Evaluate strategies used in health Essay

Effects of alcohol/drugs with rehab/AA To overcome the effects of alcohol/drugs barrier to communication, there are many types of organisations available. For example, rehab is a place where individual’s will slowly learn to give up drugs and adapt to clean blood in their body. There are classes such as AA classes which help individual’s clean alcohol from their system. Alcohol and drugs can sometimes affect how an individual speaks; therefore, they might need to stop drinking and smoking to make sure they are able to do so. Going to rehab and AA classes will help individuals very well. Rehab for alcoholics and drug addicts is very helpful as it clears the individual’s system of alcohol and drugs and gets them back on track with their lives. If in individual does follow the rehabilitation programme then he/she will see that their life has more financial benefits, family life becomes better and they start seeing a difference within themselves mentally and physically. Rehab is a good strategy to help with overcoming communication issues. If an individual is beginning to notice a change with his/hers communication while drinking, then they will have to enter rehabilitation and clear themselves of the addiction. To improve I would say that sometimes individuals need more moral support, throughout their rehabilitation. Therefore I would suggest the centres allow the addicts to talk to others with the same addiction for better moral support. Language needs/preferences strategy Sometimes language can be a big barrier if an individual is by themselves in certain situations. There are many different types of methods which can be used to overcome the language barrier. Individuals can use a special dictionary which translates the word they need to say from the mother tongue to their new language. There are also recordings available for listening to use when the individual does not clearly understand the new language. Translators are also available to help those who have language as a communication barrier. The language needs/preferences strategy is also good  as it helps those who are willing/wanting to learn a new language with many resources. There are tools and other things available to help overcome the barrier of not knowing a particular language that is needed to be known. I would say that some individuals find it hard to look for specific words in dictionaries and will not understand which word is linked to which meaning. This needs to be improved, so individuals do not get overwhelmed or frustrated. Assertiveness to overcome anger Assertiveness is a type of skill which can be used by those individuals who find that anger is a big barrier to communicating effectively. When people begin to feel stressed, depressed or annoyed, they will tend to let their emotions out immediately. These can involve anger. Anger is a big barrier to communication as it can lead to relationships breaking. To control this some people develop the skill of assertion. This involves controlling the emotions which break relationships and start arguments. It involves a clear mental attitude, wherein the individual will try to discuss the situation and deal with it. Assertion is a very sensible skill to develop if you work in the health and social care sector. It will definitely help deal with any issues that arise from service users or peers. In order to over-come the barrier of anger, developing assertiveness will certainly help. Being assertive will definitely help as it will decrease the amount of anger that an individual will have as a barrier to communication. It is a good skill to adapt to as it will benefit individuals for the future. For some individuals being assertive is a good aspect to maintain, however for an overly aggressive person it will be hard for them to grasp the concept of being assertive. For this reason to improve this strategy I would say to go through a slow pace when beginning to become assertive. Defusing aggression and staying confident Stress occurs a lot in the health and social care sector. Stress can lead to many other types of symptoms and illnesses, such as aggression or a mixture of emotions. Aggression can sometimes come from frustration, with the service provided or any other cause. Individuals must learn to overcome their aggression. Developing a calmer attitude towards any frustrations will  help overcome any type of anger. Aggression might threaten care workers; however it can also cause a withdrawal attitude from the service user towards the care worker. Defusing aggression and staying confident is yet another good strategy as it presents an individual of being very impressive and striking. Defusing anger and showing confidence is a very professional aspect to maintain as it helps in all areas of health and social care work. For example if an individual is being told off for doing something wrong, defusing ones anger and staying confident will get them out of trouble and keep them positive. Defusing anger is not always the best thing to do for some people as it could lead to stress/depression, therefore an improvement could be to sort out any confusion/anger issues before carrying on with any work, ect. Interpreters, translators and signers An interpreter is a person who communicates meaning from one language to another. This includes interpreting between spoken and sign language, such as English and BSL. When an interpreter works with people they immediately become a part of a communication cycle with that person. Translators are individuals who change a recorded material from one language to another. Translating involves communicating between different languages. Interpreters and translators have to grasp the meaning of a message and find a way of expressing it in a different type of language system. This is not very simple even for the professional and best translators. Interpreters can be professional people or even a friend or family member who can translate the sentence/ phrase said into another language. These people are able to explain messages in different circumstances. This is a very good strategy as it benefits others as well as the individual who is translating. Translating is very helpful for those who cannot speak a certain language. In today’s society many individuals use translators to assist them in important activities/meetings. It is a good strategy to use to overcome barriers to communication. It could be improved a lot. For example some translators do not always know the several meanings which come with certain words. Some translators need to be certified just to ensure the individual needing help that, they are really translators and they know how to professionally translate majority of words. Hearing aids Hearing aids are electronic devices with very small microphones that pick up and increase the volume of sound received by a person. Hearing aids will often make sounds in the background much louder and clearer to hear. Due to this wearing a hearing aid will not be that helpful as you might not be able to hear anything else a part from the background noise. Hearing aids are very helpful to those unfortunate individuals who are not able to clearly/not at all hear any noises or sounds. Hearing aids amplify the sounds for individuals, which need to be heard the most. However some hearing aids do not always work to their best of ability. For this reason, the sounds/ noises which need to be heard the most importantly cannot be heard due to technical issues which come with the hearing aid itself. Voice activated software Voice activated software is a simple type of software which simply uses an individual’s voice to activate or perform a task or instruction given to a computer. This software comes in many different types such as the speech recognition software which allows individuals to say their message and then it be typed out on their computer/phone. Voice activated software is also a good software as it helps individuals who are not able to physically type or have disabilities speak for them. Voice activated software is really good as it very much benefits individuals who are less able to perform the simplest tasks, such as typing. To improve some of the softwares cannot always pick up the voices as clearly, therefore the software should be able to pick up voices clearly without any vocal strain. For example speaking louder.

