eally what is at the heart of the function of the Judiciary. â€Å"Remedies for judicial review include: Certiorari, for quashing unlawful acts, Prohibition, for prohibiting unlawful acts and Mandarmus, (now mandatory order), for requiring performance of a public duty, including a duty to make a decision or determination, or to hear and determine any case†6. The fair administration of justice by Jamaica’s courts is influenced by the fact that its final court of appeal rests outside its jurisdiction.According to the principle of stare decisis or Judicial Preceden ce, courts are bound follow the ruling of higher or equal courts. With the Privy Counsel being retained by the Constitution as Jamaica’s final appellate court, the discussion arises whether the rulings of that external body are sympathetic to the Caribbean experience and thus a fair and effective administration of Justice. According to Sharma JA of the Trinidadian Court of Appeal in Boodram v.AG and Another, â€Å"even after our independence, our courts have continued to develop our law very much in accordance with English jurisprudence. The inherent danger and pitfall in this approach is that, since Independence our society has developed differently from the English and now requires a robust examination in order to render our Constitution and common law meaningful. † The Jamaican Constitution was so designed to support and to be supported by the Doctrine of Separation of Powers between the Legislative, the Executive and the Judiciary.Though not free of limitations, th e Doctrine effectively balances power among the three bodies, ensuring that encroachments that are not in the interest of justice are held somewhat in check. The sharing of personnel between the Executive and the Legislative bodies in the Jamaican Parliament, however, can lead to cynicism and has the potential for corruption. It is therefore imperative that the Judiciary be allowed to function independently and be protected from interference from those who would seek to influence its decisions.Despite the intent of the Constitution’s authors, the justice system can only be determined to be fair or faulty based on human factors, the judges. The Constitution is a function as well as a reflection of the society it serves and as such our moral, cultural and economic experience will determine how our justice system evolves and whether the tenets on which it is founded are sufficiently strong and rooted to support Jamaica’s political and legal independence.