Ethical Decisions Essay Example | Topics and Well Written Essays - 250 words

Ethical Decisions - Essay Example Transparency is necessary in a business decision making process. It is obvious that most decisions made have undesirable effects on some workers. However, transparency helps reduce instances of employees being treated unfairly by their bosses. Therefore, transparency is a core ethical aspect in the decision making process. In addition, there are consequences resulting from various decisions made in a business. These decisions may affect various workers negatively. Therefore, it is wise and ethical for managers to identify the effects, which are likely to occur from various decisions made. The effects of these decisions should be clear before the decision is made. This helps the employees prepare for the repercussions which are likely to occur. Further, every business decision should be achieved fairly. Fairness is tremendously vital in decision making because it creates confidence among workers. Each employee working for a particular firm should be treated equally and fairly. Fairness creates a business environment where employees believe every decision made in the company is targeted for a common good. Transparency and fairness are a vital business code of ethics that enable the company to build a strong employer-worker relationship. For instance, I was working as the head secretary for a local restaurant where I would make most of the decisions. The restaurant had many dedicated workers who made it easy to work with them. However, the company faced tough economic times, and I was ordered to fire some of the workers. It was hard to choose the best workers. Therefore, I called a meeting, and I discussed the matter with the employees (Dubbink, Liederkerke, & Luijk, 2010). We decided to use facts in order to reach an agreement on which workers I would fire and which ones I would keep. After examining the role played by each worker, I finally fired those who played minor roles. In

Research on Zara Paper Example | Topics and Well Written Essays - 500 words

On Zara - Research Paper Example Not a single reason for the cause, several reasons account for Zara’s popularity and its standard along with world wide recognition. Obviously the very first fact is its vertical integration, with operations including design, textile manufacturing, and dying, permits the company to respond extremely quickly to market conditions and fashion trends. This makes Zara, a flagship chain store of Inditex, a fast fashion for youth. Another remarkable difference is that unlike other international clothing chains, Zara makes more than half of its clothes in-house, rather than relying on a network of slow-moving and disparate suppliers. This type of innovation management renders swiftness and efficacy throughout its operations and consequently Zara can make a new line from start to finish in three weeks, against an industry average of nine months (Zara International Inc). Another key factor for Zara’s success is its strategic management, it does not spend money on advertisements; instead they spend money on anything that would enforce speed and responsiveness of the business chain. They invest heavily in production and distribution facilities to fluctuating demand. Furthermore, instead of more quantities per style, Zara produces more styles roughly 12,000 a year. Thus even if a style sells out very quickly there are new styles already waiting to take up the space. Fresh produce, moving in step with fashion trend and updated frequently the ingredients are just right to create the sweet smell of success. Moreover, the effectiveness in ownership and control of production is the one in list of success causes. Most other competitors like GAP and H&M, completely outsource their production to factories around the world, many of them in low cost Asian countries. In contrast, it is estimated that 80 percent of Zara’s production is carried out in Europe that is, in owned or