Pocari Sweat Essay

This assignment deals with advertising and it’s concepts. So to start off we’d like to explain certain terms: Advertising is more than just a means of disseminating product information. It is a primary communication tool of our economic system and our culture. In other words it could be defined as † a purposive communication to a target market, which assists in selling by drawing attention to the characteristics of a product which will appeal to the buying motives of customers in the target segment of the market†. Advertising is mainly used for the following purposes: To support sales increase; To encourage trial; To create awareness; To inform about a feature or benefit; To create an image; To modify attitudes; To gain trade and sales staff support. There are three different kinds of advertisements: (1) Informative advertisement: This advertisement conveys information and raises consumer awareness of the product. These are common in early stages of the product life cycle. (2) Persuasive advertising: This advertisement is concerned with creating a desire for the product and stimulating actual purchase. This is mostly used for well-established products, which are in growth/maturity stages of the  product life cycle. (3) Reminding advertising: It is to remind consumers about the product or organization, or the benefits they (consumers) are receiving from buying the product. Advertising has an ethical and moral responsibility to deal honestly with its portrayal of society. Individual companies are judged by their own advertising, and the effectiveness of advertising is dependent on the overall attitude of customers towards advertising generally. (Q) What does advertising do for consumers? One of the most important roles of advertising is showing people how to solve problems. Effective advertising must start from premises, â€Å"Does my product help people?† The major trend in modern advertising is making the consumer the focus of the marketing process. Organizations find that starting with the consumer creates a relationship in which products are designed for the consumers rather than having to convince consumers that a preexisting product is the one they want. (Q) What does advertising does for business? Without advertising, businesses would not be able to bring new products to the attention of enough consumers fast enough to make the enormous cost of creating, developing, manufacturing, and distributing the products practical. In other words, advertising is both a tool and requirement of an abundant economy. (Q) What does advertising does for society? Advertising has both intended and unintended results. Obviously, the intended result of most advertising is to contribute to the profitable sales of product. In addition to its economic role, advertising revenues support a diverse and independent press system protected from government and special  interest control. As a key communication link in the process, it also is a major stimulant to vigorous economic growth and stability. However, there is a growing awareness that advertising must move beyond single-minded concerns with profitability. There is increasing agreement that advertising must be created in an atmosphere that considers a number of ethical factors. A recent survey of advertising agency executives found that they faced six major ethical considerations in conducting business: 1. Treating clients fairly; 2. Creating honest, no misleading, socially desirable ads; 3. Representing unhealthy, useless, or unethical products; 4. Representing clients whose products/services are unhealthy and unneeded; 5. Treating suppliers, vendors, and media fairly; 6. Treating other agencies fairly. It is to the benefit of advertising and society in general that ethical issues are in the forefront of discussion concerning the practice of advertising. Now that we have seen what advertising is and how it deals with various people and organizations it is easy to set the objectives of advertising. These are likely to be the following: To communicate certain information about a product. This is perhaps the most important objective. To highlight specific features of a product which make it different from the  competitors. The concept of the unique selling proposition (USP) is that by emphasizing a unique feature, which appeals to a customer need. To build up a brand or company image through corporate advertising. To reinforce customer behavior. Influencing dealers and resellers to stock the items (on as much shelf-space as possible). In case of government advertising. To achieve a policy objective. A successful ad: The content of an advertisement is determined largely by the objective of the advertising and the motivation of the potential customer. An advertisement should present information, which leads to a greater awareness of the product. It should be an attention-getter and may excite amusement or emotions such as fear, but inciting these feelings should not be allowed to be the only effect of the advertisement. Advertising will be most successful if the following conditions apply: a) The product should have characteristics, which lend themselves to advertising. 1. It should be distinctive and identifiable. 2. It should stimulate emotional buying. 3. If at point of sale a customer can refute an advertisement claim simply by inspecting the product, advertising will achieve no sales at all. b) There should be consistency throughout the sales operation. Advertising, the activities of salesperson and dealers, branding, packaging and pricing should all promote the same product image. c) There should be co-operation between advertising staff and all other  activities in the company. Product design, production, distribution, selling and financial operations should all combine to achieve customer orientation and maximum selling efficiency. After all the facts now let’s move on to our product and its advertisement. We have chosen POCARI SWEAT as our product. A Japanese company known as Otsuka Pharmaceutical Co. Ltd. launched Pocari Sweat in 1980. Under the company philosophy, â€Å"Otsuka – meaning – people creating new products for better health worldwide†, Otsuka Pharmaceutical Co. Ltd. is an R&D-oriented corporation with a central focus on pharmaceuticals and consumer products. Through innovative products, OPC hopes to make a difference in curing illnesses and maintaining people’s everyday health. The name POCARI SWEAT is a JAPLISH word (Japanese & English). ‘POCARI’ sounds relaxing, easeful, and light to Japanese people. It doesn’t mean any English word. We know that ‘SWEAT’ has dirty image in English. Then why did the company use such a word?† Actually ‘SWEAT’ has meanings of diligence, efforts, and refreshing ness in Japan, which shows their importance to work, their culture and belief. So that’s how the word came – POCARI SWEAT! Most of Japanese people call POCARI SWEAT as â€Å"POCARI.† We rarely call its full name. We suppose that people have western-like image to â€Å"sweat† especially; Since, POCARI SWEAT has been a very famous and popular name, they (the company) cannot change its name. This company also manufactures various other products like: Ornamin-C (Energy Drink), Calorie Meter (Diet Drink), Energen and Fast Break (energy drinks). Company Name Otsuka Pharmaceutical Co. Ltd. Head Office 2-9 Kanda Tsukasa-cho, Chiyoda-ku, Tokyo 101-8535, Japan Phone: +81-3-3292-0021 Date Established August 10, 1964 President Tatsuo Higuchi Capital 6 billion yen Employees 5,224 (As of April 1, 2002) Business Description Manufacturing, Distributing, Exporting, Importing of pharmaceuticals, Clinical testing equipment, Medical equipment, and Food products. Domestic Establishments 17 branch offices/50 district offices 16 research institutions 2 clinical research laboratory 6 factories POCARI SWEAT A WORLDWIDE BRAND! DID YOU KNOW The human body has a very high water content: 60% for the average adult, and approximately 70% for a child. This water component is known as body fluid, and contains electrolytes such as sodium and potassium ions. WATER content in a child and adult body. The composition of POCARI SWEAT is similar to that of our own body fluids. It contains just the right amount of those electrolytes – such as sodium and potassium ions – that our body loses when it loses water. It’s also gentler on our body and more easily absorbed than ordinary water. And it doesn’t  harm the important balance of body fluids. CONTENTS OF POCARI SWEAT Pocari Sweat plays a vital role in human body after consuming it. Every day we loose about 2.5 liters of water through urinating, sweating and breathing, while we intake approximately the same amount through food and drink. Body fluids automatically regulate this loss and intake of water: balancing the two is vital to the maintenance of a healthy body. Pocari does just that after playing sports, working out in a gym, practicing yoga or long tiring dances lessons. This will be clear from the following diagram: Graph showing daily loss and intake of water in a human body Now that we have seen various graphs that how dangerous can it be if we loose water in plenty. Well now that OPC (the company) has launched Pocari Sweat there is no fear of loosing excess water. Consuming Pocari not only gives a refreshing feeling but also prevents loss of fluid from our body. It will be clear from another graph, which follows: Comparison of how Pocari Sweat prevents the loss of body fluids The composition of POCARI SWEAT is similar to that of our own body fluids. It contains just the right amount of electrolytes – such as sodium and potassium ions – that your body loses when it loses water. It’s also gentler on our body and more easily absorbed than ordinary water. And it doesn’t harm the important balance of body fluids. This graph shows clearly the performance of POCARI SWEAT. POCARI SWEAT COMPETITION By now you’d wonder that who are competitors of POCARI SWEAT? Well the real answer according to Otsuka Pharmaceuticals is that POCARI SWEAT  real competitor is PLAIN WATER and not energy drinks! Many would disagree to it but it’s the truth. People would say that Pocari faces a huge competition with the energy drinks available in the U.A.E like the Red-Bull, Isostar, Blue Ox, Flying Horse etc. Well according the product agencies in the U.A.E. they mention that Pocari is not an energy drink but it’s a REHYDRATION DRINK. The product (Pocari Sweat) agents in U.A.E are AL MAYA LAL’S LLC. To prove the above statement that Pocari Sweat is a rehydration drink the following picture of Pocari’s can, which clearly shows it: In reality, Pocari Sweat is a rehydration drink, which is very similar to baby rehydration fluid. The label on the bottle clarifies: This close up is taken from the can Past advertisements Pocari Sweat had made many ads in Japan, which is shown mainly in other Eastern Asian countries, they were a huge hit there but the company have failed to make an impact with them in the Western countries, that is why the product is not much known and the popularity is not much as it have in Japan and other neighboring countries. The companies previous ads were focused mainly on sports, they had many famous celebrities, models and artists in their ads, some of them are: Cindy Crawford (model), Nancy Adrew (stunt actress and model), Tikeshi (model), and Myo Chin Haut (model) etc. The concepts, which the company wanted to show people through its ad, were amazing and very creative, shot very beautifully under water. The first which showed two men playing tennis under water; the second big ad was during the Football World Cup held in Japan, which obviously had to be a soccer ad. Lately, the company has shot an ad keeping in mind how trendy and energetic are today’s teenagers; they have a skate boarder skating (which are attached with color cans), as he goes two and fro on the ramp it creates  graffiti. (This ad is not available on the net; the concept was taken from the following link: http://spotlight.iridas.com/200303/colorado) this site also contains previous football ads made by the company. In-short after our research we feel that the company and the agents of POCARI SWEAT in the U.A.E and the Middle East should emphasize more on advertising. The product is doing fine as we can see that most of our samples drink it after some activity, with 1-2 cans at a time, they find it really refreshing and energetic, and end up with the results as â€Å"good overall performance†. BIBLIOGRAPHY: Newspapers/Magazines: Gulf News, Khaleej Times, Fortune 500, Forbes. Text Books: Advertising and Sales Promotion Techniques by Gerard J. Tellis Advertising Procedure by J. Thomas Russell, W. Ronald, 14th Edition Marketing Management by Philip Kotler 11th Edition Marketing HND/HNC Edexcel textbook, BPP Publishing Websites: http://www.google.com http://www.yahoo.com http://www.ask.com http://www.otsuka.co.jp/pocari_e/pocari1.htm http://spotlight.iridas.com/200303/colorado www.boardsmag.com/screeningroom/commercials/?link=top http://www.oranda.or.jp/index/english/embassy/agriculture/PDF/productmakerhit.htm http://www.videor.co.jp/eng/jdata/market/99tvcmtr.html

13.2 Coursework Example | Topics and Well Written Essays - 250 words

13.2 - Coursework Example The portrait is staring sharply at an imaginary audience as if seeking attention. The principal feature in Schapiro’s Blue Angel painting is the feminist movement exhibited by the artwork is the woman’s professionalism and perceived autonomy. Blue Angel, woman represented in the picture, seems comfortable undertaking her career. She exhibits self-confidence evident in her sitting posture and dress code. The rough background of the painting most probably suggests the rough social background within which such women strive to attain high levels of prosperity (Love 408). Schapiro’s Blue Angel portrays a confident woman personality and exhibits a sense of superiority. Confidence and superiority depicted in Blue Angel’s portrait contradicts the traditional sexism notion evident among most Americans. In the contemporary world, women strive to find their place among male dominated society by pursuing relevant talents. Schapiro’s Blue Angel exposes a woman’s autonomy and self-worth that surpasses their oppression and sexism. Blue Angel and other feminist artworks by Schapiro focus on the female body and personality to dismiss negative notions held against women in a society dominated by sexist

Manners in the Business Workplace Assignment Example | Topics and Well Written Essays - 500 words

Manners in the Business Workplace - Assignment Example The researcher states that business etiquette plays a major role in the success of an individual to move towards their dream job. Business etiquettes do not have any clear and written out rules that need to be followed, however mainly includes being courteous, and respectful of people at the workplace. In the present times, with the fast-paced information age work environment, office etiquette is becoming more important each day. Keeping up the etiquette within the workplace clearly is crucial to help each other work more effectively and to be able to keep up with the fast pace. To be able to keep up with the growing competition and need for fast-paced working, people without office etiquette tend to be big hindrances to their own growth as well as the growth of the team and organization as a whole. Hence this is crucial and needs to be followed by all organizations. Workers are a keep in the development of good business manners as they form the business and if the business manners a re developed by themselves, then there are higher chances that they would follow the rules and manners. Workers form the business and hence in the case of the manners their inputs and contributions are needed the highest. With the intense competition and the high need for goal-oriented individuals, and the changing workplace styles (open workplaces), there are a number of changes to the office conduct. People need to be more aware of their surroundings and their behavior and need to also ensure that little or no personal discussions are held within the office space. The main change in the present times is the need to respect the space of others as well as to ensure that aspects like noise, clutter and odor are kept under control. This helps in the overall effective workplace. Workplaces require gender-free etiquette and to do so, a few possible steps that can be inculcated in all employees are to follow the below-mentioned rules: a) holding the door open for anyone who follows irres pective of their gender, b) shaking hands with everyone in the same manner, simple one hand, c) allowing the person closest to the door in the elevator to get off first, and d) recognizing people for their rank and not gender.

Contemporary Issues for Business Essay Example | Topics and Well Written Essays - 2500 words

Contemporary Issues for Business - Essay Example Globalization has its own advantages and curses. With the help of globalization countries can share their surplus resources with the other countries. It creates a sense of unity in global arena. On the other hand globalization has its own negatives. Due to globalizations, countries which are having weak economy are significantly over dependent upon economically strong countries. Here in this case of Ukraine crisis, two economic super powers are fighting among each other and are imposing bans and trade sanctions. All these bans and trade sanctions have very serious consequences for the global fraternity. Economically weak countries which are highly dependent upon strong countries feel the pressure significantly. With the help of this essay economic consequences caused by the various trade sanctions related with Ukraine crisis will be evaluated. The essay will analyze all the critical factors in a detailed fashion. The above picture is indicating that, various nations across the world do high level business with Russia as far as the food and agricultural exports are concern. In fact the country which is taking some proactive measures to impose sanction upon Russia i.e. US also does almost $1.6 billion food and agricultural business with Russia. It means economies of all these countries are significantly dependent upon the export. So there is no shadow of doubt that there are high negative economic consequences on the above shown countries. Especially European Union is the highest exporter of food and agricultural products to Russia. Trade sanctions have most adverse economic consequences on the EU economy only. Due to all the trade sanctions EU and other nations as well are deprived of foreign currency. Generally EU exports almost â‚ ¬11.9bn agricultural products to Russia. The ban can reduce almost â‚ ¬5.3bn business. It

U.N Security Council Reform Essay Example | Topics and Well Written Essays - 3750 words

U.N Security Council Reform - Essay Example 5). The resolutions passed by the Council call upon each member to sign them, however, not everyone has become parties to these instruments (United States 14). The usefulness of the Council has been continually questioned especially at the current world situation. The Council was founded in 1945 (Teixeira 13). It is one of the principal organs of the United Nations that includes the General Assembly, the Economic and Social Council, the Trusteeship Council, the International Court of Justice and the Secretariat (United Nations 2004 6). Permanent membership assures the continuity of procedures and affairs while the non-permanent members get familiarize with the issues (Teixeira 13). The Council has 15 members with 5 of them having permanent status (World Almanac 2006 860), which are: the United States of America, United Kingdom, Russian Federation, France, and China (Philip’s 759; United Nations 2004 8). With the disintegration of the former Union of Soviet Socialist Republics (USSR) which was a member of the United Nations and the Security Council since October 1945, its membership was continued by the Russian Federation (with 11 countries) by Pres. Boris Yeltsin through a letter on December 24, 1991 addressed to the Secretary-General (United Nations 1998 9). The members having temporary status are elected by the General Assembly for a term of two years (World Almanac 2006 860; United Nations 2004 8). Of the ten non-permanent members, five of them expires every 31st of December. For instance, the membership of Angola, Chile, Germany, Pakistan and Spain expired on December 31, 2004; Algeria, Benin, Brazil, Philippines, and Romania expired on December 31, 2005 (World Almanac 2005 854); and Argentina, Denmark, Greece, Japan and Tanzania expired on December 31, 2006 (World Almanac 2006 860). The UN Charter charged it with the prime duty of keeping international peace and security (World Almanac 2006 860; United Nations 2004 8) and may

Abraham Lincoln's Dred Scott Decision & Peoria Speech Essay

Abraham Lincoln's Dred Scott Decision & Peoria Speech - Essay Example In addition, no blacks qualified to seize any position in any office through the introduction of the Illinois law. In a dialogue that Lincoln delivered in Peoria, he stated that if by chance, he had the power; his first inclination would be to free all slaves and dispatch them all to their native land. According to Abraham Lincoln, the position of superior and inferior in the American states meant to reduce the number of blacks entering the country. However, he later discovered that his plans were impossible since the whites needed blacks for labour. The main questions that run over his mind were whether the blacks might be both politically and socially equal to whites. Lincoln rejected this major aspect. He did not believe the black to be his equals, he never at any chance, favour the blacks. However, besides his hatred towards the blacks he tried stopping the slavery trade (Basler 121). Lincoln always denied the blacks the right to vote, he was never ready to bring on political and social equality between the black and the white. The main reason as to why he wanted to be away from the black is his hatred towards the black race. Lincoln believed there was a substantial diversity between the black and the white, which in his judgment he always prevented blacks and whites living together on the basing of ideal equality. Lincoln was always in favour of the white race, which he belonged.

Final Exam Paper Operations Management Term Example | Topics and Well Written Essays - 2500 words

Final Exam Operations Management - Term Paper Example All the players have a critical role in the creation of quality goods and services. For smooth operations among, the players information has to fro to and fro on a timely basis. Human beings differ in thought, and therefore, to harmonize their roles in value creation one has to manage the chain. The critical activities cannot operate in a vacuum and thus will require other supporting processes like accounting and finance. The overall upper management tries to ensure the critical activities, and the supporting activities communicate seamlessly. At this point, one should understand why operation management is vital. Other than leading one to career in future, the benefits are beyond measurable instrument in the logistics field. First resources are very scarce, and it requires one to make fast and sound decision for their usage. Decision regarding trade-off are a day-to-day activities, the degree of benefit and loss are the determinant factor in making the correct verdict. Understanding and appreciation of the role played by the supporting processes in the organization cannot be underestimated (Oakland, 49). Lead time can be influenced by how client’s request is handled by the finance department. Operation management assists in determining the best model for a firm in it is production. A good example of a model that can be adopted is the lean manufacturing model. The model discourages activities that will not add value to the end product. A firm should always make reasonable expenses, and the expenses should be minimi zed without compromising the quality of the final product. An organization is determined by how it can produce its goods and services. This being the case then the goods and services need to be of the best quality. The push by consumers to have value for their money makes a firm to think of other means to meet the demand from the consumers. However, before an organization decides whether to design or redesign its goods and services,

The Status of Women Essay Example | Topics and Well Written Essays - 1000 words

The Status of Women - Essay Example Denied higher level schooling, and schooling in general in some cases, prevented from obtaining any legal rights or owning property as a separate entity from their father or husband and with a majority of her household work unconsidered in terms of the physical work she could accomplish, women had little opportunity to do anything other than be a wife and a mother. Against this backdrop, women who found themselves in non-traditional situations - the widow, the businesswoman, the intellectual - continuously struggled to find a better balance between men and women that allowed women some of the freedoms afforded to men, while women who fell within the societal norms also found themselves being forced into a more dominant role. Roles began shifting slowly as women grew into and then out of the ideology of the True Woman into that of a New Woman in personal and public spheres. As they moved from the rural setting to the industrialized city setting, women in America saw tremendous changes in the way they were expected to live their lives - from lives of working alongside the men in the fields they moved to working exclusively within the home, finally setting the stage by the end of the nineteenth century for the advances of the women's movements that would dominate the early part of the twentieth century. Colonial America saw la... "During the early history of the United States, a man virtually owned his wife and children as he did his material possessions. If a poor man chose to send his children to the poorhouse, the mother was legally defenseless to object" (Comptons, 1995). "Before the middle of the nineteenth century, the property rights of American married women followed the dictates of common law, under which everything a woman owned became her husband's property upon her marriage" ("Married Women's Property Acts", n.d.). However, there were some women who lived in colonial America who "worked in professions and jobs available mostly to men. There were women doctors, lawyers, preachers, teachers, writers and singers" (Comptons 1995). This was because "prior to the 1800s, there were almost no medical schools, and virtually any enterprising person could practice medicine. Indeed, obstetrics was the domain of women" (Comptons 1995). Even this changed, though, by the beginning of the nineteenth century when women were again relegated to the acceptable positions of writing and teaching only as the educational requirements for these professions were increased and women, fulfilling their obligatory role of wife and mother at an early age, were unable to complete the necessary training. These restrictions on what a woman could do or own were partly due to the fact that most women were not considered intelligent enough to consider all the consequences involved in managing business or political situations. Most could not prove otherwise as they did not have the access to formal schooling that would have provided them with these skills. "In colonial times, formal learning had a low priority. Girls' education typically took place at home, where

Mobile Banking Technology and Innovation Management Essay

Mobile Banking Technology and Innovation Management - Essay Example Management has to face several challenges in the overall process of introducing the innovation in the market (Barton and Kraus, 1985). MOBILE BANKING TECHNOLOGY: There has been ongoing process of introduction of new technologies in the market every other day. However, all new technologies are not able to succeed and capture the considerable amount of market share. This requires proper and well thought planning and management. It should be ensured that the new technology which is introduced in the market is according to the needs and requirements of the customers (Souder and Sherman, 1994). Apart from this, the new technology should be user friendly and easy to use. All these factors increase the acceptance of the innovative technology. Mobile banking is one such technology, which have been introduced in order to provide customers with ease and comfort in the process of banking. In the start of banking facility, customers have to be physically present at the bank in order to make any kind of transaction. This requirement of physical presence gradually disappeared with the advent of different new technologies and facilities with passage of time. ... Mobile banking allows the customers to perform important transactions through their mobile phones and there is hardly any need of going to banks or being physically present there for the purpose of making transactions (Stair and Reynolds, 2009). There are several benefits of the mobile banking, not only for customers but also for the bank which is providing this facility. This facility of mobile banking can facilitates banks in reducing the charges associated with transactions, as low level of cost is associated with mobile banking. Along with this, the facility of mobile banking is easy and convenient for the consumers as it enables them to quickly access their bank account at any place and at any time (Krugel, 2007). INNOVATION AND CHANGE MANAGEMENT: The process of implementation of any change or innovation is always associated with several challenges and issue. These challenges and issues should be managed in an effective and efficient manner in order to ensure the successful impl ementation of the innovation. The process of innovation management is a complete change management process. Management has to conduct force field analysis in order to identify important restricting and supporting forces. Next step is to come up with effective strategies and tactics in order to minimize the restricting forces and maximizing the supporting forces (Tidd, 2001). The restricting forces can be both external and internal. Innovation or new technology not only faces resistance on part of the customers but sometime employees are also responsible for the failure of any new technology or innovation. It is important for the management to keep in consideration