Effect of Financial Development on the Mauritius

Effect of Financial Development on the Mauritius Chapter One Introduction The introduction chapter of this dissertation provides the justification and purpose of the study, explains the research problem itself, defines the research objectives and highlights the scope of the study. Background to the research Policymakers and financial experts usually acknowledge that financial development- that is, a well-functioning financial system contributes to economic growth. A well-organised financial system can encourage economic growth through several channels by providing effective financial institutions and markets that help to overcome market resistance introduced by information asymmetries and transaction costs. Empirical studies on the link between financial development and economic growth have been analysed mostly by cross country cases until lately because of lack of enough time series data for developing countries. These researches have shown regularly that financial development is an important determinant of economic growth. However, even though the conclusion of these studies provides an appropriate guideline for the finance-growth nexus, it cannot be applied to all economies, as each specific country is regulated by its own financial institutions and policies. In this dissertation we are going to analyse the finance-growth relationship for one country only, Mauritius). The island of Mauritius is a fascinating country to study, because Mauritius over the past four decades have evolved from a mono-crop economy, depending on the production of sugar-cane to a mixed economy, pushed by export-oriented manufacturing, tourism and hospitality and the more recent developing sectors financial services and Information Communication and Technology. Mauritius is considered an upper middle income group in the Sub-Saharan Africa (developing only). It has been upgrading its position in international indexes for the rule of law (first in the Sub-Sahara Africa on rule of law index), investment (14th worldwide on the ease of starting a business and the strength of investor protection) and ease of doing business (ranking 19th of 183 countries on the 2012 Doing Business Index). Since the late 1980s, the financial sector has been transformed to become the fourth pillar of the Mauritian economy, with the set up of the Stock Exchange in 1989 and the Financial Services Commission in 2001. Mauritius has created various bodies to regulate the financial sector in its various aspects and substantial efforts have been made to revamp the legislative framework in the non-banking financial services sector by introducing amendments and new pieces of legislation. On a macroeconomic level Mauritius has also been doing well in the light of the world crisis in recent years. The government of Mauritius has attempted to mitigate the negative consequences of the global economic crisis through an appropriate policy mix. Thus, as the financial sector has a very important role to play in the development of the economy, this means that we have a good database for sufficient number of years to tackle this study. Purpose of the study Researches in the finance-growth nexus have been mainly on whether financial development has a positive effect on economic growth in Mauritius. In this context, we have tried to go deeper in this study by empirically analysing the co integration and causal link between financial development and economic growth in Mauritius and determining the effect of financial development and economic growth on each other by applying impulse response functions and variance decomposition techniques. The study analyses the effect of financial development on economic growth in Mauritius and covers the period 1981 to 2012. The period coincides with the rapid growth of the financial services sector in Mauritius in the 1980s, and is sufficiently long and allows comparison with other studies. Aims, Objectives, Research Questions and hypotheses Research objectives The main aim of this study is to determine the effect of financial development on economic growth for Mauritius. The following specific objectives will be answered: To investigate whether the increase in domestic credit to the private sector to Gross Domestic Product (GDP) has led to improvement in GDP per capita. To investigate whether the