Accounting Environment Essay Example for Free

Accounting Environment Essay Learning Outcomes At the end of this chapter the students should be able to: ?Explain the meaning and purpose of accounting ?Describe the role of accounting as a information system ? Describe why accounting is considered as the language of business ? Assess the impact of external environmental factors on accounting Introduction Accounting has evolved and emerged as most other fields of human activity in response to the social and economic needs of society. Today accounting is moving away from its traditional procedural base, encompassing record keeping and related activities towards the adoption of a role which emphasizes its social importance. In this context, this introductory chapter of the course manual deals with the definition of accounting, use of accounting as an information system and the language of business, users of accounting information and the impact of external environment on accounting. Definition of Accounting The question what is meant by accounting has not been answered precisely. Instead there are many definitions on accounting. Some of these definitions are considered in this section to identify the purpose and functions of accounting. The Committee on Terminology of the American Institute of Certified Public Accountants (AICPA) formulated the following definition on accounting in 1941. Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the results thereof. This definition of AICPA, USA has been quoted for many years. However, it defines accounting only from the point of view of what it does. Hence, it does not clearly establish the purpose of accounting. On the other hand, the following definition provided by the American Accounting Association (AAA) in 1961 emphasizes the broader perspective of accounting. This definition focuses on accounting as an aid to decision-making. Accounting is the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information. In 1970, AICPA of USA provided the following definition on accounting with reference to the concept of information. The term ‘quantitative information’ used in this definition is wider in scope than financial or economic information used in previous definitions. Accounting is a service activity. Its function is to provide quantitative information primarily financial in nature about economic activities that is intended to be useful in making economic decisions. Both definitions of AAA and AICPA show that accounting is considered not merely with record keeping. Instead it involves with a whole range of activities. These two definitions emphasize on using accounting information for decision making purposes. Both internal parties of an organization (e. g. managers) and outside parties (e. g. owners, creditors, government) use accounting information in making decisions that affect the organization. Although these definitions have looked at accounting from different perspectives, they have been able to set the boundary of accounting. They have established the nature of accounting and the purpose for which it is used. Hence, based on these definitions, it can be said that accounting is primarily concerned with the provision of information to various stakeholders of an organization to be used in decision making. Accounting as an Information System AAA definition on accounting implies two phases: (1) identifying and measuring economic information and (2) communicating economic information to users (stakeholders of an organisation) for decision making purposes. These two phases show that accounting acts as an information system in an organisation. The accounting process involves recoding and processing of transactions and events of an entity that had occurred during a specific period of time, and communicating the information relevant to processed transactions and events to aid decision-making of various users of accounting information. As an information system, accounting links an information source or transmitter (preparer/s of information), a channel of communication (financial and other statements/reports) and a set of receivers (users of information/stakeholders of an organization). The Figure 1 shows how accounting functions as an information system in business and economic decisions. In the accounting system, transactions and events are the input and the statements of reports given to decision-makers are the output. Figure 1 Accounting as an Information System in Business and Economic Decisions Data Source: Lal, J. (2005), Corporate Financial Reporting: Theory and Practice, second edition, Taxmann Allied Services (Pvt) Ltd, New Delhi. Accounting as the Language of Business Accounting is often called the language of business because it is considered as the main mean of communicating information about a business. This reference to accounting as the language of business is observed by Ijiri (1975) as follows: As the language of business, accounting has many things in common with other languages. The various business activities of a firm are reported in accounting statements using accounting language, just as reported news events are reported in newspapers, in the English Language. To express an event in accounting or in English we must follow certain rules. Without following certain rules diligently, not only does one run the risk of being misunderstood but also risks a penalty for misinterpretation, lying or perjury. Comparability of statements is essential to the effective functioning of a language whether it is in English or in Accounting. At the same time, language has to be flexible to adapt to a changing environment. A language broadly has two components: symbols and rules. In accounting too, these two components are available. In accounting, numerals and words, and debits and credits are accepted symbols and they are unique to the accounting discipline. The rules in accounting refer to the general set of procedures followed in creating financial information for an entity. Anthony and Reece (1991) draw a parallel between accounting and language as follows. Accounting resembles a language in that some of its rules are definite whereas others are not. Accountants differ as to how a given event should be reported, just as grammarians differ as to many matters of sentence structure, punctuation and choice of words. Nevertheless, just as many practices are clearly poor English (language), many practices are definitely poor accounting. Languages evolve and change in response to the changing needs of society, and so does accounting. Users of Accounting Information There is an array of users (or stakeholders) who make use of accounting information for decision making. These user groups include present and otential investors, managers, employees, lenders, suppliers, customers, analysts, media, government, and the general public. However, with the broadening of the accountability of organizations, they are accountable to a large group of stakeholders, some of them not clearly known or identified by the organizations. These users can be broadly categorized as internal and external users of accounting information. The term ‘internal u sers’ refers to parties within an organization that make decisions directly affecting its internal operations and this category usually includes managers and employees of an entity. All other users can be grouped under the term ‘external users’, which refer to parties outside the organization that make decisions concerning their relationship to the organization. These two major classifications of users have led to a distinction between two main areas of accounting: financial accounting and management accounting. The primary concern of financial accounting is to provide information to external user groups. On the other hand, the management accounting is primarily concerned with the provision of information to internal user groups. These users have diverse information needs. However, among these diverse needs too, there are common information needs. The financial statements of an entity that provide information about its financial performance, financial position, and changes in financial position address these information needs common to all users. As these financial statements are prepared to meet the information needs of a cross-section of users, they are known as common-purpose (general-purpose) financial statements. However, these financial statements do not provide all the information that users need to make decisions since they largely portray the financial effects of past transactions and events. The responsibility to prepare and present financial statements lies with the management of an entity. As general-purpose financial statements meet the information needs of users who are unable to command the preparation of financial reports of an entity, the government has imposed regulations to govern these financial statements. These regulations are intended to protect the public interest. External Environmental Factors influencing Accounting The pace and change in external environmental factors have a profound influence on business organizations and the way in which they are managed. These factors could be social, economic, political, legal or technological. Accounting, as the language of business and its information system is also affected by these changes. The changing conditions in the external environment have confronted accounting with a number of challenges that should be recognized, accepted and addressed to ensure its relevance and usefulness. This has made accounting to change and grow over the years to meet social requirements and to guide business and industry requirements. Thus, understanding accounting requires understanding the environment within which accounting operates and which it is intended to reflect. The society has been subjected to political, social, economic and technological change. These changes have resulted in globalization, the rise of informed and selective customers, the development of information technology and etc. These changes in the external environment factors are reflected in business organizations through the shift in business types and cost profiles, increase in strategic decision making and greater emphasis on survival. The changing conditions within business organizations lead accounting to change in order to meet the new requirements resulted from these changes. The areas requiring changes in accounting include selection of data, information processing, dissemination of information, role of accounting standards, assumptions and perspectives of accounting, and uses and impact of accounting information. Thus, today’s rapidly changing environment is forcing accounting to reassess its role and function both within the organization and society. Although challenges imposed by different environmental factors on accounting could be discussed separately, they should be viewed from a holistic perspective. This is because the power of potential improvement lies in the cohesion of the changes rather than in individual items. The changing conditions in the business environment will shape the future for accounting. The environment within which business and accounting function operate has become increasing complex. One of its characteristic features is that many social, economic, political, legal and technological influences that create continual change in that environment and these in turn impact on accounting and its product, accounting information. However, it is sometimes criticized that accounting has not been able to keep pace with this changing conditions in the external environment. Summary This chapter provides an overview of accounting based on its nature and purpose, users of accounting information and impact of external environment on accounting. The primary objective of accounting is to provide information that can be used by the stakeholders of an organization (users of accounting information) in making their decisions. These decisions could have a bearing on the resource allocation process in the country and thereby on the economic growth and development of the country. However, the role and functions of accounting cannot be considered in isolation from the social-political-economic context within which it is operating. The rapidly changing external environment is posing many challenges to accounting and it needs to adapt to these changing conditions. This requires a continual process of renewal and improvement in accounting. References American Accounting Association (1966), A Statement of Basic Accounting Theory, AAA. American Institute of Certified Public Accountants (AICPA) (1941), Review and Resume, Accounting Terminology Bulletin, No. . American Institute of Certified Public Accountants (AICPA) (1970), Basic Concepts and Accounting Principles underlying Financial Statements of Business Enterprises, Accounting Principles Board Statement No. 4, Anthony, R. N. and Reece, J. S. (1991), Accounting Principles, Richard D Irwin. Ijiri, Y. (1975), Theory of Accounting Measurement, Research Report, No. 10, AAA. Lal, J. (2005), Corporate Financial Report ing: Theory and Practice, second edition, Taxmann Allied Services (Pvt) Ltd, New Delhi.

Rooms and University Essay Example for Free

Rooms and University Essay My first day at University is a very important and memorable day in my life. I was waiting all the summer in 2011 to enter at the university at January 2012. That day i was so excited at as well as I was very nervous because it was my first day in the university and I didnt know any person. But at the end my first day in the university was wonderful. I had no idea how to arrive to my classroom and which room will be our class room. So I had to ask to the reception, where I was going to take classes. This person was very nice and told me the right direction. I walked to the building, and when I arrived I saw some people and I felt strange. I come up to to one girl and I asked for the classroom and I discovered that she is my close friend Shima from my school and college level and we were in the same group and I felt less nervous and comfortable . Then we went to the class room. When we began our classes, our lecturer first introduced herself and then we introduce our self in the class room. At the time of introducing all our classmates were quiet, nobody talked. I approached with two other girls they were completely unknown to me. I introduced myself, then they did the same and we began to know more about each other, like where we were from or what we did. After that, we spent the rest of the day together until we had to go home. I always remember this particular day, the reason behind it, it gave me a chance to meet with new people and making new friends. From my point of view, it is normal to be nervous in the first day at university but, there was a happy ending. So I think my first day at university was a fantastic day and it will be a memorable day in my life as said earlier.

Iraq and India: Energy Trade Relations

Iraq and India: Energy Trade Relations Statement of the Problem The economic openness is the reality of today’s developed world. The asymmetrical distribution of resources and factor of production has required the economist and social scientists for mutual interaction and trade cooperation for the development of the global economy. The trade and economic cooperation between the two countries is more important these days because of the essential for formulating a feasible and beneficial strategy for the development of the both countries. The bilateral trade and Economic Cooperation between Republic of Iraq and Republic of India are unique. The trade and other related relationships between India and Iraq have its own significance for the economic development of both these countries. Both countries have been traditionally collaborative and had strategic and friendly relations. India has supported a free, democratic, pluralistic, federal and united Iraq  [1]. India-Iraqi ties flourished only after India had started cultivating. Iraq, in bila teral terms on the basis of mutuality of interests in the political sphere and complementarities interests in economic sphere subsequently. It is significant to note that Iraq was one of the few countries in West Asia with which India had established relations very early at the embassy level  [2]. However, India’s economic cooperation with Iraq was stronger than other west Asian countries due to its geographical location and natural resources. The looming threat of wars in Iraq had continuous uncertainty and a negative impact on India’s as well as global trade markets. India’s trade with Iraq tremendously weakened during war periods  [3]. But India’s focus on a strengthened and multi-faceted relationship with new Iraqis an outcome of the significant changes in the political and economic relations between two countries. India’s has been cooperating continuously with Iraq on the road to recovery in the post Saddam Iraq. Indo Iraq economic coopera tion was slow Initial Stage of Post Saddam Government. With the democratically elected government of Iraq in year 2005, it received a strongly re-boost to restart trade and cooperation with India. India actively supports the ongoing reconstruction efforts in Iraq  [4]. Both countries Explore cooperation in e-Governance during Deputy Foreign Minister of Iraq, Mr Labeed Majeed Abbawi, visited India on 17-22 May, 2011. Indian business applied for contracts for restart trade and cooperation. Since there is revival in potential for Indo-Iraqi trade and commerce, a number of steps have been taken at the policy level that can positively impact Indian companies looking to do business with Iraq. At a broad strategic level, a Memorandum of Understanding (MoU) has been signed in 2013 between Iraq’s Ministry of Foreign Affairs and India’s Ministry of External Affairs to update and discuss bilateral and international relations of interest. The two countries are looking to enhance the energy trading relationship, which forms a significant part of overall trade between India and Iraq. The government of India has proposed that it should be ‘strategic partnership’, which could include aspects like oil exploration, petrochemical complexes and fertiliser plants. To this extent, Iraq and India have signed MoU on Cooperation in the field of Energy to make further progress in the relationship in the sector. India aims to change the nature of the relationship with Iraq on energy from a buyer-seller one into one with equity partnership. Iraq and India have also signed MoU on Water Resource Development and Management that looks to cooperate and share expertise in the field on national and international levels  [5]. Such as Indian business applied for contracts for reconstruction projects to coalition provisional authority and more recently the activities of Iraqi business in India have been growing rapidly  [6]. H owever Project exports are perhaps the most significant factors in India’s economic relations with Iraq as well as other gulf countries. They are significant not only for their trade generating effect but also for a different kind of interaction they render possible in India’s external relations  [7]. Today in the globalised world the economies of Iraq have assumed a new economic as well as strategic importance for India. The economic reforms in India resulted becoming one of the fastest growing economies of the world. The growth of India’s economy has stimulated growth in the industrial sector. The higher growth in India’s industrial sector has further resulted in significant rise in energy demand. As India is not self sufficient in its energy requirement, major portion of her energy demand is fulfilled by Iraq petroleum imports. Thus in a situation of growing industrial output and demand for energy, India’s dependence on Iraq would significantly increase. Presently Iraq has become second largest supplier of oil to India only after Saudi Arabia. Thus the trade relations between India and Iraq are very crucial for the growth of Indian economy. It was reported that in India crude oil imports account for more than 96 Percent of her total imports from Iraq. This makes India to face severe deficits in her trade balance with Iraq. But the emergence of rich market of Iraq offered opportunities to India for balanced bilateral trade in 2012. Iraq requires India’s exports in terms of more goods, items, instruments and equipments and more investment in infrastructure, agriculture, machinery, power, healthcare and telecommunication. India’s former Commerce and Industry minister Anand Sharma promised him to encourage Indian businessmen to explore business opportunities in Iraq  [8]. India is appearing to correct this deficit with new investment opportunities, specifically in the energy sector, in one of the fastest growing economies in the region. India is also looking to counter the growing presence of China in Iraq. Beijing has already invested heavily in various projects around Iraq, and has even built its own airport near the Iran-Iraq border from where it ferries its workers to various oil fields in the southern part of the coun try  [9]. In the immediate future, India is looking at increasing its import of Iraqi crude and a senior minister in the Iraqi government has offered to up his country’s oil exports to India by as much as 30 per cent. That Indian oil companies shifted from Iranian to Iraqi oil in 2011-12. In recent year, bilateral trade between both the countries accelerated through Indian government maintained the huge demand of Iraqi crude oil. On the other hand Tubes pipe of iron steel products; Meat of bovine animals, frozen products and Indian basmati rice has found good markets in Iraq, overtake US long gained rice market since 2010. The market for exporting basmati rice would increase due to Iraq’s preference for the products and on the other hand Indian market provides a cheaper imports option. An important step to foster stronger economic bilateral ties between countries took place in an interactive session on certification of goods and exports potential of Iraq, organised by federation of Indian export organizations (FIEO) in April 2012 in New Delhi. Hussein Ali Rajab, the commercial councillor, embassy of Iraq, felt that India exports to this market should increase from $ 750 million to about $ 3 billion by 2015. It is directed that all Indian goods imported to Iraq must be certified by their designated inspection agency so that the buyer can release their goods in Iraq. The previous year, Indian tea exports suffered a setback as more than 200 containers of Indian tea that were being exported to Iraq were barred and returned due to quality issues. Indian steel firm Jindal saw won a 25 year contract to build and run a factory for manufacture oil and gas pipelines in south Iraq. This $ 198 million deal was part of Iraqi efforts to revive its long deserted industrial sector. As part of Indian effort in infrastructure development in Iraq, reliance Globalcom, in projects collaboration with Iraqi telecommunications and post company (ITPC), launched the a l-Faw cable landing station (CLS) for providing telecom service in the country. It is set to enhance internet speed for Iraqi domestic consumer. But presently, demand of India’s Indian productto Iraq and mutual business ties temporarily declined due to Iraqi political climate insurgency  [10]. India’s expatriate in Iraq, once substantial has dwindled to almost nothing. In response to high levels of violence, the Indian government in 2004 banned labour brokers from hiring people for Iraq. This ban was for six months and then was extended from time to time. The extended period of the ban was valid up to April 30, 2010 based on the recommendation of the ministry’s Gulf division. it had been decided not to extend the ban beyond April 30,2010. On 4 May 2010 Indian government lifted the ban on grant of emigration clearance for Indians wishing to travel to Iraq but cautioned that people should take care of their security while working or visiting the oil-rich country. After that Indians can now legally travel to Iraq for work  [11]. Lots of Indians (both legal and illegal migrants) came to Iraq via United Arab Emirates (UAE) and other gulf countries in the past 5 years  [12].More than 80,000 Indians are living in Iraq despite an earlier government advisory again st travel to the country that has been in turmoil since Saddam Hussein was ousted  [13]. The lifting of the ban was termed a step towards normalization of relations between India and Iraq  [14]. Indian Migration to Iraq got disturbed in June 2014 due to political as well as economic crisis in Iraq  [15]. [1] Annual Report 2011-12,Ministry of Overseas, GOI [2] Ajay N Jha, Indo-Iraq Relations: 1947-86: Need For Fress Iniciatives, in West Asia and Indias   Foreign Policy, ed. Verinder Grover( New DElhi: Deep Deep Publications, 1992), pp 437-461. [3] Ibid [4] Opcit 1 [5] Opportunities for India in Iraq’s restructuring, Spacesence News. Feb 06, 2014.  http://www.spacesense.in/news/13 (accessed June 2014, 27). [6] Azhar Muhammad, Indo-Iraq Economic Cooperation in Post Saddam Period, Journal of WestAsian Studies (Deptt. of West Asian Studies, AMU, Aligarh) Vol.23 (2009): pp 148-161. [7] Girijesh C Pant, India-Gulf Economic Relations: A Profiles, in West Asia and Indias Foreign   Policy, edited by Verinder Grover (New Delhi: Deep and Deep Publications, 1992) p 65. [8] Iraq Calls for Balanced Bilateral Trade With India, Outlook, FEB 29, 2012. http://www.outlookindia.com/news/article/Iraq-Calls-for-Balanced-Bilateral-Trade-With-India/753569  (accessed June 12, 2014) [9] Kabir Taneja, India looks for larger presence in Iraq, June 22, 2013. http://www.sunday-guardian.com/business/india-looks-for-larger-presence-in-iraq (accessed June 21, 2014). [10] Sonia Roy, Iraq In Persian Gulf 2013: Indias Relations With the Region, by P.R. Kumaraswamy, pp 115-17. New Delhi: Sage Publication, 2014. [11] India lifts ban on travel to Iraq, The Siasai Daily, May 4, 2010. http://www.siasat.com/english/news/india-lifts-ban-travel-iraq-0 (accessed May 23, 2014). [12] Working in Iraq not worth the risks, says Indian worker in the country, IBNLive, June 16,  2014. http://m.ibnlive.com/news/world/working-in-iraq-not-worth-the-risks-says-indian-worker-in-the-country/479447-2.html (accessed August 2, 2014). [13] â€Å"India lifts ban on travel,† The Siasat Daily, May 4, 2010http://www.siasat.com/english/news/india-lifts-ban-travel-iraq-0 (accessed May 23, 2014). [14] Himanshi Dhawan, Ban on Indians travelling to Iraq lifted, January 9, 2010. http://timesofindia. indiatimes.com/india/Ban-on-Indians-travelling-to-Iraq-lifted/articlehow/6025044.cms(accessed  June 21, 2014) [15] â€Å"Indian faces the Iraq test,† The Hindu, June 21, 2014. http://www.hindu.com/opinion/editional/India-faces-the-Iraq-test/articles6134195 ece (accessed July 12, 2014). India: A Mixed Economy India: A Mixed Economy The present chapter is devoted to the introductory issues relating to the role of Direct tax laws in the development of International Business. Focus has also been laid on the need to present a hospitable environment for encouraging foreign investment and to protect the revenue base of the nation. The chapter has been classified on the following lines. 