increase in GDP per capital has led to the increase in domestic credit to the private sector to GDP. The long run and short run relationship between economic growth and financial development. The response of domestic credit to the private sector to GDP to shocks from the different variables used in the study The response of GDP to shocks from the different variables used in the study. Research questions Throughout this study we will try to find solutions to the following questions: Does financial development lead to economic growth in Mauritius or does economic growth lead to financial development? Is there a bi-directional causality between financial development and economic growth in the short-run and long-run? Research hypotheses Research Hypotheses considered in the study: H0: The financial development and economic growth indicators are not stationary H1: The financial development and economic growth indicators are stationary H0: There is no co integration equation among the variables used in the study H1: There is co integration equation among the variables used in the study H0: There is short run causality running from independent variables to dependent variables H1: There is no short run causality running from independent variables to dependent variables, which means that there is long run causality. Scope of the study The study examines the relationship between financial development and economic growth in Mauritius and covers the period 1981 to 2012. The period starts almost in the same time that the economy of Mauritius was undergoing reforms in the financial sector with the creation of the Stock Exchange of Mauritius and later on the creation of the Financial Services Commission. Overall structure of the dissertation This dissertation has been organized into five chapters. The first chapter was an introduction to the proposed research. The second chapter will provide some relevant details on the financial development and economic growth in Mauritius. The third chapter will perform a review of theoretical concepts and empirical tests conducted worldwide concerning the financial development and economic growth with special attention to developing countries. The fourth chapter will describe the methodology to be used for the proposed study, the data gathering process together with analysis performed on same and the results will be interpreted graphically with discussions. The fifth and final chapter will draw conclusions from the study with some practical recommendations. REFERENCES Akinboade, O. A. (1998), ‘Financial Development and Economic Growth in Botswana: A Test for Causality’, Savings and Development, 22(3), 331-348. Allen, D.S and L. Ndikumana (2000), ‘Financial Intermediation and Economic Growth in Southern Africa’, Journal of African Economies, vol.9, no 2, pp. 132-160. Arestis, P. and Demetriades, P. O. (1997), ‘Financial development and economic growth: Assessing the evidence’, Economic Journal 107(442), 783–99. Blackburn K., and V.T.Y. Hung (1996), ‘A Theory of Growth, Financial Development and Trade’, Economica, vol. 65, pp. 107-124. Christopoulos, D.K. and Tsionas, E.G. (2004). ‘Financial development and economic growth: evidence from panel unit root and cointegration tests’, Journal of Development Economics,Vol. 73 No. 1, pp. 55-74. Choe, C. and I. A. Moosa (1999), ‘The Financial System and Economic Growth: The Korean Experience’, World Development, vol. 27, no.6, pp. 1069-1082. De Gregorio, J. and Guidotti, P. (1995), ‘Financial Development and Economic Growth’, World Development, 23, 434-48 Demetriades, P. and Hussein K. A. (1996), ‘Does Financial Development Cause Economic Growth’, Journal of Development Economies, vol. 51, pp. 387-411. Demetriades, P.O., Andrianova, (2004), ‘Finance and Growth: What We Know and What We Need to Know. In: Financial Development and Growth: Explaining the Links’. C. A. E. Goodhart (Eds). Palgrave Macmillan: Basingstoke, pp. 38-65. Goldsmith, R. (1969), Financial Structure and Development, Yale University Press, New Haven, CT. Greenwood, J. and Jovanovic B. (1990), ‘Financial Development, Growth and the Distribution of Income’, Journal of Political Economy, vol.34, pp. 1076-1107. Johannes, T. and Cletus, A. (2011). ‘ Financial Development and Ecxonomic Growth in Cameroon, 1970-2005’, Journal of Economics and International Finance Vol.3(6), pp.367-375, June 2011. Jordan, S. and Qi J.