1.1 Introduction 1.2 Indian Tax Structure 1.3 Basic Principles Of International Taxation 1.4 International Business: Concepts, Scope And Structure 1.5 Need For International Business 1.6 Review Of Existing Studies 1.7 Statement Of The Problem 1.8 Objective Of The Study 1.9 Scope Of The Study 1.10 Limitations 1.11 Hypothesis 1.12 Research Methodology1.1 INTRODUCTION Rapid economic development happens to be one of the primary objectives of all developing economies and India is not an exception. This is possible mainly through the accumulation and proper use of capital. The developing economies lack adequate basic infrastructural facilities. In order to develop these, the government takes upon itself the responsibility for building up capital formation, through sound taxation policies. India is a mixed economy. Liberalization, privatization and globalization have further strengthened the role of tax policy in economic development. Both the public and the private sectors have to play an important role in ensuring satisfactory growth rate. For this, the government has to work out and provide adequate avenues for raising funds by private enterprises. This envisages the need to provide adequate incentives, rebates and reliefs in the form of tax deductions to stimulate the private sector. Here again a sound tax policy and a robust tax structure is inevitable. In order to accomplish the above objectives, the government enacted the Income Tax Act, 1961 repealing the act of 1922. The present Act has realized due weight age of taxation of International Business which has assumed much importance to the tax collector as well as to the tax payers. 1.2 INDIAN TAX STRUCTURE The Indian direct tax policy is structured in such a way as to ensure high progressivity both in terms of tax on income as well as on wealth. The act ensures that higher the level of income, higher shall be the tax incidence. By virtue of entry 82 of List I of the seventh schedule of the constitution of India, the Parliament is empowered to levy tax on income other than agricultural income. Therefore with due exercise of this power the Parliament has enacted the Income-Tax Act 1961. It is a comprehensive act embodied with 298 sections, divided in XXIII chapters, fourteen schedules, along with yearly Finance Acts coupled with Income Tax Rules, 1962. 1.3 PRINCIPLES OF INTERNATIONAL TAXATION There are two basic principle in International taxation 1) Residence Based Taxation- The principle of residence-based taxation asserts that individuals are taxable in the country or tax jurisdiction in which they establish their residence or domicile, regardless of the source of income. In the case of companies or firms, the place of incorporation or the place where control or management is exercised is deemed to be the place of residence. The principle of residence-based taxation of income envisages the taxation of global income. Accordingly, India follows residence based taxation in case of Residents. 2) Source Based Taxation- There are individuals/entities whose residence is in one country but their business is actually carried on in another country and their income is earned in the latter country. The principle of residence-based taxation would be inappropriate in such cases. So the country which provides the opportunity and facilities to generate income or profits should be given the right to tax such income. This forms the underlying basis of the principle of source-based taxation of income. India follows source based taxation in case of non-resident. 1.4 INTERNATIONAL BUSINESS; CONCEPT, SCOPE AND STRUCTURE International Business is a term used to collectively describe all commercial transactions (private and government, sales, investments, logistics and transportation) that take place between two or more regions, countries and nation beyond their political boundary. Private companies, usually undertake such transaction for profit while government undertakes them for profit and political reasons. It also refers to all those business activities that involve cross border transactions of goods, services, resources between two or more nations. International Business not only refers to multinational companies having deals with foreign entities and making headways into the foreign market. It also involves small and independent companies or entities engaging in business with international clients through the medium of internet. International Business comprises a large and growing portion of the worlds total business. Almost all large or small companies are affected by global events and competition because most of the companies sell output and/or secure supplies from foreign countries or compete against foreign products and services. A multinational company would always consider its: MISSION i.e. what the company will seek to do and become over the long term. OBJECTIVES i.e. specific performance targets to fulfil its mission. STRATEGY i.e. the means to fulfil its objectives. The following factors have given a boost to the growth of International Business. Rapid increase in and expansion of technology Liberalization of government policies relating cross-border movement of trade and resources Development of the institutions needed to support and facilitate international trade Increased global competition An International Business may take any of the following mode: Import and export (goods and services) Tourism and transportation Licensing and franchising Turnkey operations Management contracts Direct and portfolio investment And much more MERCHANDISE EXPORTS are tangible goods sent out of a country. MERCHANDISE IMPORTS are tangible goods brought in. Imports and exports are countrys key international economic transaction. SERVICES are earning other than those derived from goods. Earning received are service exports and earnings paid are service imports. INTERNATIONAL TOURISM and TRANSPORTATION are important sources of revenue for airlines, shipping companies, travel agencies, and hotel. Greece and Norway is earning a significant amount of revenue from transportation. Bahamian country is dependent more on earning from foreign tourism than earning from the export of merchandise. U.S. has in recent years earned more from foreign tourism than from its exports of agricultural goods. TURNKEY OPERATIONS means construction or any other operation, performed under contract of facilities that are transferred to the owner as and when they are ready to begin operating. Licensing means use of assets such as trade-marks, patents, copyrights or expertise under contracts. This generates earnings called royalties. FRANCHISING is a way of doing business in which one party (the franchisor) allows another party (the franchisee) the use of trademark that is an essential asset for the franchisees business. The franchisee is also assisted on a continuing basis in the operation of business by providing components, management services and technology. Foreign investment involves ownership of foreign property in exchange for financial return. A FOREIGN DIRECT INVESTMENT is one that gives the investor a controlling interest in a foreign company. A PORTFOLIO INVESTMENT is an investment that gives the investor a non-controlling interest in a company or ownership of a loan to another party. CONTRACT MANUFACTURING it refers to a type of International Business where a firm enters into a contract with a few local manufacturers in foreign countries to get certain components or goods produced as per its specification. It is also known as OUTSOURCING. It can take three major forms; Production of certain components such as automobile component to be used later for producing final products. Assembly of components into final product such as assembly of hard disc, mother board, floppy disc drive etc. Complete manufacture of the product such as garments. The major international companies such as NIKE, REEBOK, LEVIS, get their products or components produced in the developing countries under contract manufacturing. 1.5 NEED FOR INTERNATIONAL BUSINESS International Business helps both the countries to earn foreign exchange which can be used for meeting imports of capital goods, technology, petroleum products and fertilizers and consumer product and services at affordable price. International Business operates on a simple principle -produce what a country can produce more efficiently, and trade the surplus production so generated with other countries. If such an exchange pool of goods and services is distributed equitably amongst nations, it benefits all the trading nations. Producing solely for the purposes of domestic consumption restricts a countrys prospects for growth and employment. International Business helps developing countries to execute their plan to produce on a larger scale and thus create employment for people as well. International trade of goods and services has made it possible for the world community to consume goods and services produced in other countries. A number of corporate entities have improved prospects of their growth by plunging into overseas markets International Business can be more profitable than the domestic business. When the domestic prices are lower, business firms can earn more profits by selling their products in countries where prices are higher. Many firms set up production capacities for their products which are in excess of demand in the domestic market. By planning overseas expansion and procuring orders from foreign entities, they use their surplus production capacities and improve the profitability of their operation. Production on a larger scale leads to economies of scale, which in turn lowers production cost. 1.6 REVIEW OF EXISTING STUDIES No study seems to have been made in India to cover the various aspects of Taxation of International Business. This section presents a brief review of some of the important studies conducted on the subject of taxation. These studies would provide background material for the proposed work. Goenka (1983)1 emphasized the need for evolving an optimum direct tax planning process for our business entities, which will enable them to maximize their after-tax profits, so that these are available for establishing new industries and expanding the existing ones. Tax planning has emerged as an important tool for management decisions beginning with the settling up of an enterprise to the level of strategic, project and operational planning constituted at different stages of development of an enterprise and at different levels of policy formulation and operation. Tax planning would in no way lead to tax loss to the national exchequer; as the corporate sector progresses at a faster pace, Government can not only recoup the tax loss but improve upon the same. Agarwal (1987)2 has emphasized on tax incentives as an instrument of Fiscal policy to achieve the stated objectives of mobilizing saving and inducing investment. In the opinion of author, tax incentives offer a relatively straight forward means of promoting industrialization compared to other long term or complex measures that are more difficult to implement. However, tax incentive may not be used and may not yield the desired results. So tax incentives may be complemented with some of the other alternative measures to achieve the desired results. The study also revealed that the type, size and magnitude of tax incentives offered in different countries vary widely depending upon the needs and aspirations of their people. So incentive programme in India has undergone a number of changes from time to time and has a wide coverage. India is offering largest number of tax incentives as a part of its tax incentives package. Agarwal (1991)3 observed that significance of personal income tax can be judged in terms of its share in total tax revenue or national income. The contribution of direct taxes in general and of personal income tax in particular to the total tax receipts of Union Government of India has declined over time. India has depended more on indirect taxes for additional resource mobilization. Frequent upward revision of the exemption limit under the personal income tax tends to restrict growth of the tax base. The study covers the single major category of personal income tax payers individual. These account for more than 90% of the total number of personal income tax payers and their taxable income. The observed elasticity, progressivity and re-distribution impact of a tax is the net effect of interaction between tax parameters (such as tax schedule) and non tax parameters (such as income inequality). The study has concentrated on observed empirical functions and not on behaviouristic relations. So the discussion of tax evasion and tax compliance is beyond the scope of the study. Jain (1991)4, revealed that the private corporate sector has been looked upon as an important source of saving in India. The Government has succeeded in influencing the corporate decision processes at different levels and encourages them to save more. In Indian tax structure, there is a heavy tax on companys profits which reduces savings since it is assumed to be borne by the companies themselves; so the question of mechanics of corporate saving behaviour was probed into and she identified the possible channels through which taxes could influence corporate saving decisions. She insisted on revamping the tax structure. A reduction in tax rate would have a favourable impact on retention, resulting in utilization of more internal finance and ploughing back of profits. Tax reductions have to be combined with a corresponding review and reduction of tax incentives and fiscal incentives provided to the corporate sector. KADEL (2000)5 stated that Nepal, a small under developed country of the world economy, started using tax incentives to encourage private investments. The result was the introduction of tax holiday system and providing many other tax related facilities by Industrial Enterprise Act in 1962 and motive was to attract private investment. Since then, series of changes in tax rules were noticed. One of the objectives of all these changes was to create investor friendly environment and in turn increase investment. The author revealed that inflation is the main source of distortion for the corporate tax system in Nepal. Inflation rate and effective tax burden in Nepal are negatively related. The main determinant of fixed asset investment in Nepal is the availability of market or customer. The tax factor too as a determinant of fixed asset investment is playing only a small role in this regard. Across the four techniques of providing tax incentives i.e., tax holiday, accelerated depreciation, investment allowance and tax rate reduction, investment allowance is the best method to reduce the effective tax burden. Full tax holiday system is not preferable for both the reduction of tax burden and getting equity in the tax system. The proposed study will attempt to bridge the gap by focusing on international business. 1.7 STATEMENT OF THE PROBLEM India, the worlds largest democracy, has emerged as a strong player on the international arena. Indias role in international affairs is increasing at a higher pace. The thrust for major changes initiated by the Indian Government is to sweep away much burdensome regulation and create a business friendly environment for domestic and international business. Development took place through many reforms e.g. macro-economics reforms, tax reforms, finance reforms and freeing of capital markets, reforms in the regulation of business firms, revitalization of the Indian private sector, removal of exchange control and convertibility, trade reforms and foreign direct investment, reduction in licensing and quota raj as well as inspectors domain. Tax reforms, initiated in 1991, have sought to rationalize the Indian tax structure and increase tax compliance with the following steps: Reducing the rates of individual and corporate income taxes, excises, and customs and making it more progressive. Simplication of laws and procedures and introduction of Advance Ruling Introducing tax incentives in the form of exemptions and concessions. Easing out the rules relating to filing of returns (E-filing), TDS Laws relating to IB have also been simplified. Despite the above steps initiated by the government, the problem of ambiguity is continuing viz. (1) Business entities are not sure of their future tax liability in terms of rate of tax (to be applied in years to come, changing by virtue of Finance Act) (2) Retrospective amendment in the law has its own impact on foreign business entities.(Vodafone International Holding BV v Union of India) Vodafone was embroiled in a $2.5 billion tax dispute with the Indian Income Tax Department over its purchase of Hutchison Essar Telecom services in April 2007. It was being alleged by the Indian Tax authorities that the transaction involved purchase of assets of an Indian Company, and therefore the transaction or part thereof was liable to be taxed in India. Vodafone Group Plc. entered India in 2007 through a subsidiary based in the Netherlands, which acquired Hutchison Telecommunications International Ltds (HTIL) stake in Hutchison Essar Ltd (HEL)-the joint venture that held and operated telecom licences in India. This Cayman Islands transaction, along with several related agreements, gave Vodafone control over 67% of HEL and extinguished Hong Kong-based Hutchisons rights of control in India, a deal that cost the worlds largest telco $11.2 billion at the time. The crux of the dispute had been whether or not the Indian Income Tax Department has jurisdiction over the transaction. Vodafone had maintained from the outset that it is not liable to pay tax in India; and even if tax were somehow payable, then it should be Hutchison to bear the tax liability. In January 2012, the Indian Supreme Court passed the judgement in favor of Vodafone, saying that the Indian Income tax department had no jurisdiction to levy tax on overseas transaction between companies incorporated outside India. However, Indian government thinks otherwise. It believes that if an Indian company, Hutchison India Ltd., conducts a financial transaction, government should get its tax out of it. Therefore, in 2012, India changed its Income Tax Act retrospectively and made sure that any company, in similar circumstances, is not able to avoid tax by operating out of tax-havens like Cayman Islands or Lichtenstein. In May 2012, Indian authorities confirmed that they were going to charge Vodafone about Rs. 20000 crore (US $4.5 billion) in tax and fines. The second phase of the dispute is about to start. 3.) Lots of disputes and litigation are pending before the various court of law of the country which are deciding factors for tax liability of business entities.( Idea Cellular-ATT, GE-Genpact, Mitsui-Vedanta, Sabmiller-Fosters and the Sanofi Aventis-Shantha Biotech have tax cases pending in various high courts in the country) 4.) Uncertainty regarding the impact of direct tax laws and allied costs arising after the completion of total project particularly where in the international transactions, the gestation period of a project is too long ranging from 3 years or more. 5.) The effect of change of government policy due to tax avoidance treaty with other countries resulting in the total darkness regarding tax incidence on their profit after the completion of project. (India is negotiating the tax treaty with Mauritius to prevent evasion of tax. India wants to retain the right to tax capital gain arising to non-resident. India has already started raising tax demands against the companies and many of these cases are being disputed in various courts.) BRIEFLY, DOUBLE TAXATION, UNRESOLVED TAX DISPUTES, UNCERTAINTY IN THE APPLICATION OF INTERNATIONAL TAX RULES, HEAVY COMPLIANCE BURDENS, ALL CAN ACT AS A BARRIER TO THE EXPANSION OF CROSS-BORDER TRADE AND INVESTMENT, THEREBY HAMPERING INDIAS GROWTH RATE. 1.8 OBJECTIVES OF THE STUDY With a view to extract the gains of globalization and to develop international business in mutual interest, the present study is being undertaken with the following objectives: 1) to examine the role of direct tax laws in the development of International Business. 2) To appraise the Tax Professionals, Tax Executives and Entrepreneurs with the provisions of tax laws, connected with International Business/International Transactions and enabling them to take advantage of all tax benefits concessions (set-off carry forward),rebates (section 89) and reliefs(section 90 91), allowances(section 35), deductions ( section 80) and exemptions (section 10), available in our tax laws with due compliance of the requisites. 3) To suggest and propose measures to our policy makers that by making lawful amendments in the act, how our International Business can be strengthened. Broadly speaking, the study would address the following issues: What are the measures through which our tax professionals can manage their global tax risk and meet cross border obligation? How our business entities can complete their international transactions peacefully without facing any undue litigation or political harassment and thus maintaining effective relationship with tax authorities. What are the loopholes in the act which may be twisted by an assessee for their own benefit. It is required to be plugged or explained properly by the government by making amendments in the Act. The study also intends to make a comparative study of the tax rates of India with a few selected countries to encourage Indian enterprise to deal with countries having comparatively lower rate of tax . 1.10 LIMITATIONS Direct tax laws is a wide term which embraces in itself a variety of tax laws but the present study is restricted to Income Tax Act 1961. Income tax act 1961 is subject to change every year. This study is based purely on aspects of Income Tax Act 1961, for the assessment year 2012-13. 3) The nature of topic in itself is a big limitation. Till date, lacs and lacs of transactions have taken place in International Business and thousands of cases are pending in various Tribunals, High Courts and Supreme Court, waiting for the judgment. Whenever the final judgment will be pronounced, it will become a law and guiding factor for future policy makers and help for tax planning. 4) Other indirect tax laws like Customs Act, FEMA etc. are equally important in international business but we are restricting our study to the Income Tax Act only and leaving the scope for other research scholars willing in the same framework of study. 5) Further, the study has been conducted mainly from the point of view of the tax payer and not from that of the tax assessor or tax collectors, though it may be indirectly helpful to them in formulating appropriate policies and provides a basis for granting fiscal incentives based on national priorities. 1.11 HYPOTHESIS 1) The policy makers do not foresee at the time of framing the law that new techniques of tax evasion and avoidance may arise. The business houses with their expert legal brains, who are engaged mainly to seek loopholes in the law, take the maximum tax advantage due to the Government policy. They keep themselves within the framework of law but do not fulfil the intentions of the law, thereby tax avoidance arises. 2) The tax executives and business houses usually do not calculate the in depth risk of such transactions which arises due to higher gestation period of project. 3) Assessee do not forsee any change in the act with retrospective effect. 4) The assessee prefers a low rate of tax. 1.12 RESEARCH METHODOLOGY The proposed study is descriptive and analytical in nature where in researcher uses facts or information already available and analyse these to make a critical evaluation of the material. Here researcher has no control over the variables. The researcher can only report what has happened or what is happening along with possible suggestions. So the study would be based on the various books, journals, Finance Acts, Explanatory Memorandum on the Budget of the Central Government, Reports of the various committees/commissions, Indian Economic Survey, Income Tax Act 1961, Income Tax Rules 1962, various announcements, circulars and notifications of Central Board of Direct Taxes, Budget speeches of Finance Ministers, Reports of Comptroller and Auditor General of India on Direct Taxes, Economic and Political Weekly, newspapers (Economic Times, Financial Express, Business Lines) etc. Moreover, websites of Income Tax Department, Ministry of Finance, Ministry of Statistics and Comptroller and Auditor General of India have also been used for collection and analysis of data. The methodology may further be modified with the want of the circumstances. CONCLUSION This chapter laid the foundation for the research. It introduced the research problem and research question and hypothesis. Focus is also laid on the review of existing studies, limitation of the study and methodology adopted. Future outline In the upcoming chapters, an attempt has been made to discuss various Direct tax instruments which directly help in the development of International Business. These instruments have been specifically provided by our policy makers in our tax laws, keeping in view the national priority for development, growth and employment. At the same time, the need to augment revenue and resources have been duly kept in consideration, being an equal factor for development of the country. Such instruments as have been discussed in our future chapters have contributed its growth values in the development of International Business. These provisions and their impact with broad outlines and suggestions have been discussed in detail.