(2006),’Does Financial Development ‘Lead’ Economic Growth? The Case of China’, Annals of Economics and Finance 1,197-216. Jung, W. S. (1986), ‘Financial Development and Economic Growth: International Evidence’, Economic Development and Cultural Change, vol. 34, pp. 333-346. King, R. and Levine, R. (1993b), ‘Finance and growth: Schumpeter might be right’, Quarterly Journal of Economics, Vol. 108 No. 3, pp. 717-37. Levine, R., 1997, ‘Financial Development and Economic Growth: Views and Agenda’, Journal of Economic Literature, 32(2). Levine, R., Loayza, N. and Beck, T. (2000a), ‘Financial intermediation and growth: causality and causes’, Journal of Monetary Economics, Vol. 46, pp. 31-77. Levine, R., Loayza, N. and Beck, T. (2000b), ‘Finance and the sources of growth’, Journal of Financial Economics, Vol. 58, pp. 261-300. Lucas, R.E. (1988), ‘On the Mechanics of Economic Development’, Journal of Monetary Mankiw N.G, D. Romer, D.H. Weil (1992), ‘A Contribution to the Empirics of Economic Growth’, The Quarterly Journal of Economics, vol. 107. McKinnon, R.I. (1973), Money and Capital in Economic Development, Washington DC: The Brookings Institution. McKinnon, R. (1991), The Order of Economic Liberalization: Financial Control in the Transition to a Market Economy, Baltimore: Johns Hopkins University Press.Economics, vol. 22, pp. 3-42. Meier, G. M. (1991), ‘Leading Issues in Economic Development’, 4th edition, Oxford: Oxford University Press. Nowbutsing, B., Ramsohok, S. and Ramsohok, K. (2010),’A Multivariate Analysis of Financial Development and Growth in Mauritius: New Evidence’, Global Journal of Human Social Science, Vol.10 issue 1 (Ver 1.0) Pack, H. (1994), ‘Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings’, Journal of Economic Perspectives, vol.8, no1 Patrick, H. (1966), ‘Financial Development and Economic Growth’, Economic Development and Cultural Change, vol.XIV, pp.451-65. Romer, P.M. (1986), ‘Increasing Returns and Long-run Growth’, Journal of Political Economy, vol. 94, pp.1002-1037. Romer, D. (1996), Advanced Macroeconomics, Berkeley: University of California. Rousseau, P.L. and P. Wachtel (1998), ‘Financial Intermediation and Economic Performance: Historical Evidence from Unobservable Components Models’, Journal of Monetary Economics, vol. 42, pp.387-425. Seetanah, B. (2007), ‘Financial development and economic growth: a VECM approach’, The Icfai Journal of Bank Management, Vol. 6 No. 4, pp. 7-16. Seetanah, B., Ramessur, T. S. and Rojid, S. (2008), ‘Financial development and economic growth: New evidence from sample of island economies’, Journal of Economic Studies, Vol.36 No2,2009, pp124-134. Seetanah, B. (2010), ‘Stock Market Development and Economic Growth in Developing countries: Evidence from Panel VAR framework’. Schumpeter, J. A. (1934), ‘The Theory of Economic Development’, Cambridge: Harvard University Press. First published in Germany, 1912. Shaw, E. S. (1973), Financial Deepening in Economic Development, New York: Oxford University Press. Solow, R.M. (1956), ‘A Contribution to the Theory of Economic Growth’, Quarterly Journal of Economics, vol. 70, no. 1. Swan, T.W. (1956), ‘Economic Growth and Capital Accumulation’, Economic Record, vol.32, no. 2. Wachtel, P. (2001), ‘Growth and Finance –What do We Know and How do We Know it?’ In International Finance. World Bank (2012). ‘Global Financial Development Report 2013: Rethinking the Role of the State in Finance.’ World Bank, Washington, DC (http://www.worldbank.org/financialdevelopment). Xu, Z. (2000), ‘Financial development, investment and growth’, Economic Inquiry, Vol. 38, pp. 331-44. WEBSITES Definition of Endogenous Growth Theory (2014).[Internet] Available from [Accessed 21 June 2014] Definition of Financial Intermediary (2014).[Internet] Available from [Accessed 22 June 2014] Definition of Solow-Swan Model (2014).[Internet] Available from [Accessed 1 July 2014] Fact sheet on Mauritius (2012). [Internet] Available from http://www.ninetyeastfinancial.com/articles/page.php?id=1022 [Accessed 1 July 2014] Mauritius Transformation Profile (2014). [Internet] Available from http://africantransformation.org/2014/02/07/mauritius/ [Accessed 21 September 2014] Mauritius: the Global Business Sector (2010). [Internet] Available from http://www.ifcreview.com/restricted.aspx?articleId=992areaId=32# [Accessed 21 September 2014]