Class Differences in Blood Brothers, by Willy Russell Essay -- Blood Br

Willy Russell creates a play to show us the class differences that existed in Liverpool in the 1980’s. He does this by showing us the contrasting lives of the two boys and their mothers. Mrs Lyons has an easy life and Mrs Johnston has a hard life and has to work hard to earn a living. The same applies to the boys as Mickey has the hard life and Eddie has the easy life. Willy Russell also shows us that education, living conditions, housing and wealth can be affected as a direct result of your class and social background. This meant that the people from working class backgrounds had a harder life because they didn’t have the same opportunities. During the 1980’s a lot of people were made redundant because mills and factories closed down, reducing the number of jobs. First on stage is Mrs Johnston, the stage directions describe her as ‘thirty, but looks sixty’. This tells us that the she looks withered and old because of all the strenuous work she has to do. Russell helps us to realise her desperate situation in many ways. One of the ways he does this is by telling us she has seven kids. Although she is a young woman she is old in appearance. As a single mum she has to cope with the pressures of bringing seven children up on her own. One of the ways this is shown is when kid one says ‘Mam. The baby’s crying. He wants a bottle. Where’s the milk?’. After this her other three kids start complaining about them not having enough to eat. When the mother starts singing you can tell that she is trying her best to make the kids happy but doesn’t have the money to do so. She tries to reassure them by saying ‘Next week I’ll be earning, there’ll be loads of stuff to eat’. She is dreaming about the food but deep down sh... ...ife because it affects your job opportunities if you have a poor education. For example someone with an A* has a better chance then someone with a D of getting the job if they applied for the same job. If you go to a private school you have a better chance of passing because there are fewer students so the teacher can help you more because there is more time. In the end it depends on your class which determines whether you can go to a private school or not. If you’re from a rich family you can got to a private school and you will have a much better chance of passing your exams. But if you’re from a poor family then you will have to go to a government school and you will have less chance of passing. It also depends on your hard work and not the school you attend because if you are truanting and you go to a higher achieving school then you will still fail.

Derivates in Market Essay example -- essays research papers fc

INTRODUCTION “A derivative is like a razor, you can use it to shave and make yourself attractive for your girlfriend, you can slit your throat with it or you can use it to commit suicide.’(Anon.) This statement describes to us the problems, and on the other hand rewards, that the proper use of derivatives can bring. The derivatives market has developed responding to the uncertainty about prices, and therefore provided a means of separating out this price volatility. The tendency of the market to move up or down in what appears to be a random manner has brought about the need for financial products which will protect or hedge the investor against the ill effects of market volatility. Certain types of derivatives called Futures and Options might do just that if used properly. In this essay we look at certain types of derivatives called Futures and Options, and how hedgers / investors make use of them to their advantage as well as where the threats seem to lie when dealing with them in g eneral. These derivative markets allow hedgers to avoid risk by transferring it to speculators who seek it. We have all heard the phrase “keep your options open'; and it is along these lines that the Options derivative has arisen. As we know options are contractual arrangements giving the owner the right, but not the obligation, to buy or sell something at a given price, at some time in the future. It is these Options in general that we want to address as they offer the investor the ability to create a wide variety of risk and return alternatives from the same underlying security. Futures, being exchanged-traded forward contracts, have also provided another choice to suit the needs of the holder and the advantages for and against these will also be looked at. After looking at the Futures and Options we will turn our attention to discussing the cases for and against the needs of further regulating this market. This issue has been strongly reinforced since many big bets have gone wrong, such as the collapse of Barings and many others. Where do the faults lie which have led to these disasters and who if anybody is to blame? These are matters that will need to be looked at. To begin with lets focus our attention on Futures contracts . Advantages / Disadvantages from the use of Future Contracts - As the market for future contracts is standardised ... ...ld result in the avoidance of future disasters but more self-regulation could be encouraged and set in play also. The bottom line is that anyone in the derivative business really needs to be more careful and have more control over what they are doing. Again Partnoy in his book FIASCO says, “ Most of us enter the investment business for the same sanity- destroying reasons a woman becomes a prostitute.’ So if you do decide to invest you should take the advice of the Office of Kansas Securities Commission which is “Investigate before you invest.’ BIBLIOGRAPHY - Edwards, W.H.W, Key Financial Instruments; Understanding motivation in the World of Derivatives - Lewis, M, (1989), Liar’s Poker, Coronet Books. - Office of Kansas Securities Commission website. - Partnoy, F, (1997), FIASCO Blood in the water on Wall Street, Profile Books. - Piesse, J, Piesnell, K, and Ward, C, (1995), British Financial Markets and Institutions, Prentice Hall. - Pike, R, and Neale, W, (1996), Corporate Finance Investment, Prentice Hall. - Rutterford, J, (1993), Introduction to the Stock Exchange Investment, Macmillan. - Specimen handouts given out in Lectures Derivates in Market Essay example -- essays research papers fc INTRODUCTION “A derivative is like a razor, you can use it to shave and make yourself attractive for your girlfriend, you can slit your throat with it or you can use it to commit suicide.’(Anon.) This statement describes to us the problems, and on the other hand rewards, that the proper use of derivatives can bring. The derivatives market has developed responding to the uncertainty about prices, and therefore provided a means of separating out this price volatility. The tendency of the market to move up or down in what appears to be a random manner has brought about the need for financial products which will protect or hedge the investor against the ill effects of market volatility. Certain types of derivatives called Futures and Options might do just that if used properly. In this essay we look at certain types of derivatives called Futures and Options, and how hedgers / investors make use of them to their advantage as well as where the threats seem to lie when dealing with them in g eneral. These derivative markets allow hedgers to avoid risk by transferring it to speculators who seek it. We have all heard the phrase “keep your options open'; and it is along these lines that the Options derivative has arisen. As we know options are contractual arrangements giving the owner the right, but not the obligation, to buy or sell something at a given price, at some time in the future. It is these Options in general that we want to address as they offer the investor the ability to create a wide variety of risk and return alternatives from the same underlying security. Futures, being exchanged-traded forward contracts, have also provided another choice to suit the needs of the holder and the advantages for and against these will also be looked at. After looking at the Futures and Options we will turn our attention to discussing the cases for and against the needs of further regulating this market. This issue has been strongly reinforced since many big bets have gone wrong, such as the collapse of Barings and many others. Where do the faults lie which have led to these disasters and who if anybody is to blame? These are matters that will need to be looked at. To begin with lets focus our attention on Futures contracts . Advantages / Disadvantages from the use of Future Contracts - As the market for future contracts is standardised ... ...ld result in the avoidance of future disasters but more self-regulation could be encouraged and set in play also. The bottom line is that anyone in the derivative business really needs to be more careful and have more control over what they are doing. Again Partnoy in his book FIASCO says, “ Most of us enter the investment business for the same sanity- destroying reasons a woman becomes a prostitute.’ So if you do decide to invest you should take the advice of the Office of Kansas Securities Commission which is “Investigate before you invest.’ BIBLIOGRAPHY - Edwards, W.H.W, Key Financial Instruments; Understanding motivation in the World of Derivatives - Lewis, M, (1989), Liar’s Poker, Coronet Books. - Office of Kansas Securities Commission website. - Partnoy, F, (1997), FIASCO Blood in the water on Wall Street, Profile Books. - Piesse, J, Piesnell, K, and Ward, C, (1995), British Financial Markets and Institutions, Prentice Hall. - Pike, R, and Neale, W, (1996), Corporate Finance Investment, Prentice Hall. - Rutterford, J, (1993), Introduction to the Stock Exchange Investment, Macmillan. - Specimen handouts given out in Lectures