Juan Gris Essays -- essays research papers fc

Juan Gris, a Spanish-born painter, made important contributions to the modern style of painting called Cubism. GrisÕs paintings were always depicting his immediate surroundings. He painted still lives composed of simple, everyday objects, portraits of friends, and occasionally landscapes or cityscapes. The objects in his paintings and collages are more clearly defined and richly colored than those in the works of the earlier cubists Pablo Picasso and Georges Braque. His attention to the object in his compositions, and more typically Spanish hues, link his work to the Spanish still-life tradition. That tradition presents itself in many of his works. In Gris, work Bottle of Anis del Mono he puts the whole label of the bottle. Most typical of which is PicassoÕs Spanish Still Life. In this work, Picasso utilizes the precise red and yellow colors of the Spanish flag in depicting a ticket to a bullfight. Synthetic cubism was what Gris was painting. Pablo Picasso also being of Spanish decent used these influences. Cubism began as an intellectual revolt against the artistic expression of previous eras. Analytical Cubism and Synthetic Cubism are the two main terms used to describe paintings from this movement. In Analytical Cubism, the artist broke down, or analyzed, and then reassembled the observed forms in a mixture of ways. Similarly, in Synthetic Cubism, artists attempted to synthesize or combine imaginative elements into new representational structures. Among the specific elements abandoned by the cubists were the sensual appeal of paint texture and color, subject matter with emotional charge or mood, the play of light on form, movement, atmosphere, and the illusionism that proceeded from scientifically based perspective. Instead, Cubists used an analytic system in order to disjoint and reorganize the three-dimensional subject, which they were painting. In a shallow plane or within many interlocking and usually transparent planes the object would be lost and found again. Usually showing th e object from different angles on a two dimensional plane. Originally, from Spain, Juan Gris moved to Paris in 1906. It was there where he learned and watched the progression of cubism. He met and lived next to innovators of this art form, Pablo Picasso and Georges Braque. Although he is not the pioneer of this art form, his first significant paintings appeared in 1910 and... ...y. Such profound events, which altered French society, are certainly connected to the stylistic development of Cubism. GrisÕs style was a commentary of the times. In his 1914 work, The Table, Gris pasted a newspaper headline onto the table, which when translated, means ÒThe True and the FalseÓ and the concept of illusion versus reality. The texture is independent of the objects. The wood grain representing the texture and material of the table seems to be distant from its outline, the glass of the table. Underneath it, there is a key meant to open the drawer to the table revealing no wood grain and what Gris felt was the ÒtruthÓ of the primed and plain white canvas. This paralleled the truth depicted in the headline. GrisÕs ability to contrast the clearly defined images, with the extremely abstract and disorienting images, was his signature style during this period. Still Life with a Guitar is a perfect example of GrisÕs early works in Synthetic Cubism. He retained this style throughout his career and it ultimately became his trademark. Bibliography Antliff, Mark and Patricia Leighten, Cubism and Culture, Thames and Hudson, 2000. Green, Christopher, Juan Gris, Yale, 1992.

Philippine Social Realities Affecting the Curriculum Essay

The Philippine society today is different in many respects from what is was fifty years ago. The Philippines is now politically independent – in fact a full-fledged Republic. We now have direct relations with most foreign countries including Red China and Russia on the basis of equality, reciprocity and dignity. Because of our beliefs and commitments to the democratic way of life we are now ranged against the other half of this divided world in a conflict which is ideological, economic, educational, political, moral, cultural and religious. Our population has grown steadily from a few millions in 1900 to over 60 million as projected by the National Census and Statistics by 1989. But the production of our food supplies has not kept pace with the unabated increase of population. This imbalance has given birth to many intricate social problems the solution of which demand utmost resourcefulness in leadership and unflagging support in fellowship. The increase in population, unaccompanied by widespread enlightenment and a corresponding improvement in the economic position of the individual and the greater part of the society, generated pressures and created more problems never before encountered by our people. We now have a growing a middle class – one not quite sizeable but certainly growing in number, in quality and in influence. An increasing number of Filipino physicians, nurses, educators, technicians, researchers and government career men are now going abroad and receiving advanced training in foreign countries. Different means of communication, transportation and travel in our country have increased in number and have become faster and cheaper. Today, we have more newspapers, magazines, books and radio receiving sets. We also have televisions. There are more movie houses today both in the cities and in the provinces where foreign and locally produced pictures are regularly scheduled. We now have thousands of both public and private schools, colleges and universities. Illiteracy has been reduced considerably. Various industries, some locally capitalized, and others foreign-owned, have grown in our countryside. Medical science has brought to our people the blessings and risks in the use of new wonder drugs. Curriculum developers must have in mind that the problems of society are the problems of education. Education can not be divorced from the economic, political and social realities of a country. Any  society in order to progress economically, must progress educationally. Industry needs to indicate the direction and dimensions of educational progress for manpower development. The question is, does such hold true in the Philippines or does it follow a reverse pattern, that is, that educational progress runs ahead of economic development? Is our curriculum relevant to the present society? Are our curricular offerings so prepared that their goals are made relevant to the economic demands of the society, not only for the present but also for the years to come? Education must enrich society, improve the living conditions of its people, and make possible its optimum development. Herein lies the importance of the orientation, organization, enrichment, adaptation and development of the local curriculum. The curricular offerings must be made relevant to the economic demands off society if we are to achieve the goal of producing people who are to provide direction and guidance in the operation of commerce and industry. Technical skills, researchers for the discovery of new products, constant improvement of technological procedures and needed managerial pool must be taken into consideration by curriculum developers in the Philippines. Stress on studies and activities, related to history, values, social and economic life from the viewpoint of the Filipinos are factors for consideration. The curriculum must provide abundant materials to promote the unity of the people such that it should embody the latest gains in Science since it must give an educ ation for effective participation in the modern society. Most of our degree courses are patterned abroad without adequate local study as basis. The curriculum must keep up with the changing political, economic, and social conditions of the country. In the New Society, attempts have been made to reorient the curriculum in both content and emphasis on liberal education providing balance between academic learnings and work experiences for the development of leaders and creators of job opportunities. The new program is being redirected to ensure a greater recognition of the value of hard and honest work, unlike in the past when the emphasis was on languages and academic excellence. Economic development plan must be taken into consideration in order to draw guidelines for curriculum development. The Filipino’s increasing dislike for colonial mentality is an indication that the curriculum must be redirected to Philippine culture. Different groups have arisen to voice ambitious  development goals. Our national history and character, socio-economic structure and broad social welfare measures have been emphasized. Much of the burden of bringing such goals to reality has fallen upon the schools. Evidently, if the schools are to carry out these changes, they must effect widespread curriculum change. Regarding this matter, we must recognize that the Philippines’ chief characteristic is her cultural diversity, that her strength does not lie in being a tasteless, odorless melting pot. In the task of redirection to Philippine culture, the initial thrust would probably be to prepare textbooks and teaching materials oriented to Philippine setting, based on native business, economics, political and social conditions. Because the Philippines is basically agricultural and there is urgent need for an expansion of agricultural production and mechanized farming, curriculum developers must take this into consideration. The curriculum must prepare the Filipinos to meet the growing agricu ltural needs.

Cat’s Cradle Essay

As â€Å"Papa† Monzano dies, he tells Jonah that Bokonon â€Å"teaches people lies and lies and lies,† and then asks Jonah to â€Å"kill him and teach the people the truth. † Papa says the truth is science. Shows ridiculousness of jumping from one form of comfort, religion, to another, science, without careful consideration. – Irresponsibility of the scientists: Felix Hoenikker says â€Å"Why should I bother with made-up games when there are so many real ones going on? † He never understands that the games he is playing will have a disastrous effect on the human race. After Felix Hoenikker wins noble peace prize, he says he is â€Å"still playing† -> treats science like a game, doesn’t take it srsly. Religion – Jonah says to Mona â€Å"could I have your religion, if I wanted it? † -> religion is so easy to take up – Newt compares religion to the cat’s cradle. See the cat? See the cradle? † Bokono nism is a religion of â€Å"shameless lies. Monzano attempts to create a utopia, but just like in today’s society, he makes promises to his people, and then fails to fulfill them. But he allows the best for himself and his staff, while his people struggle. – Frank Hoenikker gave his ice-nine to â€Å"Papa† Monzano in return for a position in government -;gt; corrupt, irresponsible, only use 4 personal gain w/out thinking of consequences – Horlick Minton’s speech attacked patriotism as an irrational denial of the senselessness of wartime slaughter. Irony -> The Hundred Martyrs were sent to their pointless deaths in the name of â€Å"democracy† by a dictatorship. Love – Jonah says Mona can â€Å"make me far happier than any woman had so far succeeded in doing. † Yet, we find later that Jonah does not really love her once he knows he can have her and that she will not give up her ways for him. – Angela uses her ice-nine to get herself a beautiful husband who treats her poorly and gives the ice-nine to the American government.